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The Latest Breaking News from Oil

Trump Says Iran Talks 'Going Well'; Oil Falls to Nearly $67 While South Korea's KOSPI Slides More Than 5%

On Wednesday, President Donald Trump’s upbeat assessment of U.S.-Iran negotiations weighed on oil prices and shaped global market sentiment, even as Asian equities tumbled sharply.

Benzinga

Oil Price Today (July 2): Crude oil at $70, falls for 2nd session as US-Iran talks progress. Worst over?

Brent crude futures fell 80 cents, or 1.09%, to $70.80 a barrel, while U.S. West Texas Intermediate crude declined 90 cents, or 1.28%, to $67.75 a barrel. In the previous session, both benchmarks had dropped more than 1%, settling at their lowest levels in four months.

The Economic Times

Gold extends gains on weak jobs data, lower oil prices

Gold prices climbed on Thursday, reaching a one-week high, buoyed by weaker-than-expected U.S. jobs data and a dip in oil prices. Investors are now keenly awaiting crucial nonfarm payroll figures later today for further direction on the Federal Reserve's monetary policy. This economic outlook is shaping near-term movements in the…

The Economic Times

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Oil falls after US, Iran talks conclude in Doha

Oil prices dipped as Qatar reported positive progress in indirect Iran-U.S. talks concerning the vital Strait of Hormuz. Despite recent exchanges, tanker traffic is recovering, with U.S. officials noting a return to pre-war levels. This, coupled with anticipated OPEC+ output hikes and a smaller-than-expected draw in U.S. crude inventories, is…

The Economic Times

Global Market Today: Asian stocks fall on Korean chip selloff, oil dips

Asian markets tumbled as chipmaker stocks experienced a sharp decline, sparking fears the AI rally might have overheated. Concerns also surfaced over Apple's potential chip purchases from China, impacting major players like Samsung and SK Hynix. Meanwhile, comments from Federal Reserve Chairman Kevin Warsh eased inflation worries, suggesting no immediate…

The Economic Times

Diesel prices fall by record amounts as Iran crisis eases

The cost of oil, which is a major influence on fuel prices, fell below pre-crisis levels for the first time since the war started on February 28

The Independent UK

Soybeans See First of the Month Strength on Wednesday

Soybeans posted gains of 3 to 9 ½ cents across most contracts, led by the front months on Wednesday. The cmdtyView national average Cash Bean price was up 15 1/4 cents at $10.85 1/4. Soymeal futures were steady to $1.90 higher, with Soy Oil futures mixed from 28 points higher...

Barchart

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Cotton Rallies into the Wednesday Close

Cotton futures were in rally mode late on Wednesday, with contracts up 104 to 106 points in the front months. Crude oil was down $1.41/bbl to $68.09. The US dollar index was up $0.243 at $101.200. The annual June Acreage report showed all cotton acres this spring planted at 9.85...

Barchart

Iran War Fallout Set to Deepen China's Grip on Global Renewable Energy Supply

The US-Iran conflict accelerates the global shift from fossil fuels, with China emerging as a major beneficiary due to its dominance in renewable energy production and infrastructure.

International Business Times UK

Beef Tallow Is Back on the Menu: The Old-School Cooking Fat Making a Sustainable Comeback

Modern cooking trends are finally circling back to traditional ingredients that older generations used daily. For decades, vegetable oils dominated the supermarket aisles due to heavy corporate marketing and outdated health advice. Today, professional chefs and home cooks are rapidly abandoning these highly processed seed oils. Beef tallow is officially…

Grocery Coupon Guide

Man Goes To Take 5. Then His Car Won’t Start. Then The Worker Pushes It Out Of The Shop... Because It’s In The Way

'This happened to us at Jiffy Lube.'

Motor1

Crude Prices Slide as Geopolitical Risks Ease

August WTI crude oil (CLQ26 ) on Wednesday closed down -0.92 (-1.32%), and August RBOB gasoline (RBQ26 ) closed up +0.0503 (+1.74%). Crude oil and gasoline prices settled mixed on Wednesday, with crude falling to a 4.25-month low and gasoline rising to a 1-week high. Crude prices were under pressure...

Barchart

‘It’s fair to ask whether it was worth it’: The Iran war has cost Americans $1,000 per household—and that’s a conservative estimate, Mark Zandi says

Gas prices, higher interest rates, and taxpayers covering military costs are adding up to quite the bill for American households.

Fortune

California delays first emissions reporting deadline to November

In this week’s edition of Economy and Society:

Ballotpedia

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The Times of India

US-Iran ceasefire tailored for US mid-terms, not lasting peace: Report

The ceasefire between the US and Iran has eased fears of a wider conflict and led to the reopening of the Strait of Hormuz, pushing oil prices lower. However, the truce may be tactical rather than permanent, according to analyst cited by Reuters. The underlying disputes, over Iran's nuclear program,…

Barchart

Cotton Posting Midday Gains on Wednesday

Cotton futures are showing 22 point gains in the front month July with other nearbys up 90 points at midday. Crude oil was down $1.22/bbl to $65.28. The US dollar index is up $0.183 at $101.140. The annual June Acreage report showed all cotton acres this spring planted at 9.85...

The Economic Times

Ahead of Market: 10 things that will decide stock market action on Thursday

Indian equities rebounded after two sessions of losses, with Sensex rising 444 points and Nifty reclaiming 24,000. Easing geopolitical tensions, trade deal optimism and lower oil prices boosted sentiment, while analysts maintained a bullish outlook above the key 23,800 support.

Barchart

Crude Prices Retreat on Progress in US-Iran Peace Talks

August WTI crude oil (CLQ26 ) today is down -1.26 (-1.81%), and August RBOB gasoline (RBQ26 ) is up +0.0335 (+1.16%). Crude oil and gasoline prices are mixed today, with crude falling to a 4.25-month low and gasoline rising to a 1-week high. Crude prices are under pressure today amid...

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International Business Times UK

How Trump is Allegedly Weaponising Iran Ceasefire to Manipulate Global Oil Markets

Donald Trump is considering whether to continue negotiations with Iran or resume military strikes, amid tensions in the Strait of Hormuz affecting global oil supplies.

The Independent UK

Government is warned support on energy bills can’t wait as price cap rises £221

Chancellor Rachel Reeves has indicated that targeted energy support could come in the autumn

Barchart

June’s Top Commodity Performers and Underperformers

Commodity prices declined in June as the dollar index rallied and interest rates remained elevated. Precious metals and energy commodities posted the most substantial declines in the month that ended on June 30.

Reason

Trump Scapegoats Gas Companies for Price Hikes Caused by His Iran War

The president is threatening gas companies and retailers over prices his own Iran policy helped create, while demanding that prices drop to a level the market hasn't seen since 2020.

Euronews

Ukraine hits Russia's Ufa oil refinery for second time in a week, Zelenskyy says

Ukraine’s domestically developed and manufactured drones and missiles have been hammering Russian oil facilities, including refineries, terminals, storage depots and pipeline pumping stations, for months.

The Guardian - UK

US cooking oil market shrinking due to Ice pressures on Latino households, Mazola owner says

Economic squeeze and anti-immigration raids have hit Hispanic communities, prompting people to shop online and reuse oil

Fortune

Current price of oil as of July 1, 2026

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

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