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Oil surged on Friday as tensions in the Red Sea escalated following attacks by the US and its allies against Yemeni sites controlled by Iran-backed Houthi rebels.
Trump also mentioned his intent to impose tariffs on Canada and Mexico starting Feb. 1, sparking concerns of a trade war that could impact economic growth and, as a result, oil consumption.
West Texas Intermediate crude rose nearly 3% to settle at $78.82 per barrel, the highest level since August, while ... Oil has been on an upward trend since the start of the year, with WTI gaining ...
Representation of a oil derrick. The Texas oil boom, sometimes called the gusher age, was a period of dramatic change and economic growth in the U.S. state of Texas during the early 20th century that began with the discovery of a large petroleum reserve near Beaumont, Texas.
In January and February 1969, in the Santa Barbara Channel, near the city of Santa Barbara, in Southern California. It was the largest oil spill in United States waters at the time, and now ranks third after the 2010 Deepwater Horizon and 1989 Exxon Valdez spills. It remains the largest oil spill to have occurred in the waters off California.
The well tripled U.S. oil production overnight and marked the start of the Texas oil industry. [10] [11] Masjed Soleiman, Iran, in 1908 marked the first major oil strike recorded in the Middle East. [12] Dos Bocas in the State of Veracruz, Mexico, was a famous 1908 Mexican blowout that formed a large crater.
The session high was more than $80, highest this year so far. U.S. West Texas Intermediate crude futures climbed 66 cents, or 0.9%, to settle at $72.68, paring gains after touching a 2024 high of ...
This comes after videos emerged allegedly showing Sudanese soldiers killing South Sudanese civilians in Wad Madani, Sudan. Business and economy. British oil and gas company BP announces that it will lay off 4,700 employees and 3,000 contractors globally to reduce costs. Health and environment