Oil prices rose sharply when market trading began late Sunday over concerns that the supply from Iran and elsewhere in the Middle East would slow or grind to a halt.

President Donald Trump said the U.S. Development Finance Corporation would provide political risk insurance to tankers in the Persian Gulf.

The high prices came as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf sent disruptions through the global energy supply chain.

LONDON (Reuters) -BP said it expects upstream production to rise in the third quarter, reversing earlier guidance for a slight decline, but flagged weak oil trading performance in a trading update ahead of results due on November 4. The oil major guided ...

Oil futures are expected to spike and U.S. stock futures are likely to see volatile trading Sunday night as markets open after this weekend's attacks on Iran by the U.S. and Israel.

Both Vitol and Trafigura have secured preliminary special licenses allowing them to negotiate and export Venezuelan crude, with Trafigura preparing to load its first cargo this week. The traders vied with Chevron Corp (NYSE: CVX) for the supply agreements.

The move will allow additional firms to join in the U.S.-controlled effort to sell Venezuela’s oil. The Treasury Department on Thursday issued a general license authorizing companies to transport and sell Venezuelan crude while the country’s oil sector ...

NEW YORK (AP) — Oil prices rose sharply when market trading began Sunday, as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf sent disruptions through the global energy supply chain.

Oil prices fell below $60 per barrel recently due to a combination of oversupply and weak demand. Global oil inventories are rising, putting downward pressure on prices. At the same time, both OPEC+ and U.S. production are increasing amid relatively stable ...

Oil prices have soared in the week since the U.S. and Israel launched their war against Iran, but President Donald Trump on Saturday downplayed the idea of turning to America’s Strategic Petroleum Reserve to ease the pressure.