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    Oil Tanker and Container Ship Collide in the North Sea

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    Britain’s coast guard said it was “coordinating the emergency response to reports of a collision between a tanker and cargo vessel,” and that a fire had broken out.A container ship collided with a U.S.-flagged oil tanker off the northeastern coast of England, according to emergency responders, who scrambled to the scene on Monday morning. Initial images shared by the BBC showed fire and thick black smoke rising from the ships, and local authorities said that a number of people had been taken to area hospitals.The British coast guard said it was “coordinating the emergency response to reports of a collision between a tanker and cargo vessel off the coast of East Yorkshire,” and that an alarm was first raised at 9:48 a.m. local time. More

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      Finland Lets Eagle S Tanker Depart to International Waters

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      The Finnish authorities suggested that the ship, which was seized on suspicion of involvement in the cutting of undersea cables, had ties to Russia.The Finnish authorities said on Sunday that they had released an oil tanker seized in December over suspicions that it had deliberately cut vital undersea cables but that a criminal investigation into the episode would continue.The authorities said last year that the ship, the Eagle S, appeared to belong to Russia’s shadow fleet — older tankers that covertly transport Russian crude oil around the world — escalating concerns about a covert campaign to sabotage European infrastructure.On Sunday, the Finnish police said that since the criminal inquiry “has progressed,” the aging tanker was free to leave and that border officials had escorted the ship out of the country’s territorial waters.Petteri Orpo, Finland’s prime minister, said in an interview with Yle, the country’s public broadcaster, that “the criminal process and investigation will continue.”Investigators were still examining materials gathered after an onboard “forensic investigation” and would continue to interview the crew, according to the police.Eight crew members are suspected of criminal offenses, including aggravated criminal mischief and aggravated interference with communications, the police said in a statement. Five were allowed to leave Finland last week, while the other three were still barred from leaving, according to the statement.The police said the authorities hoped to conclude the investigation by the end of April.The cutting of the cables under the Baltic Sea in late December came on the heels of a series of similar incidents and prompted NATO to bolster security in the region. In January, the Swedish authorities also seized a ship and said they suspected “gross sabotage” after a different undersea cable was damaged. Last month, the European Union vowed to increase security after another cable break.The Eagle S, registered in the Cook Islands in the South Pacific, had been sailing from St. Petersburg, Russia, to Port Said, Egypt, when it was seized.Western officials have long feared that Moscow’s so-called shadow fleet could be used to circumvent sanctions imposed over the Kremlin’s full-scale invasion of Ukraine. The episodes of severed cables raised worries that the shadow fleet might also be used for sabotage.The Kremlin has denied involvement in sabotage, and Russian officials have condemned the seizure of the Eagle S. More

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      Oil Companies Wanted Trump to Lower Costs. Tariffs Are Raising Them.

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      President Trump’s promise during last year’s election to make it far easier to drill for oil and gas thrilled energy executives who believed his policies would lower their costs and help them make a lot more money.Those hopes are now fading. Thanks to Mr. Trump’s tariffs, the oil and gas industry is contending with rising prices for essential materials like steel pipes used to line new wells.That has not yet translated into a meaningful change in U.S. drilling activity or production expectations, but companies have begun revising budgets to reflect higher materials costs. Decisions made today about which wells to drill will affect production many months from now.Oil refineries are separately bracing for a tariff on Canadian oil, which some of them need to produce gasoline, diesel and other fuels.At the same time, consumers have grown jittery about the economy and the price of oil has fallen about 10 percent since just before Mr. Trump took office, to around $70 a barrel. Oil companies tend to drill less when prices fall.The combination could complicate Mr. Trump’s stated desire to juice U.S. oil and natural gas production, which are already at or near record highs.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Ukraine Rejects U.S. Demand for Half of Its Mineral Resources

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      President Volodymyr Zelensky publicly faulted the American offer, which is tied to continued aid, because it did not include security guarantees.President Volodymyr Zelensky of Ukraine, during a closed-door meeting on Wednesday, rejected an offer by the Trump administration to relinquish half of the country’s mineral resources in exchange for U.S. support, according to five people briefed on the proposal or with direct knowledge of the talks.The unusual deal would have granted the United States a 50 percent interest in all of Ukraine’s mineral resources, including graphite, lithium and uranium, as compensation for past and future support in Kyiv’s war effort against Russian invaders, according to two European officials. A Ukrainian official and an energy expert briefed on the proposal said that the Trump administration also sought Ukrainian energy resources.Negotiations are continuing, according to another Ukrainian official, who, like the others, spoke on the condition of anonymity given the sensitivity of the talks. But the expansiveness of the proposal, and the tense negotiations around it, demonstrate the widening chasm between Kyiv and Washington over both continued U.S. support and a potential end to the war.The request for half of Ukraine’s minerals was made on Wednesday, when the U.S. Treasury secretary, Scott Bessent, met with Mr. Zelensky in Kyiv, the first visit by a Trump administration official to Ukraine. The Treasury Department declined to comment about any negotiation.After seeing the proposal, the Ukrainians decided to review the details and provide a counterproposal when Mr. Zelensky visited the Munich Security Conference on Friday and met with Vice President JD Vance, according to the official.It is not clear if a counterproposal was presented.Mr. Zelensky, speaking to reporters in Munich on Saturday, acknowledged he had rejected a proposal from the Trump administration. He did not specify what the terms of the deal were, other than to say that it had not included security guarantees from Washington.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Which Interest Rate Should You Care About?

