Concerns around tariffs and conflicts in the Middle East and Ukraine have taken a backseat to more fundamental factors affecting these markets.

Exxon Mobil has lost its arbitration challenge to block Chevron's $55 billion Hess acquisition deal, but the top U.S. oil producer managed to delay the tie-up by over a year, costing its rival billions in lost Guyana oil revenue and slowing integration.

A ruling from the International Chamber of Commerce has cleared Chevron's $53 billion acquisition of Hess, ending one of the biggest battles between two majors in decades.

It’s a big win for Chevron. Buying Hess without the Guyana project would have wiped out the biggest upside from the deal.

Oil prices have slumped all year, and the industry has been hesitant to get onboard with "drill baby drill." One exec see prices nearing a dangerous level.

The Trump administration has reopened oil and gas leasing across hundreds of millions of acres of federal lands and waters.

The United States Embassy in Iraq, in a statement: "The United States condemns the recent drone attacks throughout Iraq, including the July 14 and July 15 drone attacks on critical infrastructure at the Khurmala and Sarsang oil fields in the Iraqi Kurdistan Region."

Plaintiffs claim oil and gas companies nnew years ago that carbon emissions would lead to climate-related disasters.

Chevron won its hotly contested legal battle against rival Exxon Mobil, allowing it to immediately close its $53 billion acquisition of Hess on July 18 and give the Big Oil major access to arguably the biggest oil discovery of the century offshore of sparsely populated Guyana.