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The wager reflects growing sentiment among some of the world’s most prominent energy forecasters that the oil market will be oversupplied by the end of the year.

When Russian military forces invaded Ukraine in February, Sergey Bort’s thoughts immediately turned to family.

Officials within President Joe Biden’s administration are hunting for ways to head off a feared spike in oil prices later this year, including the possibility of an additional release from the nation’s emergency crude reserves.

President Joe Biden told U.S. oil refiners that unprecedented profit margins are unacceptable and called for “immediate action” to improve capacity as the soaring price of gasoline feeds record inflation and fears of a recession.

Removing sea mines near Ukraine’s key ports could take months, and hundreds of seafarers still are stranded in the region after Russia’s invasion of the country, according to the United Nations agency responsible for shipping safety.

Russia will take control of French car manufacturer Renault’s operations in the country and resurrect a Soviet-era auto brand, officials said May 16, marking the first major nationalization of a foreign business since the war in Ukraine began.

The Biden administration will spend more than $3 billion to support the domestic manufacturing of advanced batteries used in electric vehicles and energy storage, officials said May 2.

The transportation industry has stepped up to assist the people of Ukraine in the wake of Russia’s invasion of the country that triggered a refugee crisis.

Volvo AB said Russia’s war in Ukraine has forced it to make provisions in the first quarter totaling $423 million that will have a negative impact on operating income.

PARIS — The International Energy Agency said April 7 that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine.