The Latest Breaking News from Oil

In today’s newsletter: A plan to cap the price of Russian crude oil could slow down the war – if only Europe and others could find a consensus

No reports of missile impacts in Kyiv but two killed in Zaporizhzhia and Odesa hit hard after Russian strike follows blasts at Russian airfields

Only Russian oil bought for less than $60 (£49) a barrel will be allowed to be shipped using G7 and EU tankers

The U.S.-Saudi alliance has weathered many storms over the decades, but the relationship remains vital to both: Saudi Arabia is the world's biggest oil exporter and the United States' largest foreign military sales customer.

California lawmakers are preparing to return to work for a special session on gas prices

Asian shares are mostly higher and oil prices also have risen after the European Union and the Group of Seven agreed on a boycott of most Russian oil and a price cap of $60 per barrel on Russian exports

WASHINGTON — House Republicans announced a probe into reports of a failed “secret deal to boost oil production” between Biden administration officials and Saudi Arabia, as the party prepares to take majority control of the chamber next year.

SACRAMENTO, Calif. — A new class of California lawmakers will be sworn in Monday and thrust into the middle of Gov. Gavin Newsom's political fight with oil companies, testing the clout of an industry that spends heavily to influence the Legislature and potentially affecting gas prices for Californians.

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday. The Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary. The announcement is…

Crown Prince Mohammed bin Salman hosts China's leader this week at a delicate moment in U.S.-Saudi ties, signalling Riyadh's resolve to navigate a polarised global order regardless of the wishes of its Western allies, analysts said.

Russian president not as insulated from bad news as earlier in campaign, claims intelligence chief