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The Latest Breaking News from Oil

US releases another wave of emergency oil as gas prices bite

The US has awarded 53.3 million barrels from its Strategic Petroleum Reserve to firms including Trafigura, Marathon Petroleum and Exxon Mobil as part of efforts to cool oil and fuel prices amid the Iran war. Trafigura received the largest share of nearly 13 million barrels. The oil will be released…

The Economic Times

Oil prices rise as fragile US-Iran talks sustain supply worries

Oil prices edged up in early Asian trade as fragile U.S.-Iran negotiations highlighted supply concerns, with Tehran's response revealing significant differences. Disruptions through the Strait of Hormuz and OPEC's reduced output further fueled price stability above $100, while U.S. SPR loans and sanctions on Iranian oil shipments aimed to temper…

The Economic Times

Mass starvation looms if fertilisers can’t pass key waterway, UN warns – as it happened

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The Guardian - AU

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US issues new sanctions over Iran's oil shipments to China

The U.S. has imposed sanctions on three individuals and nine companies, including entities in Hong Kong and the UAE, for facilitating Iran's oil shipments to China. This move aims to disrupt funding for Iran's Islamic Revolutionary Guard Corps and its weapons programs. The sanctions follow previous actions and precede a…

The Economic Times

Trump Is Reportedly 'Seriously Considering' Making Venezuela the 51st State After Canada-US Merging Proposal, Fox News Reporter Says

President Trump reportedly considers annexing Venezuela as the 51st state, following previous proposals to integrate Canada. This move aims to control oil reserves and reshape geopolitical dynamics.

International Business Times UK

S&P 500, Nasdaq hit record highs and Dow Jones rises despite soaring oil prices and Trump warning Iran's ceasefire is 'on life support' - here's how US stock market performed on May 11

S&P 500, Nasdaq, Dow Jones today: The S&P 500 and Nasdaq Composite, closed at record highs Monday, driven by continued investment in technology and AI stocks. Despite rising oil prices due to US-Iran tensions and President Trump's rejection of Iran's proposal, markets largely shrugged off geopolitical concerns, focusing instead on…

The Economic Times

Cotton Rallies on Monday

Cotton futures rallied 152 to 304 points across most contracts on Monday, with some deferreds lower. The US dollar index was $0.016 higher at $97.800. Crude oil was up $2.83 at $98.25 on Monday. NASS Crop Progress data showed 29% of the US cotton crop planted as of May 10,...

Barchart

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Soybeans Gains Holding on Monday’s Midday

Soybeans saw gains of 2 ¼ to 5 ½ cents across the board on Monday. The cmdtyView national average Cash Bean price was up 5 1/4 cents at $11.46 1/2. Soymeal futures were up $1.90 to $5.40, with Soy Oil futures 2 to 58 points lower. The weekly Crop Progress...

Barchart

Magnolia Oil & Gas Q1 Earnings Call Highlights

Magnolia Oil & Gas (NYSE:MGY) reported a stronger start to 2026, with management highlighting year-over-year production growth, steady free cash flow generation and a busy quarter of bolt-on acquisitions across its South Texas operating areas. Chairman, President and Chief Executive Officer Chr

MarketBeat

Mistras Group Q1 Earnings Call Highlights

Mistras Group (NYSE:MG) reported higher first-quarter revenue and improved profitability, with management pointing to growth in aerospace and defense, infrastructure and power generation as offsets to a planned decline in lower-margin oil and gas work. On the company’s Q1 2026 earnings call, Presid

MarketBeat

Stocks Settle Higher on Strong Earnings

The S&P 500 Index ($SPX ) (SPY ) on Monday closed up +0.19%, the Dow Jones Industrial Average ($DOWI ) (DIA ) closed up +0.19%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed up +0.29%. June E-mini S&P futures (ESM26 ) rose +0.18%, and June E-mini Nasdaq futures...

