Category Archives: Oil

Oil price jumps and markets slide after Trump warning to Iran

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Brent crude rises 8% as US president vows to hit Iran ‘extremely hard’ over coming weeks

Oil prices have soared after Donald Trump vowed in a televised speech to hit Iran “extremely hard” over the coming weeks, knocking hopes of a near-term end to the conflict in the Middle East.

Brent crude prices jumped by as much as 8% on Thursday to $109.74 a barrel, reversing Wednesday’s drop when hopes of a de-escalation in the Iran war pushed the international benchmark below the $100-a-barrel mark at one point.

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Drivers told to look for cheapest fuel ahead of ‘busiest Easter on UK roads since 2022’

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Bank holiday traffic predicted to peak on Thursday, as petrol and diesel prices surge from fallout of Iran war

UK drivers are being urged to look for the cheapest petrol and “to fill up as usual” as travellers prepare to make 21.7m journeys on what is expected to be the busiest Easter on the roads in four years.

The average price of a litre of unleaded petrol rose by 20p in March, from 132.83p on the 1st to 152.83p on the 31st, raising concerns about the cost of filling up for Easter journeys. The higher fuel prices have been triggered by rising oil prices as a result of the US-Israel war against Iran.

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In Europe, lobbyists are using soaring fuel prices to make the case for more dirty energy

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The argument for transitioning to renewables seems stronger than ever – and yet, attacks mount on the carbon price scheme that underpins the EU’s success at cutting pollution

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On the one hand, experts say, Europe is better prepared for this energy crisis than the last. On the other, it is still waging a culture war against the most obvious path out.

Fuel prices have soared to ruinous levels since the Iran war left ships of oil and liquefied natural gas (LNG) stranded in the Gulf. The pain is most acute in Asia, but high energy prices are already causing panic in Europe. Shortages could hit the continent this month, oil company Shell warned last week. Donald Trump’s “go get your own oil” comments on Tuesday sent prices to their highest level since the start of the US-Israel attack on Iran. They briefly dipped below $100-a-barrel on Wednesday amid hopes that the war may soon end.

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‘God squad’ waives endangered species law to allow US drilling in Gulf of Mexico

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Critics say exemption for fossil fuels exploits White House’s ‘self-made gas crisis’, and could doom the rare Rice’s whale

A US government panel on Tuesday exempted oil and gas drilling in the Gulf of Mexico from the Endangered Species Act (ESA), a move which critics say could doom a rare whale species and harm other marine life.

The Endangered Species Committee – which had not convened in more than three decades – voted to approve the request for the ESA exemption at the request of the defense secretary, Pete Hegseth.

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Kuwaiti tanker hit by Iranian attack in Dubai port, raising oil spill fears

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Dubai officials said a fire on the Al Salmi tanker had been extinguished and all crew members were safe after drone strike

Iran attacked and set ablaze a fully loaded crude oil tanker at Dubai port’s anchorage, with the strike damaging the vessel’s hull and raising concerns about a possible oil spill.

Dubai authorities said the drone attack caused a fire on board that was extinguished early on Tuesday, hours after the attack was first reported. The attack came hours after Donald Trump warned that the US would obliterate Iran’s energy plants and oil wells if it does not open the strait of Hormuz.

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Trump appears to relax oil blockade on Cuba as Russian tanker arrives

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US president says he has ‘no problem’ with countries sending oil to Cuba, in potential lifeline to island nation

Donald Trump appears to have relaxed his blockade on fuel-starved Cuba after a Russian tanker reached the Caribbean island carrying 100,000 tonnes of crude.

Russia’s transport ministry said the Anatoly Kolodkin tanker arrived at the port of Matanzas on Cuba’s northern coast on Monday to deliver the crisis-hit country’s first such cargo in more than three months.

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Older Australians in ‘immediate danger’ as fuel crisis affects travel for aged care workers

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Unions and farmers call for government intervention as agriculture, construction and waste industries also at risk from higher prices

Care workers, tradespeople and transport drivers are being hit hard by ballooning fuel costs, with some industry groups urging the government to roll out assistance packages or even a jobkeeper-style wage assistance program to help businesses avoid laying off staff.

