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The Latest Breaking News from Oil

Iranian gunboats fire on tanker transiting the Strait of Hormuz, UK military says

The United Kingdom Maritime Trade Operations Centre says two gunboats from Iran’s Revolutionary Guard opened fire on a tanker transiting the Strait of Hormuz after Iran said it had reimposed restrictions on the vital waterway.

Euronews

Trump brands UK ‘crazy’ for not drilling the North Sea. But would it actually lower energy bills?

Donald Trump’s latest attack on renewables has reignited calls to drill the North Sea for oil – despite research showing it won’t lower energy bills.

Euronews

Open or closed? Uncertainty lingers as Iran-US reopen Strait of Hormuz, but with conditions

The Strait of Hormuz's reopening remains uncertain despite Iranian and US claims. While some vessels attempted passage, many turned back, with the International Maritime Organization seeking clarification on safety. The US maintains its naval blockade, while Iran warns of re-closure if the blockade persists, impacting vital global oil and LNG…

The Times of India

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Fuel pump prices to ease amid shipping breakthrough

Australians can expect petrol prices to fall further in coming weeks as oil prices ease, although volatility is expected to continue for months.

AAP

President Xi 'very happy' over Hormuz reopening: Trump says 'looking forward' to 'special' meeting in China

President Trump stated that Chinese President Xi Jinping is pleased with the reopening of the Strait of Hormuz. Trump anticipates a "special and potentially historic" meeting next month in China, where "much will be accomplished." This comes amid disruptions to global oil supplies due to Middle East conflict.

The Times of India

US again lifts sanctions on Russian oil stranded at sea two days after Trump’s treasury secretary promised not to

It prolongs a similar 30-day waiver issued in March

The Independent UK

Australia ‘prepared to provide assistance’ in the strait of Hormuz, PM says, as ‘fragile’ opening expected to ease fuel prices

Anthony Albanese was in meeting of 49 countries to discuss key shipping route when news broke that Iran was reopening strait

The Guardian - AU

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Spirit Airlines asks Trump administration for emergency bailout as it faces liquidation over rising fuel costs: reports

Spirit Airlines was expected to emerge from bankruptcy this summer but then the Iran war caused oil prices to surge

The Independent UK

Ukraine war briefing: Russia seeking to bring Belarus back into the war, says Zelenskyy

Building of artillery positions and roads suggest fresh military efforts likely from the north, says Ukrainian president. What we know on day 1,515

The Guardian - AU

These are the UK’s top-performing mobile networks

Anyone unhappy with their provider ‘should not hesitate to vote with their feet’

The Independent UK

Budget tightrope to cut oil dependence, ease inflation

The upcoming budget presents an opportunity to reduce reliance on vulnerable global fuel supply chains but comes at a time of multiple priorities to juggle.

AAP

Soybeans Push Higher int Friday’s Close

Soybeans closed with Friday gains of ½ to 4 ¾ cents across the board, with Marh slipping 8 ½ cents on the week. The cmdtyView national average Cash Bean price was up 4 cents at $11.02. Soymeal futures were down 90 cents to $3 higher on the day, closing the...

Barchart

Corn Rallies Back to Close Higher on Friday

Corn futures closed the Friday session with most contracts fractionally to 2 ½ cents higher, shrugging off early weakness. July was an exception, down ¼ cent. The CmdtyView national average Cash Corn price was up 1/2 cent at $4.12 3/4. Crude oil fell $9.12 on the day following Iran agreeing...

Barchart

Cotton Rally into Friday’s Close

Cotton futures posted gains of 44 to 170 points across the board on Friday, with May rallying 418 points on the week. The US dollar index was $0.045 higher at $98.070. Crude oil fell $9.12 on the day following Iran agreeing to open the Strait of Hormuz this morning. Managed...

Barchart

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The Independent UK

Traffic and trepidation in the Persian Gulf could keep gasoline prices from dropping quickly

Oil prices plunged and the stock market rallied after U.S. President Donald Trump and Iran’s foreign minister said that the Strait of Hormuz is fully open

Barchart

Stocks Soar on Middle East Peace Prospects

The S&P 500 Index ($SPX ) (SPY ) on Friday closed up +1.20%, the Dow Jones Industrial Average ($DOWI ) (DIA ) closed up +1.79%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed up +1.29%. June E-mini S&P futures (ESM26 ) rose +1.20%, and June E-mini Nasdaq futures...

Kiplinger

Dow Rises 868 Points Amid Gulf Ceasefire: Stock Market Today

Investors, traders and speculators are celebrating a Middle East peace worked out through the diplomatic channels of social media.

International Business Times

Chevron Scores Supreme Court Win in Louisiana Wetlands Case

Oil giant Chevron won a major Supreme Court victory on Friday that could end Louisiana's long-running effort to hold oil companies financially responsible for damage to its coast.

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AAP

Compromises abound in PM's global hunt for extra fuel

As fuel supplies tighten, world leaders - including Australia's - are having to make uncomfortable choices about where they source their oil.

Barchart

Dollar Drops on Middle East Peace Optimism

The dollar index (DXY00 ) on Friday fell to a 7-week low and finished down by -0.15%. The dollar came under pressure Friday in hopes that an end to the war in Iran is near, curbing safe-haven demand for the dollar. Also, Friday's rally in stocks has reduced liquidity demand...

Barchart

Crude Oil Prices Plummet as the Strait of Hormuz Reopens

May WTI crude oil (CLK26 ) on Friday closed down -10.84 (-11.45%), and May RBOB gasoline (RBK26 ) closed down -0.1589 (-5.02%). Crude oil and gasoline prices plummeted on Friday, with crude falling to a 5-week low and gasoline sliding to a 1-week low. Energy prices sank on Friday after...

The Independent UK

New oil and gas lease sale set for Alaska's Arctic National Wildlife Refuge, amid litigation

The U.S. government plans another oil and gas lease sale for Alaska’s Arctic National Wildlife Refuge

Barchart

Sugar Prices Settle Sharply Lower as Crude Oil Plummets

May NY world sugar #11 (SBK26 ) on Friday closed down -0.35 (-2.56%), and Aug London ICE white sugar #5 (SWQ26 ) closed down -6.00 (-1.43%). Sugar prices retreated on Friday, with NY sugar falling to a 5.5-year nearest-futures low. Friday's 12% plunge in crude oil prices (CLK26 ) hammered...

Barchart

Soybeans Back to Steady on Friday

Soybeans are mixed on Friday, within a penny of unchanged on Friday. The cmdtyView national average Cash Bean price is up 1 cent at $10.99. Soymeal futures are $1.50 to 1.70 on the day, with Soy Oil futures down 120 to 130 points. The latter is pressured with crude oil...

Barchart

Cotton Reverting from Early Losses at Friday’s Midday

Cotton futures are trading with contracts up 95 to 110 points so far on Friday after falling lower early this morning. The US dollar index is $0.270 lower at $97.775. Crude oil is falling $11.27 on the day following Iran agreeing to open the Strait of Hormuz this morning. USDA...

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