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The Latest Breaking News from Oil

Current price of oil as of July 8, 2026

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

Fortune

Trump Said The Ceasefire With Iran Is Over. Oil Prices Are Immediately Soaring

Oil is surging on Wednesday after President Donald Trump said the ceasefire with Iran is over.

International Business Times

India's 10-year bond logs worst day in 3 months on faltering Iran deal

India's benchmark bond faced a dramatic decline, its most significant drop in over three months, primarily driven by a surge in oil prices linked to geopolitical tensions. This alarming rise in crude prices threatens India's economic growth and inflation forecast, leading to a substantial uptick in bond yields and swap…

The Economic Times

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Backlash on ethanol-blend fuel intensifies in India, puts carmakers in the dock

India's mandatory E20 fuel policy faces public backlash and political opposition. Car owners report reduced mileage and potential vehicle damage from the new fuel. The government asserts E20 reduces crude oil imports and aids farmers. Opposition leaders demand clarity from automakers regarding vehicle compatibility with E20. This policy, implemented nationwide,…

The Economic Times

Carol Vorderman calls Nigel Farage ‘snake oil salesman’ over resign and restand by-election plan

Carol Vorderman has labelled Nigel Farage a “snake oil salesman” after the Reform UK leader resigned as an MP to trigger a by-election in Clacton.

The Independent UK

Indian-flagged crude tanker turns back from Strait of Hormuz after vessel attacks: Report

Several oil and gas tankers have turned back from the Strait of Hormuz. This action follows renewed attacks on vessels in the critical waterway. A Qatari LNG tanker and a Saudi crude oil tanker were damaged near the strait. Maritime authorities have raised the threat risk for transiting vessels to…

The Economic Times

India seeks safe Hormuz passage for nine ships as truce falters

In a strategic move, India is engaging Iran in talks to guarantee the safety of nine tankers loaded with crude oil and liquefied petroleum gas. With vigilant oversight from the government on these vessels, officials will confer with Iranian counterparts to discuss the precarious state of maritime security due to…

The Economic Times

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‘We won’t give up, we’ll keep fighting’: activists in Colombia vow to resist far-right push for fossil fuels

As the newly elected president, Abelardo de la Espriella, pledges to exploit oil reserves, environmentalists prepare to defend climate progress

The Guardian - UK

Crude oil prices jump 6%, hit two-week high after Trump says Iran peace deal is ‘over’. What are experts saying?

Crude oil prices rose sharply on Wednesday to a two-week high after Donald Trump declared the Iran peace agreement "over", reviving fears of fresh supply disruptions from the Middle East. Analysts say concerns over the Strait of Hormuz, tighter sanctions and depleted inventories could keep oil prices elevated in the…

The Economic Times

Iran war news update: Brent crude oil price, WTI jump over 6 per cent, concerns grow ⁠over near-term supply availability

International oil benchmark Brent crude climbed as much as 6.52 per cent or $4.69 to trade near $80 a barrel. Similarly, US benchmark West Texas Intermediate (WTI) advanced more than 6 per cent or $4.85 to around $75 a barrel.

The Economic Times

Big Tech joins Calgary Stampede oil bash, as Canada courts data centers

Big Tech companies are increasing their presence at the Calgary Stampede. Alberta is actively seeking data center investment, offering affordable power and cold climates. Google, Meta, and Amazon are showing interest in the province's development opportunities. The government plans a major investment announcement in the technology sector soon. Pembina Pipeline…

The Economic Times

Stock Index Futures Tumble as Oil Jumps After Trump Says U.S.-Iran Ceasefire Is Over, FOMC Minutes on Tap

September S&P 500 E-Mini futures (ESU26) are down -0.96%, and September Nasdaq 100 E-Mini futures (NQU26) are down -1.34% this morning as sentiment took a hit after U.S. President Donald Trump declared an end to the ceasefire with Iran, sending oil prices and bond yields soaring.

