Oil prices declined on Monday, with the global benchmark ending at its...
Oil prices declined on Monday, with the global benchmark ending at its lowest level since late March as Middle East tensions appeared to ease, calming concerns over potential disruptions to global crude supplies.
Traders also shifted some of their focus back to inflation and the prospect of interest-rate cuts from the Federal Reserve this year.
Benchmark U.S. crude oil for May delivery fell 29 cents to $82.85 per barrel Monday. Brent crude for June delivery fell 29 centsto $87 per barrel.
Wholesale gasoline for May delivery fell 2 cents to $2.69 a gallon. May heating oilrose 2 cents to $2.56 a gallon. May natural gasrose 4 cents to $1.79 per 1,000 cubic feet.
Analysts Warn Hormuz Closure Would Cause Major Oil and Gas Price Spike
If tensions between Iran and Israel lead to the closure of the Strait...
If tensions between Iran and Israel lead to the closure of the Strait of Hormuz this would cause a surge in crude oil and liquefied natural gas prices. The warning comes from analysts with Indian Motilal Oswal Financial Services.
The danger of Iran closing the Strait of Hormuz, which is off its coast, has been hanging over the international oil market for years. Iran itself has threatened closure on more than one occasion. However, it has never followed up on the threats, likely because closing Hormuz will also close Iran’s own outlet to the oil market.
Interior Secretary bans new mining and oil and gas exploration on some New Mexico land
By signing a document during a recent ceremony, Interior Secretary Deb...
By signing a document during a recent ceremony, Interior Secretary Deb Haaland just banned mining and oil and gas drilling on more than 4,200 acres of land in New Mexico.
The land in question is just northwest of Albuquerque and is managed by the Bureau of Land Management in an area called Placitas.
The final mineral withdrawal protects, preserves, and promotes the scenic integrity, cultural importance, recreational values, and wildlife habitat connectivity of the lands and the surrounding area. The lands will be closed to new mining claims, mineral sales, and oil and gas leases for the next 50 years, subject to valid existing rights.
Opening arguments start in Donald Trump’s criminal trial: After...
Opening arguments start in Donald Trump’s criminal trial: After a tumultuous first week of jury selection, the final jurors were seated on Friday, and opening statements in Trump’s criminal hush money trial will begin today. Prosecutors will try to prove that this year’s presumptive Republican presidential nominee paid to keep stories about a sexual relationship with adult film star Stormy Daniels out of the media during his 2016 run for the White House. Trump has pleaded not guilty.
Passover begins this evening: The Jewish holiday starts amid heightened concerns over antisemitism around Columbia University, which has been the site of large pro-Palestinian protests this past week. The White House issued a statement yesterday condemning “calls for violence and physical intimidation targeting Jewish students.”