Rigzone Industry News

Militant attacks in the Red Sea and surging freight rates make oil supplies from closer to home more attractive.

Oil slumped as talks to pause the Israel-Hamas war reduced crude's geopolitical risk premium, with the decline accelerating after the commodity slipped below key technical levels.

Oil fell after a choppy session as traders assessed conflicting reports of progress on an agreement to pause the Israel-Hamas war and release hostages.

Oil prices have seen only limited gains this year.

Oil clinched its first monthly gain since September after attacks on vessels in and around the Red Sea diverted tanker traffic and escalated tensions in the Middle East.

West Texas Intermediate crude rose to settle near $78 a barrel, bolstered by a wave of technical trading.

Oil fell below $77 a barrel after last week's rally pushed futures into overbought territory. At the same time, ample crude supplies outweighed military escalation in the Middle East.

Russia's flagship crude oil is idling on tankers in the Baltic Sea.

Oil rallied to the highest price in two months after a fuel tanker was struck near Yemen, underscoring the geopolitical risks to crude supplies.

The US competition regulator has launched an in-depth probe into Occidental's pending $12-billion acquisition of CrownRock.