Barchart

Rupee slumps to one-month low as oil soars after Trump says Iran deal is 'over'

The Indian rupee fell to its weakest level in nearly a month on Wednesday. This decline occurred after U.S. President Donald Trump stated the interim accord with Iran was over. Oil prices jumped significantly, renewing fears of Middle East supply disruptions. Indian stocks also dropped sharply, their steepest fall in…

The Economic Times

Strait of Hormuz closed again? Check latest status as Donald Trump declares US-Iran war ceasefire collapsed

Iran war news update: Strait of Hormuz The strategic shipping route remains a flashpoint in the conflict, which began in late February with massive US-Israeli strikes on Iran.

The Economic Times

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The Economic Times

US futures tumble as Trump says Iran deal is 'over'; oil climbs

On Wednesday morning, U.S. stock futures took a significant hit as President Donald Trump declared the memorandum of understanding with Iran null and void. This announcement sparked a notable rise in oil prices, leading to a boost in energy stocks during premarket trading. Meanwhile, investors await the release of the…

The Economic Times

Insects in your fuel tank? ISMA responds to claims of E20-led car damage & sugarcane mixing claims

E20 petrol is safe and scientifically validated, ISMA said, dismissing claims that it damages vehicles, attracts insects, voids insurance or uses sugarcane juice directly as fuel. Backing the government's stance, the industry body said no engine failures have been linked to E20 since its rollout and urged reliance on verified…

Fortune

Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil

Everything you need to know before you reach the office this morning.

Evening Standard

Burnham urged to end windfall tax if he enters No 10

The energy profits levy has been heavily criticised by the oil and gas industry and its backers.

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International Business Times UK

'They're Cuckoo': Trump Declares Talks Waste of Time as Iran Ceasefire Ends and Oil Prices Push Higher

Donald Trump latest remarks following the Iran ceasfire deal criticised Iranian leadership, straining diplomatic efforts and escalating tensions.

Benzinga

Trump Declares Iran Ceasefire 'Over,' Says Talks Are 'a Waste of Time:' Report

U.S. President Donald Trump on Wednesday declared that a tentative ceasefire and memorandum of understanding with Iran is “over,” abruptly shattering a fragile peace agreement just ahead of the annual NATO summit in Turkey, Reuters reported.

Euronews

Oil spikes and European stock markets slide as Trump says Iran ceasefire over

Crude oil prices rose more than 6% to a two-week high after US President Donald Trump declared the interim accord to end the war with Iran "over", while fresh US military strikes renewed concerns about oil supplies through the Strait of Hormuz.

The Guardian - UK

‘He saw signs saying No Blacks – but he never got bitter’: Sterling Betancourt, the man who brought steelpan music to the UK

Moving to the UK in the 1950s, the Trinidadian musician endured racism and built his own instruments from waste. After his death aged 96, his widow recalls his patience and positivity

The Independent UK

Nato chief defends Trump’s strikes on Iran as ‘absolutely necessary’ despite threat to ceasefire

Iran targeted US bases in Kuwait and Bahrain in response to the latest US strikes

The Economic Times

Global Market: European shares decline as Middle East tensions weigh; airlines, autos lead losses

European shares declined on Wednesday as renewed Middle East tensions and higher oil prices weighed on investor sentiment, while technology stocks traded mixed amid concerns over the sustainability of the AI-driven rally. Airline, banking and auto stocks led the losses, although select technology names and Swedish broadband provider Bahnhof outperformed.

The Economic Times

Prolonged US-Iran tensions may push India's crude basket above $75/bbl, raise inflation risks: Experts

Market experts warn a prolonged US-Iran standoff could increase India's crude oil import costs. Diversified sourcing is expected to cushion supply disruptions, reducing vulnerability to shocks. However, prolonged conflict may push India's crude basket beyond $75 per barrel. Higher crude prices could create near-term macroeconomic pressures and inflation risks.

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