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The Latest Breaking News from Oil

India raises windfall tax on diesel, jet fuel exports; cuts levy on petrol exports

India's government has adjusted windfall taxes on fuel exports, effective July sixteenth. The export duty on petrol has been reduced to two point five rupees per litre. Windfall taxes on diesel exports are now fifteen point five rupees per litre. Levies on aviation turbine fuel exports have also increased to…

The Economic Times

MoD buys Scottish oil terminal in bid to boost Navy fuel reserves

THE Ministry of Defence (Mod) has purchased a Scottish oil terminal in Argyll and Bute in a bid to boost the Navy's fuel reserves.

The National (Scotland)

Jump on this bandwagon: India’s ethanol push gathers speed as it transforms energy security and rural economy

Ethanol, a renewable biofuel, has become integral to India's transport fuel strategy. India achieved ten percent blending ahead of schedule in 2022 and is expanding its use. This program has generated significant payments for farmers and reduced crude oil imports. Flex-fuel vehicles and expanded retail infrastructure are key to the…

The Economic Times

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Cotton Rallying on Wednesday

Cotton futures are trading with contracts up 133 to 163 points at midday. Crude oil was up down 10 cents on the day with the US dollar index was up $0.281. Parts of Central Texas are looking at 1 to 3 inches precip in the next week, with the panhandle...

Barchart

Soybeans Holding onto Midweek Gains as NOPA Reports a Large June Crush

Soybeans are up 5 to 8 cents so far on Wednesday. The cmdtyView national average Cash Bean price is up 6 1/4 cents $11.52. Soymeal futures are down 40 cents to $1 higher, with Soy Oil futures 3 to 14 points higher. The next 7 days are remaining dry for...

Barchart

Recharging Your EV's A/C? It's Not Quite As Simple As You May Think

Understanding how your car works can save you from a costly repair. And taking care of your A/C system can prevent drivetrain issues, too.

InsideEVs

Crude Oil Prices Erase Early Gains on a Bearish EIA Inventory Report

August WTI crude oil (CLQ26 ) today is down -0.54 (-0.68%), and August RBOB gasoline (RBQ26 ) is up +0.0206 (+0.64%). Crude oil and gasoline prices are mixed today. Crude prices gave up an early advance and turned lower today on a bearish weekly EIA inventory report. Crude prices initially...

Barchart

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US reports 'wave of strikes' on Iran as war returns

The United States initiated strikes against Iran after reimposing a naval blockade. Iran's Revolutionary Guards reported targeting the US Fifth Fleet in Bahrain. President Donald Trump threatened wider strikes unless Tehran negotiates peace. Tensions remain high over the Strait of Hormuz, a vital oil transit route.

The Economic Times

As the Iran War Resumes, 2 Energy ETFs Ride Oil’s Renewed Rally

Renewed Iran-U.S. tensions have pushed oil prices and energy stocks higher, with the Vanguard Energy ETF (VDE) and iShares Global Energy ETF (IXC) both rallying off their July 1 lows.

MarketBeat

Cotton Bouncing Higher on Wednesday Morning

Cotton price action is 14 to 26 points gains on Wednesday morning. Futures ended Tuesday on a weaker noted despite a midday bounce, with contracts down 23 to 74 points on the session. Crude oil was up $1.69 on the day with the US dollar index was up $0.325. Monday...

Barchart

As Clashes Continue To Escalate Between The U.S. And Iran, Trump Goes Back To Threatening Tehran's Key Infrastructure

President Donald Trump threatened to target key Iranian infrastructure unless Iran goes back to the negotiating table.

International Business Times

Nifty to hit 27,000 in one year? PL Capital says Middle East crisis, El Nino can play a spoil sport; names 15 top picks

PL Capital has raised its one-year Nifty 50 target to 27,019, implying over 12% upside, while warning that the escalating West Asia conflict and a potential super El Niño could fuel inflation and hurt growth. The brokerage remains stock-specific and has identified 15 preferred large- and mid-cap picks.

