https://oilprice.com/rss/main All the latest in Oil, Gas, Commodity news and analysis Fri, 30 Oct 2026 21:29:22 -0500 https://oilprice.com/Energy/Crude-Oil/Europe-Is-Now-Seriously-Rethinking-Its-Oil-Refinery-Phase-Down.html oilprice-article-45941 Over the past couple of decades, Europe has pursued some of the world’s most ambitious clean energy policies, aiming to become the first climate-neutral continent by 2050. Hardly surprisingly, Europe is now further along the clean energy transition compared to its western peers, with renewables accounting for roughly half of the continent’s power mix compared to about 26% by the U.S. However, Europe is now being forced to reckon with its decision to ditch some of its fossil fuel assets as yet another global energy crisis unfolds just… Fri, 30 Oct 2026 18:00:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Alex Kimani https://oilprice.com/Energy/Gas-Prices/Gasoline-Up-34-and-Heating-Oil-Up-74-as-Voters-Head-to-the-Midterms.html oilprice-article-45932 The results of the upcoming midterm elections will reveal just how much power global energy markets have over state-level politics – and how much changing political regimes can cost the global energy sector in return. As voters head to the polls, energy prices are blisteringly high. As of Monday, average gasoline prices in the United States officially edged higher than at any point of Joe Biden’s presidential term, according to a Politico analysis of AAA figures. This could pose a major threat to the Trump administration as well as… Fri, 30 Oct 2026 17:00:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Haley Zaremba https://oilprice.com/Latest-Energy-News/World-News/Chevron-Profits-Nearly-Triple-to-99-Billion.html oilprice-news-45941 Chevron's third-quarter profit nearly tripled to $9.9 billion, with its refineries doing much of the heavy lifting despite processing just 3% more crude than a year earlier. The company reported earnings of $5.06 per share Friday, up from $1.82 a year ago. Adjusted earnings reached $10.4 billion, or $5.28 per share, comfortably beating Wall Street's estimate of $4.89. Chevron's downstream operations earned $4.93 billion, more than four times the $1.14 billion reported a year earlier. U.S. refining profits were particularly impressive, jumping to… Fri, 30 Oct 2026 13:30:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Julianne Geiger https://oilprice.com/Alternative-Energy/Hydroelectric/Water-Tank-Rupture-Triggers-Safety-Concerns-at-Tajikistans-Rogun-Dam.html oilprice-article-45927 A recent industrial “incident” disrupted work on the Rogun Dam in Tajikistan. Depending on which source is to be believed, either no one was harmed or at least five people were injured. According to Tajikistan’s State Service for the Supervision of Industrial and Mining Safety, an accident occurred in a tunnel at a section of the plant that is under construction on October 21.  The Asia-Plus news agency reported that an industrial reservoir ruptured, causing water to “gush” into the tunnel. “At the time,… Fri, 30 Oct 2026 13:00:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 OilPrice.com https://oilprice.com/Latest-Energy-News/World-News/ExxonMobil-Profits-Double-to-154-Billion.html oilprice-news-45937 ExxonMobil reported $15.4 billion in third-quarter profit Friday, more than double its earnings a year earlier, with its Gulf Coast refineries running at full capacity and diesel prices doing the rest. The company earned $3.72 per share, or $4.23 on an adjusted basis, beating Wall Street's $4.08 estimate. Adjusted net income reached $17.5 billion, making it one of Exxon's most profitable quarters ever. Exxon's energy products business earned $9.05 billion in adjusted profit, up from $4.1 billion in the second quarter. Its U.S. Gulf Coast refinery… Fri, 30 Oct 2026 12:27:04 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Julianne Geiger https://oilprice.com/Energy/Energy-General/US-Oil-Gas-Drillers-Still-on-Hold.html oilprice-article-45937 The total number of active drilling rigs for oil and gas in the United States remained unchanged again this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US staying at 603, up 57 from this same time last year. The number of active oil rigs rose by 2, to 462 during the latest reporting period, according to the data. This is 48 above this same time last year. The number of gas rigs fell by 2 to 130, which is 5 more than this time last year. Miscellaneous rigs stayed the same at 11. The latest EIA… Fri, 30 Oct 2026 12:09:57 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Julianne Geiger https://oilprice.com/Energy/Oil-Prices/Oil-Traders-Brace-for-a-Wild-Week-as-Brent-Approaches-120.html oilprice-article-45936 Fears of renewed U.S.-Iran hostilities are intensifying, with rising Hormuz attacks, reported explosions at Iran's Jask port and military repositioning overshadowing diplomatic efforts. Friday, October 30, 2026 With only several days left until the US midterm elections, oil prices are set for a hefty 13-14% month-on-month increase as ICE Brent trends around $118 per barrel. Qatari and Pakistani mediation notwithstanding, everything is pointing towards a resumption in US-Iran hostilities in the upcoming weeks – rising numbers of Hormuz attacks,… Fri, 30 Oct 2026 11:51:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Tom Kool https://oilprice.com/Energy/Energy-General/Americas-LNG-Boom-Faces-Its-Biggest-Test-Yet.html oilprice-article-45926 A decade ago, the United States was only beginning to emerge from an energy outlook that had once assumed steadily rising dependence on imported natural gas. For years, the prevailing concern was that domestic production would struggle to keep pace with demand, leaving the country increasingly reliant on liquefied natural gas brought in from overseas. That expectation proved badly wrong. Horizontal drilling and hydraulic fracturing unlocked enormous shale gas resources, domestic production surged, and facilities originally designed to receive imported… Fri, 30 Oct 2026 11:00:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Robert Rapier https://oilprice.com/Latest-Energy-News/World-News/Japan-to-Overtake-China-As-Worlds-Top-LNG-Importer-This-Year.html oilprice-news-45936 Japan is expected to overtake China as the world’s largest importer of liquefied natural gas (LNG) this year, for the first time since 2022, as high LNG prices and sufficient storage in China limit purchases, analysts at ICIS and Kpler say.  