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      The Fed’s short-term rates matter, but the main action now is in the 10-year Treasury market, which influences mortgages, credit cards and much more, our columnist says.Watch out for interest rates.Not the short-term rates controlled by the Federal Reserve. Barring an unforeseen financial crisis, they’re not going anywhere, especially not after the jump in inflation reported by the government on Wednesday.Instead, pay attention to the 10-year Treasury yield, which has been bouncing around since the election from about 4.8 to 4.2 percent. That’s not an unreasonable level over the last century or so.But it’s much higher than the 2.9 percent average of the last 20 years, according to FactSet data. At its upper range, that 10-year yield may be high enough to dampen the enthusiasm of many entrepreneurs and stock investors and to restrain the stock market and the economy.That’s a problem for the Trump administration. So the new Treasury secretary, Scott Bessent, has stated outright what is becoming an increasingly evident reality. “The president wants lower rates,” Mr. Bessent said in an interview with Fox Business. “He and I are focused on the 10-year Treasury.”Treasuries are the safe and steady core of many investment portfolios. They influence mortgages, credit cards, corporate debt and the exchange rate for the dollar. They are also the standard by which commercial, municipal and sovereign bonds around the world are priced.What’s moving those Treasury rates now is bond traders’ assessments of the economy — including the Trump administration’s on-again, off-again policies on tariffs, as well as its actions on immigration, taxes, spending and much more.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      BP to ‘Reset’ Strategy After Pressure From Investors, C.E.O. Says

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      The energy giant was vague on details, but analysts say the changes will likely include less spending on renewable sources and a bigger investment in oil and natural gas production.Murray Auchincloss, the chief executive of the struggling energy giant BP, promised “a fundamental reset” of the company’s strategy on Tuesday while reporting disappointing earnings.The shift comes after a long period of lackluster share performance compared with its industry peers. BP’s weak stock price has attracted interest from Elliott Investment Management, a hedge fund known for shaking up its targets in an effort to improve shareholder value.Mr. Auchincloss is reserving the details of BP’s shift for a presentation to investors on Feb. 26, but analysts seem to have little doubt about its direction.BP is likely to reduce spending on low-emissions energy technologies like wind and hydrogen and try to boost oil and natural gas production, they say. “We would anticipate that there will be major changes in capital allocation, particularly around lower spending in the low-carbon arena,” Alastair Syme, an analyst at Citigroup, wrote in a note to clients on Tuesday.Mr. Auchincloss appears headed toward a major reversal of the course taken by his predecessor, Bernard Looney, who left the company in 2023 after failing to disclose personal relationships with colleagues.In the early part of this decade, when oil prices were low and governments were pressing companies to reduce emissions, Mr. Looney aggressively invested in green technologies like offshore wind and throttled back on oil and gas.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      U.S. Will Allow California to Ban New Gas-Powered Cars, Officials Say

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      California and 11 other states want to halt the sale of new gas-powered cars by 2035. President-elect Donald Trump is expected to try to stop them.The Biden administration is expected in the coming days to grant California and 11 other states permission to ban the sale of new gasoline-powered cars by 2035, one of the most ambitious climate policies in the United States and beyond, according to three people briefed on the matter, who spoke on the condition of anonymity because they were not authorized to discuss it publicly.President-elect Donald J. Trump is expected to revoke permission soon after taking office, part of his pledge to scrap Biden-era climate policies. “California has imposed the most ridiculous car regulations anywhere in the world, with mandates to move to all electric cars,” Mr. Trump has said. “I will terminate that.”The state is expected to fight any revocation, setting up a consequential legal battle with the new administration.“California has long led the nation in pioneering climate policies and innovation,” said Gov. Gavin Newsom, a Democrat, earlier this year. “Those efforts will continue for years to come.”He has described the ban as the beginning of the end for the internal combustion engine.Under the 1970 Clean Air Act, the Environmental Protection Agency has for decades allowed California, which has historically had the most polluted air in the nation, to enact tougher clean air standards than those set by the federal government. Federal law also allows other states under certain circumstances to adopt California’s standards as their own.The waiver can be used to rein in toxic, smog-causing pollutants like soot, nitrogen dioxide and ozone that lead to asthma and lung disease. But California officials have also been using the waiver to curb greenhouse gases like carbon dioxide, a chief cause of global warming. Gas-powered cars and other forms of transportation are the biggest source of carbon dioxide generated by the United States.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Oil Markets Shrug Off Overthrow of Syria’s al-Assad

