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Iran's Revolutionary Guard said the British tanker, Stena Impero, failed to follow international maritime rules.
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Spiking tensions in the Gulf of Oman and rising oil production in the U.S. are combining to put crude prices in a difficult position, says RBC's Helima Croft.
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US oil companies on Monday began restoring some of the more than nearly 74% production shut at U.S. Gulf of Mexico platforms ahead of Hurricane Barry, the US offshore drilling regulator said.
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The forthcoming measures are expected to create an oversupply of high-sulfur fuel oil while sparking demand for IMO-compliant products.
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The United States Coast Guard expects to close the Port of New Orleans and the lower Mississippi River on Friday as Tropical Storm Barry approaches the Gulf Coast.
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OPEC and its allies, led by Russia, have kept 1.2 million barrels per day off the market since the start of the year.
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"What happens in America matters more than what happens at OPEC," Tellurian Chairman Charif Souki says.
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The "Fast Money" traders share their first moves for the market open.
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The Gulf region has been shaken by a period of heightened instability in recent months, threatening the flow of oil through the Strait.
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Oil prices are enjoying a "Goldilocks moment" as concerns around slowing global growth and tensions in the Middle East temper costs, says Amy Harder, energy reporter at Axios.

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