WebMaster 
Crude oil prices advanced in early Asian trading on Wednesday as escalating hostilities between the United States and Iran showed no indication of easing, pushing both major benchmarks to five-week highs.
The incoming UK administration is expected to move quickly to support new oil and gas activity in the North Sea, with reports indicating that Prime Minister Andy Burnham will signal his backing for fresh drilling within days of assuming office.
Small oil and gas explorers are moving quickly to lock in offshore exploration permits in New Zealand, seeking to complete contracts before a general election in November that could see the reinstatement of a drilling ban.
The governments of Canada and Alberta have jointly proposed a new domestic oil pipeline intended to link the country's western and eastern regions, reducing Canada's dependence on United States infrastructure for moving its crude.
Iraq is moving to build a westbound crude export network that would channel oil from its southern fields to the Mediterranean, reducing its reliance on the Strait of Hormuz.
Escalating hostilities between the United States and Iran have pushed global crude benchmarks sharply higher, with tanker traffic through the Strait of Hormuz falling to near-zero levels and analysts warning that markets may be underestimating the severity of the disruption.
