Spencer Kimball

Key Points The UAE has already completed nearly 50% of a second pipeline that bypasses the Strait of Hormuz, said the CEO of Abu Dhabi National Oil Company (ADNOC).

Oil prices jumped Thursday on a report that Iran's supreme leader will not allow the country's enriched uranium to be shipped abroad, a position that will likely complicate peace talks with the U.S.

Global oil inventories are declining fast with just four to six weeks until gasoline, diesel and jet fuel prices shoot higher, analysts said.

Trump had said an agreement with Iran to open the Strait of Hormuz, among other issues, was largely negotiated and would be announced soon.

U.S. crude oil prices fell about 6% Wednesday on a report Iran would restore traffic through the Strait of Hormuz as part of a framework deal with the U.S.

U.S. crude oil prices fell about 5% Wednesday on a report Iran would restore traffic through the Strait of Hormuz as part of a framework deal with the U.S.

The Pentagon deals would aim to ramp up domestic production and lower the costs of drones, weapons that are viewed as critical in modern warfare.

The price of physical Brent oil cargoes will spike to $150 to $160 per barrel once inventories hit all-time lows, Exxon executive Neil Chapman said.

Oil prices fell Friday after President Donald Trump said he is meeting in the White House Situation Room to make a final determination about a deal with Iran.

Key Points Oil tanker traffic through the Strait of Hormuz may not return to prewar levels even if the U.S. and Iran reach a deal.