Commodities
US Oil and Gas Workers Hit Record Production Amid Global Tensions
US Energy Secretary Chris Wright announced that American oil and gas workers have increased production to a record high, making the United States the world's largest producer of oil and natural gas. He credited President Trump's energy policies for supporting this growth.
The seven-day average of oil leaving the Strait of Hormuz has risen above 8 million barrels per day, with Wright crediting the US Navy for supporting the movement of energy supplies.
The developments come amid a standoff between Washington and Tehran, with diplomatic efforts to resolve tensions remaining stalled. The uncertainty has affected global oil markets, with Brent crude ending the week at around $94.39 a barrel, gaining 6.6 per cent over the week.