CNBC's Michelle Caruso-Cabrera reports on surging oil exports in Iran.» Read More
The stock market plunged 170 points this morning and oil jumped over $3, allegedly based on a New York Times story that Israel is carrying out military exercises as a rehearsal to bombing Iran. But actually, the Times story, written by the very able war correspondent Michael R. Gordon, is talking about Israeli training exercises from early June, not now.
World oil producers and consumers should work on removing sanctions and soothing Middle East security fears to boost investment in new production capacity, Iran's OPEC governor said on Friday.
Federal regulators said they will place stricter limits on foreign exchanges that trade U.S. oil as concerns continue to grow about the role of speculation in rising fuel prices.
The market is full of oil and the rising price trend is "fake and imposed," Iran's president said on Tuesday, partly blaming a weak U.S. dollar which he said was being pushed lower on purpose.
Tough talk today between Israel and other nations could be another reason behind oil’s surge. Get the international perspective from Tim Seymour!
Oil jumped nearly $11 to a record $138.54 a barrel Friday on the slumping US dollar and rising tensions between Israel and Iran.
According to what's billed as an "Exclusive" on the Jerusalem-based English-language website, DEBKA, the Bush Administration is "closer than ever before to ordering a limited missile air bombardment" on some Iranian Revolutionary Guard installations.
Oil prices fell Thursday as a big increase in U.S. natural gas stocks weighed on the energy complex, spurring profit-taking from recent highs.
U.S. light, sweet crude for June delivery fell $1.58 to settle at $124.22 a barrel Wednesday on the New York Mercantile Exchange.
Oil prices didn't set a Nymex closing record Tuesday, but they came very close.
Iran said on Monday it would not consider any incentives offered by world powers that violated its right to nuclear technology, ruling out a precondition that it suspend uranium enrichment.
Iranian Oil Minister Gholamhossein Nozari said in remarks published on Tuesday that the market was sufficiently supplied with crude and he saw no need for OPEC to raise production.
A senior Iranian oil official said on Thursday there was "enough" supply in the market at this time and blamed the high crude price on excessive liquidity in financial markets.
Turkmenistan has stopped natural gas exports to Iran, causing winter shortages in some parts of its neighbour, Iranian officials said on Monday.
Iran said China's Sinopec would invest around $2 billion under a deal signed on Sunday to develop the huge Yadavaran oil field, the kind of energy deal the United States has been trying to prevent.
OPEC agreed on Wednesday to keep exports unchanged, rebuffing consumer country calls for more crude to rein in $90-a-barrel oil.
OPEC's big Gulf producers are keeping the door open for higher oil exports when the group meets Wednesday in Abu Dhabi.
An oil price "bubble" was not due to any shortage but was fuelled by global political tensions, a leading Iranian oil official told the state broadcaster.
The unofficial transcript of an interview with Vice President Dick Cheney on "Kudlow & Company."
The Bush administration announced Thursday that it is imposing sweeping new sanctions against Iran's defense ministry, its Revolutionary Guard Corps and a number of banks.