Category Archives: Commodities

Track current petrol and diesel prices, service station outages and shipments – Australia’s fuel crisis in charts

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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

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.

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Strait of Hormuz not open, Abu Dhabi’s oil chief says as crude prices rise

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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”.

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Track current petrol and diesel prices, service station outages and shipments – Australia’s fuel crisis in charts

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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

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...

Iran strikes Kuwait’s oil infrastructure before Opec+ supply talks

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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.

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New North Sea drilling would barely reduce UK gas imports at all, data shows

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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.

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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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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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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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‘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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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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European drivers face €220 a year jump in fuel costs due to Iran conflict, say experts

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Exclusive: Oil at $100 a barrel means higher prices in the EU and UK, making savings for those with electric vehicles even greater, analysts say

European drivers face paying an extra €220 (£190) a year at the pumps because of the surge in oil prices caused by the war in Iran, analysts have warned. In the UK, a separate estimate puts the cost at an extra £140.

A sustained oil price of $100 a barrel, the level seen on Monday, would mean motorists in the EU paying €55bn more over a year, researchers at the Transport & Environment (T&E) thinktank estimated. That is the equivalent of an average of €220 for each driver, with higher-mileage drivers facing even bigger hikes. The assessment was made by comparing data from 2022, when Russia’s invasion of Ukraine pushed the oil price to the $100 mark, with data from 2017-2019.

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European drivers face €220 a year jump in fuel costs due to Iran conflict, say experts

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Exclusive: Oil at $100 a barrel means higher prices in the EU and UK, making savings for those with electric vehicles even greater, analysts say

European drivers face paying an extra €220 (£190) a year at the pumps because of the surge in oil prices caused by the war in Iran, analysts have warned. In the UK, a separate estimate puts the cost at an extra £140.

A sustained oil price of $100 a barrel, the level seen on Monday, would mean motorists in the EU paying €55bn more over a year, researchers at the Transport & Environment (T&E) thinktank estimated. That is the equivalent of an average of €220 for each driver, with higher-mileage drivers facing even bigger hikes. The assessment was made by comparing data from 2022, when Russia’s invasion of Ukraine pushed the oil price to the $100 mark, with data from 2017-2019.

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Oil price tops $100 again as Iran strikes economic targets across Middle East

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Vast release of emergency crude reserves fails to quell mounting fears around energy supply crunch, rattling global markets

Oil prices again topped $100 a barrel on Thursday as widespread Iranian attacks on Middle Eastern energy facilities overshadowed a vast release of government reserves.

As Donald Trump vowed to “finish the job” and press ahead with the US-Israel war on Iran, the country’s regime stepped up retaliatory strikes on economic targets across the region.

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Oil price tops $100 again as Iran strikes economic targets across Middle East

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Vast release of emergency crude reserves fails to quell mounting fears around energy supply crunch, rattling global markets

Oil prices again topped $100 a barrel on Thursday as widespread Iranian attacks on Middle Eastern energy facilities overshadowed a vast release of government reserves.

As Donald Trump vowed to “finish the job” and press ahead with the US-Israel war on Iran, the country’s regime stepped up retaliatory strikes on economic targets across the region.

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Countries must seek energy independence through renewables and nuclear, says John Kerry

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Former US secretary of state says oil shock driven by war in Iran highlights dangers of reliance on fossil fuels

Countries must seek energy independence through renewable resources and nuclear energy for their national security, and to avoid the “choke points” of fossil fuel supply, the former US secretary of state John Kerry has warned.

The war in Iran has sent oil prices soaring, as refineries and fields have closed down in several Middle Eastern countries and many tankers are stranded in the strait of Hormuz, with economic impacts beginning to be felt around the world.

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Can the IEA put a lid on the price per barrel by releasing oil stockpiles?

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Despite rare act of multilateralism, there is no guarantee the IEA’s release of 400m barrels from reserves will depress prices

When the global economy was still in the grip of the devastating 1970s oil crises, exposing the chokehold exerted by a few important oil states, the International Energy Agency (IEA) was created, in the hope of limiting future shocks.

Almost half a century on, the IEA’s 32 members have drawn up plans to hit the emergency button, for only the fifth time in its history.

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Aramco warns of oil market ‘catastrophe’ unless strait of Hormuz reopens soon

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Saudi Arabian state oil firm calls crisis by far the biggest the region has seen but firm can reroute 70% of exports and tap crude held in storage

Saudi Arabia’s state oil company has warned of “catastrophic consequences” for the world’s oil markets if the US-Israeli war with Iran continues to block shipping in the strait of Hormuz.

The world’s biggest oil exporter expects to be able to supply the market with about 70% of its usual crude output despite the stranglehold on the vital trade artery, but its chief executive warned that there would still be “drastic” consequences for the world economy if the disruption continues.

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Iran war drives oil prices above $100 a barrel for first time since 2022

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Donald Trump insists surge in energy prices is ‘very small price to pay’ as Middle East conflict sparks fresh stock market sell-off

Oil prices surged past $100 per barrel for the first time since 2022 as fallout from the US-Israel war with Iran continued to rattle global markets and leading economies moved to tackle a worsening energy supply crisis.

A weekend of escalating violence in the Middle East intensified concerns around a sustained supply crunch, propelling oil prices to their highest level in four years and triggering a deep stock market sell-off.

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