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The Latest Breaking News from Oil

Breaking 5 publishers covering this story in the last 6 hours

1h ago Rupee boxed in range; traders focus on oil, outflows and RBI's defence
1h ago India seeks bigger share of diesel exports on refining capacity boom
1h ago Tech bulls are barely winning their fight against the oil bears
1h ago Trump's Oil and Gas Holdings Nearly Double to $81.6M During Iran War as Americans Pay Billions More at the Pump
2h ago We, the Hated review – standing up to be abused: behind the scenes with Just Stop Oil

Brent Crude Drops Below $80 a Barrel For The First Time In Months Following U.S.-Iran Deal

Oil kept plummeting on Tuesday, with Brent crude dropping below $80 a barrel for the first time since March.

International Business Times · Jun 16

Current price of oil as of June 16, 2026

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

Fortune · Jun 16

India bonds muted as sparse US-Iran deal details cap oil-led gains

Tuesday saw Indian government bonds holding firm amidst a backdrop of market anticipation surrounding a possible U.S.-Iran peace negotiation. The easing of crude oil prices lent a glimmer of hope to traders. The 6.94% 2036 benchmark note yield settled at 6.8651%, as overnight index swap rates dipped alongside the oil…

The Economic Times · Jun 16

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Wall Street inches slightly higher, oil prices fall again on hopes for an end to Iran war

Markets on Wall Street leaned toward modest gains before the opening bell Tuesday and oil prices fell again following the U.S. and Iran's announcement a day earlier that they had a reached a tentative deal to end their conflict

AAP · Jun 16

Cotton Rallying Early on Tuesday

Cotton prices are 100 to 111 points higher so far in early Tuesday action. Futures posted gains of 35 to 56 points across most contracts on Monday. Crude oil was down $3.72 at the close after the US and Iran came to a peace deal over the weekend, to be...

Barchart · Jun 16

G7 allies scramble to put Ukraine back atop Donald Trump's agenda as war drags on

G7 leaders are urging President Trump to refocus on the Ukraine war. Discussions at the summit included increasing pressure on Russia through sanctions. Leaders also agreed to provide Ukraine with more air defense. The UK announced new sanctions targeting Russia's oil and gas shipping. Trump expressed frustration over the ongoing…

The Economic Times · Jun 16

7 Imported Foods Getting Pricier and What to Buy Instead

Stocking a diverse kitchen often means relying on specialized ingredients that are grown and packaged outside the country. However, rising international shipping costs and complex global trade issues are driving up the price of many popular imported foods. Shoppers are noticing that their favorite foreign delicacies are suddenly blowing a…

Grocery Coupon Guide · Jun 16

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Indian seafarers question US military’s account of tanker strike that killed three crew members

Seamen’s union disputes Centcom claim that it fired on MT Settebello after its crew ignored repeated warnings

The Independent UK · Jun 16

Oil prices to ease after US-Iran deal, but return to pre-war levels could take months: Analysts

Energy markets anticipate price moderation for crude oil and liquefied natural gas. A potential US-Iran peace agreement and the reopening of the Strait of Hormuz are key factors. However, analysts warn of continued volatility due to supply disruptions and low inventories. India's energy security and import costs are expected to…

The Economic Times · Jun 16

One Headline Tanked Oil Markets — So Why Is Gold Still Near Record Highs?

Gold prices surge as US-Iran peace deal alleviates inflation concerns. Analysts predict gold could reach $10,000 per ounce by 2030, driven by central bank purchases and geopolitical factors.

International Business Times UK · Jun 16

Stock Index Futures Muted After Three-Day Rally, FOMC Meeting in Focus

June S&P 500 E-Mini futures (ESM26) are down -0.01%, and June Nasdaq 100 E-Mini futures (NQM26) are up +0.01% this morning, taking a breather after a three-day rally, while investors turn their attention to the first Federal Reserve meeting under Kevin Warsh.

