From Reuters Oil prices plummeted more than 7% on Thursday, with the U.S. benchmark posting its worst day in more than four years, after President Donald Trump said he would impose additional tariffs Chinese imports starting Sept. 1. The drop in Brent crude was the steepest in more than three years, undoing a fragile oil rally built on steady drawdowns
From AP News The U.S. economy slowed sharply in the April-June quarter even as consumers stepped up their spending. The gross domestic product, the economy’s total output of goods and services, grew at a 2.1% annual rate last quarter, down from a 3.1% gain in the first quarter, the Commerce Department estimated Friday. But consumer spending, which drives about 70%
From CNBC Many cynics have long contended that the real reason the U.S. entered a slew of recent wars was only to protect American oil interests. But now it’s beginning to look like oil may be a major reason why the U.S. isn’t getting into a war with Iran. Believing that flies in the face of a common sentiment that
By Tyler Losier, Energy Reporter, Oil & Gas 360 Secretary of State Mike Pompeo announces sanctions for Zhuhai Zhenrong and its chief executive The United States government will be imposing sanctions on Zhuhai Zhenrong Company Limited, a state-run oil company in China, and its chief executive for purchasing crude oil from Iran. On Monday, Secretary of State Mike Pompeo announced
By Tyler Losier, Energy Reporter, Oil & Gas 360 British and Liberian-flagged vessels seized by Iran, who President Trump calls “nothing but trouble” Iran has seized two oil tankers – one British-flagged and one Liberian-flagged – in the Strait of Hormuz, following through on its threats to retaliate after one of its ships was seized by U.K. authorities off the
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