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Oil prices surged more than 12 percent Friday after Israel said it carried out strikes on Iranian military and nuclear sites, fuelling fears of war in the crude-rich Middle East.West Texas Intermediate, the main US oil contract, soared 12.6 percent to $76.61 per barrel, while Brent North Sea crude jumped 12.2 percent at $77.77.Israel said early on Friday that it struck Iran, and Iranian media said explosions were heard in Tehran as tensions mounted over U.S. efforts to win Iran’s agreement to halt production of material for an atomic bomb.”The Israeli attack on Iran has heightened the risk premium further,”…

New Delhi: A gas gushing incident was reported around 11:45 AM on Wednesday at Oil and Natural Gas Corporation Limited’s (ONGC) Well No. RDS-147 in the Rudrasagar Field located in Assam’s Sivasagar district during servicing operations.ONGC said gushes of gas were observed from the well, prompting immediate activation of standard safety protocols. The site was secured, and an emergency response team led by the Asset Manager reached the location without delay.“There was no fire or injury to any personnel, and the situation is now fully under control,” the company said in an official statement.Reinforcement teams and technical specialists are being…

Coalition MPs should stop questioning climate change science and instead fully embrace emissions policies to deliver net zero by 2050, the Liberal senator Maria Kovacic says, warning that Australia’s environment and economy are at risk.After its historic drubbing at the 3 May election, some Coalition MPs are preparing for a protracted brawl over climate targets, leaving support for net zero policies under the opposition leader, Sussan Ley, in significant doubt.Nationals including Matt Canavan and Barnaby Joyce, as well as the Liberal frontbencher Andrew Hastie, have questioned net zero plans in the lead-up to a policy review ordered by Ley. The…

Israel has launched a series of coordinated airstrikes on Iran, targeting nuclear facilities in what it describes as a decisive move to prevent the Islamic Republic from becoming a nuclear power. The Israeli military announced the operation on its official Telegram channel, stating that “dozens of fighter jets struck Iranian nuclear complexes in various parts of the country.”The strikes immediately triggered a sharp reaction in global markets, sending oil, bonds, and gold rallying. Brent crude surged by more than 7% in early Friday trading, as traders began pricing in the risk of major supply disruptions from a region that accounts…

(Oil Price) – President Trump’s U.S. energy dominance agenda could be derailed by one provision in the One Big Beautiful Bill Act, the tax and spending bill championed by the President and currently under review by the U.S. Senate. The One Big Beautiful Bill Act contains Section 899, officially named ‘Enforcement of remedies against unfair foreign taxes.’ This section proposes to increase the tax rates on foreign companies operating in the United States from countries that have what the Bill describes as “unfair foreign taxes.” It is widely believed that “unfair foreign taxes” relate to the EU and UK tax regimes, which the…

WASHINGTON — The Department of Energy (DOE) today released the following statement from U.S. Secretary of Energy Chris Wright on President Trump’s Presidential Memorandum halting the Biden Administration’s radical Columbia River Basin policy:“The Snake River Dams have been tremendous assets to the Pacific Northwest for decades, providing high-value electricity to millions of American families and businesses. With this action, President Trump is bringing back common sense, reversing the dangerous and costly energy subtraction policies pursued by the last administration. American taxpayer dollars will not be spent dismantling critical infrastructure, reducing our energy-generating capacity or on radical nonsense policies that dramatically…

Iran’s Supreme Leader Ayatollah Ali Khamenei speaks during a meeting in Tehran, Iran, May 20, 2025. Office of the Iranian Supreme Leader.Office Of The Iranian Supreme Le | Via ReutersCrude oil futures jumped more than 7% Thursday evening after Israel launched airstrikes against Iran without U.S. support.U.S. West Texas Intermediate rose $5.33, or 7.83%, to $73.37 per barrel, while global benchmark Brent jumped $5.18, or 7.47%, to $74.56 per barrel.Israel launched a “targeted military operation” against Iran’s nuclear and ballistic missile program, Israel Prime Minister Benjamin Netanyahu said in an address. Israel hit Iran’s main enrichment site at Natanz, its…

Meta has rolled out a new internal AI assistant for coding that is powered by multiple AI models, including those from rivals like Anthropic’s Claude.The tool, called Devmate, became available to employees in March and is increasingly being used for more complex coding tasks that another internal AI assistant called Metamate often struggles with, two employees, who requested anonymity for fear of retribution from Meta, told Business Insider.The addition of Claude and other models shows that despite investing tens of billions of dollars into building its own AI models, Meta remains willing to use competitor models when they perform better.”Like…

Donald Trump has ordered the US government to consolidate its wildland firefighting force into a single program, despite warnings from former federal officials that it could be costly and increase the risk of catastrophic blazes in the middle of peak wildfire season.The order aims to centralize firefighting efforts, which are now split among five agencies and two cabinet departments. Trump’s proposed budget for next year calls for the creation of a new Federal Wildland Fire Service under the US interior department.That would mean shifting thousands of personnel from the US Department of Agriculture’s Forest Service – where most federal firefighters…

Beset by near-universal bearish outlooks just a month ago, oil prices could spike to more than $100 a barrel in the event of an Israeli attack on Iran, some analysts are warning. Crude prices spiked as much as 5% overnight — before paring gains — on fears of military escalation between Iran and Israel as President Donald Trump announced the withdrawal of some U.S. personnel from embassies and bases across the Middle East. The front-month August contract for global benchmark Brent crude was trading at $69 per barrel at 3:20 p.m. ET on Thursday, while the front-month July U.S. WTI…