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The Latest Breaking News from Oil

Keir Starmer ‘working to de-escalate the war’ as Iran vows to avenge its dead

Ayatollah Mojtaba Khamenei has also threatened to continue blocking the Strait of Hormuz, driving up oil prices.

Evening Standard

Treasury to work with NI Executive on heating oil support, Starmer says

Sir Keir Starmer said he is determined to stop people ‘getting ripped off’ on their energy bills.

Evening Standard

Iran Guard Vows to Target Banks, Economic Centres in War Risking Global Economy

Iran's Islamic Revolutionary Guard Corps has issued a warning that could have far-reaching effects on the global economy, as tensions rise in the Middle East.

International Business Times UK

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Iran War Triggers 400M Barrel Oil Release as Europe Fears Ukraine-Style Inflation

Europe is racing to prevent a new inflation shock after the Iran conflict rattled energy markets, with a historic 400-million-barrel oil release aimed at stabilising prices.

International Business Times UK

3 ETFs to Avoid as Oil Shock Hits Markets

With oil prices soaring near $100 per barrel, certain sectors are feeling more pain than others. Here are three ETFs to avoid amid oil's market roil.

MarketBeat

Oil price escalation could help China grasp more green global leadership

With crude oil prices incredibly volatile as the war in Iran continues, some countries are already warning they may run out of oil.

The Conversation

Trump promises to release nation’s oil reserves to steady gas prices after his Iran War caused massive spikes

Last week, oil surged past the $100-a-barrel milestone, after recording its largest one-week spike since March 1983

The Independent UK

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Stocks Fall as Oil Prices Continue to Climb

The S&P 500 Index ($SPX ) (SPY ) today is down -0.88%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -1.06%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -1.03%. March E-mini S&P futures (ESH26 ) are down -0.97%, and March E-mini Nasdaq futures...

Barchart

Russia earned €6bn from fossil fuel exports since start of Iran war, data suggests

Figures from thinktank show Russia received extra €672m in revenues from oil, gas and coal during March so far

The Guardian - UK

Global Loss and Damage Fund Offers Hope as Africa Faces Rising Climate Costs {Business Africa}

Africa is waiting for real financing from the global Loss and Damage Fund designed to help countries cope with climate-related destruction. From the Strait of Hormuz to African markets: Rising geopolitical tensions are pushing up global oil prices—driving higher fuel and food costs in Africa

Euronews

Recession and stagflation risks are rising due to Iran conflict, as economist warns it’s ‘getting harder to argue disruption will be temporary’

"Clearly, the longer that oil remains at these levels, expectations of a sustained shock will only grow," Deutsche Bank's Jim Reid said.

Fortune

Current price of oil as of March 12, 2026

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

Fortune

Climate watchdog urges France to set roadmap to phase out fossil fuels

France’s top climate advisory body on Thursday called on the government to set out a precise roadmap for phasing out coal, oil and gas, warning that the country's "ambitious" climate targets will need clearer political backing and stronger implementation.

Radio France Internationale

Iran war punctures Trump’s ‘drill, baby, drill’ promise on US gas prices, experts say

Fossil fuel supply is more vulnerable to global shocks than renewable power sources and efforts to boost efficiencies

The Guardian - US

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Barchart

Soybeans Continue Double Digit Gains on Thursday Morning

Soybeans are trading with 15 to 17 cent gains so far on Thursday. Futures saw gains of 12 to 14 cents in the front months on Wednesday. Open interest showed net new buying, up 15,897 contracts. There were 23 deliveries notices against March futures overnight. The cmdtyView national average Cash...

Evening Standard

Cooper flies to Gulf in show of solidarity amid Iranian bombardment

The Foreign Secretary’s visit is the first to the region by a UK minister since the outbreak of war at the end of February.

Evening Standard

'We'll make a lot of money,' says Trump as oil price jumps leaving millions facing higher energy, petrol and food bills

‘The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,’ says the US president

The Times of India

'We are simply not ready': US says its military cannot escort vessels in Strait of Hormuz right now

America's military is currently unable to escort oil tankers through the Strait of Hormuz. Energy Secretary Chris Wright stated that military assets are focused on Iran's offensive capabilities. Escort operations are expected soon, possibly by month's end. US forces have eliminated Iranian vessels suspected of laying mines near the strait.

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The Guardian - UK

First Thing: Iran escalates attacks on infrastructure and transport networks across the Gulf

Oil prices again rise over $100 a barrel as Iran threatens long ‘war of attrition’. Plus, San Francisco slashes air pollution

Euronews

Iran strikes neutralise record IEA reserves release as oil tops $100

Oil spiked above $100 a barrel on Thursday following fresh Iranian attacks on Omani oil storage facilities, reversing any downward pressure from the IEA's record release of 400mn barrels announced the previous day.

GOBankingRates

I’m an Economist: 5 Ways the Iran War Could Impact Your Retirement Savings

Rising Iran tensions could further impact markets, oil prices and inflation -- putting 401(k)s, IRAs and retirement savings at risk in unexpected ways.

Evening Standard

Iran conflict creating ‘largest oil supply disruption in history’, says IEA

It came as oil prices lifted higher again on Thursday as Iran continued to strike key energy and shipping infrastructure in the Middle East.

The Independent UK

Explosive boats set fuel tankers ablaze in Gulf as Iran ramps up threats on global shipping

Iran continues to claim attacks on commercial ships and lay mines in an effort to squeeze international energy markets

International Business Times

IEA Releases 400 Million Barrels from Reserves to Ease Energy Prices

The International Energy Agency released 400 million barrels of oil from reserves to stabilize global energy markets disrupted by the Strait of Hormuz crisis.

The Times of India

Watch: Moment Iranian 'suicide boat' struck US-owned tanker

Iran's attack on the US-owned tanker 'Safesea Vishnu' near Basra has claimed the life of an Indian national, with 27 others rescued. This incident, occurring amidst escalating West Asia tensions, has led to the suspension of oil terminal operations in Iraq. India's External Affairs Ministry is prioritizing the welfare of…

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