Oil

Iran-backed drone strikes on US oil sites push Iraq closer to Washington over Tehran - analysis

Iraq is the second-biggest producer in the Organization of Petroleum Exporting Countries, which Trump has regularly criticized for trying to keep oil prices high.

Smoke rises above an oil field following a drone attack, on the outskirts of Zakho city in the Kurdistan Region of Iraq on July 16, 2025.
FILE PHOTO: The Khor Mor gas field after a rocket attack near Chamchamal, in Sulaymaniyah province, Iraq, November 27, 2025.

Gas field in Kurdistan Region of Iraq seeks restart after drone attack

Etswani flagged vessel.

Iran seizes Eswatini-flagged vessel for smuggling fuel

Mourners wave Hezbollah flags during the funeral of top Hezbollah chief Haytham Ali Tabatabai and other members killed in an Israeli strike in Beirut's southern suburbs on November 24, 2025.

Iran's IRGC smuggled over $1 billion to Hezbollah through Dubai since January, US says - WSJ


Drone attack suspends operations at major Iraq gas field, power cuts occur across Kurdish region

A drone attack on the Khor Mor gas field in Iraq causes major power outages in northern regions, damaging key infrastructure and halting gas supplies to power stations.

A fire blazes at Khor Mor Oil and Gas field following a drone strike, November 26, 2025.

Iran to raise fuel prices under limited conditions amid energy crisis

Government officials have warned that subsidized fuel prices in Iran are "not rational," impose a heavy burden on state finances, and incentivise suboptimal consumption as well as force fuel imports.

 Cars queue at a petrol station, after fuel price increased in Tehran, Iran November 15, 2019.

US Treasury sanctions Iranian-linked front companies, shadow fleet vessels used to sell crude oil

“Today’s action continues Treasury’s campaign to cut off funding for the Iranian regime’s development of nuclear weapons and support of terrorist proxies,” said Treasury Secretary Bessent.

An illustration of an oil rig silhouette over the Iranian flag.

Iraqi PM-led coalition tops Iraq election with 46 seats, commission says

Prime Minister Sudani's bloc wins Iraq's election, but forming a new government may take months due to challenges in building a majority and balancing US-Iran influence.

A man holds a flag of Iraq from a car with an election poster featuring current Prime Minister Mohammed Shia' al-Sudani, as supporters of the Reconstruction and Development Coalition celebrate after preliminary election results were announced in Baghdad, Iraq, November 12, 2025.

Trump would back Russia sanctions bill if he retains final authority, White House official says

President Trump is willing to sign a sanctions bill targeting Russia, but insists on retaining ultimate authority over any sanctions measures, a senior official says.

An illustration of silhouettes of US President Donald Trump and Russian President Vladimir Putin over a background of their countries flags.

Russia's Novorossiysk port resumes oil loadings after Ukrainian attack

Novorossiysk and a neighboring Caspian Pipeline Consortium terminal temporarily suspended oil exports, equivalent to 2.2 million barrels per day, or 2% of global supply, on Friday.

A general view shows the Novorossiysk Fuel Oil Terminal (NMT) in the Black Sea port of Novorossiisk, Russia May 30, 2018. Picture taken May 30, 2018.

Ukrainian Navy 'destroys' Russian special unit stationed on Black Sea oil rig

The strikes killed a Russian anti-tank crew and destroyed reconnaissance and surveillance equipment at the Syvash drilling rig in the Black Sea.

Ukrainian Navy targets Russian elite unit stationed on Syvash oil rig in video posted on Monday, November 3, 2025.

US grants Hungary exemption on Russia sanctions after warm Trump-Orban meeting

The exemption will last for one year and includes a Hungarian commitment to buy US liquefied natural gas with contracts valued at $600 million.

US President Donald Trump hosts a bilateral lunch with Hungary's Prime Minister Viktor Orban at the White House in Washington, DC November 7, 2025.

Iraq, Turkey sign deal on Iraqi water infrastructure projects

The initial batch of projects will include three water harvesting dams and three land reclamation initiatives, according to an Iraqi water resources official.

Turkish Foreign Minister Hakan Fidan and Iraqi Foreign Minister Fuad Hussein attend a press conference in Baghdad, Iraq November 2, 2025.

New Zealand insurer kept Iran, Russia sanctioned oil flowing - report

New Zealand insurance, Maritime Mutual, aids in the trade of billions of dollars of Iranian and Russian oil.

A sailboat sails as a boat approaches to the boarding ladder of the Iranian oil tanker Grace 1 as it sits anchored after it was seized in July by British Royal Marines off the coast of the British Mediterranean territory on suspicion of violating sanctions against Syria, in the Strait of Gibraltar,

US imposes sanctions on Russian oil companies Rosneft and Lukoil

"We encourage our allies to join us in and adhere to these sanctions," Treasury Secretary Scott Bessent said in a statement announcing the sanctions.

US Treasury Secretary Scott Bessent sits to testify before a House Ways and Means Committee hearing on Capitol Hill in Washington, US, June 11, 2025.