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The Latest Breaking News from Oil

Shell profits rise to £5bn after Iran war oil price surge

IN FULL

The Independent UK

Gas prices won't return to pre-war levels any time soon

Consumers have a long road ahead even if a U.S.-Iran peace deal actually happens this time.

Axios

RBI likely to hold rates in June: HSBC

The Reserve Bank of India faces a tough choice in June. Economists predict no interest rate changes as the economy deals with rising energy costs and unpredictable weather. The RBI must balance fighting inflation with keeping economic growth strong. Any rate hikes are likely delayed until global supply chains stabilize…

The Economic Times

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Two drones from Russia crash in Latvia with one causing oil depot fire, army says

Europe is on high alert after drone flyovers into NATO airspace reached an unprecedented scale last September, prompting leaders to agree to develop a "drone wall."

Euronews

Hantavirus outbreak ‘not start of pandemic’ says WHO, as Canaries secure concessions over cruise docking plans - as it happened

Health body gives briefing as Spain says ship will not dock in Tenerife but be anchored offshore and passengers will have no contact with the public

The Guardian - UK

The Italian maxi-plant changing the energy balance in Libya

Eni's maxi module starts from Ravenna to Libya: less waste, more gas and an increasingly strategic Italy-Libya axis in the Mediterranean

Euronews

AirAsia's Tony to give the world new airline

Tony Fernandes, co-founder of AirAsia X, is set to launch a new airline. This aggressive expansion comes despite rising oil prices. The new carrier is expected to be announced soon. Fernandes sees opportunities within the current market challenges. AirAsia is reallocating aircraft for this new venture. This move follows a…

The Economic Times

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Shell under fire over ‘outrageous’ profits after boost from soaring oil prices

Campaigners took aim at the group over its profits at a time when households and businesses are suffering from painful price rises.

Evening Standard

7 Indian Snacks That Are Surprisingly Good for Your Health

For years, snacks have often been blamed for weight gain, low energy, and unhealthy eating habits, especially in a world dominated by packaged chips, sugary biscuits, and processed fast food. Yet many traditional Indian snacks tell a completely different story. Long before protein bars and imported health foods became trendy,…

Times Life

Nato fighter jets scrambled as drones from Russia crashed into oil storage facility

Firefighters extinguished a smouldering area of around 30 square metres in one of the tanks

The Independent UK

Neeraj Dewan bets on defence, realty and NBFCs for long-term growth

Indian stocks saw a strong recovery driven by hopes of a US-Iran peace deal. This eased concerns about crude oil prices, benefiting sectors hit by inflation. Market expert Neeraj Dewan noted the day's volatility but sees potential for further gains. Domestic earnings are also showing strength, with mid and small-cap…

The Economic Times

Financial stability risks are rising as AI fuels cyber-attacks, IMF warns; oil below $100 on Iran peace hopes – as it happened

Rolling coverage of the latest economic and financial news

The Guardian - UK

Shell profits soar amid surging oil prices because of Iran war

The oil giant reported a 24% rise in underlying earnings to 6.92 billion US dollars (£5.09 billion).

Evening Standard

Shell profits rocket above £5bn for three months amid surging oil prices due to Iran war

The oil giant reported a 24% rise in underlying earnings to 6.92 billion US dollars (£5.09 billion)

The Independent UK

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The Guardian - UK

Climate campaigners attack Shell over ‘windfall’ profits from Iran war

Firm benefits from conflict to rake in $6.9bn as higher energy prices turbocharge profits

Euronews

Oil drops below $100 while markets rise as US and Iran near a deal

Brent crude has fallen below $100 a barrel while Asian markets reached new all-time highs and European stocks rose at the open on reports that the US and Iran are nearing a deal for the gradual reopening of the Strait of Hormuz.

The Economic Times

Seth R Freeman on why global markets continue to climb amid West Asia conflict

Global markets are ignoring geopolitical tensions, focusing instead on robust corporate earnings and the excitement around artificial intelligence. Investor sentiment is positive on Wall Street and in parts of Asia. Strong financial sector performance and gains in technology companies are driving this optimism. This trend suggests a market prioritizing growth…

The Independent UK

Oil prices fall towards $100 as Trump suggests Strait of Hormuz could be ‘open to all’

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news in one place.

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The Independent UK

Oil prices fall sharply towards $100 on hopes of Iran deal

Iranian foreign ministry spokesperson says US proposal is still being considered

Euronews

Iran reviewing US proposal on deal to end war as Trump ramps up pressure

A fragile ceasefire between the US and Iran has largely held since 8 April but in-person talks between the two countries hosted by Pakistan last month failed to reach an agreement.

The Economic Times

US fires on Iranian oil tanker amid talks

Iran war news: America fired on an Iranian oil tanker in the Gulf of Oman. President Trump is pressuring Tehran for a deal to end the war. Israel also struck Beirut's southern suburbs. The conflict has disrupted oil and gas shipments. Iran is reviewing American proposals for a potential agreement.…

The Independent UK

Bus and oil tanker collide in Indonesia, killing at least 16 people

A passenger bus has collided with a fuel tanker truck on Indonesia's Sumatra island, killing at least 16 people and injuring four others

AAP

Miners lead Aussie shares higher on peace hopes

Hopes of de-escalating tensions between the US and Iran have lifted investor sentiment, boosting mining stocks as energy and utilities tumble.

The Economic Times

Oil Price Today (May 7): Crude oil reclaims $100, snaps two-day losing streak. Here’s why

Oil prices rebounded on Thursday, recovering from a significant prior fall as investors assessed mixed signals regarding Iran-U.S. relations. While reports suggested a potential agreement to end the conflict, President Trump issued a stark warning of intensified bombing if Iran rejects a peace deal, highlighting the precarious state of negotiations.

The Economic Times

Gold steady as markets focus on potential US-Iran peace deal

Gold prices held steady near a one-week high as investors awaited clarity on a potential U.S.-Iran peace deal. While stocks and oil dipped on hopes of an agreement, market participants are now focused on the upcoming U.S. employment report for clues on the Federal Reserve's next move. Fed officials expressed…

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