Crude oil futures have jumped over 40% since the Iran war started. The US has also temporarily eased some sanctions pressure on Russian oil.

The International Energy Agency warned that as travel demand grows during the summer season, oil markets could enter a "red zone" soon.

Physical supplies of oil through the Strait of Hormuz are 95% below regular levels.

TOKYO, May 22 (Reuters) - U.S. crude futures rose more than $1 in early trade on Friday as investors doubted the prospects of a breakthrough in U.S.-Iran peace talks, with the two countries stuck in opposing stances over Tehran's uranium stockpile and controls on the Strait of Hormuz.

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.

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.

European stocks and U.S. futures fell on Thursday as oil prices rose after Reuters reported Iran's Supreme Leader has said the country's near-weapons-

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.

UK inventories of diesel and jet fuel are set to shrink to their lowest since 2023 this month The UK moved to loosen its Russian sanctions in a controversial move aimed at preventing shortages of diesel and jet fuel,