Oil edged higher at the end of a volatile week, as traders weighed tensions in Iran and positive sentiment in wider markets. West Texas Intermediate settled near $60 a barrel after plunging 4.6% on Thursday, the most since June. President Donald Trump said in a social media post that he “greatly” respects Iran’s decision to cancel scheduled hangings of protesters. His rhetoric over recent days has reduced expectations of an immediate US response to violent protests in the Islamic Republic, which could have led to disruptions to the country’s roughly 3.3 million barrel-per-day oil production, as well as shipping. Nevertheless, Washington is boosting its military presence in the Middle East. At least one aircraft carrier is moving into the region and other military assets are expected to be shifted there in the coming days and weeks, Fox News reported, citing military sources. Traders have in the past covered bearish wagers ahead of the weekend in periods of heightened geopolitical risks. “While the risk of imminent intervention from the US against Iran has subsided, it’s pretty clear that the risk is still present, which should keep the market on its toes in the short term,” said Warren Patterson, head of commodities strategy at ING Groep NV. “However, the longer this goes on without a US response, the risk premium will continue to evaporate, allowing more bearish fundamentals to take center stage.” Disruption to Kazakh exports from the Black Sea, short-term tightness in the North Sea and a host of financial flows from options markets to commodity index rebalancing have also helped lift an oil market coming off its biggest drop since 2020 on rising supplies. In a sign that lower prices are starting to bite, Harold Hamm, the billionaire wildcatter who helped kick off the US shale revolution, said his firm

WASHINGTON—U.S. Secretary of Energy Chris Wright and Slovak Prime Minister Robert Fico today signed an Intergovernmental Agreement (IGA) to advance cooperation on Slovakia’s civil nuclear power program. This landmark agreement includes the development of a new, state-owned American 1,200 MWe nuclear unit at the Jaslovské Bohunice Nuclear Power Plant, deepening the U.S.-Slovakia strategic partnership and strengthening European energy security. The agreement builds on President Trump’s commitment to advancing American energy leadership. A project of this scale is expected to create thousands of American jobs across engineering, advanced manufacturing, construction, nuclear fuel services, and project management, while reinforcing U.S. supply chains and expanding access to global markets for American-made nuclear technology. These efforts lay the foundation for sustained U.S. engagement in Slovakia’s nuclear energy program and support future civil nuclear projects across the region. It also supports Slovakia’s efforts to diversify its energy supply, strengthen long-term energy security, and integrate advanced American nuclear technology into Central Europe’s energy infrastructure. “The United States is proud to partner with Slovakia as a trusted ally as we expand cooperation across the energy sector,” said Energy Secretary Chris Wright. “Today’s civil nuclear agreement reflects our shared commitment to strengthening European energy security and sovereignty for decades to come. By deploying America’s leading nuclear technology, we are creating thousands of good-paying American jobs, expanding global markets for U.S. nuclear companies, and driving economic growth at home”. “I see this moment as a significant milestone in our bilateral relations, but also as a clear signal that Slovakia and the United States are united by a common strategic thinking about the future of energy – about its safety, sustainability, and technological maturity,” said the Prime Minister of the Slovak Republic Robert Fico. The planned nuclear unit represents a multibillion-dollar energy infrastructure investment and one of the largest in

Valero Energy Corp. plans to let go of 237 employees at its Benicia refinery as it winds down operations at one of California’s few remaining fuel-making plants. Valero expects the shutdown to be permanent and 237 jobs will be cut March 15 to July 1, the company said in a letter to California’s employment regulator and local officials. Those losing jobs are not represented by a union and represent the bulk of the plant’s 348-person staff.  “We do not plan to coordinate services with the local workforce development board or any other entity,” refinery manager Lauren Bird, whose position is being eliminated, said in the letter. The Texas-based oil company announced in 2025 plans to close the plant and last-ditch efforts by Governor Gavin Newsom, regulators and local officials to keep the gates open were unsuccessful. Multiple California refineries have closed or converted to making biofuels in recent years, dwindling fuel supply in a state where drivers regularly pay the highest gasoline prices in the nation. Last week, Newsom praised plans by Valero to continue supplying the state with gasoline amid the shutdown, saying the decision to import fuel to the region was a constructive development from an earlier possibility of a full-on exit. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

