Oil has fallen to its lowest level since June’s conflict began, while stock markets have jumped across Asia and Europe
Travel and leisure stocks across Europe are rallying too.
This has pushed up the STOXX Europe travel and leisure index by 4.1% in early trading, which Reuters reports it the biggest one-day jump since 10 April.
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Over at the Paris Air Show, a row has broken out after four Israeli company stands at the trade fair were shut down.
According to Reuters, French authorities ordered that the four stands should be closed for “displaying offensive weapons”, after not complying with an order from a French security agency to remove offensive or kinetic weapons from the stands.
“This outrageous and unprecedented decision reeks of policy-driven and commercial considerations.
“The French are hiding behind supposedly political considerations to exclude Israeli offensive weapons from an international exhibition - weapons that compete with French industries.”
Continue reading...Oil price increase likely to add 5p to petrol and diesel over the next couple of months, expert says
Britons are braced for higher prices at the pumps, after a rise in oil prices caused by the conflict between Israel and Iran in recent days.
Oil prices climbed again on Monday, as traders worried about the risks of a broader regional military conflict, which could disrupt supplies. Iran is a big oil producer, and accounts for about 3% of global supplies.
Continue reading...Other measures include greater restrictions on ‘shadow fleet’, banks and Nord Stream investment
The EU executive has called for lowering the price cap on Russian oil as it seeks to tighten energy and financial sanctions against the Kremlin’s ability to wage war.
The president of the European Commission, Ursula von der Leyen, proposed that western countries reduce the price at which Russian oil can be sold to $45 (£30) a barrel, down from the current $60.
Continue reading...Global oil prices tumble after reports that Opec+ is ready to raise output despite weaker demand for fossil fuels
Global oil prices have tumbled by more than $1 a barrel in a sign that pressure on households at the petrol pumps could ease further.
The price of Brent crude fell to $63.86 a barrel on Thursday following reports that the Opec oil cartel and its allies may increase their production for July, despite weaker global demand for fossil fuels.
Continue reading...China and Australia cut interest rates; Shell faces protests calling for clean-up in Niger Delta
Here’s our full story on Greggs.
Sales at Greggs have picked up after the UK’s biggest bakery chain branched out into iced drinks, pizza boxes and a macaroni cheese that has gone viral on social media.
These are important issues and we respect the right of people to express their view. But for many years the vast majority of spills in the Niger Delta have been caused by third parties acting unlawfully, such as oil thieves who drill holes in pipelines, or saboteurs.
These challenges are managed by a joint venture which Shell’s former Nigerian subsidiary, SPDC, operated, cleaning up every spill from the joint venture’s facilities.
Continue reading...Fleet of tankers sailing under flags of convenience estimated to carry up to 85% of Russia’s oil exports
Calls to step up and coordinate the interdiction of the unflagged Russian “shadow fleet” of oil tankers in the Baltic Sea were made this weekend before the EU foreign ministers’ meeting on Monday, which is expected to impose sanctions on 180 ships, taking the total number of ships sanctioned by the EU to 350.
The efforts to stop the fleet, estimated to be carrying as much as 85% of Russia’s oil exports and so funding roughly a third of Russia’s budget, is seen as a critical proof of the EU’s determination to keep the economic pressure on Russia.
Continue reading...Civil society groups call on government to address risk of neocolonial exploitation in its supply chain strategy
The risk of neocolonial exploitation in the global rush for critical minerals must be addressed by the government as it formulates its official supply chain strategy, say civil society campaigners.
They have said the scrabble for access is being greenwashed as wealthier economies around the world attempt to line up a host of minerals that are essential to the manufacture of hi-tech products, including cobalt, lithium and nickel.
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The takeover of UK food-delivery platform Deliveroo by US rival DoorDash has been agreed.
The two sides have reached agreement on DoorDash’s offer of 180p in case for each Deliveroo share, made last month.
Like DoorDash, Deliveroo is obsessively focused on their customers - consumers, merchants, and riders. They work day in and day out to improve their consumer value proposition, bring new services to local businesses, and offer flexibility and support to riders.
These efforts and attention to detail from Will and the team have had a tremendous positive impact in the communities where Deliveroo operates.
Continue reading...Dollar also recovers after Monday’s sell-off prompted by Donald Trump’s attack on Federal Reserve chair
Gold has climbed above $3,500 an ounce for the first time while stocks on Wall Street and the dollar rose following Monday’s sell-off prompted by Donald Trump’s blistering attack on the Federal Reserve chair, Jerome Powell.
Spot gold reached the record price of $3,500.01 (£2,620) on Tuesday, extending a rally that has pushed bullion up from $2,623 an ounce at the start of this year.
