A federal oil and gas lease sale covering land in Texas and New Mexico just set a U.S. record for an onshore federal auction. It brought in more than $4 billion.
Oil prices dropped by around 4% early on Wednesday as hopes of a U.S.-Iran deal outweighed concerns about rapidly drawing inventories as the Strait of Hormuz remained closed on the back of fresh U.S.-Iran hostilities.
Curious Minds Corner
How did Rudolf Diesel’s 1892 engine experiments accidentally birth diesel fuel?
He designed it to run on peanut oil, but refinements later optimized it for heavier petroleum distillates.