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The Latest Breaking News from Oil

US gas prices surge to highest level in four years, averaging $4.18 a gallon

Oil prices surged as talks on reopening of strait of Hormuz remain gridlocked, sending prices $1 higher than last year

The Guardian - US

Ukraine says it shot down 33,000 Russian drones in March, a new monthly record

Ukraine has developed cutting-edge and battle-tested drone technology that has proved essential in holding back Russia’s bigger army and has drawn military interest from around the world.

Euronews

What is Opec? UAE to leave major group of oil producers

IN FULL

The Independent UK

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FTSE 100 edges higher but US tech stocks wobble

The index closed up 11.70 points at 10,332.79.

Evening Standard

Ukraine downs record 33,000 Russian drones in March as production scales up

Ukraine shot down more than 33,000 Russian drones in March, the highest monthly figure since Moscow launched its full-scale invasion more than four years ago, as Ukraine scales up production of interceptor drones but struggles with a shortage of trained operators, according to AP reports.

The Times of India

OPEC Suffers Stunning Blow as UAE Abandons Oil Cartel Following Strategic Pivot Toward Independent Production

The United Arab Emirates' exit from OPEC sparks claims of 'the beginning of the end' for the group, unfolding amid Iran War–driven turmoil and uncertainty in the global oil industry.

International Business Times UK

UAE quits Opec in win for Trump as oil cartel weakened

US president has accused organisation of ‘ripping off the rest of the world’ by inflating oil prices

The Guardian - UK

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Gaza’s transport grinds to a halt amid spare parts crisis

Severe restrictions on spare parts entering Gaza have paralysed transport, fuelled a black market and sent repair and travel costs soaring for residents, Euronews has learned.

Euronews

Crude Prices Strengthen as Global Oil Supplies Tighten with Strait of Hormuz Closed

June WTI crude oil (CLM26 ) today is up +3.13 (+3.25%), and June RBOB gasoline (RBM26 ) is up +0.0241 (+0.72%). Crude oil and gasoline prices are sharply higher for a second day today, with crude oil posting a 2-week high, and gasoline posting a 3.75-year high. Crude prices continue...

Barchart

Singing activists disrupt NatWest meeting over ‘climate backtracking’

AGM briefly adjourned after protesters wearing T-shirts labelled ‘No more big oil’ burst into song

The Guardian - UK

AI Fears and Surging Crude Oil Prices Weigh on Stocks

The S&P 500 Index ($SPX ) (SPY ) today is down -0.66%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.03%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -1.30%. June E-mini S&P futures (ESM26 ) are down -0.63%, and June E-mini Nasdaq futures...

Barchart

Blow for Reeves as government borrowing costs jump to highest since global financial crisis

10-year gilt yields are highest since the global financial crisis

The Independent UK

Dollar Gains on Weak Stocks and Soaring Crude Prices

The dollar index (DXY00 ) today is up by +0.23%. Today's stock slump is boosting liquidity demand for the dollar. Also, higher crude oil prices today increased inflation expectations, a hawkish factor for Fed policy, and a positive factor for the dollar. The dollar maintained its gains after the Conference...

Barchart

UAE leaves OPEC to pursue "accelerated" production

The departure will make it tougher for OPEC to control output and prices.

Axios

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Barchart

Stocks Pressured by AI Fears and Soaring Crude Oil Prices

The S&P 500 Index ($SPX ) (SPY ) today is down -0.38%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.25%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.78%. June E-mini S&P futures (ESM26 ) are down -0.44%, and June E-mini Nasdaq futures...

Evening Standard

UAE to leave Opec group of oil producers amid Middle East energy shock

The UAE joined Opec in 1967, and its departure will leave the oil cartel with 11 member countries including Saudi Arabia, Iran and Iraq.

The Independent UK

UAE to leave Opec group of oil producers after six decades amid ‘volatility’ from Middle East energy shock

UAE’s withdrawal will leave the oil group with 11 member countries, including Saudi Arabia, Iran, and Iraq

Fortune

OPEC shocker as UAE leaves oil cartel days after negotiating swap lines with Scott Bessent’s Treasury

The petrodollar saga is taking another twist. The long, slow unraveling of the architecture that has governed global finance since 1974 continues.

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news in one place.

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Barchart

Changing Consumer Tastes Are Likely Permanently Changing Orange Juice, Cotton Futures Prices

Orange juice prices are poised to close out April at their lowest level in four years as consumers continue to pivot away from the higher-sugar drink.

Euronews

Iran war will trigger largest energy price surge since 2022, World Bank warns

The World Bank’s latest Commodity Markets Outlook report predicts a 24% surge in energy prices this year as the Iran war delivers a historic shock to global supply chains.

Euronews

How the Iran war boosted profits at BP and Barclays

Barclays' profits rose, but loan losses weighed on its first-quarter results. At the same time, oil giant BP’s earnings jumped, largely driven by an exceptional oil trading boom linked to the Iran war.

Reason

Taxing the Rich

Plus: New York City's persistent budget problems, the crony capitalist scramble for Venezuelan oil, senseless trafficking PSAs, and more...

Fortune

Current price of oil as of April 28, 2026

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

International Business Times

Iran Has Less Than a Month Of Oil Storage As U.S. Blockade Of Its Ports Continue: Report

Iran has less than a month of oil storage as the U.S. continues to block its ports during the war, an intelligence firm said.

Barchart

Cotton Extending Rally on Monday

Cotton price action is up 39 to 50 points early on Monday. Futures closed the Monday session with contracts 22 to 55 points in the green. The US dollar index was slipping 0.039 lower at $98.325. Crude oil was back up $2.28 to $96.68. NASS Crop Progress data showed 16%...

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