Brent crude futures down 6% to lowest level in two weeks and stock markets rise
Oil prices fell below $100 a barrel on Monday and stock markets rose on hopes that the US and Iran are inching closer to a peace deal.
Brent crude futures, the global oil benchmark, were down 6% to $97.43 a barrel, the lowest level in two weeks, with hopes that an agreement to end the near three-month US-Israeli war on Iran can be struck.
Continue reading...Global prices are approaching a tipping point that could trigger inflation, shortages and, over time, recession
If a US-Iran deal is about to be reached, three months on from the launch of Donald Trump’s Operation Epic Fury, it will not be a day too soon for oil markets, which are approaching a dangerous tipping point.
The cost of a barrel of crude on the spot market – for immediate purchase, effectively – has bounced about $100 since Iran predictably responded to the onslaught from the US and Israel by closing the strait of Hormuz.
Continue reading...Proposed framework hinges on a 60-day truce, reopening strait of Hormuz, and revived talks on limiting Iran nuclear programme
• Middle East crisis: live updates
Donald Trump has said a “memorandum of understanding” in talks to end the US-Israel war on Iran “has been largely negotiated”.
Official details of the deal remain scant and it remains possible some aspects of the memo could change, but here is what we know so far about the potential agreement that could bring an end to the war.
Continue reading...State oil company fast-tracks previously undisclosed project, which is expected to double export capacity
The United Arab Emirates has announced it will complete a new oil pipeline bypassing the strait of Hormuz by next year to secure its future crude exports against the threat of disruption.
The current blockade of the vital waterway, through which 20% of oil and seaborne gas flowed before the Iran war, is approaching the 11-week mark, sending energy prices soaring around the world and throttling Gulf economies.
Continue reading...Impact of disruption from Iran war may be felt into 2027 even if strait of Hormuz reopens, says aviation body boss
Increases in air fares for travellers in Europe are “inevitable” over the peak summer period because of the high cost of jet fuel, according to the head of the international aviation body.
While some airlines faced with weak demand have reduced their European fares recently, Willie Walsh, the former British Airways boss who leads the International Air Transport Association, said there was no way carriers could absorb the extra costs in the long run.
Continue reading...Moscow steps up maritime presence in North Sea after UK threats to seize shadow fleet oil tankers
Britain’s Royal Navy tracked and followed a Russian frigate every day last month as it sailed from the Atlantic to the North Sea, as Moscow steps up its maritime presence after UK threats to seize shadow fleet oil tankers.
The Russian navy’s Admiral Grigorovich escorted six Russia-linked vessels during April, including at least three under economic sanction passing east through the Dover strait, while being watched continuously by four UK ships and helicopters.
Continue reading...Firms raising prices at fastest rate in three years, driven by soaring energy and wage bills but also extra materials costs
Airlines and other companies are increasingly using fuel surcharges to cover soaring costs, a survey has found, in a further sign of Iran war-linked inflation hitting the economy.
A poll of companies in the services sector, which includes airlines, found rising fuel prices had contributed to businesses raising prices at the fastest pace in more than three years in April.
Continue reading...Iran’s Islamic Revolutionary Guard Corps navy has announced the strait of Hormuz could reopen following the end of ‘threats from aggressors’
Job vacancies in the UK bounced back in March but remained near a five-year low, and openings for graduates slumped more than a third.
UK job vacancies showed signs of recovery in March, rising 3.74% month-on-month to 752,711 – the second monthly increase after an extended period of decline, according to the job matching platform Adzuna. Yet despite this tentative rebound, the overall picture remains tough for job seekers. Vacancies are still 13.60% lower than in March 2025, and the market remains near its weakest level since 2021.
Like BP last week, these are unearned windfall profits driven by Trump’s war with Iran.
Equinor now wants to cash in even more by developing the Rosebank oil field, which would be a terrible deal for the UK. This government must put the needs of the British public – for affordable energy and a safe climate – ahead of this Norwegian oil giant’s relentless pursuit of profit.
Continue reading...In today’s newsletter: The brief US effort to steer trapped vessels through the waterway put the fragile ceasefire under strain
Good morning. Uncertainty once again reigns in the Middle East. The uneasy ceasefire between the US and Iran threatened to disintegrate after Donald Trump launched an initiative – dubbed “Project Freedom” – to help thousands of sailors stranded in the Gulf by the war to pass through the strait of Hormuz.
To Iran, the announcement was a cynical provocation. Flurries of fighting restarted as Iran sought to maintain its grip on the critical passageway out of the region.
