Tag: oil

  • Potential for first Australian oil refinery in 60 years as treasurer braces for inflation from Mi…

    Potential for first Australian oil refinery in 60 years as treasurer braces for inflation from Mi…

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    Potential for first Australian oil refinery in 60 years as treasurer braces for inflation from Middle East war

    Commonwealth and Western Australia to fund study into construction of large-scale petrol refinery as buffer against fuel vulnerability

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    Australia’s first new oil refinery in 60 years could be built in Western Australia under the Albanese government’s long-term strategy to shield the country from future global oil shocks.

    The commonwealth and the WA government will fund a $4m early-stage feasibility study into construction of what would be the country’s third large-scale petrol refinery.

    A series of refinery closures over the past 25 years means Australia now imports about 90% of its liquid fuels, a vulnerability exposed by the international oil crisis sparked by the US-Israel war on Iran.

    Third oil refinery would still rely on imported oil

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    A new oil refinery being considered for the country would still require imported oil to run, only partially shielding Australia from ongoing global shocks. 

    A $4 million pre-feasibility study into a new large-scale oil refinery at Karratha in the Pilbara will be announced by Prime Minister Anthony Albanese and West Australian Premier Roger Cook on Tuesday. 

    It would be built by Western Australian industrial company Perdaman and is slated to create thousands of jobs in a boost to the local economy.

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    PM launches plan for new oil refinery as fuel crisis bites

    Anthony Albanese will launch plans on Tuesday for a new oil refinery in Western Australia in recognition of the fragility of the nation’s liquid fuel supplies, as exposed by Donald Trump’s war against Iran.

    After flagging the move in April, the prime minister will dedicate $4 million towards a feasibility study into constructing the facility when he visits Karratha.

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  • Ukraine hits major oil terminal in Russia’s St Petersburg | Ukrainian drones hit Russia’s largest…

    Ukraine hits major oil terminal in Russia’s St Petersburg | Ukrainian drones hit Russia’s largest…

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    Ukraine hits major oil terminal in Russia's St Petersburg

    A major oil terminal in Russia's north-western city of St Petersburg was struck overnight by Ukraine, Volodymyr Zelensky has said.

    The Ukrainian president described it as key "infrastructure that generates revenue for Russia's war". Ukraine also said a major Russian naval base in the region was hit.

    St Petersburg Governor Aleksandr Beglov said the city had been under a "massive" drone attack, admitting the oil terminal was hit but saying there had been no casualties.

    Ukraine has recently intensified its long-range drone attacks on Russia's critical energy infrastructure, causing widespread fuel shortages. Kyiv says nearly 43% of Russia's oil refining capacity has been "disabled" as a result.

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  • Opinion | The 53-year oil crisis has finally ended | The fuel excise discount is ending – how m…

    Opinion | The 53-year oil crisis has finally ended | The fuel excise discount is ending – how m…

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  • Oil prices are falling. So why am I still bullish on BP shares? | Why is BP (LSE:BP) trending in …

    Oil prices are falling. So why am I still bullish on BP shares? | Why is BP (LSE:BP) trending in …

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    Oil prices are falling. So why am I still bullish on BP shares?

    BP (LSE: BP.) shares have lost ground as oil prices slide following the Iran ceasefire agreement. That’s hardly surprising. With the immediate threat to Middle Eastern supply fading, investors have quickly removed much of the risk premium built into crude prices.

    However, I think the market may be looking in the wrong place. The bigger story isn’t geopolitics — it’s whether global oil supplies are as comfortable as many currently believe.

    The ceasefire agreement has undoubtedly reduced immediate concerns over Middle Eastern supply disruptions. But I think investors may be overlooking a more important issue.

    Over the past few years, one of the world’s largest emergency oil buffers has been steadily depleted. The US Strategic Petroleum Reserve (SPR) remains near levels not seen since the early 1980s after hundreds of millions of barrels were released to help stabilise energy markets and keep fuel prices under control.

    Is the BP share price about to crash?

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  • Current price of oil as of June 12, 2026 | DAILY OIL PRICE: June 12, 2026 | Current price of oil …

    Current price of oil as of June 12, 2026 | DAILY OIL PRICE: June 12, 2026 | Current price of oil …

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    Current price of oil as of June 12, 2026

    At 8:50 a.m. Eastern Time today, oil was priced at $89.94 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article). That’s a drop of $5.21 compared with yesterday morning—but more than $19 higher than the price one year ago.

    It’s impossible to forecast oil prices with detailed precision. Many different elements affect the market, but ultimately it boils down to supply and demand. When worries about economic recession, war, and other large-scale disruptions increase, oil’s path can shift fast.

    Gas prices at the pump don’t only track crude oil. They also include what it takes to refine and move that fuel, the taxes layered on top, and the extra markup your local station adds to stay in business.