The Economic Times

Rupee ends flat as merchant bids, oil blunt comfort from modest inflows

The Indian rupee hovered close to a one-month low on Wednesday, driven by modest portfolio inflows and increased corporate demand for dollars. Asian currencies remained mostly stable, with the dollar index resting near 101. Meanwhile, oil prices rose due to rising geopolitical tensions in the Middle East, prompting market participants…

The Economic Times

Russian oil still India's key energy bet despite looming US tariff risks

Proposed US tariffs on Russian crude imports could inject fresh market volatility. Replacing Russian supply would be difficult due to limited spare production capacity. US senators unveiled a revised sanctions bill with softened tariffs on energy buyers. India's Russian crude imports hit record levels, acting as a stabilizing force. Disrupting…

The Economic Times

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Fortune

Current price of oil as of July 15, 2026

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

The Guardian - US

US trial could reveal who paid hackers to target Exxon climate critics: ‘on the edge of our seats’

Oil giant has denied involvement, but climate activists are closely watching court case against Israeli private investigator for answers

France 24

Iran threatens to cut off vital seaways in response to Trump's renewed blockade

After closing the Strait of Hormuz, Tehran on Wednesday threatened to shut additional energy export routes including the Bab el-Mandeb gateway to the Red Sea, a major global shipping route through which Saudi Arabia exports its oil. The warning comes after the US launched a fresh round of strikes on…

Tom’s Hardware

Ukraine conducts record drone strike of 2,500km after 12-hour flight — $55,000 unit made of plywood halts operations at Russia's largest gasoline producer

Ukrainian FP-1 drones struck the Gazprom Neft oil refinery in Omsk, Siberia, on July 6 after flying roughly 2,500 km over more than 12 hours.

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Benzinga

Mohamed El-Erian Predicts Gas Prices Will Hit $4 a Gallon by the End of the Month as GOP Blames Democrats' Clean Energy Strategy

Economist Mohamed El-Erian has warned that the national average price of gas in the U.S. will hit $4/gallon by the end of July amid escalations between the U.S. and Iran, as well as uncertainty over the Strait of Hormuz.

The Independent UK

Heating oil firms told to compensate customers over Iran war price hikes

The CMA found heating oil customers lack the robust protections of those using gas or electricity

The Economic Times

Euro zone bond yields tick higher along with oil prices after big swings

Euro zone bond yields edged higher on Wednesday as oil prices climbed. Germany's 2-year bond yield rose, sensitive to central bank rate expectations. Oil prices increased as the U.S. and Iran continued trading strikes. Money markets are pricing in further ECB tightening this year. U.S. inflation data showed a slowdown…

The Independent UK

China’s economic growth slows to 4.3% as weak domestic demand offsets export boom

Slowdown driven by weak domestic demand and higher oil prices triggered by Iran war

The Economic Times

Explained: Why is stock market rising today even as Iran-US war escalates, oil prices cross $85

Indian equities rallied on Wednesday despite escalating Iran-US tensions and Brent crude crossing $85 a barrel, as investors bet the conflict will remain contained and global risk appetite improves on softer US inflation. Financial stocks led the gains, though analysts cautioned that geopolitical risks, inflation and oil prices remain key…

The Economic Times

Mutual funds cut cash allocation by over Rs 4,500 crore in June to 19-month low

Mutual funds cut cash holdings by over Rs 4,563 crore to Rs 1.83 lakh crore in June, marking a 19-month low, as fund houses increased equity exposure amid a market rally. The move came as geopolitical tensions eased and crude oil prices declined. The Sensex and Nifty50 gained 2.98% and…

Benzinga

Trump Hails Military as 'Oil Is Flowing Like Never Before'—Data Shows 10% of Global Refining Capacity Is Offline

President Donald Trump declared that “Oil is flowing like never before” due to United States military efforts keeping the Strait of Hormuz open.

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