Barchart · Jun 16

Rupee closes at 94.56 vs USD; US-Iran peace agreement details, Fed guidance awaited

The Indian rupee strengthened for the third day in a row. This rise was supported by positive sentiment and anticipation of a U.S.-Iran peace agreement. Lower oil prices also boosted the rupee. Traders are now awaiting details of the peace deal and guidance from the U.S. Federal Reserve. The rupee…

The Economic Times · Jun 16

Kuwait launches 15-year residency scheme for foreign investors with KD5m minimum investment

Kuwait has introduced a new 15-year residency program for eligible foreign investors and senior executives, a significant policy shift aimed at attracting global capital. This initiative seeks to provide greater certainty for long-term business planning and encourage foreign direct investment, supporting economic diversification beyond oil revenues.

The Times of India · Jun 16

Moscow oil refinery ablaze after retaliatory Ukrainian drone strike

Kyiv claimed the attack as retaliation for Russia's intensifying aerial campaign, a day after drones damaged a UNESCO-listed monastery complex in the capital.

Euronews · Jun 16

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The Texas Tribune · Jun 16

Texas Railroad Commission race pits oil field engineer against energy trader running on culture wars

Republican Bo French is keeping Islam, immigration and LGBTQ+ issues at the fore of his campaign for Texas’ oil regulatory agency. Democratic foe Jon Rosenthal is betting on his technical expertise.

The Times of India · Jun 16

'Dragging out of war': Ukraine hits Moscow region's largest refinery in deep-strike attack - video

Ukraine has struck an oil refinery in Moscow's region with a drone, causing damage. President Zelenskyy highlighted Ukraine's extended strike capabilities, emphasizing this as a response to Russian attacks and a means to pressure Moscow to end the war. This incident marks a significant escalation in Ukrainian strikes targeting Russian…

The Economic Times · Jun 16

The U.S. is using an Iranian smuggling tactic to sneak oil out of the Gulf

America's military is secretly guiding oil tankers in the Gulf of Oman. This operation uses drones and helicopters to help ships transfer oil. The goal is to keep energy exports flowing despite Iranian actions. At least 92 ships have been involved in these transfers since May. This method mirrors Iran's…

AAP · Jun 16

Global shares are mostly higher and Japan's Nikkei tops 70,000 before BOJ's rate hike

Global shares are mostly higher and Japan's benchmark Nikkei 225 briefly topped 70,000 for the first time before trimming early gains after the Bank of Japan raised its key interest rate to 1%

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The Economic Times · Jun 16

Global commodity prices likely to remain elevated amid easing West Asia tensions; India's WPI seen at 7-8% in FY27: Report

Global commodity prices will stay high in coming months. Geopolitical tensions in West Asia and bad weather affecting crops are the main reasons. Supply chains will take time to recover even after conflicts end. This will impact energy, metals, fertilizers, and food prices. India's inflation is expected to average 7-8…

AAP · Jun 16

Higher prices for gas, groceries and flights will likely outlast the Iran war

Economists and industry analysts say that even after oil starts flowing again from the Middle East, it could take a while for the Iran war's effects on consumer prices to recede

The Economic Times · Jun 16

Cooling crude may ease inflation heat, give RBI room to stay on pause despite WPI surge: YES Bank

India's wholesale inflation is high, driven by fuel and manufacturing costs. However, falling global crude oil prices and a stable rupee offer potential relief. This could allow the Reserve Bank of India to postpone interest rate increases. The central bank is monitoring weather-related food inflation risks. A new Producer Price…

Euronews · Jun 16

Ships start to trickle through Strait of Hormuz, but who will run it still in doubt

Trump said the strait would be "completely open" by Friday, but key details over who will manage the crucial waterway remain unresolved. Meanwhile, Iran has made further claims that it will control Hormuz in the future based on its interpretation of the framework deal with the US.

The Economic Times · Jun 16

Indian soybean acreage expected to rise on higher prices, weak monsoon outlook

Indian farmers are planting more soybeans this year. Higher prices for soybeans are making them more profitable than corn. Forecasts of less rain also favor soybeans, which need less water than sugarcane and corn. This shift could boost India's soybean production and reduce the need for imported edible oils. Farmers…

The Guardian - UK · Jun 16

Bank of Japan raises interest rates to 31-year high … of 1%

Country acts amid Iran war inflation pressures, but US Fed and Bank of England expected to hold rates

The Independent UK · Jun 16

Strait of Hormuz may take weeks to fully reopen despite Trump claims, shipping industry warns

Ship captains will want to be sure trip is safe before they set off

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