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The Latest Breaking News from Oil

Current price of oil as of May 12, 2026

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

Fortune

Uganda's Museveni sworn in for seventh term as succession question looms

Uganda’s President Yowrei Museveni has been sworn in for a seventh – and possibly final – five-year term in office, as the country prepares to become an oil producer by the end of the year.

Radio France Internationale

Cotton Pulling Back Early on Tuesday

Cotton prices are down 95 to 110 points so far on Tuesday morning. Futures rallied 152 to 304 points across most contracts on Monday, with some deferreds lower. The US dollar index was $0.016 higher at $97.800. Crude oil was up $2.83 at $98.25 on Monday. NASS Crop Progress data...

Barchart

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India 10-year bond yield hits 5-week high on rising oil and war jitters

Hopes for a deal dimmed after Donald Trump said ‌a ceasefire with ⁠Iran was "on ⁠life support". Concerns about oil supply deepened after a senior officer in Iran's Islamic Revolutionary Guard Corps Navy said Tehran had expanded its definition of the Strait of Hormuz into a "vast operational area" far…

The Economic Times

Why is Tuesday Like Christmas to the BRACE Industry?

For those who live and breathe only because the government is benevolent enough to bestow imaginary numbers on them, Tuesday is their day.

Barchart

How big oil companies can slow the green transition by suing governments that ban fossil fuels

The UN’s climate summit in Brazil did not produce a fossil fuel roadmap last November, as had been expected. Now the closure of the Strait of Hormuz has exposed the fragility of global dependence on fossil fuels.

The Conversation

Modi urges Indians to work from home as US-Iran war sparks fuel crisis

Prime minister calls for adopting measures developed during Covid pandemic

The Independent UK

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India will need to see how long fuel retailers can bear losses, oil minister says

India's oil minister highlighted the need to address state-run fuel retailers' mounting losses from selling petrol and diesel below market rates. Despite global price surges, pump prices remain unchanged, impacting companies significantly. Officials deem compensation fiscally unsustainable, suggesting a substantial but inflation-conscious price adjustment may be necessary soon.

The Economic Times

Sensex dips 3,400 points in 4 days. Is this the beginning of a bigger crash?

Indian equity markets fell for a fourth straight session as rising crude oil prices, geopolitical tensions, FII selling, and a record-low rupee triggered sharp losses across benchmark, midcap, and smallcap indices. Analysts warned volatility may persist unless global tensions ease and inflation concerns stabilise.

The Economic Times

Rupee's rough patch worsens on oil, outflow strain; central bank likely steps in

The rupee and other currencies of oil-importing countries have been among the hardest hit following a near 50% surge in Brent crude prices since the Iran war began. The Philippine peso and the Indonesian rupiah have also been impacted severely, with the latter hitting a record low on Tuesday as…

The Economic Times

This Artist Paints Rainy Scenes So Realistic They Blur The Line Between Photography And Oil Painting (33 Pics)

Through rain-streaked windows, blurred headlights, glowing city reflections, and soft bokeh lights, the Manchester-based oil painter Riona Buthello transforms ordinary moments into emotionally charged scenes filled with nostalgia and quiet introspection. Her work often captures the feeling of sitting in a car during heavy rain, watching the outside world dissolve…

Bored Panda

A weakened Trump to test China's appetite for deal-making

A quagmire in Iran, sky-high oil prices and shrinking support at home: when US President Donald Trump belatedly travels to China this week, his position has weakened. Still, he is hoping for any deal. Nervous Europeans are watching.

Euronews

Trump Economic Advisor Claims Record Low Consumer Sentiment Is Caused By Stress Of Seeing Too Much Positive Change Too Quickly

The White House attributes record-low consumer confidence to rapid changes under Trump's administration, despite rising petrol prices and tariffs being cited as primary causes by the University of Michigan survey.

International Business Times UK

The battle for Hormuz risks sparking the next Iran clash

Iran is now controlling passage through the Strait of Hormuz. This new arrangement could continue even after the current conflict ends. Gulf exporters and buyers are uneasy about Iran dictating oil and gas flows. The United States opposes this shift in control. The future of the Gulf hinges on who…

The Economic Times

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The Conversation

Get ready for a budget slowdown. But Chalmers insists we won’t see a recession

Treasurer Jim Chalmers has called his budget “ambitious in the face of adversity”.

Euronews

Shipping industry fears fuel shortages that could drive up prices worldwide

Global shipping companies are bracing for fuel shortages and rising costs as the Iran war disrupts supplies of bunker fuel through the Strait of Hormuz.

The Economic Times

Oil market enters tight supply phase after years of underinvestment: Nikhil Bhandari

Global energy markets are entering a structurally tighter phase due to years of underinvestment in crude oil and refining. While renewables are growing, grid constraints persist, and downstream product shortages are emerging, signaling a multi-year squeeze across the energy sector.

The Guardian - UK

Investor jitters over Starmer uncertainty drive UK long-term borrowing costs to 28-year high

Bond yields soar and pound falls against dollar as investors brace for potential Labour leadership change

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The Economic Times

Why are oil prices up today, and will Brent crude futures and US WTI rates rise sharply in near future? Oil rises as supply fears return

Why are oil prices up today, and will Brent crude futures and US WTI rates rise sharply in near future? Oil prices increased as hopes for a peace deal faded and supply fears returned. The Strait of Hormuz risk, lower OPEC output, falling US crude stocks, and US-China tensions pushed…

Fortune

A second wave of Iran energy shocks is about to hit Asia and the wider world. Why aren’t markets reacting?

“The market has been complacent,” Chen Chien-Ming, an associate professor at NTU, says, blaming investors' "wishful thinking that the war will soon end.”

MarketBeat

Murphy Oil Q1 Earnings Call Highlights

Murphy Oil (NYSE:MUR) reported first-quarter 2026 results that management said reflected stronger-than-expected production, higher oil pricing late in the quarter and continued progress across its exploration and appraisal portfolio. President and CEO Eric Hambly said the company generated $429 mil

Euronews

US Treasury enlists banks to target Iranian money laundering schemes

The US Treasury has directed banks to intensify their monitoring of Iranian money laundering networks that enable funds from sanctioned oil. The move is part of the wider strategy to pressure Iran into a deal as negotiations stall.

Creative Bloq

"Every caricature that I create is a challenge"

Luis Rojas on anatomy, fantasy and finding a fresh way to depict well-known faces.

The Economic Times

Missiles over Dubai rattle the Gulf’s billion-dollar money machine

The Gulf's image as a safe financial haven is under strain as regional conflicts disrupt deals and deter investors. Once booming IPO markets are slowing, with billions in transactions stalled. Even Dubai's property sector and major projects face delays and rising costs, forcing a reassessment of risk premiums.

The Economic Times

Euro zone bond yields jump as Middle East peace deal hopes fade

Euro zone bond yields surged as hopes for a U.S.-Iran peace deal diminished, with markets now anticipating three European Central Bank interest rate hikes this year. Rising oil prices and geopolitical uncertainty contributed to a more downbeat market sentiment, while German inflation remained at 2.9% in April.

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