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The Latest Breaking News from Oil

Stocks rise on Wall Street, erasing much of their loss from a day earlier

Stocks are rising on Wall Street, taking back much of their losses from a day earlier that were driven by anticipation that the Federal Reserve will likely raise interest rates this year in an effort to fight inflation

AAP

Ukraine Launches Major Strikes On Moscow, Hitting Key Oil Refinery

Ukraine launched what appears to be its largest strike on Moscow yet, hitting a major oil refinery.

International Business Times

U.S. Gas Prices Drop Below $4 a Gallon After Deal To Reopen Strait Of Hormuz

U.S. gas prices have dropped below $4 a gallon as oil prices continue to drop following the agreement between the U.S. and Iran to end the war.

International Business Times

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Government may lift fuel-supply safeguards once West Asia crisis abates: Official

India plans to ease emergency energy measures as global tensions subside. These steps were taken to ensure fuel availability amid West Asia conflicts. An interim agreement between the US and Iran could normalize shipping through the Strait of Hormuz. This will significantly benefit India, a major energy importer. The government…

The Economic Times

The Latest: US and Iran sign initial deal to end war, ease sanctions and open strait

According to details released by both countries, President Donald Trump has signed an agreement with Iran that calls for Tehran to dilute its stockpile of highly enriched uranium and waives U.S.-backed sanctions on the country, immediately allowing Iran to sell its oil freely in a major concession from Washington

The Independent UK

Current price of oil as of June 18, 2026

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

Fortune

US gas prices fall below $4 for 1st time since March, but still 25% higher than last year

U.S. gas prices are just barely below an average of $4 a gallon nationwide on Thursday, shortly after President Donald Trump signed an agreement with Iran that calls for Tehran to dilute its stockpile of highly enriched uranium and waives U.S.-backed sanctions on the country

AAP

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U.S., Iran Sign Memorandum Of Understanding To End War Ahead Of Schedule

Trump signed on Wednesday the memorandum of understanding with Iran to cease hostilities and begin nuclear negotiations.

International Business Times

Wall Street on track to open with gains, oil falls and Intel soars on Trump post about Apple deal

U.S. markets rose in premarket trading, taking back much of their losses from a day earlier that were driven by speculation that the Federal Reserve may raise interest rates this year to try and reign in persistent inflation

AAP

Ukrainian drones set a Moscow refinery ablaze in a major attack on the Russian capital

Ukraine has hit a major Moscow oil refinery for the second time in a week, disrupting flights at the city's airports

AAP

US gas prices now average less than $4, but still 25% higher than last year

AAP

Cotton Slipping Back on Thursday AM Trade

Cotton price action is down 5 to 82 points so far on the Thursday AM session, led by the front months. Futures closed with Wednesday gains of 115 to 204 points in most contracts. Crude oil was down 17 cents at $75.88. The US dollar index was up $0.981 at...

Barchart

India bond rally defies hawkish Fed on oil rout

Indian government bonds are rallying for a sixth day. Falling oil prices are boosting investor confidence. This is happening despite a hawkish outlook from the US Federal Reserve. Expectations of a reopened Strait of Hormuz are driving oil prices down. Cheaper crude oil improves India's inflation and fiscal outlook. Foreign…

The Economic Times

US gas prices dip below $4 for the first time since March

The Independent UK

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The Independent UK

Clouds of black smoke rise over Moscow after Ukrainian drones hit an oil refinery

Ukraine has hit a major Moscow oil refinery for the second time in a week, disrupting flights at the city's airports

The Economic Times

PetroChina forecasts Chinese oil consumption will drop 4.9% this year

China's oil use is set to decline in 2026. This shift comes as the nation embraces new energy sources and faces elevated oil prices. PetroChina's research unit predicts a 4.9% drop in consumption that year. Oil demand is expected to plateau and fall further by 2030. Meanwhile, gas consumption and…

The Independent UK

Ukraine sends Moscow oil refinery up in flames with largest drone attack on city in two years

President Volodymyr Zelensky calls strike a ‘fully justified response to Russian strikes on our cities and communities’

Euronews

US and Iran sign deal, but who really won? Here's what to know

Trump signed the framework deal at Versailles while Pezeshkian signed in Tehran, pledging to reopen the Strait of Hormuz and triggering 60 days of further talks. Analysts say the terms leave Tehran in a stronger position than the deal's framing suggests.

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The Economic Times

Rupee posts longest winning run in a year on exporter flows, bank dollar sales

The Indian rupee strengthened against the U.S. dollar for the fifth day straight, marking its longest rally in a year. Lenders and exporters aggressively reduced their dollar holdings. The rupee closed higher, recovering from an initial dip. This upward movement was driven by fixing-related selling and strong exporter support. Declining…

International Business Times UK

US-Iran Peace Deal: How It Shook Oil and Gold Markets Overnight

The US-Iran interim peace agreement has led to a drop in oil prices and a rise in gold, affecting market inflation expectations and Federal Reserve rate decisions.

Euronews

‘If Ukraine burns, so will Moscow,’ Zelenskyy says after refinery fire

The Ukrainian president said on Thursday that Kyiv will respond to all Russian attacks and that the morning strike on Moscow’s refinery — in response to Russia's attack on a UNESCO-protected cathedral earlier this week was “entirely justified.”

The Texas Tribune

An old well began gushing oilfield wastewater in a West Texas church parking lot, sparking a costly cleanup

By the time the Texas Railroad Commission shut down nearby oilfield injection wells to control the leak, 1.5 million gallons of toxic wastewater had spilled to the surface.

The Economic Times

PetroChina, Indian Oil fail to secure tankers to load Iraqi crude

PetroChina and Indian Oil faced difficulties securing tankers for Iraqi crude. PetroChina and Indian Oil Corp could not find vessels. Sinochem is searching for a tanker. High shipping rates and transit concerns persist. This follows an interim deal between the United States and Iran. Indian Oil Corp declared force majeure…

The Economic Times

Brent crude expected at USD 90-95/barrel, raising India's CAD risk: Crisil

India's current account deficit is projected to widen significantly. Higher crude oil prices are expected to drive this increase. This will put pressure on the economy. Experts anticipate Brent crude to average between USD 90-95 per barrel this fiscal. This is a substantial rise from previous levels. The deficit is…

The Economic Times

India treads cautiously as Trump seeks fresh start with PM Modi

US President Donald Trump and Prime Minister Narendra Modi struck a friendly tone during their first face-to-face meeting in over a year, with Trump calling Modi a long-time friend and a tough trade negotiator despite his calm demeanor.

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