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An oil tanker collided with a U.S. Navy destroyer near the Strait of Hormuz on Sunday but no one was hurt and shipping traffic in the waterway, through which 40 percent of the world's seaborne oil exports pass, was not affected, officials said.

A massive fire that shut down Chevron Corp's large Richmond, California, refinery on Monday, was extinguished by the early hours of Tuesday, Chevron said, leaving residents and oil traders seeking answers to the hours-long blaze.

Africa will continue its economic growth into the next year, but faces increasing threats from continued political instability, youth unemployment and the global recession dragging down oil and commodity prices, a leading economist said Tuesday.

Exxon Mobil Corp, the world's largest publicly traded oil company, posted lower-than-expected quarterly earnings on Thursday as its oil and gas output sagged and its chemicals business struggled.

China's top offshore oil producer CNOOC Ltd has entered into an agreement to buy Canada's Nexen Inc for about $15.1 billion, the Chinese company said on Monday.

Obscure private firms are offering Iranian crude oil at steep discounts to European oil traders as Tehran seeks ways to restore oil export flows hit by Western sanctions.

Arctic oil ambitions ran into new problems Saturday evening when the Discoverer drilling rig, slated to begin exploratory operations in the Chukchi Sea next month, ran adrift in stiff winds in Alaska’s Dutch Harbor and came perilously close to the beach.

The United Arab Emirates opens and begins operating a key overland pipeline which bypasses the Strait of Hormuz, controlled by Iran. Iran has repeatedly threatened to close the strait at the mouth of the Gulf, a vital oil-trade route.

Iran's Oil Minister says his office has drawn up plans to make newly tightened sanctions against the Islamic Republic ineffective.

Import prices fell last month by the most in more than three years mostly due to a plunge in the cost of imported oil, further icing inflation pressures... The decline last month was even more than analysts had expected, and could give the U.S. Federal Reserve more scope to ease monetary policy if policymakers think the economy needs it.