A fire has been burning for the second day at an oil terminal in the city of Feodosiia in temporarily occupied Crimea, following a drone attack carried out by Ukraine's Security Service (SSU) and Special Operations Forces (SOF).

The global oil market will tighten in the medium to longer term, a range of oil industry executives said in London this week, maintaining optimism despite a near-term glut driven by rising output.

The oil market faces an even larger surplus than previously anticipated as oil supply growth forecasts for this year and next outpace global demand.

With Russian forces gaining slowly on the battlefield, Ukraine hopes its long-range drone campaign will help persuade Vladimir V. Putin to change course.

The world oil market faces an even bigger surplus next year of as much as 4 million barrels per day as OPEC+ producers and rivals lift output and demand remains sluggish, the International Energy Agency predicted on Tuesday.

A Texas company wants to drill for oil off Santa Barbara County's coast. Experts say its path to oil sales is looking more and more challenging.

The Organization of the Petroleum Exporting Countries pointed to high debt levels in key economies and tariff uncertainty as areas of concern.

The International Monetary Fund upgraded its 2025 economic growth forecast for Saudi Arabia on Tuesday due to a faster-than-expected unwinding of oil production cuts in the world's top crude exporter.