Licensed to drill? How a Trump-linked Texas oil company is elbowing its way into Greenland

Greenland Energy says billions of barrels of crude could lie beneath territory and claims it has permission to bring drilling kit ashore – a claim denied by Nuuk

On 10 June, a snowy-haired American in his 60s addressed the residents of a remote Greenland hamlet. He was there to tell them about a business venture supported by figures linked to Donald Trump. “So,” Robert Price said via an interpreter, “we have a project to drill for oil here.”

The Texas oil company that Price represents, Greenland Energy, hopes to prove that billions of barrels of crude lie underground by bringing in 300 shipping containers of drilling kit.

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Oil prices rise sharply after Iran launches attacks on tankers near strait of Hormuz

Brent crude benchmark rose to more than $80 a barrel, its steepest increase since ceasefire began

Oil markets have recorded their sharpest price rise in nearly two months after a series of attacks on fossil fuel tankers near the strait of Hormuz led Donald Trump to declare that the ceasefire deal with Iran was over.

At the same time, UK short-dated bonds suffered their worst day since the end of March as the prospect grew of a Bank of England rate rise to cope with the renewed inflationary pressures.

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Ministers urged to curb energy costs as Great British homes face 13% bill surge

Quarterly Ofgem price cap rises to equivalent of £1,862 a year from 1 July amid growing consumer energy debt

Ministers are facing growing pressure to lower energy costs as households in Great Britain face the steepest rise in summer bills in four years this week.

The quarterly cap on gas and electricity charges will rise by 13% from Wednesday to the equivalent of £1,862 a year for an average household, just days after figures revealed that consumer energy debt had reached record highs.

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City of Paris achieves partial victory over TotalEnergies in climate risks case

French capital hails ‘landmark decision’ against oil firm relating to disclosure of emissions from oil and gas products

A Paris court has ​ruled that the French oil company TotalEnergies must disclose the climate risks linked to emissions from its oil and gas products and set out plans to ⁠address them in a high-stakes case brought by NGOs and the city of Paris.

The ruling on Thursday is a partial victory for climate change NGOs seeking to apply France’s 2017 corporate duty of vigilance law to the climate crisis. However, the ⁠court stopped short of ordering specific measures such as limiting overseas exploration and production or setting binding ​emissions reduction targets.

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Oil price falls to pre-Iran war levels as more tankers exit strait of Hormuz

Stock markets on both sides of Atlantic up as concerns ease over prospect of another inflationary shock

Oil prices have fallen to pre-Iran war levels as more oil tankers exited the strait of Hormuz.

Brent crude, the global benchmark, fell to a low of $72.24 a barrel on Thursday, slightly lower than the day before the US and Israel launched missile attacks on Tehran on 28 February. Prices have fallen more than 20% this month.

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Heatwave pushes Great Britain’s grid operator to call for extra electricity from power plants

Neso issues rare summer warning for Wednesday evening, as households turn on fans and air conditioning

Great Britain’s grid operator has released a rare summer power supply warning for Wednesday evening as the heatwave is expected to get more intense, putting pressure on the energy system.

The National Energy System Operator (Neso) issued an electricity margin notice late on Tuesday, asking power plant owners to provide any extra electricity, as the buffer between supply and expected demand comes under pressure.

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Europe’s heatwave drives electricity prices to new highs as demand soars

Great Britain has paid at least six times the normal price for imported power as millions turn on air conditioning and windfarm output sags

The heatwave has prompted a sharp rise in electricity prices across European markets as millions turn to air conditioners and electric fans to battle record high temperatures, which have also caused a string of power plant outages across the continent.

Great Britain imported electricity from Europe at more than six times the normal price on Tuesday as the high-pressure heat dome has slowed wind speeds, hitting renewable energy generation, and led to outages at multiple gas plants across the country.

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Britain ‘faces deindustrialisation’ without relief from high energy prices, survey warns

Make UK says manufacturers’ feedback shows sector at risk of collapse as it calls on Treasury to take action

Britain’s industrial sector is at risk of collapse as thousands of companies warn that they could face bankruptcy within the next year because of high energy prices, according to an industry survey.

The manufacturers’ body Make UK said the latest feedback from its members found that many would not be able to cope for much longer with energy costs that were twice the average in continental Europe and four times higher than in the US.

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How doing a wash while you watch the World Cup at 2am could cut energy bills

Change in viewing habits offered by match times at 2026 tournament could mean using cheaper off-peak power

Watching late-night or early hours football could provide UK households with a practical opportunity to cut their energy bills, as even just doing the washing when cheaper electricity rates apply can net a decent saving.

