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The Latest Breaking News from Oil

Photos of beachgoers in UAE where oil tankers and cargo ships line up in Hormuz Strait

People on the coast of the United Arab Emirates can see oil tankers and cargo ships line up in the Strait of Hormuz while playing on swings, riding horses and camping out on the beach near Khor Fakkan, as the war in Iran affects the global energy supply.

The Independent UK

Stocks Pressured by Higher Oil Prices, But Positive Oracle AI News Helps Tech Stocks

The S&P 500 Index ($SPX ) (SPY ) is down -0.30%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.88%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.11%. March E-mini S&P futures (ESH26 ) are down -0.42%, and March E-mini Nasdaq futures (NQH26...

Barchart

The fog of war is coming from inside the White House—and it cost oil markets $84 million in ten minutes

Meanwhile, the market shrugs at news of a record emergency release of oil.

Fortune

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France backs emergency release of oil reserves as supply fears grow

France, which holds the G7 presidency, said Wednesday that major economies were ready to act to stabilise oil markets as the US-Israeli war with Iran enters its second week and disrupts supply.

Radio France Internationale

Rideshare Drivers Rush to Protect Earnings As Iran War Sends Gas Prices on Rollercoaster Ride

Rideshare drivers are facing challenges due to the rising cost of gas

International Business Times

Hungary sends fact-finding mission over Druzhba pipeline as Kyiv refuses to recognise delegation

A Hungarian government delegation has entered Ukraine to assess the Druzhba pipeline, damaged in a Russian drone strike in January. Ukraine refuses to recognize the delegation and has described its members as “tourists.”

Euronews

White House bets it has just weeks before economic realities of Iran war set in for Americans: report

The White House has said the Iran conflict will ‘lower gas prices in the long term’

The Independent UK

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Will the rising cost of fuel impact air fares?

Plane Talk: Fares have little to do with the actual cost of providing the service

The Independent UK

IEA announces historic oil reserve release amid Iran war

It would be the largest joint release in the International Energy Agency's history.

Axios

Dollar Mildly Higher as T-note Yield Rises

The dollar index (DXY00 ) is up +0.17% on support from today's +4.7 bp rise in the 10-year T-note yield, which supported the dollar's interest rate differentials. Also, today's +4% rally in WTI crude oil prices is hawkish for Fed policy and supportive of the dollar. Today's US CPI report...

Barchart

Largest-ever emergency oil release approved to address Iran war crisis and global supply fears

It’s a larger stock than the 182.7 million barrels that were released in 2022 in response to Russia’s full-scale invasion of Ukraine

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.

The Independent UK

Iran War Sparks Largest Ever Oil Reserve Release

The International Energy Agency unanimously agreed to release 400 million barrels of oil from emergency reserves in response to the Iran war.

International Business Times

‘I took two bites and had to spit it out’: candy makers are phasing out real cocoa in chocolate

Due to the volatile cocoa market, companies like Hershey are using replacement ingredients such as sugar, oil, milk and nuts

The Guardian - US

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The Times of India

‘Will end any time I want it to end’: Donald Trump says Iran war could stop ‘soon’; claims US has little left to target

US President Trump declared the war with Iran could end soon, claiming significant damage to Tehran's military. He stated US forces are ahead of schedule, having destroyed Iranian mine-laying boats in the Strait of Hormuz. Despite his optimism, US and Israeli officials indicate preparations for further strikes continue, with Iran…

The Guardian - UK

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

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

The Independent UK

400 million barrels of emergency oil reserves to be released to calm surging prices

IN FULL

The Guardian - UK

Will releasing millions of barrels of oil stockpiles really bring down fuel costs?

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

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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.

The Independent UK

‘Troubling reports’ of sudden heating oil price hikes and cancelled orders across UK

Chancellor Rachel Reeves said she was working with the watchdog to tackle ‘any price gouging’

Evening Standard

Competition watchdog probes complaints over sudden heating oil price hikes

The Competition and Markets Authority (CMA) said it had kicked off a review after receiving ‘troubling reports’ from customers.

Barchart

Stocks Mixed as IEA Announces Historic Oil Reserve Release

The S&P 500 Index ($SPX ) (SPY ) is up +0.20%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.26%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.46%. In an effort to stabilize energy markets disrupted by conflict in the Middle East, the...

International Business Times UK

Iran Oil Blockade: Donald Trump Vows Military Action at 'Level Never Seen Before'

Donald Trump has warned Iran that failure to remove any mines potentially placed in the Strait of Hormuz could prompt unprecedented military consequences, after reports that Iran may have begun laying mines in the crucial waterway through which about 20%t of the world's oil supply passes daily.

Euronews

IEA approves largest-ever oil reserve release of 400m barrels amid Iran crisis

The 32-member International Energy Agency has unanimously agreed to release 400 million oil barrels from its global strategic reserves in an attempt to prevent supply disruptions and ease market fears caused by Iran war shortages.

We Got This Covered

Trump administration brushed off dire warnings. Now, Americans are paying for that miscalculation

Advisers ignored warnings and here’s the fallout.

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