Reports of small mining businesses scaling back operations and some construction companies deciding against hiring more apprentices have prompted suggestions the government should step in to help, with the Master Builders Association already forecasting a downturn in the number of homes that will be built this year.

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Texas residents feel homes shake miles away from oil refinery explosion

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Images and videos online showed large plume of smoke and flames billowing out from refinery, but no one was injured

An oil refinery fire near the Texas coast was put out on Tuesday and a temporary shelter-in-place order was lifted, hours after a large explosion at the complex shot plumes of smoke into the air, officials said.

No one was injured in Monday’s explosion at the Valero refinery in Port Arthur, about 90 miles (145km) east of Houston, said Charlotte M Moses. The Port Arthur mayor had urged residents in parts of the west side of the city to stay put.

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Japan to begin biggest-ever oil release from national reserves as Middle East energy crisis bites

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PM Sanae Takaichi says about 80m barrels of stockpiled oil to be provided to refiners – equivalent to 45 days of domestic demand

• Middle East crisis – live updates

Japan will begin the biggest-ever release of oil from its strategic reserves this week, the prime minister, Sanae Takaichi, has said, as the country braces for possible shortages caused by the US-Israel war on Iran.

The government last week approved the release of 15 days’ worth of private-sector reserves, amid concern that the conflict in the Middle East will continue to hinder the flow of tanker traffic along the strait of Hormuz.

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New Zealand to give cash payments to some low income families as global fuel crisis worsens

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Policy begins on 1 April and is aimed to ease financial pressure as the price of fuel surges due to conflict in the Middle East

Nearly 150,000 New Zealand families will soon receive a weekly cash payment to help them afford petrol, the government has announced, in what is believed to be the world’s first fuel relief package that directly pays citizens since the Iran war began.

On Tuesday, prime minister Christopher Luxon and finance minister Nicola Willis announced roughly 143,000 families with children will get an extra NZ$50 ($29.20; £21.80) a week through a boost to the in-work tax credit – a payment to families with dependent children where at least one parent is in paid employment and neither parent receives benefits. Another 14,000 families on slightly higher incomes will also be eligible for payments, but will receive less than $50 per week.

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‘We consider every mile we drive’: how fuel shortages are affecting readers worldwide

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From a shop owner in India to a community worker in New South Wales, rising fuel prices are forcing people to ration oil usage

Alagesan, 35, needs liquefied petroleum gas (LPG) to run his roadside drink and snack shop in Coimbatore, India, but with the fuel shortage since the US-Israel attacks on Iran, he worries his business could fold.

“I am far away from the Middle East, but my life is affected,” he said. “The gas cylinder is not available because of the war. I don’t know what to do.”

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‘The stakes are enormous’: how a prolonged Iran war could shock the global economy

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Donald Trump’s ‘little excursion’ is likely to have long-term effects, from oil prices to inflation to growth, say experts

In the days after the US and Israel first bombed Iran, financial markets bet the economic fallout from Donald Trump’s “little excursion” in the Middle East would be short-lived.

“There are risks from higher oil prices longer term. But this is a tail risk,” one US-based fund manger said after the airstrike killing Iran’s supreme leader, Ayatollah Ali Khamenei. “History has shown time and time again that geopolitical flare-ups like this tend to be short-lived. This one should prove to be no exception.’’

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Petrol theft expected to rise in Australia as police call for more CCTV and prepaid pumps

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Amid a surge in fuel prices and fear of shortages, SA police chief signals officers might stop investigating ‘drive-offs’ unless service stations install prepaid pumps

The rusty green fuel trailer hardly looks like it is worth stealing. But some time before 1 March it was hooked up to the back of a vehicle and taken from a property at Huntley, south of Orange, in the New South Wales central tablelands.

It was just another in a series of thefts that police across Australia are keeping a watchful eye on.

