Crude Oil
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Economy
IRGC: Super Tanker Carrying 2 Million Barrels of Oil Explodes South of Strait of Hormuz
DID Press: Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy has announced that a super tanker carrying more than 2 million barrels of crude oil exploded and caught fire after striking a sea mine south of the Strait of Hormuz. According…
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Afghanistan
Afghanistan Plans to Establish Large, Modern Oil Refineries
DID Press: Afghanistan’s Taliban-run Ministry of Mines and Petroleum says it is planning to establish large, modern and well-equipped oil refineries to process domestic crude oil using advanced technology and produce higher-quality petroleum products. The ministry said the proposed facilities…
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Economy
Physical Oil Prices Surpass $130 as Hormuz Flows Plunge
DID Press: Physical crude oil prices have risen above $130 per barrel as disruptions to tanker traffic and sharply reduced oil flows through the Strait of Hormuz continue to put pressure on global energy markets. Recent market reports indicate that…
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Economy
Unprecedented Fuel Crisis Reaches the United States
Did Press: US oil industry executives have warned that the global energy market is heading toward a fuel supply crisis amid declining inventories and disruptions to energy infrastructure in the Middle East. According to The Wall Street Journal, the CEO…
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Economy
Brent Crude Rises Above $90 as Hormuz Disruptions Deepen Supply Concerns
DID Press: Brent crude oil prices briefly climbed above $90 a barrel on Tuesday, as fading hopes for a breakthrough in U.S.-Iran negotiations and continued disruption to shipping through the Strait of Hormuz intensified concerns over global energy supplies. Reuters…
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Government
US Strategic Oil Reserve Falls to Lowest Level in More Than 40 Years
DID Press: United States’ Strategic Petroleum Reserve (SPR) fell by about 6.1 million barrels this week to approximately 298.7 million barrels, dropping below the 300-million-barrel mark for the first time since 1983. The decline comes as Washington continues drawing on…
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Economy
US Strategic Oil Reserve Depletion Outpaces Commercial Stocks Threefold
DID Press: Official data covering the period from February 6 to August 3, 2026, indicate that the US Strategic Petroleum Reserve (SPR) has been depleted at a rate more than three times faster than commercial crude oil inventories, bringing emergency…
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Economy
US Crude Oil Inventories Fall by 7.2 Million Barrels
DID Press: US commercial crude oil inventories fell by 7.2 million barrels in the week ending July 24, reaching approximately 404.5 million barrels, according to the weekly report from the U.S. Energy Information Administration (EIA). The EIA said crude stockpiles…
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Economy
US, China and India Dominate Global Oil Consumption in 2025
DID Press: Global oil consumption reached 103 million barrels per day in 2025, marking a 1.3% increase from the previous year, with the United States, China, and India accounting for 41% of worldwide demand, according to new statistical reports. The…
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Economy
India’s Russian Oil Imports Hit Highest Level of 2026
DID Press: India’s imports of Russian crude oil climbed to their highest level of 2026 in June, reaching 2.73 million barrels per day, up sharply from 2.14 million barrels per day in May. According to data from the Centre for…
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