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The cost of hauling refined oil out of the Middle East surged on June 17 as shippers reacted to the conflict between Israel and Iran.

Some oil tanker owners and managers have paused offering their vessels for Middle Eastern routes since June 13 as they assess the risks from Israel’s conflict with Iran.

The barrage of headlines has revived memories of the political upheavals and price spikes of the 1970s — and yet even when oil prices have jumped, it inevitably proved short-lived.

Israel’s airstrikes on Iran drove up freight rates and tanker stocks June 13 as traders and investors priced in the prospect of disruption to a large swath of the global oil-shipping fleet.

The U.S. sees domestic crude production declining next year for the first time since 2021 in a blow to President Donald Trump’s push for American energy dominance.

The measure would open new opportunities for oil and gas development in the mammoth National Petroleum Reserve-Alaska, an Indiana-sized parcel in the northwest of the state.

Global oil demand growth will slow during the remainder of 2025 after a robust first quarter due to “economic headwinds,” the International Energy Agency said.

Saudi Aramco plans to spend $3.4 billion on its Motiva refinery in Texas, the largest fuelmaking plant in the U.S.

Saudi Arabia’s state-owned oil giant Aramco posted Q1 profit of $26 billion on May 11, down 4.6% from the prior year as falling global oil prices undermine the kingdom’s development plans.

Energy Secretary Chris Wright sought to reassure U.S. oil companies during a visit to Oklahoma, saying turmoil from President Donald Trump’s trade war is apt to be fleeting.