The recent tension in Iraq highlights the ongoing reality of the global oil market: Many key oil-producing countries are politically unstable.
Petroleum has become a crucial tension point in the United States’ attempt to scale back North Korea’s nuclear ambitions.
The U.S. government stopped short of a ban on oil imports from Venezuela, hoping to insulate U.S. refiners. But in the short run, Venezuela will have difficulty moving volumes to the Gulf Coast since the region has been swamped by Hurricane Harvey.
Russia's oil industry has hit a post-Soviet record, but it lacks access to the investment capital it needs to maintain output.
Russian sanctions have isolated the country from the West, but they have not changed President Putin’s overall strategic vision.