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The Latest Breaking News from Oil

G7 to increase pressure on Russia with new sanctions

Leaders at the G7 summit have vowed to enhance sanctions on Russia, targeting oil and gas, while increasing deliveries of air defence capabilities to Ukraine.

AAP

The New Crude Rush: Oil Executives Gamble on Venezuela to Bypass Middle East Chaos

Middle East supply fears prompt global oil companies to pivot to Venezuela, sparking a corporate land grab as the U.S. prioritizes stability over democracy.

Latin Times

Vote SNP in by-election to condemn Westminster’s energy ‘rip off’ – Swinney

Voters in Aberdeen South go to the polls on Thursday.

Evening Standard

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Ban on refined oil exports to continue

Thailand's energy authorities have confirmed that the country will continue its ban on refined oil exports, despite mounting pressure from domestic refineries struggling with limited storage capacity.

Bangkok Post

Why are oil prices down while gold and silver prices up today? Reasons behind crude oil fall, precious metals rally, analyst insights and market outlook

Why are oil prices down while gold and silver prices up today? Oil prices fell to a three-month low as hopes grew that the Strait of Hormuz could reopen under a proposed U.S.-Iran agreement. At the same time, gold and silver prices moved higher because lower oil prices reduced inflation…

The Economic Times

Can Hormuz be bypassed? Past shows commercial viability may simply not be there, analyst says

On Tuesday, leaders at the G7 summit in Evian-les-Bains were seeking to identify alternative routes to bypass the Strait of Hormuz, which US President Donald Trump said would be "completely open" on Friday. Speaking with FRANCE 24's Sharon Gaffney, Maisoon H Kafafy, Senior Advisor to the Atlantic Council's Middle East…

France 24

Cotton Rallies on Tuesday

Cotton futures saw gains of 35 to 184 point gains across the board on Tuesday. Crude oil was down $4.08 at $76.673. The US dollar index was down $0.071 at $99.305. Monday afternoon’s Crop Progress showed 86% of the US cotton crop planted as of Sunday, 2% behind the average...

Barchart

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Russian attacks on eastern Ukrainian cities kill four

At least four people have died in Russian attacks on cities in Ukraine's east and southeast.

AAP

Stocks Indexes Finish Mostly Lower as Chipmakers Retreat

The S&P 500 Index ($SPX ) (SPY ) on Tuesday closed down -0.57%, the Dow Jones Industrial Average ($DOWI ) (DIA ) closed up +0.64%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -1.89%. June E-mini S&P futures (ESM26 ) fell -0.60%, and June E-mini Nasdaq futures...

Barchart

Trump suggests US can swiftly reimpose sanctions on Russian oil

As the war in Ukraine took centre stage at the G7 summit in the French town of Evian, US President Donald Trump said Moscow should make peace with Kyiv and suggested that the US could bring back sanctions on Russian oil, now that the Strait of Hormuz is expected to…

France 24

Filling up your car won’t feel normal until next summer, S&P says

A ceasefire between the U.S. and Iran could end the largest oil market disruption in history—and a full return to normal will take time to materialize.

Fortune

Oil drops below $80 per barrel, while tech stocks weigh on a mixed Wall Street

Oil prices sank again, while U.S. stocks drifted to a mixed finish near their all-time highs

AAP

US stocks: Nasdaq and S&P 500 slip while Dow hits record high ahead of Fed rate decision

Technology stocks pressured the Nasdaq and S&P 500 lower on Tuesday, while the Dow Jones Industrial Average achieved its second consecutive record close. Investors digested Monday's rally and anticipated the Federal Reserve's policy update, with oil prices also declining. Financials and industrials saw gains as investors rotated out of tech.

The Economic Times

SOS messages from Mideast seas plunge India-US ties into choppy waters

The US military killed three Indian soldiers last week when it fired on a vessel while enforcing a US naval blockade, the latest in a series of setbacks for US-India ties. As Prime Minister Narendra Modi meets President Donald Trump on the sidelines of the G7 summit this week, the…

France 24

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Barchart

Dollar Slips on Weak US Housing News and Lower Crude Prices

The dollar index (DXY00 ) on Tuesday fell by -0.12%. Tuesday’s weaker-than-expected US May housing starts and building permits reports undercut the dollar. Also, Tuesday’s -5% fall in WTI crude oil to a 3.5-month low was bearish for the dollar, as it lowers inflation expectations and could prompt the Fed...

AAP

Oil prices fall below $80 per barrel, while US stocks drift in mixed trading

Oil prices sank again, while U.S. stocks drifted near their all-time highs in mixed trading

Barchart

Crude Oil Prices Sink as Global Oil Supplies Look to Normalize

July WTI crude oil (CLN26 ) on Tuesday closed down -4.70 (-5.83%), and July RBOB gasoline (RBN26 ) closed down -0.0667 (-2.26%). Crude oil and gasoline prices fell sharply for the fourth consecutive session on Tuesday, with crude posting a 3.5-month low and gasoline posting a 3.25-month low. Crude oil...

AAP

BC-OILS

NEW YORK (AP) — Futures trading on the New York Mercantile Exchange Tuesday:

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France 24

Ukraine back in favour? At G7, Trump threatens return of Russia oil sanctions

Before he left Washington, there were reports that Volodymyr Zelensky wasn't even on Donald Trump's G7 bilateral meeting list. But in the end, the US president took the meeting, and more. In the French Alps resort of Evian, Trump is putting the onus on Vladimir Putin to come to the…

AAP

Wall Street ends mixed ahead of Federal Reserve meeting

US stocks have closed mostly lower as investors monitored developments ahead of a planned US-Iran peace deal ceremony.

The Times of India

‘Weapon more powerful than any nuke’: Iran can shut Strait of Hormuz again, US intelligence warns

Iran now possesses the capability to effectively shut down the Strait of Hormuz, a critical global oil and gas route, according to US intelligence. This development comes despite an upcoming peace agreement aimed at reopening the waterway. Concerns persist over Iran's military arsenal and its potential to use the strait…

Barchart

Cotton Posting a Tuesday Rally

Cotton futures are trading with Tuesday gains of 108 to 146 points at midday. Crude oil is down $5.22 at $75.53. The US dollar index is down $0.136 at $99.240. Monday afternoon’s Crop Progress showed 86% of the US cotton crop planted as of Sunday, 2% behind the average pace,...

The Independent UK

Trump’s peace deal to allow Iran to sell oil and fuel immediately in major concession

President warns Tehran ‘all hell will rain down’ if it does not abandon its nuclear programme

The Independent UK

How Trump’s peace deal will allow Iran to start selling oil immediately

IN FULL

The Times of India

Russian warship fires shots near British yacht in latest Channel confrontation with UK

Russia and the UK found themselves at the centre of fresh tensions in the English Channel on Tuesday after a Russian warship reportedly fired warning shots near a UK-registered yacht, hours after London unveiled a new round of sanctions targeting Moscow’s so-called “shadow fleet” of oil tankers.

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