The refinery, which will be built in Brownsville, Texas, is backed by Indian energy group Reliance Industries.

President Donald Trump recently took to social media to announce that the United States’ first new oil refinery is opening in Brownsville, Texas. He said the development has been made possible with the backing of Indian billionaire Mukesh Ambani’s Reliance Industries.

The IEA is group of 32 advanced economies primarily in Europe, North America and northeast Asia. The U.S. is a member of the organization.

On Sunday, oil prices surpassed the $100-a-barrel milestone for the first time in more than three-and-a-half years

Senate Minority Leader Chuck Schumer, D-N.Y., wants President Donald Trump to tap into the nation's oil reserves, which were heavily drawn down under former President Joe Biden.

Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz

Trump's youngest son is reportedly worth at least $150 million, but there's no evidence he engaged in insider trading.

President Trump said that Iran’s navy has been decimated and that as a result oil prices will come down. He described rising costs as “just a matter of war,” and said the conflict is going better than he thought it would.

The president's comments come as the prices of both crude oil and gasoline surge amid the war with Iran.

The Justice Department said the president has the legal authority to overrule state regulators and reopen an offshore oil pipeline that was shut down after causing a gigantic oil spill.

Reports indicate President Donald Trump administration is considering direct attack on Iran's Kharg Island, which handles 90% of Iranian oil exports near Strait of Hormuz.