West Texas Intermediate (WTI) futures opened at $58.90 per barrel (bbl) on October 13, 2025. Brent crude opened at $62.73 per barrel. Both benchmarks remain closely watched gauges of global energy supply and demand.

Decades of mismanagement, underinvestment and corruption have strained the power grid of Iraq, which is OPEC's second-largest producer after Saudi Arabia.

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.

U.S. oil prices on Tuesday traded at their lowest levels since May, as "concerns over oversupply and weak demand have quickly reasserted themselves," according to Robbie Fraser, associate director, Global Research & Analytics,

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

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 executives of two oil companies warned this week that tariffs resulting from the U.S. administration's trade policies were driving up costs across the energy production chain and affecting investment decisions.

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