Oil rose slightly above $145 Monday as supply concerns in Brazil in the midst of an energy workers strike outweighed ongoing worries that high fuel costs are dragging down consumer nation demand.
French energy giant Total SA said Thursday it is too risky to invest in Iran for now, raising questions about the future of western involvement in developing Iranian gas reserves.
Iran's OPEC governor said on Wednesday the oil market was saturated and blamed policies of the Group of Eight (G8) rich countries for a price surge, the state broadcaster reported on its website.
Iran test fired nine long- and medium-range missiles on Wednesday, state media said, including one which it has said could reach Israel and U.S. bases in the region.
Record-high international oil prices will keep rising until Western countries rein in their demand, Paolo Scaroni, chief executive of Italy's biggest oil and gas company Eni, was quoted as saying on Wednesday.
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.
Tough talk today between Israel and other nations could be another reason behind oil’s surge. Get the international perspective from Tim Seymour!