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The Latest Breaking News from Oil

Russia sanctions: Mercedes-Benz and L’Oreal join firms severing ties over Ukraine invasion - see full list

Banks, businesses, oligarchs, politicians and military leaders all targeted with harsh economic penalties by Western democracies as punishment for Vladimir Putin’s actions

The Independent UK

Cost of living support ‘isn’t enough’ to help everyone, admits Boris Johnson

Moves made by chancellor won’t ‘work enough in the short term’, concedes PM

The Independent UK

Russian forces storm Mariupol steel plant where 200 civilians remain, as other attacks devastate towns in eastern Ukraine

Russian troops storm the Azovstal steel plant amid a UN effort to evacuate civilians from the facility, which helped at least 101 people arrive in Zaporizhzhia.

ABC News

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Boris Johnson admits efforts to ease cost of living crisis not enough

PM rejects prospect of windfall tax on oil and gas companies but accepts ‘there is more that we can do’

The Guardian - UK

Just Stop Oil climate activists storm Clydebank terminal in early-morning demo

The group blockaded Nustar Clydebank in West Dunbartonshirein the early hours of Tuesday morning, having arrived at around 4am.

Daily Record

UPDATE: Protesters arrested at Clydebank oil terminal

Just Stop Oil supporters have blocked access to the Nustar facility in West Dunbartonshire

Insider UK

George Skelton: It's time to stop spinning our wheels on gas price relief and head in a different direction

SACRAMENTO, Calif. — California Gov. Gavin Newsom and state legislators have been spinning their wheels for months on gas price relief. They should get the vehicle moving or abandon it.

Los Angeles Times

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Slovakia says it will seek exemption from any EU embargo on Russian oil

Slovakia will seek an exemption from any embargo of Russian oil agreed by the European Union in its next set of sanctions against Moscow for its invasion of Ukraine, Slovakia's Economy Ministry said on Tuesday.

Reuters

Activists blockade Scottish oil terminal in climate protest

A SCOTTISH oil terminal has been blockaded by environmental protesters calling for all new oil and gas projects to be scrapped.

The National (Scotland)

Hungary will not support sanctions on Russian oil and gas shipments - minister

Hungary will not support sanctions that would make Russian oil and gas shipments to Hungary impossible, Foreign Minister Peter Szijjarto said in a statement on Tuesday.

Reuters

Russian strikes pound Ukraine on eve of new EU sanctions

Russian forces pounded targets in eastern Ukraine on Tuesday, unleashing rockets on a steel plant that is Ukraine's last redoubt in the port city of Mariupol as the European Union prepared to slap oil sanctions on Moscow.

Reuters

BP profits DOUBLE to £5billion as energy and petrol prices trigger cost of living crisis

It comes amid a cost of living crisis that has left millions of households struggling to afford basic essentials such as food and transport due to soaring inflation

Daily Mirror

Just Stop Oil climate activists blockade Nustar Clydebank oil terminal in Scotland

Just Stop Oil said it is the first action of its kind in Scotland

Evening Standard

FTSE 100 Live: BP pledges £18bn UK investment as profits hit $6.2bn

BP’s profits hit $6.2 billion (£5 billion) in the first three months of this year after benefiting from the soaring price of oil and gas.

Evening Standard

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The Guardian - UK

UK factories raise prices at record pace; windfall tax calls grows as BP earnings swell – as it happened

Rolling coverage of the latest economic and financial news

The Guardian - UK

BP profits double to $6.2bn, fuelling calls for energy windfall tax

Results are ‘obscene’, say unions, after soaring oil and gas prices help company to beat forecasts

The Independent UK

Protesters blockade oil terminal

Just Stop Oil said it is the first action of its kind in Scotland.

Evening Standard

BP’s £5bn profit triggers fresh calls for energy windfall tax

BP posted its best quarterly earnings in more than a decade as the government comes under pressure to do more to ease the cost of living crisis

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The Guardian - UK

EU drafts proposal to phase in a ban on Russian oil – as it happened

This blog has now closed. You can find our latest coverage of the Russia-Ukraine war in our new live blog

Asharq Al-Awsat

Kurdistan Demands 'More Serious' Stance from Baghdad after Latest Rocket Barrage

President of the Kurdistan Region Nechirvan Barzani called on the federal government in Baghdad to take a "more serous" stances in condemning the rocket attacks that have been taking place in the Region in recent months. A missile attack targeted an oil refinery in the Kurdistan capital, Erbil on Sunday…

The Guardian - AU

Europe prepares fresh Russia sanctions as US warns Moscow plans to annex parts of east Ukraine

European Commission expected to propose sixth package of sanctions this week as hopes rise of more Mariupol evacuations

France 24

Scores of civilians reach safety as Russia renews assault on Mariupol plant

Ukraine say Russian forces have launched a "powerful assault" on the Azovstal steel plant in Mariupol, where more than 200 civilians are still holed up with Ukrainian fighters, according to the city's mayor. Humanitarian workers say around 100 civilians have successfully been evacuated from the plant and are now in…

Asharq Al-Awsat

Iranian Oil Minister Meets Maduro in Caracas

Iran's oil minister has paid an official visit to ally Venezuela to meet President Nicolas Maduro and discuss ways to "overcome" the effects of US sanctions against both nations, officials said.

The Independent UK

Asian shares mixed in light 'Golden Week' trading

Asian shares are mixed in light “Golden Week" trading with markets in China, Japan and some other countries closed for holidays

Reuters

Borrell says EU aims to pass new Russia sanctions at next Foreign Affairs Council meeting

The European Union hopes to pass the sixth round of sanctions against Russia at the next meeting of the EU Foreign Affairs Council, the bloc's chief diplomat said on Monday.

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