Japan’s LNG demand will exceed, albeit slightly, demand in China, according to estimates by the consultancies compiled by Reuters. Imports into Japan are estimated at 62 million metric tons, while Chinese imports are expected at 61 million tons this year, according to ICIS. Kpler also sees… Fri, 30 Oct 2026 10:30:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Charles Kennedy https://oilprice.com/Latest-Energy-News/World-News/European-Gas-Tops-101-Euros-for-First-Time-Since-2022.html oilprice-news-45932 Europe’s benchmark natural gas prices have topped 101 euros per megawatt-hour (MWh) for the first time since the 2022 crisis as winter looms amid historically low European gas storage levels.  The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, surged by 4% as of 9 a.m. in Amsterdam on Friday. The TTF price was on track for an 8% weekly gain amid mounting concerns that the escalation in the Middle East would continue to choke off Qatari and Emirati LNG flows through the Strait… Fri, 30 Oct 2026 09:30:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Michael Kern https://oilprice.com/Geopolitics/Europe/Trump-Considers-Lifting-Sanctions-on-Putins-Slush-Fund.html oilprice-article-45925 Four days after Russia launched its all-out effort to subjugate Ukraine, the US government and other Western allies fired a broadside of financial sanctions aimed at punishing the Kremlin’s wallet for the assault. The Russian Central Bank was prominent. So was a multibillion-dollar sovereign wealth fund that the Kremlin calls the Russian Direct Investment Fund, or RDIF. The U.S. Treasury called it “a slush fund for President Vladimir Putin [that] is emblematic of Russia’s broader kleptocracy.” After months of dormancy,… Fri, 30 Oct 2026 09:00:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 RFE/RL staff https://oilprice.com/Latest-Energy-News/World-News/Japan-to-Tap-7-Billion-from-Government-Fund-to-Subsidize-Gasoline-Prices.html oilprice-news-45927 Japan’s government on Friday decided to tap $7 billion from its contingency reserves to keep subsidies for gasoline and other fuels, even as it plans to gradually scale back the support from December. The Japanese government decided today to allocate about $7 billion (1.1 trillion Japanese yen) from the reserve funds to continue capping retail gasoline prices amid soaring oil and fuel import costs, Japanese media reported. Introduced in March, soon after the war in the Middle East began, the subsidy program has kept the average national gasoline… Fri, 30 Oct 2026 08:30:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Tsvetana Paraskova https://oilprice.com/Latest-Energy-News/World-News/Brent-Hits-117-as-Tanker-Catches-Fire-in-Strait-of-Hormuz.html oilprice-news-45926 Tensions in the Middle East are escalating again as a tanker was reported on fire after explosive devices were attached to its hull while the vessel was attempting to transit outbound in the Strait of Hormuz. The UK Maritime Trade Operations (UKMTO), which is affiliated with the Royal Navy, said in a warning notice that it had received a third report on Thursday that a tanker transiting outbound was on fire 25 nautical miles northeast of Khasab, Oman, in the Strait of Hormuz. In a subsequent update, UKMTO said it had received “a verified… Fri, 30 Oct 2026 07:30:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Tsvetana Paraskova https://oilprice.com/Energy/Energy-General/Oil-Markets-Caught-Between-Iran-War-Risks-and-Emergency-SPR-Releases.html oilprice-article-45924 Crude oil gave back ground on Thursday as traders weighed emergency supply against tentative efforts to reopen talks with Iran. Neither side has taken control. The U.S. Strategic Petroleum Reserve is delivering barrels, but the reserve is near its lowest level since 1982. Peace efforts have resurfaced, but no agreement has been reached, and the threat to regional shipping and Saudi energy infrastructure remains. On Friday, at 00:05 GMT, December WTI crude oil futures are trading at $102.77, down $0.67 or -0.65% for the week. The contract reached… Fri, 30 Oct 2026 06:30:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Editorial Dept https://oilprice.com/Energy/Energy-General/Bolsonaros-Election-Defeat-Could-Complicate-US-Rare-Earth-Plans.html oilprice-article-45923 Politics, Geopolitics & Conflict Bolsonaro has been secretly flown to Miami on a private jet, three days after losing Brazil’s presidential runoff to Lula and a day after defying a Supreme Court order to surrender his passports in a money-laundering case. The State Department is issuing visas to him and his family. Prior to the election, U.S. diplomats in Brazil were told the policy was to return the Bolsonaros to power, making them a direct target. On October 27, Justice Flávio Dino ordered federal police to investigate foreign… Fri, 30 Oct 2026 06:30:00 -0500 Fri, 30 Oct 2026 21:29:22 -0500 Editorial Dept