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Treasury's OFAC has issued a 30 day license for Iran to sell its oil - even to US buyers. It has been at least since 1987 that such a license has been granted. With US oil supplies dwindling, has reality set in for the US side?
The US on Monday announced a temporary easing of sanctions on Iran, allowing the Islamic Republic to produce, sell and transport crude oil and related petroleum products through August 21.
Oil prices are on track to close lower for the week, with WTI futures down more than 9% versus last Friday's close after the US and Iran secured an interim peace deal to reopen the Strait of Hormuz.
U.S. Oil Stockpiles Fall To Critically Low Levels As Iran Continues To Mess With The Strait Of Hormuz
The shuttered Strait of Hormuz is expected to reopen within days, though conflicting reports suggest the US-Iran memorandum of understanding could be formally signed as early as today, Thursday, or Friday.
"…The oil market can't run down to the last drop, like your car can.
Solar energy accounted for 12.8% of US electricity production in May, surpassing coal at 12.2%, marking the first time this has occurred in a full calendar month.
Wall Street money manager and financial analyst Ed Dowd of PhinanceTechnologies.com warned at the beginning of April that the economy was already rolling over.
Gasoline futures for July are under $3 per gallon and Oil is $76 per barrel.
The first Iranian ships crossed the area of the US naval blockade without obstruction after a memorandum of understanding was reached to end the war between Washington and Tehran, Iran's semi-official Fars News Agency reported Tuesday.
The Americas are replacing the Middle East as the key source of global oil supply, with crude exports from the Western Hemisphere hitting a record 14.5 million bpd while Strait of Hormuz traffic collapsed.
Iran Offers 60-Day Toll-Free Hormuz Transit As 100s Of Ships Await Reopening
"Average gasoline prices fell in 47 states over the last week, with the national average dropping..."
By the middle of March during Trump's Operation Epic Fury, Iran was flexing its retaliatory might, and the Gulf region was shocked to see the largest natural-gas production facility in the world, Qatar's North Field, badly damaged - with a key sectio
Trump made his most believable statement ever today.
A Historic Energy Squeeze Is Locked In: U.S. Oil Inventories Have Fallen For 7 Weeks In A Row, And Global Oil Inventories Will Soon Hit The Lowest Level Ever Recorded
A Historic Energy Squeeze Is Locked In: U.S. Oil Inventories Have Fallen For 7 Weeks In A Row, And Global Oil Inventories Will Soon Hit The Lowest Level Ever Recorded
There are currently 262 supertankers on order at shipyards worldwide, the highest number on record.
Trump Reacts to Apache Downing, Threatens Response
Oil Spikes After Israel Strikes Military Targets Inside Iran, Ignoring Trump's Pleas
Brent crude futures jumped as much as 5% to $97.83 a barrel, while WTI traded around $95 a barrel, as renewed Iran-Israel fighting threatened to unravel a fragile US-Iran ceasefire and further disrupt energy flows.
Brent crude futures jumped as much as 5% to $97.83 a barrel, while WTI traded around $95 a barrel, as renewed Iran-Israel fighting threatened to unravel a fragile US-Iran ceasefire and further disrupt energy flows.
According to the ExxonMobil Vice President Neil Chapman, Americans may soon reminisce about the days when gas cost a mere $4.30 per gallon – the current national average price.
...Are Ahead This Summer
How They Are Quietly Replacing the Dollar's Oldest Plumbing - And Why You May Not Like the Replacement
His ability to talk oil prices down is coming up against hard supply constraints, experts warn
No matter what happens now, the world is facing a very painful energy crisis.
"Approaching Unheard Of Inventory Levels": Exxon, Chevron Issue Apocalyptic Warning About What Happens Next To Oil
No matter what happens now, the world is facing a very painful energy crisis.
It's remarkable screen oil prices are little changed at below $100 today after Trump said the US is "not satisfied" over talks with Iran, days after claiming a deal was imminent, and hours after saying the terms the Iranians had leaked that the
