WASHINGTON, May 28 (Reuters) - The U.S. said on Thursday it has imposed new sanctions on Iran's military oil trade, even as Washington and Tehran reached a tentative agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz.

China and the U.S., the world's two largest economies, wield great influence over the oil market and are using it to help plug the supply gap.

Stocks are hanging near their records on Wall Street and crude oil prices eased, relieving some worries about inflation

Crude oil inventories in the United States decreased by 3.3 million barrels during the week ending May 22, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday.

U.S. stocks ticked higher following the latest reversal for oil prices. The S&P 500 rose 0.2% Thursday and inched closer to its all-time high set last week.

While the United States has a lot of oil, it doesn’t have enough to make up for the supply bottled up by Iran behind the Strait of Hormuz. President Donald Trump wants the world to buy more U.S. oil, but he might regret the offer if it raises gasoline prices

US has total oil products production equal to Saudi Arabia and Russia combined. The US exported over 5 million barrels of oil per day last week, a record high, amid the Iran War. In aggregate, the US exported a record 12.7 million barrels of crude oil and ...

The Iran war is hitting regions unevenly, with Asia and Europe facing severe shortages and higher costs, while China is cushioned by large stockpiles and discounted Iranian and Russian crude. The U.S., despite being the top oil producer, is still exposed ...

U.S. oil cargoes transiting the Panama Canal are close to a four-year high as Asian refiners rush to import American crude in lieu of Mideast supplies strangled by the weekslong disruption to Strait of Hormuz shipping. U.S. oil exports via the canal ...

In a world of wild talk and fake news, help us stand up for the facts.

We don't need oil, don’t need the Strait, don’t need anything,” President Donald Trump said during a Cabinet meeting.