UK politics | Zack Polanski falsely claimed to be a spokesperson for the British Red Cross while campaigning for the Green party leadership, the charity has said.
Fuel shortages| Two million airline seats have been cut from this month’s schedules as airlines redraw their operations because of soaring jet fuel prices amid the Middle East conflict.
UK news| A British crew member who became ill after a suspected outbreak of hantavirus on luxury cruise ship the MV Hondius is to be medically evacuated, officials have said.
Tax | An increased windfall tax should be imposed on the UK’s largest banks, say trade union leaders, after the big four lenders reported almost £14bn in first-quarter profits, partly fuelled by market turbulence amid the Iran war.
Society | People from black backgrounds in England are twice as likely to experience strokes as their white counterparts, while also being less likely to receive timely care, according to the largest study of its kind.
Continue reading...Heidi Alexander says part of answer to strait of Hormuz crisis is importing more fuel from US and west Africa
A refinery in Nigeria accused of dismissing workers for joining a union has emerged as key to the UK government’s hopes of saving the summer holiday amid a jet fuel shortage.
Heidi Alexander, the transport secretary, said at the weekend that part of the answer to the strait of Hormuz crisis was to import more fuel from the US and west Africa.
Continue reading...Chris Wright says ‘I don’t know’ when asked about lower cost of gas as average price soars to $4 a gallon in US
Chris Wright, the Trump administration’s energy secretary, acknowledged Sunday that it might not be until 2027 before US gas prices come back under $3 a gallon.
Asked by Jake Tapper, the CNN State of the Union host, when he thought “it’s realistic for Americans to expect the gas will go back to under $3 a gallon”, Wright replied: “I don’t know. That could happen later this year. That might not happen until next year.”
Continue reading...How much fuel does Australia have left today, and when could we run out? Track how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country.
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The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan as Australia battles a fuel crisis.
While we know there have been outages and price increases, it can be difficult to get a full picture of what is happening – this is partly due to the thousands of independent businesses and different governments involved. We have brought together the latest data on prices, outages and oil tanker deliveries.
Continue reading...Oil prices and borrowing costs are expected to rise this week as tankers remain stranded in the Gulf
The failure of the US and Iran to reach a peace deal after marathon negotiations has put markets on alert for further oil and gas price rises.
With large numbers of oil tankers remaining stuck in the Gulf, the US vice-president, JD Vance, blamed the collapse of the talks on Tehran’s refusal to abandon its nuclear weapons programme, while Iranian sources hit back at “excessive” demands from Washington.
Continue reading...How much fuel does Australia have left today, and when could we run out? Track how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country.
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Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.
Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.
Continue reading...How much fuel does Australia have left today, and when could we run out? Check how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country since the US and Israel’s war on Iran began in late February
Get our breaking news email, free app or daily news podcast
Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.
Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.
Continue reading...Uncertainty over US-Iran ceasefire pushes price of Brent crude towards $100 a barrel
The boss of Abu Dhabi’s state-owned oil company has said the strait of Hormuz is “not open” despite the US-Iran ceasefire agreed earlier this week, as uncertainty over the truce pushed the price of Brent crude towards $100 a barrel on Thursday.
Sultan Al Jaber, the chief executive officer of the Abu Dhabi National Oil Company (Adnoc), said passage through the crucial waterway was subject to “permission, conditions and political leverage” by Iran. He said energy security and global economic stability depended on the strait being opened “fully, unconditionally and without restriction”.
Continue reading...How much fuel does Australia have left today, and when could we run out? Check how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country since the US and Israel’s war on Iran began in late February
Get our breaking news email, free app or daily news podcast
Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.
Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.
Continue reading...Members reportedly agree a rise of 206,000 barrels a day in May, but move symbolic while strait of Hormuz is effectively closed
Iranian drones have struck Kuwait’s oil infrastructure, causing “severe material damage” that threatens to further disrupt oil supplies already hit by the US-Israel war on Iran.
The drone strikes on Sunday came hours before members of the Opec+ group of major global oil suppliers gathered to discuss how to bolster output despite Iran’s effective closure of the strait of Hormuz shipping route.
Continue reading...Exclusive: research finds Jackdaw field would provide only about 2% of current demand, and Rosebank only 1%
Opening major new fields in the North Sea would make almost no difference to the UK’s reliance on gas imports, research has shown.
The Jackdaw field, one of the largest unexploited gasfields in the North Sea, would displace only 2% of the UK’s current imports of gas, which would leave the UK still almost entirely dependent on supplies from Norway and a few other sources.
Continue reading...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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