TEHRAN, Iran — The U.S. strongly warned Iran on Wednesday against closing a vital Persian Gulf waterway that carries one-sixth of the world’s oil supply, after Iran threatened to choke off traffic through the Strait of Hormuz if Washington imposes sanctions targeting the country’s crude exports.
NEW YORK (AP) — The United States and other nations that depend on oil imports will release and sell 60 million barrels of crude from emergency stocks in an effort to ease the strain of high oil prices on the global economy.
VIENNA — OPEC unexpectedly left its production levels unchanged Wednesday, causing oil prices to jump, as senior officials said their meeting ended in disarray — a stunning admission for an organization that places a premium on consensus decision making. OPEC officials said that because of a policy deadlock, the group will maintain present output ceilings with the option of meeting within the next three months to consider a hike.