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The Latest Breaking News from Oil

Oil prices head for biggest weekly gain since 2020 as shipping nears standstill

The price of Brent crude oil was rising on Friday to surpass 87.5 US dollars a barrel on Friday morning.

Evening Standard

Energy markets ‘in turmoil’ due to Middle East conflict as major suppliers ditch fixed-price tariffs

Wholesale gas prices have almost doubled since Saturday

The Independent UK

S&P Futures Slip as Bond Yields Climb After Jump in Oil, Key U.S. Jobs Report in Focus

March S&P 500 E-Mini futures (ESH26) are trending down -0.53% this morning as Treasury yields continued to rise after another surge in oil prices stoked concerns that the Middle East conflict would drive inflation higher.

Barchart

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US and Venezuela to reestablish diplomatic relations after Maduro's ouster

The US and Venezuela have decided to restore diplomatic ties after nearly a decade, aiming for a peaceful democratic transition and closer cooperation on mining and oil, according to the US State Department.

Euronews

Over 4,500 vehicles in the UK are affected by an engine oil temperature issue that could result in engine failure

Evening Standard

Hungary ‘demands answers’ over seized Ukrainian gold and cash as Kyiv accuses Budapest of ‘hostage’ situation – as it happened

Ukraine police investigating what foreign ministry calls a ‘hostage’ situation involving seven employees of Oschadbank stopped by Hungary

The Guardian - UK

Hung up on Hormuz: the old-world order of oil was just shattered by the closing of Iran's key global chokepoint

When oil tests the $90-per-barrel point, the global economy begins to fracture.

Fortune

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US grants waiver to allow India to buy Russian oil amid Iran war

‘Stopgap measure’ designed to keep oil flowing into global market as Middle East crisis disrupts crude shipments

The Guardian - UK

Energy markets ‘in turmoil’, says Octopus Energy boss

The UK’s largest household energy supplier said it has increased fixed-price tariffs and introduced exit fees amid higher wholesale prices.

Evening Standard

US offers India 30-day waiver to buy stranded Russian oil amid Iran war shocks

The United States has issued a temporary 30-day waiver allowing Indian refiners to purchase Russian crude oil currently stranded at sea, as disruptions from the Iran conflict threaten global energy supplies.

Euronews

Bank employees detained and cash seized in Hungary, Ukraine says

Ukraine is accusing Hungary of detaining seven Ukrainian bank workers and seizing a major cash-and-gold shipment during a convoy trip across Hungary

The Independent UK

Philippines orders energy cuts in response to Middle East war

South-east Asian country limits air conditioning and travel for public officials amid soaring fuel prices

The Guardian - UK

5 Simple Driving Habits That Secretly Save You a Lot of Fuel

Fuel efficiency is not determined by the car alone. It is also influenced by how the driver handles acceleration, braking, speed, and maintenance. Many drivers unknowingly waste fuel through habits such as aggressive acceleration, unnecessary idling, or poorly maintained tires. Improving fuel efficiency does not require expensive upgrades or advanced…

MyLifeXP

The Iran conflict will be the ‘straw that breaks the camel’s back’ for the U.S. economy if it goes on much longer, Nobel laureate Paul Krugman warns

The Iran conflict alone could cost the U.S. $200 billion. Add it to everything else happening, and the U.S. economy is teetering on a ledge.

Fortune

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The Guardian - UK

Brent crude hits $90 as Kuwait ‘starts cutting oil production’; shock as US economy loses 92,000 jobs in February – as it happened

Huge miss in US jobs report suggests labor market weakening, as Middle East crisis drives oil price higher and higher

The Independent UK

US offers India 30-day waiver to buy Russian oil amid Strait of Hormuz disruption

Indian refiners, whose supplies were stuck in the Gulf, have started buying Russian oil

The Guardian - UK

‘We’re powerless … and hoping nothing hits us’: trapped on a tanker as Iran war escalates

Seafarer tells of explosions in the sky as thousands stuck on vessels after strait of Hormuz is effectively closed to shipping

The Independent UK

TikTok’s air fryer beans on toast might be the ultimate upgrade to a British classic

VIRAL BITES: Beans on toast has survived decades without much interference, but TikTok thinks it can improve it. The latest viral recipe swaps the frying pan for an air fryer – and the result might just make Britain’s favourite comfort meal even better, writes Hannah Twiggs

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news in one place.

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The Guardian - UK

Iran war briefing: US lets India buy Russian oil after energy prices jump

US claims temporary waiver won’t provide ‘significant financial benefit’ to Moscow; IDF strikes Lebanon after mass evacuation; Trump wants say in choosing Iran’s next leader. What we know on day seven

The Independent UK

Asia shares are mixed following Wall Street's losses, as oil edges lower

Asia shares are mixed following a mild retreat on Wall Street, while the price of oil fell more than $1 after reaching the highest level since the summer of 2024

The Conversation

The Iran war has triggered a fuel price rise. What does this mean for Australian consumers?

As many Australians prepare for the Labour Day long weekend, you might be watching the price at the fuel bowser with more trepidation than usual.

Axios

U.S. and Venezuela reach historic agreement to re-establish diplomatic ties

Doug Burgum met with Venezuela's acting president this week to discuss oil and mineral opportunities and secure a gold deal.

The Times of India

Pakistan left with 26 days of fuel, may impose work-from-home as Strait of Hormuz crisis deepens

Pakistan is implementing major measures to ensure fuel stability amid trade slowdown due to the Strait of Hormuz closure. Proposals include weekly price revisions, compensation for increased oil company costs, and fuel conservation. The country is exploring alternative import routes and has substantial existing fuel stocks.

The Guardian - US

Trump news at a glance: president shows Kristi Noem the door, but already has another job lined up for her

Firing of US homeland security secretary is first major personnel shakeup of Trump’s second term – key US politics stories from 5 March at a glance

AAP

Middle East war wipes $120b from local share market

Australia's share market has posted its worst weekly drop in almost a year, as oil prices continue to surge on the back of widening conflict in the Middle East.

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