BBC Verify's Ben Chu examines what impact rising energy costs could have on the global economy.

The U.S. oil major is negotiating a potential return to the Latin American country 19 years after its exit.

Analysts warn oil prices could rally sharply if the pipeline remains offline beyond an estimated five-to-seven-day inventory cushion.

Oil prices declined on Wednesday following reports that Saudi Arabia was offering additional crude cargoes to Asian refiners through Oman, easing some concerns about the extent of supply disruptions in the Middle East.

The company, led by one of President Trump’s closest allies in the U.S. oil industry, said it would explore one of Venezuela’s undeveloped oil fields.

As refiners now make more money turning crude oil into petrol, motor oil could face a significant supply squeeze.

Continental Resources signed a deal with PDVSA to develop the Ayacucho 2 Block, holding an estimated 30 billion barrels in Venezuela's Orinoco Belt.

Mr. Hamm’s company, Continental Resources, has signed a preliminary deal with Venezuela’s state-owned oil company to develop and produce oil.

Crude oil futures declined, retreating from the four-month highs reached on growing concerns about Middle East supplies as the conflict drags on with no solution in sight.