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Oil

Oil is a naturally occurring liquid fossil fuel composed primarily of hydrocarbons, extracted from underground reservoirs and refined into a wide range of products including petrol, diesel, jet fuel, heating oil and petrochemical feedstocks. It is the world's most traded commodity by value and remains the dominant energy source for global transport, accounting for more than 90% of fuel used in road, aviation and maritime sectors. The oil industry encompasses upstream exploration and production, midstream transportation and storage, and downstream refining and marketing activities. Major producing regions include the Middle East, North America, Russia and West Africa, with the Organisation of the Petroleum Exporting Countries (Opec) and its allies playing a central role in managing global supply. Oil prices are benchmarked against international markers such as Brent crude and West Texas Intermediate, and fluctuations significantly affect national economies, inflation and geopolitical stability. Demand is driven by economic growth, industrial activity and transport needs, while supply is shaped by reserve depletion, investment cycles, technological advances in extraction and political factors including sanctions and conflict. The sector faces long-term structural challenges from climate policy, the energy transition and competition from renewable energy and electric vehicles. Oil remains critical to petrochemicals, plastics manufacturing and lubricants even as its role in power generation declines. The industry has been central to global commerce since the late nineteenth century, when commercial drilling began in the United States and Russia.

Oil News


A Glencore-branded vehicle in front of an office building
Glencore raises 2026 marketing profit outlook, resets long-term guidance framework
2nd October 2026 By: Reuters

Glencore on Friday said it now expects 2026 marketing adjusted operating profit to exceed $5-billion, well above its long-term guidance, after a near-record first-half performance driven by... 


Gold bars
Gold's lustre dims as Treasury yields surge, markets bet on higher Fed rates
29th September 2026 By: Reuters

Gold prices could face further pressure in the coming days as rising US Treasury yields and expectations of additional Federal Reserve rate hikes sap demand for the non-yielding metal. Spot gold... 


South African bank notes
Rand slides as oil price surge pressures emerging market currencies
15th September 2026 By: Reuters

South Africa's rand weakened against the dollar on Tuesday as a stronger greenback, high energy prices, and softer precious metals heightened concerns over inflation and a wider import bill. At... 


LNG vessel
LNG demand in China and India expected to recover when Mideast war ends
15th September 2026 By: Reuters

China and India's LNG imports are likely to rebound from multi-year lows once the Middle East supply crunch ends and prices ease, industry executives expect, reversing a pick-up in coal and oil use... 


Ulan coal mine in Australia
Global coal demand forecast to rise by 1.2% in 2026 to a record 8.94bn tonnes due to Middle East conflict, IEA says
10th September 2026 By: Reuters

Global coal demand is forecast to rise by 1.2% in 2026 to a record 8.94-billion tonnes due to the Middle East conflict, the International Energy Agency (IEA) said on Thursday. Disruptions to oil... 


IMF MD Kristalina Georgieva
IMF's Georgieva says global economy weathering energy shock, sees fiscal concerns
26th August 2026 By: Reuters

The global economy has weathered the Iran war energy shock better than feared, International Monetary Fund MD Kristalina Georgieva said on Tuesday, but she raised concerns about deteriorating... 


EU flag
Six countries want EU talks in September on taxing windfall profits of oil companies
24th August 2026 By: Reuters

Six European Union countries want the 27-nation EU to discuss in September a mechanism to tax windfall profits of oil companies triggered by Iran's blockade of the Strait of Hormuz, a letter by... 


A gold bar
Gold shows early signs of reclaiming safe-haven appeal after Iran war selloff
18th August 2026 By: Reuters

Gold's 9% rebound in August to around $4 400 an ounce suggests bullion is starting to regain favour with institutional investors and central banks, leaving the market better placed to extend gains... 


An image of copper
BMI expects metals complex performance to remain strong
14th August 2026 By: Tasneem Bulbulia

The metals complex has remained well-supported so far this month, extending the upward momentum from late June, BMI, a Fitch Solutions company, points out. It explains that this is underpinned by a... 


ASX screens
Miners lead Australian stocks to record highs on signs of easing Iran tensions
5th August 2026 By: Reuters

Australian shares opened at a record high on Wednesday, led by miners, as hopes grew for an imminent end to the five-month-long Iran war. The S&P/ASX 200 index rose as much as 0.7% to a record... 


TSX building
TSX rises to record high, led by energy and mining shares
23rd July 2026 By: Reuters

Canada's main stock index rose to a record high on Wednesday as higher commodity prices boosted energy and metal mining shares, and despite signs that renegotiation of a continental trade pact will... 


Strait of Hormuz
Global energy security at risk if Strait of Hormuz does not open in weeks, IEA chief says
17th July 2026 By: Reuters

If the US and Iran do not increase oil flowing through the Strait of Hormuz soon, the world should worry about energy security, International Energy Agency (IEA) executive director Fatih Birol said... 


Iran oil fields
Oil hits four-week high as US, Iran step up attacks in Strait of Hormuz
14th July 2026 By: Reuters

Oil prices rose on Tuesday to their highest in four weeks, as the US reimposed a naval blockade of Iran and renewed attacks between Washington and Tehran heightened concerns over energy flows... 


Precious metals prices drop amid resurfacing Middle East tensions
Precious metals prices drop amid resurfacing Middle East tensions
13th July 2026 By: Sabrina Jardim

Following the latest hostilities in the US war with Iran, precious metals prices dropped across the board, with the gold price falling back below $4 100/oz and silver below $60/oz. In its latest... 


An oil rig
Oil surges, stocks tumble as Trump declares Iran MoU 'over'
8th July 2026 By: Reuters

Oil surged by more than 5% on Wednesday and global stocks and bond prices tumbled, as investors fled risk assets after US President Donald Trump said the memorandum of understanding signed with... 


Oil
Global oil output to return to pre-Iran war level by year's end, US EIA says
8th July 2026 By: Reuters

Global oil output and trade flows should rebound fully by the end of this year from the disruptions caused by the Iran war, the US Energy Information Administration (EIA) said on Tuesday. Global... 


Oil in hand
Oil prices settle at pre-Iran war levels as crude output grows
7th July 2026 By: Reuters

Oil prices settled around pre-Iran war levels on Monday as Saudi Arabia slashed its official selling prices, OPEC+ approved another production target increase starting in August, and exports... 


Oil worker on an oil pump
Oil prices little changed ahead of long US weekend as peace efforts hold
3rd July 2026 By: Reuters

Oil prices were little changed on Friday before a long holiday weekend in the US, as traders held on to hopes that attempts to secure peace in the Middle East between the US and Iran would... 


Strait of Hormuz
Oil climbs following renewed US, Iran strikes in Middle East
29th June 2026 By: Reuters

Oil prices rose on Monday following days of tit-for-tat strikes by the US and Iran that underscored the fragility of their interim peace deal and again slowed energy shipping through the Strait of... 


IMF logo
IMF says it will take time for energy, commodity prices to normalize after US-Iran deal
26th June 2026 By: Reuters

The International Monetary Fund (IMF) said on Thursday it has seen energy and commodity prices fall since the US-Iran agreement to halt hostilities and reopen the Strait of Hormuz, but it will take... 


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pqt: 0.088s - ct: 0.145s - 275pq - 2rq
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