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The Latest Breaking News from Oil

The US war on Iran is spinning out of control

Trump’s conflict keeps escalating, with Saudi Arabia joining airstrikes in Iraq and reportedly planning an attack on the Houthis. A recession could follow

The Guardian - US

Two reported attacks on tankers near Strait of Hormuz

The Strait of Hormuz, which connects the Persian Gulf with the Gulf of Oman and the Arabian Sea, is one of the world's most crucial oil and gas transit chokepoints, carrying roughly a quarter of the global seaborne oil trade.

Euronews

Does Saudi Arabia want to develop nuclear weapons? Here’s what history can tell us

The US-Saudi nuclear deal was announced in the midst of what has, as of 2026, become America’s Third Gulf War. The news broke just as Saudi Arabia and the US launched air raids against Iranian-backed Iraqi militias, in retaliation for alleged drone attacks directed Saudi Arabia’s oil facilities.

The Conversation

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ONGC plans 150 deepwater wells under Rs 84,084-crore Samudra Manthan Mission

ONGC will drill 150 deepwater wells over seven years. The Samudra Manthan scheme aims to boost domestic oil and gas exploration. This initiative will utilize advanced technologies and global specialists for faster discoveries. The government approved Rs 84,084 crore for this ambitious offshore exploration program. The goal is to strengthen…

The Economic Times

RBI likely to hold repo rate at 5.25%, market to focus on policy guidance: Nuvama

The Reserve Bank of India will likely keep its repo rate unchanged at 5.25 percent. Policymakers are expected to adopt a cautious wait-and-watch approach for now. Inflation risks remain elevated due to supply chain and oil price concerns. Financial conditions have tightened, reducing the immediate need for rate action.

The Economic Times

US Senate bill on Russia sanctions risks backfiring against European allies

A sanctions bill making its way through the US Senate risks handing Donald Trump a powerful tool to slap tariffs on allies and adversaries alike.

Euronews

Two VLCCs exit Strait of Hormuz, where traffic remains thin

Two large oil tankers exited the Strait of Hormuz on Friday, with traffic remaining thin. One vessel loaded Saudi crude and is anchored off the United Arab Emirates. The other tanker, carrying Iraqi oil, is currently heading towards China.

The Economic Times

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Hormuz oil shuttling trade is picking up again after lull

Producers are using their own vessels or fixed contracts to ensure oil delivery. This activity is crucial for global oil markets, which rely on Hormuz transits.

The Economic Times

5 World Market themes for the week ahead

Global markets face significant turbulence this week from multiple sources. AI-linked stocks are experiencing unprecedented volatility as investor concerns grow. The ongoing conflict in the Middle East continues to impact oil prices and trade routes. U.S. jobs data will provide clues on potential Federal Reserve interest rate hikes. Europe's heatwave…

The Economic Times

Trump threatens to hit Iran 'very hard' as US weighs fresh attack

President Trump threatened very hard hits on Iran, potentially targeting energy infrastructure. Reports suggest fresh strikes could begin as early as this weekend. The United States and Israel are discussing coordinated attacks on oil refineries and power plants. This operation would mark Israel's direct involvement in a new phase of…

The Times of India

White House signals Trump is weighing new strikes on Iran, and other developments in the Middle East

President Trump considers new strikes on Iran as tensions escalate in the region. Iran fired drones at Kuwait and struck oil tankers in the Strait of Hormuz. Hamas confirmed disarming as part of a potential Gaza war-ending deal. Saudi Arabia announced a 14-country defense alliance to strengthen maritime security. Israeli…

The Economic Times

Cotton Rallies into the End of the Month

Cotton futures closed the Friday session with contracts 53 to 112 points. December managed to close the week with a 181 point gains. Crude oil was back up $3.21 per barrel, with the US dollar index back up $0.016. Friday afternoon’s Commitment of Traders report showed managed money spec funds...

