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Oil prices spiked after the U.S. announced new sanctions on Russia's oil industry in an attempt to get President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.

Canadian Prime Minister Mark Carney pitched deeper cooperation with the U.S. on energy, including a possible revival of the Keystone XL pipeline, in his meeting with President Donald Trump.

OPEC+ nations are trying to reach consensus on how to adjust their oil production next month, with either a modest or more substantial supply increase possible, delegates said.

The wager reflects growing sentiment among some of the world’s most prominent energy forecasters that the oil market will be oversupplied by the end of the year.

A flurry of bets on Brent crude falling below $60 a barrel this year changed hands recently, a sign investors are hedging against the risk of another large production hike from OPEC and its allies.

The majority of the oil giant’s job cuts, which are in the range of 20% to 25% of its roughly 13,000-strong workforce, will occur this year, the company said in an email Sept. 3.

Houston-based Pinch is seeking to expand its flatbed less-than-truckload and truckload operations for oil and natural gas exploration and service companies with the deal.

U.S. oil production is now expected to fall in 2026 as prices slide, according to a government forecast, reversing years of growth that propelled the country to the world’s top producer.

Phillips 66 is maximizing diesel production to take advantage of strong demand and would consider investing in projects that give its refineries the flexibility to make more of the fuel.

ConocoPhillips is in advanced talks to sell some of its Oklahoma assets to closely held Flywheel Energy for around $1.3 billion, people familiar with the matter said.