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The Latest Breaking News from Oil

Scoop: Trump claimed in G7 call that Iran is "about to surrender"

24 hours later, Iran's new supreme leader vowed to keep fighting.

Axios

Bleak economic data shows UK plc in trouble well before Middle East crisis

Zero GDP growth in January will not help Rachel Reeves claim she has put UK in position to weather oil price storm

The Guardian - UK

As Europe imports no Iranian oil, how does the conflict in Iran impact trade?

Tensions in the Middle East have threatened to drive up inflation and energy costs despite the EU having little direct trade with Tehran.

Euronews

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Iran’s simplest weapon is now holding the global economy hostage

Sea mines predate World War I, cost less than a used car, and can snap a ship in half. They also might be in the most important waterway on Earth.

Fortune

Oil and fertilizer prices are climbing. Your grocery bill may follow

The spike in crude oil and fertilizer prices could raise food prices within the coming months.

Fortune

Newsletter: Iranian Ambassador does not rule out strikes on military targets in Europe

Also in this newsletter: Israeli opposition leader Yair Lapid speaks to Euronews, and EU ambassadors to seek to renew sanctions on Russia.

Euronews

FTSE 100 Live 13 March: Economy stalls, markets in red as Brent crude oil tops $100

A flat GDP figure for January today heightened fears over the impact of the Iran war on the UK economy.

Evening Standard

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SPR drawdown might not be enough for consumers, Democrats say

President Donald Trump’s decision to draw crude oil from the Strategic Petroleum Reserve received little criticism on Capitol Hill Thursday, although Democrats expressed reservations that it would not do much to insulate Americans from global price volatility resulting from the war in Iran. Senate Energy and Natural Resources ranking member…

Roll Call

US eases sanctions on Russian oil in bid to ease energy crisis

IN FULL

The Independent UK

Europe rebukes US for temporarily lifting sanctions on Russian oil

German chancellor says decision is wrong and that pressure on Putin over Ukraine war should be increased

The Guardian - UK

China’s ban on fuel exports is deeply worrying for Australian air travellers

Australia’s vulnerability to liquid fuel shortages and price hikes has intensified amid reports China has told oil refiners to halt all fuel exports. This adds to continued global uncertainty about the duration of the Iran conflict and its impact upon oil supplies.

The Conversation

Do we want to keep fixing the same issue? Unlearned lessons from the first big oil crisis

As energy prices tripled in the 1970s due to Middle Eastern wars, Scandinavia, France and the Netherlands sped up green transition

The Guardian - UK

Ship escorts to start in Strait of Hormuz "soon," Trump officials say

Scott Bessent made the comments to Sky News as he confirmed the war had cost the U.S. $11 billion thus far.

Axios

Trump threatens Iran following new wave of attacks on Gulf states and Israel

Iran has launched launched multiple attacks on Gulf Arab states, including dozens of drones at Saudi Arabia, following warnings from its new supreme leader about hosting American bases

The Independent UK

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Euronews

Fossil fuel giants are ‘cashing in’ on the Iran war. Is it time for a tax on windfall profits?

As Europeans brace for higher oil and gas prices, G7 nations are being urged to tax fossil fuel giants profiting from the war on Iran.

Euronews

French soldier killed in Iraq as Iran war fallout continues to spread across region

Saudi forces intercepted more than two dozen drones on Friday after renewed Iranian threats against oil facilities, as the regional conflict killed a French soldier in Iraqi Kurdistan.

The Guardian - US

Trump news at a glance: president shrugs off highest gas prices in years

Trump claims US makes ‘a lot of money’ when oil prices go up, but rising costs could become political liability – key US politics stories from 12 March

The Independent UK

The Latest: US hits Iran with intense strikes as Iranian air campaign drives oil prices higher

As American and Israeli strikes pound the Islamic Republic and Iran attacks Persian Gulf shipping and energy infrastructure with no sign of an end to the war, oil prices have soared back above $100 a barrel

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The Independent UK

Newsom trolls Trump as Putin’s pup after US lifts sanctions on Russian oil during Iran war

As oil prices hit $100 a barrel again Thursday, the Treasury Department said it would allow countries to purchase Russian oil ‘currently stranded at sea’

The Times of India

‘Acknowledging the obvious’: Russia reacts to US waiver on oil amid Iran war

Russia asserted that global energy markets cannot be stable without its oil, following a US temporary allowance for Russian crude sales already in transit. This move occurred as oil prices surged amid escalating conflict involving Iran, Israel, and the US, with Iran warning of retaliatory attacks on regional energy infrastructure.

The Independent UK

Iran war and rising fuel costs could boost Panama Canal traffic, administrator says

The Panama Canal's administrator says the war in the Middle East and higher fuel prices make the canal more appealing for shippers

The Independent UK

Asia shares mostly lower and oil hovers around $100 a barrel over Iran war worries

Asia shares are mostly lower, tracking Wall Street losses, while oil prices hover around $100 per barrel

AAP

More than $200b evaporates from Aussie market since war

The Middle East war continues to wreak havoc on equities as surging oil prices hammer global growth hopes and light a match under inflation expectations.

The Guardian - AU

Ukraine war briefing: Putin envoy says US better understands importance of Russian oil amid energy crisis

Russian negotiator Kirill Dmitriev describes negotiations with Steve Witkoff and Jared Kushner as ‘productive’. What we know on day 1,479

The Conversation

Oil, petrol, gasoline: a chemical engineer explains how crude turns into fuel

As the US–Israel war on Iran escalates, so too does the global oil crisis.

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