Beijing’s decades-long push to reduce its dependence on foreign oil with huge investments in clean energy sources like electric vehicles is now paying off.

Oil prices have surged more than 17% since the International Energy Agency announced the largest release of crude stockpiles in its 50-year history.

U.S. gas prices are surging as the Iran war drives up the global cost of oil. But what exactly accounts for what you pay at the pump?

Oil prices traded around the highest levels since 2022 Friday, shrugging off the Trump administration’s earlier decision to temporarily allow the delivery and sale of sanctioned seaborne Russian crude – a waiver aimed at mitigating a surge in prices following its attacks on Iran.

President Trump is asserting executive authority to demand California restart controversial offshore oil drilling along its coastline amid soaring gas prices during the war with Iran. Gov. Gavin Newsom quickly pledged legal action against the effort.

Physical crude prices are trading far above paper futures, indicating real shortages as buyers scramble for cargoes and refiners consider cutting operations.

The International Energy Agency said the closure of the Strait of Hormuz has triggered the largest disruption to global oil markets in history, with supply expected to fall by about 8 million barrels per day in March,

United Arab Emirates’ authorities said Saturday specialized teams are working to control a fire that broke out at Fujairah Oil Industry Zone due to fallen debris, causing one minor injury. The debris were due to a successful interception from the U.

These two stocks trade at extremely attractive valuations despite recent run-ups.