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Oil rose after a government report showed shrinking U.S. gasoline supplies, suggesting more demand ahead for crude as tensions flare in the Middle East.

Oil pushed higher despite the U.S. imposition of higher tariffs on Chinese goods, as rising tensions in Iran and elsewhere kept the supply outlook tight.

Canadian National Railway Co. is open to transferring the crude-by-rail contracts that it signed with Alberta to private companies or to striking other arrangements that put its spare shipping capacity to use, CEO Jean-Jacques Ruest said.

Oil recovered from early declines after President Donald Trump threatened to escalate his trade war with China but also dispatched warships to the Middle East in a warning to Iran.

Two Texas economies are reaping the benefits from the oil boom in the Permian Basin with people “voting with their feet.”

U.S. oil refiners, in line for a windfall from new ship-fuel rules, are taking steps to lock in the change quickly, concerned it could fall victim to President Donald Trump’s re-election push.

Crude closed at a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories.

Oil in New York headed for the longest weekly winning streak since November 2017 as crises from Venezuela to Libya threatened supplies, while optimism over U.S.-China trade talks buoyed the outlook for demand.

Colorado’s Legislature passed a sweeping overhaul of the state’s oil and natural gas laws, giving local governments more power to regulate drilling in one of the nation’s top crude-producing regions.