GasBuddy’s head of petroleum analysis Patrick De Haan on Wednesday said there could be a jump in gas prices next week if the U.S. and Iran do not reach a deal to reopen the Strait of Hormuz. De Haan wrote on the social platform X that as stations sell through their fuel,

Two senior Iranian sources told Reuters that Ayatollah Mojtaba Khamenei issued a directive that the enriched uranium must remain in the Islamic Republic. Oil prices traded higher in the wake of the report as it is viewed as complicating ongoing peace talks between Washington and Tehran.

Oil prices saw an increase on Friday. Investors are watching Iran peace talks closely. Conflicting reports are creating uncertainty. Concerns about oil supply persist. The Strait of Hormuz remains a critical point.

By Sam Li and Siyi Liu BEIJING/SINGAPORE, May 21 (Reuters) - Oil prices edged up on Thursday, paring some previous losses as investors monitored peace talks between the U.S. and Iran, while supply tightness and U.

A mysterious attack on an Iranian oil refinery during the Iran war caused an oil spill that affected a nearby Persian Gulf island that’s a protected breeding ground for wildlife, videos and satellite photos show.

The U.K. government has delayed some new sanctions on Russian oil in an effort to shelter Britons from the cost-of-living squeeze triggered by the effective closure of the Strait of Hormuz in the Iran war.

Oil prices turned lower Thursday, with the rapid depletion of global crude stocks in focus — but there’s no relief in sight just yet. Physical supplies of oil are continuing to tighten, with exports through the Strait of Hormuz 95% below normal levels,