    Current price of oil as of June 8, 2026

    As of 9:10 a.m. Eastern Time on June 8, 2026, oil sold for $97.15 per barrel (using Brent as the benchmark, which we’ll get into momentarily). That’s 84 cents lower than yesterday morning and approximately a $30 rise over the past year.

    It’s impossible to predict the future of oil prices. Several factors determine the movement of oil, but it ultimately boils down to supply and demand. Again, when threats of economic downturn, war, etc. are high, the oil trajectory can turn rapidly.

    When you pay for gas at the pump, you’re paying for more than just the crude oil itself; you’re also springing for links along the chain, such as the refineries and wholesalers—not to mention taxes and local gas station markups.

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  • Current price of oil as of June 12, 2026 | DAILY OIL PRICE: June 12, 2026 | Current price of oil …

    Current price of oil as of June 12, 2026 | DAILY OIL PRICE: June 12, 2026 | Current price of oil …

    Explore the latest developments concerning Current price of.

    Current price of oil as of June 12, 2026

    At 8:50 a.m. Eastern Time today, oil was priced at $89.94 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article). That’s a drop of $5.21 compared with yesterday morning—but more than $19 higher than the price one year ago.

    It’s impossible to forecast oil prices with detailed precision. Many different elements affect the market, but ultimately it boils down to supply and demand. When worries about economic recession, war, and other large-scale disruptions increase, oil’s path can shift fast.

    Gas prices at the pump don’t only track crude oil. They also include what it takes to refine and move that fuel, the taxes layered on top, and the extra markup your local station adds to stay in business.

    Current price of oil as of June 8, 2026

    As of 9:10 a.m. Eastern Time on June 8, 2026, oil sold for $97.15 per barrel (using Brent as the benchmark, which we’ll get into momentarily). That’s 84 cents lower than yesterday morning and approximately a $30 rise over the past year.

    It’s impossible to predict the future of oil prices. Several factors determine the movement of oil, but it ultimately boils down to supply and demand. Again, when threats of economic downturn, war, etc. are high, the oil trajectory can turn rapidly.

    When you pay for gas at the pump, you’re paying for more than just the crude oil itself; you’re also springing for links along the chain, such as the refineries and wholesalers—not to mention taxes and local gas station markups.

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  • Ukraine strikes St Petersburg oil terminal hours before ‘Putin’s Davos’ | No safe harbour: Ukrain…

    Ukraine strikes St Petersburg oil terminal hours before ‘Putin’s Davos’ | No safe harbour: Ukrain…

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    Ukraine strikes St Petersburg oil terminal hours before 'Putin's Davos'

    A plume of black smoke is seen over the port of St Petersburg. (AP Photo)

    Ukraine has struck an oil export terminal in St Petersburg hours before Russian President Vladimir Putin's annual economic forum got underway.

    The governor of the wider Leningrad region said air defences had shot down 59 drones overnight.

    NATO Secretary General Mark Rutte has arrived in Kyiv for an unannounced trip.

    Ukraine has struck an oil export terminal in St Petersburg hours before Russian President Vladimir Putin's annual economic forum got underway.

    The attack on St Petersburg, Mr Putin's home city, and the location of his own 'Davos' — a showcase economic forum designed to attract foreign investment — comes as both sides dial up strikes on each other in the more than four-year-old war. 

    No safe harbour: Ukrainian drones strike Russian warship in the Baltic for the first time

    This week, Ukrainian one-way attack drones struck the Russian corvette RFS Boiky in Kronstadt naval base, more than 1,100 km from the Ukrainian border. The attack signals another extension of Ukraine’s long-range strike campaign and carries implications well beyond the conflict itself.

    At 06:35 local time on 3 June 2026, drones operated by the 1st Separate Centre of Ukraine’s Unmanned Systems Forces struck the corvette Boiky in the Veleshchynsky dry dock at Kronstadt. The historic naval base is situated on Kotlin Island, roughly 20 km west of Saint Petersburg at the eastern end of the Gulf of Finland. The attack formed part of a wider set of strikes in the region that morning.

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    Ukraine attacks St Petersburg as Russia hosts its own ‘Davos’

    Ukraine launched a series of air strikes targeting an oil facility and a naval air base near St Petersburg late Tuesday night, hours before international guests gathered for the city’s flagship economic forum.

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  • Oil tanker hijacked off coast of Yemen and taken towards Somalia | Somali pirates hijack oil tank…

    Oil tanker hijacked off coast of Yemen and taken towards Somalia | Somali pirates hijack oil tank…

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    Oil tanker hijacked off coast of Yemen and taken towards Somalia

    Somali pirates have hijacked an oil tanker off the coast of Yemen, according to multiple Somali security officials that spoke with the BBC.

