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The Latest Breaking News from Oil

UK to deploy mine hunters, drone boats and jets for Strait of Hormuz mission

Defence Secretary John Healey made the announcement amid a meeting of 40 ministers about plans to protect shipping in the waterway once the war ends.

Evening Standard

Mechanics Warn: The Cheap Oil-Change Habit That Ruins Your Engine — Stop Doing This

Every mechanic knows the look of panic that flashes across a driver’s face after a repair shop drops the words “engine sludge” or “bearing damage” into the conversation. Drivers across America chase bargain oil changes because flashy coupons and discount garages promise quick service for pocket change, yet many of…

Clever Dude

India brings back COVID-era work-from-home rules and asks farmers to halve fertilizer use as the Iran war chokes its oil lifeline

India is particularly exposed to the Iran oil shock as 50% of its crude oil imports pass through the Strait of Hormuz.

Fortune

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read the most diverse news in one place.

Global turmoil is India’s 'wake-up call' to cut import dependence: Piyush Goyal

India's Commerce Minister Piyush Goyal urges domestic industry to embrace self-reliance amid global challenges. He calls for increased productivity and better use of trade agreements. The minister emphasizes reducing import dependence to bolster the economy. He also highlights the potential of electric vehicles and advanced technologies like AI for growth.…

The Economic Times

Soybeans Posting Strength as USDA Shows Tighter Stocks

Soybeans are in rally mode on Tuesday, with contracts up 11 to 17 cents on a friendlier USDA report from this morning. The cmdtyView national average Cash Bean price is up 14 1/2 cents at $11.61 3/4. Soymeal futures are up $3.70 to $5.10, with Soy Oil futures 80 to...

Barchart

Cotton Slipping on Tuesday as Old Crop Stocks Remain Steady

Cotton futures are pulling back on Tuesday, with contracts down 73 to 88 points so far on the session. The US dollar index is $0.441 higher at $98.265. Crude oil is up $3.78 at $101.85 at midday. The annual USDA Cotton Ginnings report showed a total of 13.539 million RB...

Barchart

Vedanta chief Anil Agarwal backs PM's call to save forex, pitches for mining reforms

Vedanta Chairman Anil Agarwal urged swift mining reforms to boost domestic production of oil, gold, and other critical resources, aligning with Prime Minister Modi's call to conserve foreign exchange. Agarwal emphasized privatization and self-certification in clearances to unlock the potential of existing assets and reduce import dependency, citing Vedanta's success…

The Economic Times

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How the U.S.‑Israel war against Iran is exposing the limits of the petrodollar system

For the first time since the Second World War, excluding the COVID-19 pandemic, public debt in the United States has surpassed the entire economy’s GDP. As of late March, debt held by the public reached US$31.27 trillion, just ahead of the GDP of US$31.22 trillion.

The Conversation

US Workers’ paychecks lose buying power for first time since 2022: What is crushing middle-class Americans despite rising wages and bigger paychecks running higher?

US inflation rose to 3.8% in April. That is the highest level since May 2023. American workers are now losing buying power again as rising prices move faster than paycheck growth. Real wages fell for the first time in three years. Gasoline prices surged 28.4%. Rent inflation accelerated sharply. Middle-class…

The Economic Times

French oil giant TotalEnergies' record profits fuel calls for windfall tax

Since the outbreak of the Middle East conflict, French energy company TotalEnergies has faced mounting criticism in over profits it has made from soaring fuel prices. Now its chief executive has been summoned to answer questions before the National Assembly.

Radio France Internationale

Crude Oil Prices Rally on Doubts Over US-Iran Ceasefire

June WTI crude oil (CLM26 ) today is up +3.95 (+4.03%), and June RBOB gasoline (RBM26 ) is up +0.1110 (+3.08%). Crude oil and gasoline prices are moving sharply higher today after President Trump cast doubt over the ceasefire with Iran, which could lead to the escalation of hostilities that...

Barchart

Stocks Retreat as Oil Prices Surge and Inflation Accelerates

The S&P 500 Index ($SPX ) (SPY ) today is down -0.74%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.55%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -1.45%. June E-mini S&P futures (ESM26 ) are down -0.74%, and June E-mini Nasdaq futures...

