WorldOil Iran seizes UK tanker as tensions soar Iran’s Revolutionary Guard Corps seized a British oil tanker in the Strait of Hormuz amid soaring tensions in one of the world’s critical energy chokepoints. Oil pares steep weekly loss as U.S. says it downed Iranian drone Oil snapped four days of losses after the U.S. said it downed an Iranian drone near the Strait of Hormuz, stoking concern crude flows from the Middle East may be disrupted. Iran says it seized ship for smuggling, stoking tensions Iran said it seized a foreign ship that was smuggling fuel in the Persian Gulf, an act that threatens to heighten already tense relations in the world’s biggest oil-exporting region. Iran confirms it seized fuel tanker in the Persian Gulf Oil extended gains after Iran confirmed it had seized an oil tanker in the Persian Gulf earlier this week. Oil extends loss as U.S. and Iran signal return to negotiations Oil extended losses below $60/bbl on the prospect of easing tensions between the U.S. and OPEC member Iran, and as Gulf of Mexico producers began resuming operations after a storm. Hurricane Barry halts large portion of GOM oil output Hurricane Barry shut-in three-quarters of U.S. GOM crude production. Cracks in Permian promise slowing shale boom The promise of the Permian is shrinking. Saudis pledge to keep doing OPEC's heavy lifting as shale surges Saudi Arabia is fulfilling its pledge to make deeper cuts in oil output than the OPEC+ agreement on output requires, according to the first indication of the kingdom’s production since the supplier group extended curbs earlier this month. OPEC sees new oil surplus in 2020 as U.S. shale surges again A week after OPEC agreed to keep oil production restrained until early next year, the group’s first forecasts for 2020 showed it faces an even longer and tougher challenge. Oil rides to seven-week high on Gulf storm, tightening U.S. supply Oil rode a tide of bullish news to its highest price in almost two months as a potential hurricane roiled the Gulf of Mexico and U.S. crude inventories dropped.