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Federal Reserve Bank of Kansas City President Jeffrey Schmid has warned that the current global energy shock cannot simply be dismissed as transitory, given already-elevated baseline inflation. Speaking at a conference in Iceland, Schmid pointed out that inflation has stalled near 3% and remained above the Fed’s 2% target for a long time, making it

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US to 562,  down just 1 from this same time last year. The number of active oil rigs rose by

Multiple vessels transiting the Strait of Hormuz have suffered attacks this week, Chevron Corp. (NYSE:CVX) Chief Executive Officer Mike Wirth revealed in an interview on Bloomberg TV on Friday. According to Wirth, these previously unreported incidents highlight ongoing risks for ships plying the channel despite any ongoing diplomatic efforts. Commercial shipping traffic through the key

Recently signed deals between Georgia and Azerbaijan are raising fresh questions about Tbilisi’s strategic direction and energy security. The deals flowed out of a May 18 meeting in Baku between Georgian Dream Prime Minister Irakli Kobakhidze and Azerbaijani President Ilham Aliyev. Those talks occurred just weeks after Aliyev’s visit to Tbilisi, where he also met

Brent crude is heading for its biggest weekly drop in two months as markets bet on a 60-day ceasefire extension and partial reopening of the Strait of Hormuz. ICE Brent is set to post its largest weekly loss in two months, dropping by almost 10%, as media reports present a 60-day extension of the current

The Philippines has received its first cargo of Iranian crude, Reuters reported on Friday, citing tanker-tracking data from Kpler and Vortexa. A Suezmax vessel capable of carrying up to 1 million barrels of crude that departed from Iran’s Kharg Island in late March made a ship-to-ship transfer offshore Singapore onto another tanker, which delivered the

India’s economy remains resilient to the external shocks, but the oil price surge amid the global supply disruption poses near-term downside risks to economic growth and upside risks to inflation, the Reserve Bank of India (RBI) said in its Annual Report for 2025-26 published on Friday. “Against the backdrop of a moderate global growth, the

Just about two months ago, JPMorgan did the math on “How Long Before The World Hits Crude Oil Operational Minimum.” The punchline was that while the market can hold hundreds of millions of barrels, it would still become fragile once working stocks fell too low. Like blood pressure in the human body, the issue is