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The Latest Breaking News from Energy

Fuel duty hike could be scrapped if Middle East war drags on, Miliband suggests

The Energy Secretary said the Government will ‘stand by the British people’ as ministers consider whether to ditch a planned rise in fuel duty amid surging oil prices

Evening Standard

Skyrocketing energy prices and inflation woes mount as the ‘absurd’ reality in Iran sinks in

Energy prices may jump to all-time highs soon as the Iran war escalates without a ceasefire or a clear victory.

Fortune

Reeves drawing up plans to help with energy costs as Iran war continues

Chancellor Rachel Reeves will ‘take the necessary decisions to help families with the cost of living and protect the public finances’.

Evening Standard

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Rachel Reeves vows to support households with rising energy costs as Middle East crisis hits oil prices

Reeves has pledged to support those battling with escalating energy bills amid the Middle East crisis

The Independent UK

Trump’s bold promises for Hormuz collapse after one devastating truth from his own administration

The United States military isn’t ready to escort oil ships through the Strait of Hormuz, according to a top official in President Donald Trump’s administration, directly contradicting earlier suggestions from the president. This news comes as Iran continues to effectively block the crucial waterway, causing oil prices to surge worldwide.

The Mary Sue

Ministers warn petrol retailers against ‘unfair practices’

Chancellor Rachel Reeves and Energy Secretary Ed Miliband called in forecourt operators in response to the Middle East crisis.

Evening Standard

Fuel stockpile topped up as minister says supply secure

Australia has stockpiled more than a month's supply of fuel and is as "prepared as possible" as the war in the Middle East continues to impact global supply,

AAP

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Crude Oil Prices Underpinned as Iran War Rages On

April WTI crude oil (CLJ26 ) today is up +0.14 (+0.15%), and April RBOB gasoline (RBJ26 ) is up +0.0216 (+0.73%). Energy prices are moving higher today as news headlines whipsaw prices. Today's rally in the dollar index ($DXY ) to a 3.5-month high is weighing on crude prices. Also,...

Barchart

Petrol retailer group criticises ‘inflammatory language’ as staff face abuse

The Petrol Retailers Association had threatened to pull out of a meeting with Chancellor Rachel Reeves and Energy Secretary Ed Miliband.

Evening Standard

UK-Ireland summit held in Cork

The high cost of fuel and energy is expected to dominate discussions which will focus on energy links between Britain and Ireland.

Evening Standard

SPR drawdown might not be enough for consumers, Democrats say

President Donald Trump’s decision to draw crude oil from the Strategic Petroleum Reserve received little criticism on Capitol Hill Thursday, although Democrats expressed reservations that it would not do much to insulate Americans from global price volatility resulting from the war in Iran. Senate Energy and Natural Resources ranking member…

Roll Call

Rachel Reeves asks watchdog to ‘crack down’ on fuel ‘rip-offs’ amid Iran war

The Chancellor and Energy Secretary Ed Miliband will hold a meeting at Downing Street with petrol retailers and energy suppliers.

Evening Standard

Reeves and Miliband to demand answers from energy and fuel bosses over rip-off price rises

The chancellor and energy secretary to meet energy bosses to warn against profiteering amid soaring oil prices

The Independent UK

Elon Musk’s Tesla wins approval to supply electricity to British households

Tesla Energy Ventures has been granted a licence to provide electricity to households and businesses in England, Wales and Scotland.

Evening Standard

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The Independent UK

Largest ever oil reserves released as Iran war fuels price rises

The Middle East conflict has seen oil prices surge as the flow of oil tankers has effectively stopped

AAP

Fuel supply boosted as oil price threatens record highs

The government has temporarily lowered Australia's fuel quality standards to boost supplies as the war in the Middle East disrupts global markets.

The Independent UK

International Energy Agency to release record oil reserves to calm markets

The conflict in Iran has halted shipments through the Strait of Hormuz and pushed the price of oil and gas sharply higher.

We Got This Covered

Energy Secretary falsely claimed Navy escorted tanker through Strait of Hormuz – markets lost $84 million while he tried to backtrack

Gave the market false hope.

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The Times of India

Confirmed, deleted, then clarified: US shifts stance on navy 'escorting' oil tanker in Strait of Hormuz

A US Energy Secretary's claim of escorting an oil tanker through the Strait of Hormuz was swiftly deleted and corrected by the White House, stating no such escort occurred. This caused market jitters, with oil prices fluctuating. Iran's Revolutionary Guards also refuted the assertion, calling it false. The Strait remains…

The Independent UK

Deleted social media post from Trump’s energy secretary sends oil markets into frenzy: report

Earlier Tuesday, Energy Secretary Chris Wright wrote on X that the U.S. Navy had escorted an oil tanker through the Strait of Hormuz

Barchart

2 Energy Stocks to Watch as Strait of Hormuz Risk Spikes Oil Volatility

In this segment from Market on Close, Barchart Senior Market Strategist John Rowland explains why the real opportunity may not be in oil producers, but further down the supply chain.

Euronews

Newsletter: War fears, oil markets and EU energy battles

Also in this newsletter: Fico warns Slovakia may block EU's Ukraine loan if Orbán loses election.

Evening Standard

Competition watchdog warns suppliers over soaring heating oil costs

Sudden volatility in the global oil trade has caused prices to spike by up to £100 in the past week alone.

Evening Standard

FTSE 100 Live 09 March: Markets slump as oil price tops $100, inflation fears mount

Global stock markets are deep in the red after the Brent Crude oil price this morning soared as high as $119 a barrel.

International Business Times UK

Oil Prices Hit $100 as Middle East War Threatens 20% of World Oil Supply

Crude oil prices hit $110 amid Middle East tensions, risking a global energy crisis. Discover how market volatility impacts global economies and energy supplies.

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