    The Yemeni coastguard earlier said the tanker MT Eureka had been hijacked and was headed towards Somalia. Sources said it was overrun by pirates in the Gulf of Aden, near the port of Qana.

    The pirates departed a remote coastal area near the seaside town of Qandala, which sits on the Gulf of Aden, according to three separate security officials from the semi-autonomous Puntland region who spoke with the BBC.

    It marks the second hijacking of an oil tanker in the area in a 10-day period, following the hijacking of Honor 25 by Somali pirates on April 22.

    Fears of resurgence in Somali piracy after three vessels hijacked in a week

    Pirates appear to be taking advantage of international naval strength being diverted to Middle East

    Three vessels have been hijacked off the coast of Somalia in the past week, raising fears of a resurgence in piracy around the Horn of Africa, and adding to the woes of the global shipping industry.

    The merchant vessel Sward was taken over on 26 April, a day after a dhow was seized. These followed the 21 April hijacking of Honour 25, a motor tanker carrying 18,000 barrels of oil, according to the Maritime Security Centre Indian Ocean (MSCIO), the tracking service of the EU’s naval force.

    “All incidents remain ongoing …,” the MSCIO said in a statement on Monday. “Vessels operating in the area are strongly advised to maintain heightened vigilance … particularly within 150NM [nautical miles] of the Somali coast between Mogadishu and Hafun where feasible.”

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  • Ukraine expands oil strikes on Russia as Putin proposes brief ceasefire | ‘Oil is literally fal…

    Ukraine expands oil strikes on Russia as Putin proposes brief ceasefire | ‘Oil is literally fal…

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    Ukraine expands oil strikes on Russia as Putin proposes brief ceasefire

    Ukrainian drones have again hit oil infrastructure in the city of Perm in central Russia, more than 1,500km from the front line.

    Ukraine's Security Service (SBU) said the target in Perm was an Lukoil-owned oil refinery – one of the largest in Russia.

    Dramatic images shared on social media showed huge columns of black smoke and flames rising into the air, and a chemical emergency alert was issued for some parts of Perm. City authorities later claimed the alert was merely a test.

    The attack on the Lukoil facility in Perm is the latest in a series of successful strikes launched by Ukraine on Russian oil infrastructure in response to Russia's continued aggression.

    ‘Oil is literally falling from the sky’: Russian town fears environmental disaster after Ukrainian drone strikes on refinery

    For the third time in 12 days, the Russian Black Sea town of Tuapse woke up Tuesday to apocalyptic scenes.

    Thick toxic fumes, and flames rising up from the latest Ukrainian drone attack on the Rosneft-owned Tuapse oil refinery, almost reached the heights of the surrounding Caucasus mountains.

    By Thursday morning, authorities said the fire had been extinguished. Fires from the two previous attacks, on April 16 and 20, also took days to put out, with toxic substances pouring down in black rain and blanketing cars and streets in oily grime, leading to what experts are dubbing the worst environmental disaster in the region in years.

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    ‘Environmental disaster’: Ukrainian attacks on oil refineries rock Russia

    Ukrainian forces have hammered one of Russia’s largest sites in Tuapse, causing oil spills and black rain.

    When cleanup volunteer Sergei Solovev arrived in the town of Tuapse, on Russia’s Black Sea coast, an unpleasant odour hung in the air and everything was coated in a layer of black grime.

    “I saw train carriages covered in residue from the black rain and animals. It’s all very toxic,” he told Al Jazeera. “And the smell was oily.”

    Black rain is an unnatural weather phenomenon, where water droplets blackened by soot and ash fall from the sky. It was seen in Hiroshima, Japan, after the atomic bomb explosion in 1945, more recently in the Iranian capital, Tehran, and in 1991 in Kuwait, when oilfields were set ablaze during the Gulf War.

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  • Firefighters tackle blaze at Geelong oil refinery ‘not yet under control’ | Refinery blaze puts G…

    Firefighters tackle blaze at Geelong oil refinery ‘not yet under control’ | Refinery blaze puts G…

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    Firefighters tackle blaze at Geelong oil refinery 'not yet under control'

    The Geelong Oil Refinery is one of two such facilities remaining in Australia.  (AFP: William West)

    A fire has broken out at one of Australia's two remaining oil refineries, with emergency services responding to reports of "explosions and flames".

    The blaze was not yet under control as of early Thursday morning, according to Fire Rescue Victoria.

    A "significant" fire has broken out at one of Australia's two currently operational oil refineries, with residents in parts of Geelong told to stay indoors due to smoke.

    A watch and act has since been issued for a number of suburbs in Geelong, with residents being warned to close windows to keep out hazardous smoke.

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