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The Latest Breaking News from Oil

FTSE 100 Live: BP profits surge to £7bn in Q2, Brent crude holds $100

BP today racked up profits of $8.5 billion (£6.95 billion), up more than a third on the previous quarter after a continued surge in oil prices.

Evening Standard

BP's profits treble as households face record energy bills and high fuel prices

The company has cashed in on high oil and gas prices

Wales Online

BP profits triple to £7bn as oil prices surge because of Ukraine war

Labour says government is ‘totally wrong’ to give tax breaks to oil companies amid cost of living crisis

The Guardian - UK

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BP profits hit £6.9BILLION in 14-year high as UK buckles under soaring energy bills

BP's financial performance has gone through the roof thanks to soaring oil and gas prices due to the war in Ukraine as they've already raked in £5billion in profits in the first three months of the year - which is more than double the £2.3bn earned in the same period…

Daily Mirror

Why does the RBA keep hiking interest rates? It's scared it can't contain inflation

There are signs inflation pressures are easing. Oil prices are down almost 20% on their peak in March. They’ve been falling consistently for a month.

The Conversation

U.S. targets Chinese, UAE firms in new Iran oil sanctions

The United States on Monday imposed sanctions on Chinese and other firms it said helped to sell tens of millions of dollars' in Iranian oil and petrochemical products to East Asia as it seeks to raise pressure on Tehran to curb its nuclear programme.

Reuters

Federal government suspends new drilling and fracking leases on public lands in Central California

California Attorney General Rob Bonta announced Monday that the state has reached a settlement with the federal government to halt new oil and gas leases on public lands in Central California until the potential risks to public health and the environment are adequately assessed.

Los Angeles Times

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ASX recovers, Australian dollar sinks as RBA lifts cash rate to six-year high

Australian shares have staged a solid recovery in the final trading hour, after the Reserve Bank lifted its cash rate target by 0.5 percentage points, in a widely-expected decision.

ABC News

Trump calls Griner "a spoiled person"

“It once again shows just what a terrible guy this is, what a heinous human being," Scarborough said of Trump

Salon

PTTEP, Eni discover new source of gas in UAE

PTT Exploration and Production Plc (PTTEP) has discovered a new source of gas in the United Arab Emirates (UAE), described as one of its most significant discoveries in recent years.

Bangkok Post

Fish and chip shops struggling under weight of 13% cost rises in a year, warns Labour

Research by the Labour Party found that the price of flour and cereals have risen by 19.3% in the past year, while fish is up by 8% and oils and fats by 16.6%

Daily Mirror

Issuing fresh sanctions on Iran, US targets Chinese, UAE firms

The firms were being used by Iran to facilitate the sale of Iranian oil and petrochemical products, the US said.

Al Jazeera

US sanctions UAE, Hong Kong firms that ship Iranian oil

The U.S. has sanctioned a United Arab Emirates-based firm and several Asian companies for facilitating the illicit sale of millions of dollars’ worth of Iranian oil for shipment to East Asia

The Independent UK

Manchin spending deal includes billions in oil import taxes

WASHINGTON — The climate and tax spending deal announced last week by Senate Majority Leader Chuck Schumer and Sen. Joe Manchin could cost billions in new taxes.

Tribune News Service

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Asharq Al-Awsat

US Targets Chinese Firms in New Iran Oil Sanctions

The Guardian - UK

African nations expected to make case for big rise in fossil fuel output

Exclusive: leaders expected to say at Cop27 they need access to their oil and gas reserves despite effect on global heating

Benzinga

5 Short Squeeze Stocks That May Soar, Plus 5 To Watch: ToughBuilt, Solo Brands And This Oil Stock

Potential short squeeze plays gained steam in 2021 and continued through 2022, with new retail traders looking for the next huge move.

Chronicle Live

A1 reopens following serious oil tanker collision in Northumberland which closed road for seven hours

The road remained closed for around seven hours following the collision which resulted in large oil spillage

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Benzinga

U.S. Stocks Turn Higher; Crude Oil Tumbles

U.S. stocks turned higher midway through trading, after recording gains in the previous session.

The Independent UK

Valvoline to sell its global products arm to Saudi's Aramco

Saudi Aramco has announced a $2.65 billion agreement to acquire Valvoline’s global products business, which includes motor oils, transmission fluids, coolants and other automotive maintenance products

Daily Record

Tesco shopper hits out at 'daylight robbery' over £7 olive oil

One Tesco shopper shared how the cost of a 1L bottle of olive oil had risen from £2.85 to £7.05 in a matter of four weeks.

StockNews.com

3 Stocks Trading Near 52-Week Highs Right Now

Amid a seesawing economy and a highly volatile market backdrop, fundamentally sound stocks Occidental Petroleum Corp. (OXY), Molina Healthcare (MOH), and Greif (GEF) are currently trading near their 52-week highs. Given the solid fundamentals and momentum, these stocks could be ideal additions to one’s watchlist. Let’s discuss….

The Conversation

Inflation is spiking around the world – not just in the United States

The 9.1% increase in U.S. consumer prices in the 12 months ending in June 2022, the highest in four decades, has prompted many sobering headlines.

The Independent UK

Kuwait announces formation of new Cabinet to defuse crisis

Kuwait says it has formed a new government to defuse a protracted political feud that has blocked economic reforms in the oil-rich state

Asharq Al-Awsat

Kuwait Reappoints Oil, Finance Ministers in New Cabinet

Kuwait reappointed Oil Minister Mohammed Al-Fares and Finance Minister Abdul Wahab al-Rasheed in a cabinet formed on Monday under a new prime minister. Last week the crown prince of the Gulf Arab OPEC producer had named Sheikh Ahmed Nawaf al-Sabah as prime minister to replace Sheikh Sabah al-Khalid, who had…

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