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The Latest Breaking News from Oil

India wants return of stranded ships before sending more to Gulf

India's priority is to bring back its ships stuck near the Strait of Hormuz. Only after these vessels are safe will India consider sending ships to load fuel. This move comes as the conflict has disrupted vital energy supplies. India relies heavily on the Strait for crude oil and cooking…

The Economic Times

Current price of oil as of May 21, 2026

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

Fortune

IEA Chief Says Oil Markets Could Enter 'Red Zone' As Reserves Continue To Drop

IEA chief Fatih Birol warned that oil markets could enter a "red zone" as stocks continue to decrease.

International Business Times

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The US Constitution and laws do not protect oil companies from being sued over the harm they cause to the climate

In recent years, at least two dozen local and state governments have sued petroleum companies to recover the billions in costs they have incurred responding to and rebuilding after flooding, storms and wildfires – all of which have been worsened by changes to the climate resulting from burning fossil fuels.

The Conversation

US markets head lower as oil prices resume their climb and higher treasury yields pressure stocks

U.S. markets were poised to open lower Thursday as oil prices rose and treasury yields resumed their climb amid the ongoing stalemate between Iran and the U.S. Futures for the S&P 500 and Dow Jones Industrial Average each fell 0.2% before the opening bell

AAP

Reeves cuts VAT on summer days out to 5% as part of cost of living support

Chancellor says she will raise tax on global oil firms to help meet costs of plans and confirms delay to fuel duty increases

The Guardian - UK

AAP Rolling News Bulletin May 21, 2200

AAP Rolling News Bulletin for May 21 at 2200

AAP

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Oil flows through Strait of Hormuz won’t return to normal until next year even if war ended tomorrow, warns energy boss

Disruption to exports through the waterway has sparked fears of a global economic crisis

The Independent UK

Ukraine drones hit another refinery deep inside Russia

Ukrainian drones have struck a refinery 800km inside Russia as Kyiv continues to escalate attacks on Moscow's oil infrastructure.

AAP

Ukraine strikes Russian oil refinery in long-range drone attack, Kyiv says

Ukraine has been ramping up its retaliatory long-range strikes on Russia in recent weeks, particularly targeting oil infrastructure.

Euronews

Colombia’s climate crossroads: Trumpism casts shadow over presidential battle

Colombia is a global leader in climate activism. Could US influence drag country to a future of mining and fracking?

The Guardian - UK

Stocks Slip Before the Open as Oil Rises on U.S.-Iran Peace Deal Uncertainty, PMI Data in Focus

June S&P 500 E-Mini futures (ESM26) are down -0.40%, and June Nasdaq 100 E-Mini futures (NQM26) are down -0.55% this morning as oil prices and bond yields climbed, with investors watching to see whether hopes for a peace deal in the Middle East will turn into tangible progress.

Barchart

Rupee shored up by firm central bank intervention, but oil risks linger

The Indian rupee strengthened on Thursday, marking its first gain in two weeks, following aggressive intervention by the central bank through dollar sales. A media report suggesting potential policy options, including an interest rate hike, also supported the currency's recovery from recent record lows.

The Economic Times

Market wrap: Sensex slips 1% from intraday high, Nifty closes near 23,650 as bond yields rise

Indian stock markets closed lower on Thursday. The Sensex and Nifty slipped from intraday highs due to expiry day volatility. Rising bond yields and foreign institutional investor selling also impacted trading. Despite some intraday recovery, markets ended in negative territory. Geopolitical issues and crude oil prices are key factors to…

The Economic Times

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The Economic Times

India to prioritise releasing stranded vessels in Hormuz, may resume tanker loading when conditions improve, says official

India is ensuring the safe passage of its ships near the Strait of Hormuz. Tensions in the region are impacting global shipping. Authorities are coordinating for cargo loading operations. Indian tankers will resume operations only when the security situation is deemed safe for commercial movement. This focus ensures the well-being…

The Independent UK

Ukraine says its drones hit another refinery deep inside Russia as long-range strikes escalate

Ukrainian drones have struck another Russian refinery, igniting a fire and producing massive black smoke

The Economic Times

She left city life to work in the village, now earns over Rs 1 crore a year from 60,000 venomous snakes

Qin, a 1995-born woman from Guilin, China, manages a snake farm with over 60,000 venomous reptiles. She took over her father's business after university. The farm supplies snake venom, meat, and oil for traditional medicine and research. Qin shares her life online as 'The Girl Who Collects Snake Venom', detailing…

The Economic Times

Fuel imports keep India's economy under pressure despite gold duty curbs: Kotak Securities official

India's economy is under pressure from high crude oil prices due to global crises. Experts warn that government actions may not fully resolve the issue. The country imports most of its crude oil, impacting its import bill and current account deficit. Rising dollar payments are also weakening the Indian rupee.

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AAP

World shares are mixed, Kospi gains 8.4%, as tech-led rally fades

Shares have opened lower in Europe after a mixed session in Asia, where a rebound in oil prices undermined optimism from another broad rally on Wall Street

AAP

FED:Hanson lashes gas tax 'vandalism', reveals energy plan

Australia should look to Norway to shore up sovereign wealth through gas, One Nation says, as the coalition urges the resources industry to "fight like hell".

The Economic Times

ET Alpha Wealth Summit: What AI, oil and geopolitics mean for the next market turn

Amid rising geopolitical uncertainty, AI disruption, and shifting global markets, the ET Alpha Wealth Summit on June 4 will bring top investors, policymakers, and CEOs together to decode risks and opportunities. From market cycles to global allocation strategies, the summit offers a roadmap for smarter, future-ready investing.

AAP

Quantinuum and bp Collaborate Towards Solving Fundamental Wave Physics Challenges with Quantum Computing

BROOMFIELD, Colo., May 21, 2026 /PRNewswire/ -- Quantinuum, a leading quantum computing company, today announced the launch of a new quantum project in collaboration with bp, the global integrated energy company, aimed at modernizing how the energy sector maps the Earth's subsurface to locate oil and gas resources. Few tasks…

The Economic Times

From medical tourism to casinos, oil shock hits Southeast Asia

Companies across aviation, retail, and manufacturing are implementing price hikes and cost-cutting measures. Disruptions to supply chains and rising raw material expenses are impacting profitability, prompting strategic reviews and increased financial provisions.

The Economic Times

Iran war rapidly wiping out the world’s oil stockpile cushion

Global oil stockpiles are shrinking at a record pace this month, with visible crude and fuel inventories falling by 8.7 million barrels daily. This sharp drawdown reflects severe supply disruptions tied to the Middle East conflict, leading to a tightening market and concerns about future availability.

The Economic Times

India bonds reverse gains as report RBI mulling rate hike outweighs external support

Indian government bonds reversed early gains as reports emerged that the central bank is considering a rate hike to curb the rupee's sharp decline. The benchmark bond yield surged following the news, overshadowing positive global cues like falling oil prices and progress in US-Iran negotiations. Overnight index swap rates also…

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