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Trump said the U.S. "immediately destroyed" an Iranian drone that approached the USS Boxer near the Strait of Hormuz, the latest sign of escalating military tensions around the critical oil chokepoint.
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WTI and Brent crude oil futures declined for the fourth consecutive trading day.
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U.S. East Coast pump prices are shrugging off the loss of the biggest refinery in the region, while drivers west of Pennsylvania are getting hit.
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In its bid to make a tangible impact on oil prices, the cartel has attached its credibility to an unpredictable coterie of 10 Russian-led non-OPEC crude exporters, leaving itself reliant on Moscow's stance.
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Canadian natural gas producers are asking Alberta's government to give drillers a break on their royalty payments in return for cutting back output during periods of heavy pipeline maintenance.
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Offshore project sanctioning in 2019 has already exceeded the $50 billion mark, which could mean we'll soon see numbers surpassing 2014 commitments of $78 billion, according to Rystad Energy.
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A diverse coalition of special interests have unified to urge the Trump administration to keep a pair of DOT pipeline safety panels intact.
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The U.S. Department of the Interior's Bureau of Ocean Energy Management will offer up 77.8 million acres in the Gulf during a region-wide lease sale scheduled for Aug. 21.
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Seadrill Limited reported Wednesday that it has secured a contract for its West Gemini drillship in West Africa.
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Iran's Revolutionary Guards said they seized a foreign vessel smuggling one million liters of fuel in the Persian Gulf, according to state-run Press TV news channel.
