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U.S. oil and gas activity slumped in Q2, Dallas Fed says, pointing to higher steel tariffs
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Crude oil climbs on Russian supply risks; Russia and China agree on huge new gas pipeline

  • September 2, 2025
  • Roubens Andy King
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SlavkoSereda/iStock via Getty Images

Crude oil futures powered higher Tuesday as the U.S. returned from the long holiday weekend to reports of new Ukraine strikes on Russian oil infrastructure and the Trump administration imposed new sanctions targeting Iran's oil revenue stream.

Ukrainian drone attacks

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