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Oil climbed to the highest mark since October 2014 as the International Energy Agency said the market looked tighter than previously thought, with demand proving resilient to omicron.

The U.S. Energy Department awarded a second batch of crude oil from the strategic reserve to Marathon Petroleum Corp. as part of the Biden administration’s effort to lower energy costs.

The U.S. will proceed with its plan to release 50 million barrels of oil from its strategic reserves despite a new coronavirus variant triggering a sharp drop in crude prices.

West Texas Intermediate pared earlier gains after U.S. Energy Secretary Jennifer Granholm told MSNBC that President Joe Biden may make an announcement to address high oil and gasoline prices this week.

As world leaders discuss the fight against climate change, global oil demand has bounced back above the key level of 100 million barrels a day last seen before the COVID-19 pandemic, according to BP Plc.

Legislation designed to enhance the safety of offshore pipelines recently was approved by a committee in the U.S. House of Representatives.

An unremitting shipping logjam in the waters outside of Los Angeles already has contributed to higher costs, delays and intermittent goods shortages across the U.S. Now, it could be to blame for California’s biggest oil spill in 27 years.

French energy giant TotalEnergies SE expects global oil demand to peak before the end of this decade, as more nations crack down on fossil fuels and promote cleaner power in transport and industry to mitigate global warming.

The Federal Trade Commission is examining ways to crack down on mergers in the oil and gas industry and investigate whether gas station franchises are driving up gas prices as part of a Biden administration effort to combat higher costs at the pump.

The region at the heart of the once-booming U.S. shale industry is signaling confidence in a nascent recovery after the pandemic crushed demand and curtailed oil and gas drilling.