What Happened Oil flipped from gains to losses as traders weighed two competing forces at once: a reported push for a Middle East ceasefire and a fresh ultimatum from President Donald Trump for Iran to reopen the Strait of Hormuz.

Primorsk Takes A Direct Hit Russia’s Baltic Sea port of Primorsk, one of its largest oil export gateways, lost at least 40% of its storage facilities after Ukrainian drone attacks last month, satellite images showed. The damage matters because the terminal is built

Domestic Supply Chain Push Takes Another Step Rare earths developers REalloys (ALOY.O) and U.S. Critical Materials have signed a memorandum of understanding to build a fully domestic supply chain for key materials in the U.S. The agreement fits into Washington’s broader effort to reduce

Crude Builds, Fuel Stocks Tighten U.S. crude inventories rose sharply last week, while gasoline and distillate stocks fell as export demand strengthened. The Energy Information Administration said crude stockpiles climbed to their highest level since June 2023, adding pressure to oil prices.

Washington Is Taking a Venture-Style Approach to Rare Earths The U.S. is putting real money behind domestic rare earth supply chains — even if that means backing companies that have not yet proven they can produce at scale. That is

What Happened at Golden Pass Golden Pass LNG, a joint venture between QatarEnergy and Exxon Mobil (XOM), said it has produced its first liquefied natural gas at its new facility in Texas. The milestone marks a major step toward bringing one of the

What Happened in West African Crude West African crude trading for April-loading cargoes has slowed, even as the global oil market faces acute supply stress tied to the Iran war and disrupted tanker traffic through the Strait of Hormuz. Traders describe

What Happened at Ust-Luga Russia’s Baltic port of Ust-Luga closed after a drone attack on Wednesday, creating an immediate logistics problem for refined products moving out of the country. The strike damaged a rail unloading rack for petroleum products at the terminal,

What Happened Russia is facing an unusually large disruption to its oil export system, with at least 40% of crude export capacity currently halted after a wave of attacks and logistical setbacks. The outage follows intensified Ukrainian drone strikes on oil and fuel infrastructure,

What The Energy Department Just Signaled The U.S. Energy Secretary said the United States is “highly unlikely” to release additional oil from the Strategic Petroleum Reserve (SPR) to calm energy markets during the war with Iran. The comments were made in a