At a time when energy costs are back at worrying highs, research by E.ON Next shows the potential to save money on a time-of-use tariff – in this case, its Next Smart Saver deal, which has three rates: peak, off-peak and super off-peak.

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Unions attack ‘year-long delay’ for Tata Steel furnace’s grid connection in south Wales

Government urged to help speed up vital industrial project amid growing alarm over National Grid delays

Trade unions have called for the government to intervene to speed up Tata Steel’s connection to the electricity grid in south Wales, after the company said its new furnace would be delayed by up to a year.

Tata Steel last month told investors that National Grid had said it would face a six- to eight-month delay. That could stretch to 12 months amid unexpected engineering difficulties.

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UK consumers likely to face higher prices ‘for many months to come’

Data shows even if Iran war ends, shop price inflation on rise, while only 16% of firms left unscathed by conflict

Higher prices could persist over the summer even if ceasefire talks between the US and Iran bear fruit, consumers have been warned, with economic shock waves likely to be felt “for many months to come”.

Disruption to global shipping, coupled with soaring prices for energy and raw materials, have driven up costs for UK companies, with the impact already filtering through to prices paid at the tills, according to fresh inflation figures.

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With oil markets nearing the danger zone, a US-Iran deal can’t come soon enough | Heather Stewart

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.

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Oil markets nearing ‘red zone’ as Iran crisis continues, warns IEA chief

Surging demand, low reserves and reduced Middle East exports predicted to cause global crunch by August

Oil markets will enter the “red zone” by July and August as stocks dwindle before the summer travel season amid a shortage of fresh oil exports from the Middle East, the executive director of the International Energy Agency warned on Thursday.

Fatih Birol added that the most important solution to the Iran war energy shock was a full and unconditional reopening of the strait of Hormuz.

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Spending watchdog warns £38bn cost of Sizewell C nuclear plant is ‘risky’

National Audit Office says potential benefits are ‘considerable but uncertain’ while risks are ‘immediate and substantial’

The cost of the government’s £38bn nuclear plant in Suffolk is subject to “significant uncertainty” and may outweigh the benefits for UK households until at least 2064, according to the government’s spending watchdog.

The National Audit Office (NAO) has warned that although the potential benefits of the Sizewell C nuclear plant are considerable, they remain uncertain. The risks, however, are “immediate, substantial and borne by the public”.

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Strike near UAE reactor revives concerns over nuclear plant safety in wartime

Attack marks first time military action has forced a fully operating nuclear power plant to rely on backup generators

Middle East crisis – live updates

A drone strike that cut off external power to a nuclear reactor in the United Arab Emirates this week has revived concerns over the safety of nuclear plants during wartime.

Reactor no 3 at the Barakah nuclear plant lost vital off-site power for about 24 hours after the attack on Sunday, forcing it to rely on emergency diesel generators.

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British Gas faces record £112m settlement over prepayment meter scandal

Redress to customers for force-fitting devices in homes includes £20m penalty and £70m of debt write-offs

Thousands of British Gas customers who had prepayment meters force-fitted in their homes will between them receive compensation and energy bill debt write-offs worth up to £112m in the biggest energy supplier settlement on record.

Great Britain’s energy regulator found that British Gas forced PPMs on homes that were not keeping up with their bills at the height of the Russian gas crisis, in one of the most complex investigations in Ofgem’s history.

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Wednesday briefing: How Trump’s attempt to reopen to strait of Hormuz brought war closer again

In today’s newsletter: ​The brief US effort to ​s​teer 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.

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Nigerian refinery accused of sacking union members is key to UK plan to tackle jet fuel shortage

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.

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Octopus Energy boss: some people would accept blackouts if bills cut

Greg Jackson argues against costly investments in UK’s power grid that are adding to household bills

The boss of the UK’s biggest energy supplier has suggested that some households would accept an occasional electricity blackout in exchange for much lower energy bills.

A year on from Europe’s largest power outage – which left tens of millions of people in Spain and Portugal without trains, metros, traffic lights, ATMs, phone connections and internet access – the chief executive of Octopus Energy argued against costly investments in the UK’s power grid that are adding to household bills.

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CEOs of US’s top energy firms received average pay raise of $12.3m, review finds

Utility bills are up as much as 40% in some regions, and companies shut off power to customers 13m times in 2025

The US’s top utilities’ CEOs enjoyed a 16% pay raise last year – to an average of $12.3m – even as consumers shoulder the pain from high bills spurred by continuing inflation, the Iran war and datacenter growth, a new review of industry financial documents shows.

Utility bills are up as much as 40% in some regions since 2021, and, nationwide, utilities shut off power to customers 13m times last year, federal data shows.

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