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5m tonnes of CO2 emitted in just 14 days of US war on Iran, analysis finds

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Exclusive: War in the Middle East is draining the global carbon budget faster than 84 countries combined

The US-Israel war on Iran is a disaster for the climate, according to an analysis that finds it is draining the global carbon budget faster than 84 countries combined.

As warplanes, drones and missiles kill thousands of people, level infrastructure and turn the Middle East into a gigantic environmental sacrifice zone, the first analysis of the climate cost has found the conflict led to 5m tonnes of greenhouse gas emissions in its first 14 days.

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Donald Trump ‘very surprised’ Australia declined to send troops to strait of Hormuz amid fuel crisis

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US president claims he ‘always says yes’ to Australia, Japan and South Korea, after saying he didn’t need help from trio of countries earlier this week

Donald Trump says he is “very surprised” Australia has not sent warships to aid in opening the strait of Hormuz as the blockade of the key strategic route for global oil supply continues to affect fuel prices.

“I was very surprised,” the US president said in Washington on Friday when asked what he took issue with regarding Japan, South Korea and Australia.

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US lifts sanctions on Iranian oil at sea in bid to ease supply pressures

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Treasury secretary Scott Bessent says move will bring 140m barrels to market but insists Tehran will not benefit

The Trump administration has issued a 30-day sanctions waiver for the purchase of Iranian oil at sea to ease energy supply pressures since the start of the US-Israeli war on Iran, US treasury secretary Scott Bessent said.

It is the third time the US has temporarily waived sanctions in about two weeks.

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Damaged Russian tanker carrying natural gas floats into Libyan waters

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Fears of ecological disaster as vessel continues to drift after being struck by suspected drone attack

A severely damaged Russian tanker carrying liquified natural gas that has been adrift in the Mediterranean for two weeks, raising concerns of an ecological disaster, has floated into Libyan waters, Italy’s civil protection agency said on Wednesday.

The Arctic Metagaz was part of a Russian “shadow fleet” used to circumvent sanctions imposed on the country’s oil and gas after its full-scale invasion of Ukraine in February 2022. It was struck in a suspected drone attack close to Maltese waters earlier this month, causing a huge hole. The crew is believed to have been rescued between Malta and Libya.

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Sri Lanka brings in four-day week to eke out stocks of oil and gas hit by Iran war

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Effective closure of strait of Hormuz also affecting Bangladesh, India and Pakistan, which have brought in crisis measures

Sri Lanka is introducing a shorter four-day working week to preserve its shrinking fuel and gas reserves, as the Middle East conflict continues to severely disrupt energy supplies in the region.

Countries across south Asia are facing crippling shortages of fuel and LPG gas, which are used for everything from home cooking to cremating bodies, as most supplies have been held up in the Gulf since the US and Israel began bombing Iran.

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Iran threatens to escalate war after Trump says ‘many countries’ will send warships to strait of Hormuz

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US president calls on China, France, Japan and the UK to send vessels after US strikes Kharg Island oil facilities

Iran threatened on Saturday to further escalate the war raging in the Middle East by targeting any facility in the region with US ties, after Donald Trump predicted “many countries” would send warships to support a US bid to reopen by force the strait of Hormuz, a critical waterway closed to virtually all maritime traffic by Tehran since the beginning of the war.

Iran has responded to the joint US-Israeli offensive, which is entering its third week, with daily attacks on oil and other infrastructure around the Gulf region, as well as against Israel.

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‘I don’t give a shit about Iran. I don’t want to pay higher gas’: Motor City motorists feel pinch as gas prices surge

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Drivers in Detroit are unhappy with the spike in gas prices, even if reactions are mixed to the US-Israel war on Iran

On a rainy Detroit afternoon at a gas station off Interstate 75, Victor Rodriguez watched the pump tally tick up as he filled up his F-250 diesel pickup truck for $4.19 per gallon. It totaled $110. “Ridiculous,” he said.

The US-Israel war on Iran has crippled major portions of the oil supply chain, sending gas prices soaring as the conflict enters its third week. Rodriguez said he supports “getting rid of this thug”, referring to Iran’s Ayatollah Ali Khamenei, who was killed by the US, but the cost is too high.

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