Top Headlines: USA Navy and Iran Corps Clash in Strait of Hormuz and More

Oil & Gas

Here are some of Rigzone’s top stories during the last week, just in case you missed them…

USA Navy and Iran Corps Clash in Strait of Hormuz

U.S. Naval Forces Central Command Public Affairs announced this week that three vessels from Iran’s Islamic Revolutionary Guard Corps Navy interacted in an “unsafe and unprofessional manner” as U.S. Navy ships transited the Strait of Hormuz on June 20.

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Oil Nosedives on Fed Inflation Actions 

Bloomberg stated on June 17 that oil fell the most in three months as Federal Reserve Chair Jerome Powell doubled down on his determination to curb the hottest inflation in decades with more aggressive rate hikes.

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Diesel Price Shock Imminent As Reserves Drop, Refining Lags

Global diesel and gasoline markets are witnessing blowout crack spreads in the $50-60 per barrel range, reflecting a clear lag in the refining system to respond effectively and decide between supplying diesel or gasoline, Rystad said.

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USA Refinery Capacity Drops

U.S. refinery capacity dropped in 2022, according to the U.S. Energy Information Administration’s latest annual refinery capacity report.

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These Are the Largest Energy Companies by Market Cap Right Now

Here is a list of the world’s largest energy companies by market capitalization as of June 21, according to, a list of the world’s largest companies by market cap which excludes non-publicly traded companies and updates rankings daily.

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$150 Oil Could Still Happen. Here’s How.

$150 per barrel oil could still happen, BofA Global Research indicated in a new report sent to Rigzone this week.

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