Barchart

Congress Is Talking About a Federal Gas Tax Holiday: How Much Will Drivers Really Save?

As calls grow to suspend the federal gas tax, analysts say drivers may see only limited relief at the pump.

Kiplinger

Why did the US stock market crash today? Dow Jones, S&P 500 and Nasdaq sink deep into red as Iran tensions and soaring oil prices fuel fresh inflation fears across Wall Street

US stock market crash today shocked Wall Street after US CPI inflation jumped to 3.8%, the highest level in three years. The Dow Jones fell more than 307 points to 49,396.89, while the S&P 500 declined 0.63% to 7,366.24. The Nasdaq Composite dropped nearly 1%. Tech stocks lost momentum. Nvidia,…

The Economic Times

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The Conversation

Suspending federal gas tax wouldn’t save drivers as much as they might hope – here’s what goes into the price of a gallon of gas

With gasoline prices still high – averaging over US$4.50 a gallon in mid-May 2026 – President Donald Trump said he wanted Congress to suspend the federal gas tax, which is 18.4 cents a gallon for gasoline and 24.3 cents a gallon for diesel. A bill has been introduced in the…

Fortune

'A miserable number': Iran war and AI spending drove inflation to a 3-year high

KPMG's Diane Swonk says the Iran war is in your groceries, AI is in your electricity bill, and the Fed has no easy way out.

International Business Times UK

Venezuela as the 51st State? Here's Why Donald Trump's Venezuela Statehood Dream Faces Legal Roadblocks

Donald Trump has suggested making Venezuela the 51st US state, sparking debate over the feasibility and legality of such a move, amid ongoing discussions about oil and geopolitical influence.

Barchart

Dollar Rallies on Crude Oil Strength as Hot US CPI Report

The dollar index (DXY00 ) today is up by +0.45%. The dollar is climbing today on renewed concerns that the US-Iran ceasefire may break down after President Trump said the current ceasefire was on "life support." Today's +3% surge in crude oil prices also boosts inflation expectations and may prompt...

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International Business Times

Oil Rises As Hope For Iran Deal Continue To Fizzle

Oil rose again on Tuesday as hopes for a deal to end the war in Iran continue to fizzle.

The Economic Times

Quote of the day by ‘Father of Tragedy’ Aeschylus: ‘If you pour oil and vinegar into the same vessel, you would call them…’ Timeless lesson on toxic friendships, conflicts and harmony by Greek playwright

Quote of the day: Widely regarded as the “Father of Tragedy,” Aeschylus transformed Greek drama into a powerful art form exploring justice, pride, conflict and reconciliation. His plays were populated with kings, warriors, gods and moral struggles, yet many of his reflections on human nature continue to feel remarkably relevant…

Barchart

Stocks Pressured by Rising Oil Prices and Accelerating Inflation

The S&P 500 Index ($SPX ) (SPY ) today is down -0.44%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.74%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.72%. June E-mini S&P futures (ESM26 ) are down -0.38%, and June E-mini Nasdaq futures...

Reason

The War Comes for Your Wallet: Inflation Hits 3.8%, Highest Level in 3 Years

Prices are now rising faster than wages, just like during much of the Biden years. The war in Iran is largely to blame.

The Economic Times

Why is BTC falling? Will Bitcoin price go up today as crypto market loses $23 billion amid Iran tensions and oil fears?

The crypto market lost nearly $23 billion in value within hours as Bitcoin price slipped below $81,000 and investor fear returned across global markets. The total crypto market cap dropped to $2.67 trillion while Bitcoin failed to break above a major resistance zone near $83,600. That rejection changed market sentiment…

Kiplinger

April CPI Report: Higher Energy Prices Keep Inflation Hot

The ongoing conflict in the Middle East is having a major impact on inflation, with April's annual rise in headline CPI the fastest since 2023.

Barchart

Oil is Inching Up - One Play is to Short Chevron Calls and Puts Over the Next Month

June WTI futures prices are slowly moving higher, over $99 today. One profitable play is to sell short out-of-the-money one-month Chevron calls and puts. I discussed this last month, and it has worked out.

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