Crude Oil News

Fed is moving closer to a september rate hike https://www.marketpulse.com/markets/fed-is-moving-closer-to-a-september-rate-hike/ The Federal Reserve is moving closer to a September rate hike as inflation remains elevated, oil prices rise and the U.S. economy stays strong.

Oil Posts Biggest Weekly Gain Since July https://www.rigzone.com/news/wire/oil_posts_biggest_weekly_gain_since_july-11-sep-2026-184602-article/?rss=true Oil posted a strong weekly gain as Middle East conflict and mounting supply risks kept markets on edge.

IEA Says Ukraine Strikes Degrade Russian Oil Refining Sector https://www.rigzone.com/news/wire/iea_says_ukraine_strikes_degrade_russian_oil_refining_sector-11-sep-2026-184597-article/?rss=true Drones are now hitting secondary-processing units at Russia's refineries, which may require six to eight months to replace, according to IEA estimates.

Saudi Arabia shut down East-West crude oil pipeline after multiple attacks https://www.cnbc.com/2026/09/11/saudi-arabia-shut-down-east-west-crude-oil-pipeline.html Iran-allied Houthi militants in Yemen have escalated strikes on Saudi Arabia this week.

Shell Acquires PJM Gas Power Plant https://www.rigzone.com/news/shell_acquires_pjm_gas_power_plant-11-sep-2026-184601-article/?rss=true Shell agreed to acquire a 169-megawatt natural gas-fired power plant in Pennsylvania, while selling a 609-MW combined-cycle gas power plant in New England.

USA Crude Oil Stocks Drop Week on Week https://www.rigzone.com/news/usa_crude_oil_stocks_drop_week_on_week-11-sep-2026-184600-article/?rss=true Crude oil stocks, not including the SPR, stood at 424.1 million barrels on September 4, the EIA's latest weekly petroleum status report showed.

Norway Sees 'Strong Confidence' in New Discoveries Potential https://www.rigzone.com/news/norway_sees_strong_confidence_in_new_discoveries_potential-11-sep-2026-184599-article/?rss=true The Norwegian Energy Ministry received applications from 21 companies including international majors for the country's expanded exploration licensing round.

IEA Slashes Oil Demand View https://www.rigzone.com/news/wire/iea_slashes_oil_demand_view-11-sep-2026-184595-article/?rss=true The International Energy Agency cut forecasts for oil demand this year and warned consumption may decline further in the coming months.

U.S. diesel price tops $6 per gallon, a record high as Ukraine and Iran wars ripple through economy https://www.cnbc.com/2026/09/11/diesel-price-iran-strait-hormuz-ukraine-russia.html U.S. diesel prices hit their highest level ever as fuel supply disruption stemming from the Ukraine and Iran wars lifts transportation costs.

USA Diesel Hits $6 Per Gallon for First Time Ever https://www.rigzone.com/news/usa_diesel_hits_6_per_gallon_for_first_time_ever-11-sep-2026-184594-article/?rss=true 'It is a level diesel has never reached', GasBuddy said.

What if the Assumptions Embedded in the Oil Curve Are Wrong? https://www.rigzone.com/news/what_if_the_assumptions_embedded_in_the_oil_curve_are_wrong-11-sep-2026-184593-article/?rss=true What if the assumptions embedded in the oil curve are wrong - J.P. Morgan analysts, including Natasha Kaneva, J.P. Morgan's Head of Global Commodities Strategy, ask.

Saipem Signs New Preliminary Contract for Rovuma LNG https://www.rigzone.com/news/saipem_signs_new_preliminary_contract_for_rovuma_lng-11-sep-2026-184592-article/?rss=true A consortium of Belgium's Jan De Nul and Italy's Saipem signed a letter of intent with ExxonMobil for the upstream infrastructure of the planned Rovuma LNG project in Mozambique.

Gulf States Mull Hormuz Talks with Iran https://www.rigzone.com/news/wire/gulf_states_mull_hormuz_talks_with_iran-11-sep-2026-184591-article/?rss=true Oman is aiming to get foreign ministers from the Gulf Cooperation Council and Iran together, according to a person familiar with the matter.

IEA warns global oil refining system ‘stretched to the limit’ as Iran, Ukraine wars tighten market https://www.cnbc.com/2026/09/11/iran-war-oil-diesel-iea-hormuz.html The energy agency warned shrinking inventories and strained refineries could further tighten markets.

Oil prices fall sharply after double-digit weekly gains above $100 https://www.cnbc.com/2026/09/11/oil-price-today-iran-brent-wti-trump.html The decline snapped multi-day winning streaks for both Brent and WTI crude oil futures.

Iran-backed Houthis seize key port in Yemen, advance on another vital oil choke point https://www.cnbc.com/2026/09/11/iran-houthis-mokha-red-sea-yemen.html The advance raises the threat to shipping near the Bab el-Mandeb Strait, a waterway that connects the Red Sea to the Gulf of Aden to global markets.

Trump says he has no regrets about starting the Iran war as U.S. dials up economic pressure https://www.cnbc.com/2026/09/11/us-iran-war-trump-hormuz-banks-oil-sanctions.html Speaking to Fox News presenter Laura Ingraham, Trump said that he would have attacked Iran despite the impact on the midterm elections.

Iran, USA Brace for Long War https://www.rigzone.com/news/wire/iran_usa_brace_for_long_war-10-sep-2026-184585-article/?rss=true Iran and the U.S. are digging in for a protracted war.

McDermott Wins Contract for Eni's Cronos Project offshore Cyprus https://www.rigzone.com/news/mcdermott_wins_contract_for_enis_cronos_project_offshore_cyprus-10-sep-2026-184584-article/?rss=true The Houston-based company received a 'substantial' contract from Eni for Cyprus' first hydrocarbon development.

EU Faces Worst Gas Storage Position in Decades, WoodMac Says https://www.rigzone.com/news/eu_faces_worst_gas_storage_position_in_decades_woodmac_says-10-sep-2026-184583-article/?rss=true Wood Mackenzie warned that Europe faces its 'weakest' winter gas storage position for nearly two decades.