Continue reading...European Commission may reportedly let companies declare force majeure as part of strategy to rid bloc of Russian fossil fuels by 2027
The European Commission is considering plans that would allow European companies to break long-term Russian gas contracts without paying penalties to Moscow, it has been reported.
Citing three officials with knowledge of the plan, the Financial Times reported that the commission was studying the possibility of allowing companies to declare force majeure, which would absolve importers of their obligations to pay penalty fees for ending contracts.
Continue reading...Clean energy investors likely to pull back from US, but other countries may seize opportunity to speed transition
Donald Trump’s upending of the global economy has raised fears that climate action could emerge as a casualty of the trade war.
In the week that has followed “liberation day”, economic experts have warned that the swathe of tariffs could trigger a global economic recession, with far-reaching consequences for investors – including those behind the green energy projects needed to meet climate goals.
Continue reading...As Trump escalates a global trade war, looking to gold to shield cash might not be the worst option
As economic uncertainty roils the US, the price of gold has roared to record highs amid investors seeking a place to shield their cash from Donald Trump’s scattergun trade wars.
A single ounce of gold cost $3,051.99 on Wednesday, compared with $2,160 in 2024, and gold has historically been seen as the safest place to invest in financially turbulent times.
Continue reading...Firm will be selective about investing in low-carbon options, slashing more than $5bn from previous green plan
BP is almost doubling its target for oil and gas production by the end of the decade and slashing its spending on low-carbon energy as part of a fundamental reset of the troubled company away from previous green goals.
The FTSE 100 fossil fuel company has promised shareholders it will increase its planned oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – almost twice the figure in its net zero plan set out five years ago.
Continue reading...Group may move primary listing to New York or elsewhere – to get ‘optimal valuation’ – in fresh blow to UK market
Glencore is considering moving its primary share listing away from London, in what would be a fresh blow to the UK’s blue-chip stock exchange following a series of departures.
The chief executive of the mining group said it was studying whether a move would boost its shares – with New York top of the list of potential destinations.
Continue reading...Tariffs on imports mean higher costs for finishing fuels, much of which is likely to be passed on to consumers
US consumers will see higher prices at the gas pump from Donald Trump’s decision on Saturday to apply tariffs on Canadian and Mexican oil, according to analysts and fuel traders.
The likely hike in fuel prices reflects the double-edged nature of Trump’s trade protections, which are designed to bolster domestic business and pressure US neighbors to curb illegal immigration and drug smuggling, but which will also run counter to his promises to tackle inflation.
Continue reading...Live coverage of business, economics and financial news as ECB cuts main interest rate by 0.25 percentage points in effort to support European economies
It was a flash reading on the Eurozone economy, so we don’t have the details on what the drivers were. But it’s clear that it was a weak end to 2024.
But the European Central Bank might be able to spur a bit of economic growth in the eurozone with looser monetary policy.
This marks a weak end to last year, following positive growth in the first three quarters of 2024. As a result, first estimates suggest that the currency bloc as a whole grew by 0.7% in 2024. Declining activity in Germany – the Eurozone’s largest economy – has weighed on the bloc’s growth, with German GDP contracting by 0.2% on the quarter. This suggests Germany has now seen annual declines in activity for two consecutive years.
In 2025, further loosening of monetary conditions is expected to provide a modest uptick in activity for both Germany and the Eurozone, with growth expected to amount to 0.3% and 1.0% respectively.
Continue reading...Court says UK government green light for Rosebank and Jackdaw permits does not take into account CO2 emissions
The decision to greenlight a giant new oilfield off Shetland has been ruled unlawful by the courts in a major win for environmental campaigners.
The proposed Rosebank development – the UK’s biggest untapped oilfield – had been given the go-ahead in 2023 under the previous government.
Continue reading...Donald Trump says China’s DeepSeek is a ‘wake-up call’ for American AI firms
Donald Trump has suggested that Microsoft is in talks to acquire TikTok and that he would like to see a bidding war over the app.
When asked if Microsoft was in talks to buy the app, the US president said “I would say yes”, adding “A lot of interest in TikTok. There’s great interest in TikTok.”
Continue reading...Results from Shell and Exxon this week will be weaker – and Trump’s desire to drill may result in oversupply
Almost three years ago, Russia’s invasion of Ukraine wiped out Europe’s largest source of gas and shocked global energy markets, setting the stage for quarter after quarter of better-than-expected earnings for the fossil fuel producers ready to profit from the volatility. Now those returns are beginning to cool.
But as markets have reduced to a simmer, oil executives have warned that profits are also going off the boil. A glut of new oil and gas projects, stoked by a pro-fossil-fuel agenda from the White House, could mean weaker markets in the future too.
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