Oil

UAE to leave OPEC on May 1 in blow to oil cartel amid oil market turmoil

United Arab Emirates will withdraw from Organization of the Petroleum Exporting Countries (OPEC) on May 1, 2026

Oil tops $105 as Strait of Hormuz standoff fuels global energy fears

Brent crude surged above $105 per barrel this week as escalating tensions between the United States and Iran disrupted traffic through the Strait of Hormuz, a critical global oil route. The benchmark settled at $105.07 on Thursday and held near...

Hungary blocks €90 billion loan for Ukraine amid Russian oil pipeline dispute

Hungary has moved to block a €90 billion European Union loan package for Ukraine, escalating a dispute over disrupted Russian oil supplies.

US imposes sweeping sanctions on Russian oil giants Rosneft and Lukoil, Trump cancels Putin summit

The United States has unveiled its most substantial economic measures against Russia since President Donald Trump returned to office in January, targeting the country's two largest oil companies, Rosneft and Lukoil.

Massive explosion at Iran’s Bandar Abbas port kills several, injures hundreds

A massive explosion and fire ripped through Iran’s largest commercial port, Shahid Rajaee in Bandar Abbas, on Saturday, leaving at least eight people dead and over 700 injured.

Turkiye and Pakistan usher in strategic Energy Alliance with Offshore Oil and Gas deal

Türkiye and Pakistan have signed a milestone agreement to jointly pursue offshore oil and gas exploration in Pakistani waters, marking a significant step in expanding Ankara’s global energy footprint and strengthening bilateral cooperation between the two allied nations. The accord...
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Turkish defense firms sign $8 billion deals at SAHA 2026 Expo

Turkish defense companies signed nearly $8 billion in export contracts within the first three days of the SAHA 2026 International Defense and Aerospace Exhibition
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