WTI Extends Losses After Biggest Crude Build In 3 Years

Iran Conflict Drives Surge In China EV Demand A sharp rise in oil prices tied to the US-Israel confrontation with Iran is likely to speed up the global transition to electric vehicles, strengthening a shift that has already helped China overtake Japan as the world’s top car seller, according to South China Morning Post. Crude prices have surged past $100 a barrel amid fears of disruption to energy supplies, particularly through the Strait of Hormuz. US President Donald Trump escalated tensions by warning he would “obliterate” Iran’s power plants if shipping...

Secretary of State Marco Rubio voiced strong support for Hungarian Prime Minister Viktor Orbán. Orbán is seeking a fifth term as leader in the April election. “I’m going to be very blunt with you. The prime minister and the President have a very, very close personal relationship and working relationship,” Rubio said in a press […]

US Energy Chief Says Hormuz Can Reopen Without Clearing All Mines, Warns Iran Shut-ins Could Be Devastating US Energy Secretary Chris Wright said that not all mines placed by Iran in the Strait of Hormuz need to removed for ships to resume transiting the vital passageway: “You just need a pathway for ships to be moved in and out,” Wright said in an interview on the sidelines of the Three Seas Summit and Business Forum in Dubrovnik. “I think that can happen quickly” he added suggesting that a restart can happen...