WASHINGTON—U.S. Secretary of Energy Chris Wright and Secretary of the Interior Doug Burgum, vice-chair and chair of the National Energy Dominance Council (NEDC) respectively, today joined Mid-Atlantic governors urging PJM Interconnection, L.L.C. (PJM) to temporarily overhaul its market rules to strengthen grid reliability and reduce electricity costs for American families and businesses by building more than $15 billion of reliable baseload power generation.  The initiative calls on PJM to conduct an emergency procurement auction to address escalating electricity prices and growing reliability risks across the mid-Atlantic region of the United States. The action follows a series of PJM policies over the years that have weakened the electric grid, including the premature shutdown of reliable power generation.  President Trump declared a National Energy Emergency on his first day in office, warning that the previous administrations energy subtraction agenda left the country vulnerable to blackouts and soaring electricity prices. During the Biden administration, PJM forced nearly 17 gigawatts of reliable baseload power generation offline. For the first time in history, PJM’s capacity auction failed to secure enough generation resources to meet basic reliability requirements. If not fixed, it will lead to further rising prices and blackouts.  “High electricity prices are a choice,” said Energy Secretary Chris Wright. “The Biden administration’s forceful closures of coal and natural gas plants without reliable replacements left the United States in an energy emergency. Perhaps no region in America is more at risk than in PJM. That’s why President Trump asked governors across the Mid-Atlantic to come together and call upon PJM to allow America to build big reliable power plants again. Our directives will restore affordable and reliable electricity so American families thrive and America’s manufacturing industries once again boom. President Trump promised to unleash American energy and put the American people first. This plan keeps

Russia’s revenues from its oil and gas industry, vital to financing its war in Ukraine, dropped to a five-year low in 2025 as crude prices slumped and gas exports declined. The nation’s budget received a total of 8.48 trillion rubles ($108 billion) in oil and gas taxes last year, Finance Ministry said on Thursday. That’s 24 percent less than in 2024 and the lowest level since the start of the decade, historic figures show.  Russia, a top-three global oil producer and home to the world’s largest gas reserves, heavily relies on tax revenues from the two industries to fill its state coffers. The decline, mainly driven by a combination of weaker global oil prices, stronger ruble and energy sanctions against Russia, comes as the Kremlin has boosted military spending significantly above what it planned to fund the war, which is about to enter a fifth year. To bridge the widening gap between revenues and spending, the government in Moscow has eaten into more than half of the country’s National Wellbeing Fund – a buffer against economic shocks – and turned to expensive borrowings that will take years to pay back.   Oil revenues dropped more than 22 percent year on year to 7.13 trillion rubles, reaching the lowest level since 2023, Bloomberg calculations show. Concerns about an oversupply in the global crude market, and discounts for Russian barrels in particular due to western sanctions, hit the flow of money into state coffers. The official data show that the average price of Urals, Russia’s main oil-export blend, for tax purposes was $57.65 a barrel in 2025, a 15 percent drop from a year earlier.   Starting from November, when the US blacklisted two major oil producers Rosneft PJSC and Lukoil PJSC, the discount of Urals to the Brent benchmark widened to about $27 a barrel at

(Update) January 16, 2026, 3:39 PM GMT: Article updated with context throughout. Harold Hamm, the billionaire wildcatter who helped kick off the US shale oil revolution, said he’s about to shut down his company’s drilling in North Dakota’s Bakken for the first time in decades because of low crude prices. “This will be the first time in over 30 years that Harold Hamm has not had an operation with drilling rigs in North Dakota,” Hamm, the founder of shale driller Continental Resources Inc., said in a telephone interview Thursday. “There’s no need to drill it when margins are basically gone.” It’s a significant milestone for the Bakken. The shale patch in North Dakota is where Hamm, 80, first proved that fracking and horizontal drilling techniques could be successfully applied to previously untouchable oil reserves. The fracking revolution ushered in a new growth era in US oil and the country went on to become the world’s top producer. Operators in the US shale patch, once the world’s leader in oil production growth, are now closely watching commodity prices as they hover near the level that makes drilling profitable for producers. If prices drop into the low $50-per-barrel range for several months, companies are expected to make more drastic cuts to drilling and fracking.  While each shale basin has different cost levels, the Bakken in particular is seen as a bellwether for the direction of US crude output. The average well in the Bakken requires a minimum of $58 a barrel to cover costs and generate a small profit, according to a report from BloombergNEF. That’s up almost 4% from a year earlier, largely due to rising drilling expenses. Meanwhile global oil prices have steadily declined in the past several months on expectations of a glut. West Texas Intermediate, the US benchmark, has fallen