Chevron will proceed with its $53 billion acquisition of Hess , CNBC reported on Friday, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.

An arbitrator cleared the way for Chevron to buy Hess, allowing the energy giant to acquire a piece of one of the most promising oil projects in the world.

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.

Oil has stopped flowing into Long Island's Mill River, but not before an estimated 1,000 gallons of greasy fluid leaked into the water.

The move marks a departure from the regime of former chair Lina Khan and former president Joe Biden’s tougher antitrust policies. The January ruling took place shortly before Donald Trump’s second inauguration and was opposed by current chair Andrew Ferguson and commissioner Melissa Holyoak.

Saudi Arabia’s seaborne oil flows remain at elevated rates in the wake of a surge in production from the kingdom last month during heightened regional tensions.

Louisiana is officially canceling a $3 billion coastal restoration project funded by the Deepwater Horizon oil spill settlement.

CNBC's Becky Quick reports on the latest news.

Standard Chartered believes the market significantly overestimates OPEC's spare oil production capacity, suggesting a potential $15/barrel upside for oil prices.