Oil & Gas Industry News

Oil surged to multi-year highs as the Iran conflict disrupts global supply.

Oil futures have surged around 50 percent in London this month.

Texas 'led the nation' in oil and gas jobs last year with 476,777 people employed in the industry, according to TIPRO's latest state of energy report.

The leaders expressed their readiness to contribute to 'appropriate efforts to ensure safe passage through the Strait'.

Members of the G7 club of rich countries lead commitments, which currently total 426 million barrels.

Oil prices rose amid attacks on key Gulf energy infrastructure, with LNG disruptions amplifying supply concerns.

Over the past three weeks, dozens of refineries, oil fields, gas plants, ports and other energy infrastructure have been damaged by missile and drone strikes in the Arabian Gulf.

Benchmark oil prices are soaring as war in the Middle East disrupts crude flows, but the advance is also sparking the biggest discount for U.S. crude in more than a decade.

'Strikes on key energy infrastructure in the Middle East exacerbated fears of a global supply crunch', said Art Hogan, Chief Market Strategist at B. Riley Wealth.

'Conflict in the Middle East highlights again the UK's growing challenge of where and how it gets its energy', OEUK CEO David Whitehouse said.