Barchart

Texas lawmakers want to halt plan to build high-voltage transmission lines across the state

Amid a backlash, Lt. Gov. Dan Patrick and a chorus of state senators said the the state's plan for building new high-voltage transmission lines needs to be changed as the oil and gas industry faces an electricity shortage.

The Texas Tribune

Oil pollution in Nigeria: NGOs accuse Shell of bad pipeline maintenance

After decades of operations in the Niger Delta, oil giant Shell is once again facing allegations regarding pollution. A consortium of NGOs is accusing the company of having been aware of oil spills yet allowing them to continue, in order to keep raking in ever-greater profits – amounting to nearly…

Radio France Internationale

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Barchart

Dollar Finds Support on Higher T-Note Yields

The dollar index (DXY00 ) rose by +0.04% on Friday. The dollar recovered from a 6-week low on Friday and posted modest gains as higher T-note yields strengthened the dollar’s interest rate differentials. The dollar also found support on stronger-than-expected US economic news, including the Q2 employment cost index, the...

Barchart

Supply Disruptions Underpin Crude Oil Prices

September WTI crude oil (CLU26 ) on Friday closed up +1.08 (+1.29%), and September RBOB gasoline (RBU26 ) closed down -0.0171 (-0.55%). Crude oil and gasoline prices settled mixed on Friday. Crude oil rose sharply due to threats to global supplies with disruptions in the Strait of Hormuz and the...

Fortune

Chevron posts largest quarterly profit ever, Exxon income surges as Iran war squeezes oil supply

The Big Oil giants are taking home near-record profits from high oil and fuel prices worldwide.

InsideEVs

‘Largest Supply Disruption In History’: High Oil Prices Drove Record EV Sales In 50 Countries

U.S. EV sales are down, but the rest of the world is picking up the slack to reduce its reliance on oil.

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The Guardian - UK

Burnham risks first revolt as PM over apparent support for North Sea drilling

Labour MPs fear No 10 team lack up-to-date energy insight and don’t fully recognise voters’ climate concerns

Barchart

Cotton Holding onto Gains at Friday’s Midday

Cotton futures are trading with contracts 40 to 60 points higher so far on Friday. Crude oil is back up $1.45 per barrel, with the US dollar index back up $0.189. Export Sales data has accumulated export business at 12.032 million RB, which is 102% of the USDA export projection....

Barchart

Soybeans Falling Lower on Friday

Soybeans are trading with Friday midday losses of 6 to 9 1/2 cents at midday. The cmdtyView national average Cash Bean price was up 8 1/2 cents at $11.40. Soymeal futures are $4.00 to $4.50 lower across most contracts, with Soy Oil futures down 120 to 140 points. There were...

MarketBeat

Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector

Chevron posted Q2 2026 earnings of $12.1 billion as elevated Brent crude and strong refining margins boosted results, but the stock struggled to rally as gains appeared already priced in.

The Independent UK

Trump says Iran attacks could continue for weeks: ‘We just want to win’

President Donald Trump has signaled that attacks on Iran could continue for weeks, further diminishing hopes for a quick deal to end the conflict. At a Cabinet meeting at Camp David on Friday, Trump was asked how the US can revive the ceasefire after relentless attacks by both sides over…

Benzinga

'Trump Administration's Unofficial Adviser On Venezuela, Mauricio Claver-Carone, Leaves His Role' - Reuters Exclusive

An unofficial adviser to the Trump administration who has played a leading role in shaping U.S. Venezuela policy and multimillion-dollar deals to exploit the OPEC state's vast oil resources has told Reuters he is no longer overseeing the portfolio.

The Economic Times

IOC slips into loss in Q1 on holding fuel prices despite rise in cost

Indian Oil Corporation reported losses for the June quarter that were lower than analysts expected. This was largely due to efficiency improvements and higher margins from refining. The company celebrated record highs in crude throughput and a drop in fuel losses, with petrol and diesel sales reaching impressive quarterly figures.…

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