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The Latest Breaking News from Oil

Oil prices continue to fall as optimism around Iran deal grows

Financial markets are buoyed by Iran's announcement that it is reviewing the latest U.S. proposals

The Independent UK

DOJ Investigates $2.6 Billion In Oil Trades Linked to Iran Conflict Timing: Report

The Department of Justice and the Commodity Futures Trading Commission are reviewing whether the timing of the trades reflects unusual market behavior or potential misuse of nonpublic information.

International Business Times

US and Iran close to temporary truce, Pakistani officials claim

Latest briefings float hope of basic deal that would keep peace and free shipping while further negotiations continue

The Guardian - UK

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Why Oil-Rich Alberta May Secede From Canada

Economic grievances and political alienation are fueling a separatist movement in the Canadian province just north of Montana.

Reason

Royal Navy tracks Russian frigate for one month off UK coast

Moscow steps up maritime presence in North Sea after UK threats to seize shadow fleet oil tankers

The Guardian - UK

DOJ investigating $2.6 billion worth of oil bets placed just before Trump’s Iran war announcements, report says

Minutes before Donald Trump said he would delay an attack on Iran in March, traders bet more than $500 million oil prices would fall

The Independent UK

Trump shelved ‘Project Freedom’ after Saudis refused use of bases and airspace

Riyadh told White House it would deny access for operation to provide tankers military escort through strait of Hormuz

The Guardian - UK

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Blue chips falter amid wait for Middle East deal

The oil price fell back amid continued hopes for a peace deal between the US and Iran.

Evening Standard

BP plans to sell shares in flagship carbon projects as it pulls back from green agenda

Oil firm seeks to reduce stake in carbon capture and storage projects in north-east of England after schemes fail to win over shareholders

The Guardian - UK

AI Surge Powers Asian Stocks To Records Despite Ongoing Iran War And Oil Shock

Japan's Nikkei 225, South Korea's Kospi and Taiwan's Taiex have all reached new highs, tracking a broader global rally that has also pushed U.S. indexes such as the S&P 500 and Nasdaq Composite to record territory.

International Business Times

Middle East war will slow down economic growth in Africa as cost of living crisis soars, IMF warns

According to the IMF's report, regional growth is expected to decline by 0.3 percentage points, and some 20 million people in Africa now face the risk of food insecurity as the Iran war raises energy and food prices.

Euronews

How Trump’s ‘one page memo’ could take us back to square one in Iran - after thousands of lives lost and economic ruin

The US has reportedly drafted a 14-point memo to end the war and kickstart negotiations towards a nuclear deal but several issues remain unresolved

The Independent UK

Brent Crude Dips Below $100 Amid Optimism About Progress Towards Ending Iran War

Oil continued to drop on Thursday amid optimism about progress towards ending the war in Iran.

International Business Times

Chicken and Waffles add a sweet-salty twist to Mother’s Day

Chicken and Waffles is joining classics like Eggs Benedict and French Toast on more brunch menus

The Independent UK

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The Guardian - UK

‘An epidemic of flies, rats, waste and foul odours’: health fears in Cuba as US oil blockade halts rubbish collection

As Trump ramps up pressure by cutting off fuel to the island, Havana’s refuse is rarely collected, forcing residents to burn it in the streets despite the pollution

Fortune

Current price of oil as of May 7, 2026

When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.

Barchart

Cotton Losses Extending to Thursday Trade

Cotton price action is down 100 to 110 points so far on Thursday. Futures closed the Wednesday session with contracts down 31 to 75 points. The US dollar index was $0.420 lower at $97.890. Crude oil was the pressure factor, falling $6.06 on the day on easing US/Iran tensions. The...

Barchart

Soybeans Sliding to Thursday Morning Trade

Soybeans are trading with 2 to 5 ½ cent losses on Thursday morning. Futures closed the Wednesday session with contracts falling 10 to 16 ¾ cents. Open interest was down 8,142 contracts on Wednesday, mainly in the nearbys, with November up 4,479 contracts. There was just one delivery issued above...

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MyLifeXP

5 Expert-Backed Habits to Reverse Fatty Liver Naturally

Fatty liver disease is becoming increasingly common across the world, especially due to modern lifestyle habits such as poor diet, lack of exercise, and rising obesity levels. Doctors explain that in many cases, early-stage fatty liver, also known as metabolic dysfunction-associated steatotic liver disease, can be improved and even reversed…

Euronews

Brussels mulls scrapping methane fines amid energy crisis - leak

The EU executive had previously eased the rules in response to growing pressure, delaying parts of the measure, Now, however, it is now going further, removing the very incentives that would ensure effective monitoring of methane pollution.

The Guardian - UK

First Thing: Uncertainty looms as last oil tanker from Middle East arrives in California

State can meet fuel demand for next six weeks with its current supply, says energy commission vice-chair. Plus, alleged Epstein suicide note unsealed by federal judge

Euronews

Shell profits surge as Iran war drives oil prices higher

Europe’s biggest energy company reported a jump in first-quarter profits as the war involving Iran and the effective closure of the Strait of Hormuz pushed oil and gas prices higher.

The Guardian - US

Trump’s Iran war may stymie climate gains with boost to big oil, experts say

Windfall profits could lock in Trump-era political wins for the industry and slow clean-energy transition

Barchart

Stocks Steady Before the Open as Investors Await U.S.-Iran Updates; Earnings and Economic Data on Tap

June S&P 500 E-Mini futures (ESM26) are up +0.03%, and June Nasdaq 100 E-Mini futures (NQM26) are down -0.01% this morning as investors await the outcome of diplomatic efforts aimed at ending the Iran war.

The Independent UK

Shell profits rise to £5bn after Iran war oil price surge

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