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      Oil markets have shown little reaction to the collapse of the Syrian regime of Bashar al-Assad, as traders most likely calculated that Syria was only a modest producer and that events there did not immediately threaten exports from the wider region.In trading on Monday, Brent crude oil, the international benchmark, rose about 1 percent, to $71.80 a barrel.Syria has modest oil reserves, and President-elect Donald J. Trump said during his first presidency that they should be secured, but markets were largely shrugging off the risk that conflict in the Middle East could lead to disruption of supplies. There are about 900 U.S. troops in Syria.In more than a year since Hamas-led militants stormed into Israel from Gaza, there has been little interruption to flows of oil and natural gas, beyond rerouting tanker traffic to avoid attacks by Houthi fighters in Yemen.The markets have instead focused on the tepid growth of global demand that can probably be met by new supplies from the United States, Brazil, Canada and other producers not bound by the agreements of the OPEC Plus cartel.On Thursday, OPEC Plus pushed back plans to increase output to at least the second quarter of next year, the third delay in recent months.Richard Bronze, head of geopolitics at Energy Aspects, a research firm, said, “There’s still a residual view that the oil market will be oversupplied next year.” He added that traders were worried that Mr. Trump’s policies would push oil prices lower “whether due to higher U.S. production or tariffs disrupting economic activity.”Mr. Bronze said he thought that those theories would prove incorrect, but “the market will have to see it to believe it.”Syria is in the neighborhood of large oil producers such as Iraq and Saudi Arabia, but its own production has been sharply curtailed by a decade of civil war.In 2023, Syria produced 40,000 barrels of oil a day — a trickle relative to major oil producers, according to the Statistical Review of World Energy, published by the Energy Institute, a London-based nonprofit.In the early 2000s, Syria pumped more than 600,000 barrels a day, comparable to midsize producers like Azerbaijan or Egypt. That performance gives hope that with a stable political environment and improved management, oil sales could be an important source of revenue for a future Syrian government. More

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      Saudi Arabia Is Working to Undercut a Pledge to Quit Fossil Fuels

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      Despite endorsing the declaration at last year’s U.N. climate summit, officials have tried to eliminate the same language in at least five U.N. forums, diplomats said.As United Nations climate talks enter their final week in Azerbaijan and G20 leaders gather in Brazil, diplomats from Saudi Arabia, the world’s top oil exporter, are working to foil any agreement that renews a pledge to transition away from fossil fuels, negotiators said.“Maybe they’ve been emboldened by Trump’s victory, but they are acting with abandon here,” said Alden Meyer, senior associate with E3G, a London-based climate research organization, who is at the talks in Azerbaijan. “They’re just being a wrecking ball.”Negotiators say it’s part of a year-long campaign by Saudi Arabia to foil an agreement made last year by 200 nations to move away from oil, gas and coal, the burning of which is dangerously heating the planet.Saudi Arabia was one of the signatories to that deal, but has been working ever since to bury that pledge and make sure it’s not repeated in any new global agreements, according to five diplomats who requested anonymity to discuss the closed-door negotiations.With varying degrees of success, the Saudis have opposed transition language in at least five U.N. resolutions this year, the diplomats said. The Saudis fought it at a United Nations nuclear conference, at a summit of small island nations, during discussions of a U.N. blueprint for tackling global challenges, at a biodiversity summit and at a meeting of the Group of 20 finance ministers in Washington in October, according to the diplomats.Saudi government officials did not immediately respond to requests for comment.The election of Donald J. Trump has cast a pall over the climate negotiations in Azerbaijan, known as COP29. Mr. Trump has promised to withdraw the United States from the global fight against climate change and increase the American production of fossil fuels, which is already at record levels. That may be emboldening Saudi officials at the current climate talks, analysts say. On Saturday, Yasir O. Al-Rumayyan, the chairman of the board at Saudi Aramco, the state petroleum company, sat ringside with Mr. Trump at a U.F.C. fight in Madison Square Garden in New York City.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More