Barchart

Trump Shocks Critics After Calling Strait of Hormuz Shutdown the 'Smartest Move in History'

Trump hails Strait of Hormuz shutdown as history's smartest move, even as petrol tops $4.52 and Iran ceasefire talks collapse, escalating rhetoric in the conflict's tenth week.

International Business Times

Iran says ready to 'teach a lesson' if attacked after Trump called Tehran's latest peace proposal 'piece of garbage'

Iran's armed forces are prepared to retaliate after President Trump rejected Tehran's ceasefire proposal, escalating regional tensions. The dispute over the Strait of Hormuz, a critical oil route, has already caused significant energy supply shocks and threatens global food security, with the UN warning of a potential humanitarian crisis.

The Times of India

Donald Trump 'seriously considering' making Venezuela the 51st state of US

US President Donald Trump has said he is “seriously considering” making Venezuela the 51st state of the United States.

The Times of India

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Dollar Edges Higher on Crude Oil Strength

The dollar index (DXY00 ) on Monday rose by +0.05%. The dollar was supported on Monday by increased safe-haven demand after the US and Iran failed to reach terms to end the war. Also, Monday's +2% jump in crude oil prices boosted inflation expectations and may prompt the Fed to...

Barchart

Strait of Hormuz Closure Pushes Crude Prices Higher

June WTI crude oil (CLM26 ) on Monday closed up +2.65 (+2.78%), and June RBOB gasoline (RBM26 ) closed up +0.0731 (+2.07%). Crude oil and gasoline prices settled sharply higher on Monday after President Trump rejected Iran's response to his latest peace proposal, which prolongs the closure of the Strait...

The Economic Times

Natural gas mineral firm WhiteHawk reveals sevenfold revenue surge in US IPO filing

WhiteHawk, a leading natural gas royalty firm, is taking the stock market plunge with its initial public offering. This comes on the heels of an astonishing 615% revenue spike in 2025, mirroring the current energy market's thrumming heart as oil prices rise. With vast natural gas holdings over millions of…

The Guardian - US

Trump vows to pause federal gas tax after Iran war boosts US fuel prices to four-year high

National average for gas prices has risen by well over a dollar a gallon since late February

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The Guardian - UK

Trump says ceasefire with Iran on ‘life support’ after rejecting peace proposals

US president says he is considering restarting naval escorts in strait of Hormuz in attempt to end Iranian blockade

The Economic Times

Observe and shock absorb: To ride out this oil crisis, focus should be on well-targeted support, not broad price suppression

India is navigating a critical oil import challenge. The government's approach of keeping fuel prices steady faces fiscal and equity questions. Experts suggest a move towards targeted aid for the needy instead of broad price cuts. Building strategic reserves and accelerating renewable energy adoption are crucial long-term steps to reduce…

The Guardian - UK

Why is Putin now talking about the war in Ukraine ‘coming to an end’?

Drone strikes, mounting casualties and a distracted US president means a slow-motion victory is in doubt

Evening Standard

Mixed day for stocks as oil prices climb amid ongoing Iran-US deadlock

The continued stalemate between the US and Iran dashed investors’ hopes of an imminent peace deal and heightened concerns over oil supply disruption.

The Economic Times

India declines Russian LNG under sanctions, talks continue on permitted cargoes, sources say

India has refused Russian liquefied natural gas shipments under United States sanctions. This decision comes amid energy supply concerns due to Middle East tensions. A Russian LNG tanker bound for India remains in limbo. India prioritizes avoiding sanctioned cargoes due to compliance risks. Russia seeks new markets for its LNG…

The Economic Times

India has 60 days of crude oil, 60 days of Natural Gas & 45 days of LPG rolling stock: Centre

India is launching a national mission to conserve fuel amid global energy market turmoil. The government assures citizens of robust energy security and ample reserves. This collective effort aims to ease the nation's financial burden from high international crude prices. Prime Minister Modi urges public participation to reduce consumption and…

Fortune

Current price of oil as of May 11, 2026

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

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