Traders are snapping up ships to haul millions of barrels of diesel westward from Asia and the Middle East as oil supply chains react to Russia’s invasion of Ukraine.

Oil had its biggest daily swing ever, surging to near $140 before pulling back, on the prospect of even tighter supplies after the U.S. said it was considering a ban on Russian crude imports.

Marathon Petroleum Corp.’s oil refinery near New Orleans exploded into flames on Feb. 21, threatening to crimp fuel supplies and raise pump prices at a time of already rampant inflation.

The International Energy Agency urged OPEC and its allies to address a widening shortfall in their oil production as a volatile market sends crude prices rocketing toward $100 a barrel.

U.S. oil production will grow even more than the government previously expected as a scorching price rally drives producers to boost drilling.

Oil prices have crept back into the $70s, wholesale prices continued to fall, but not much has changed with demand and supply. As we get into 2022 and the winter weather, prices will reach back into the $80s.

Earthstone Energy Inc. agreed to buy closely held oil and gas producer Bighorn Permian Resources for $860 million.

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.