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The Latest Breaking News from Oil

Global oil hits $105 per barrel: Could UAE petrol prices jump to Dh3.80–Dh4 per litre in April?

Global oil prices have surged past $100 per barrel due to escalating Middle East tensions, particularly concerning the Strait of Hormuz. This volatility directly impacts fuel costs for UAE residents, with prices expected to rise if crude remains high. Other GCC nations also face potential price adjustments, though subsidies offer…

The Times of India

UK mortgage rates jump, and petrol prices rise, amid ‘Trumpflation’ worries; Oil price falls as Bessent says US is letting Iran ship its crude – as it happened

Rolling coverage of the latest economic and financial news

The Guardian - UK

Unclear if Iran's leader Mojtaba Khamenei is 'dead or not,' Trump tells reporters

Speaking in the East Room of the White House, Trump said that the “powerful military campaign” in Iran is continuing and that all of Iran’s military has been “obliterated.”

Euronews

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Newsletter: EU ministers to mull bolstering naval mission under US pressure

Also in this newsletter: Belgian Prime Ministers calls on Europe to cut deal with Russia on war in Ukraine, and EU diplomats expect tensions over the closed Druzhba pipeline to play out until after April's Hungarian elections.

Euronews

FTSE 100 Live 16 March: Bills warning as oil price stays above $100, index firm

Oil prices have continued to rise in a move that adds more strain on the cost of living outlook.

Evening Standard

Trump's war in Iran 'will make London families up to £1,500 worse off'

City economist said families will have to pay more for essential bills leaving less for “the more enjoyable things in life”

Evening Standard

The Latest: Trump calls for help to reopen the Strait of Hormuz

President Donald Trump says that he has demanded about seven countries send warships to keep the Strait of Hormuz open, as Iranian strikes continued to rain down on Gulf countries

The Independent UK

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India Turns to Diplomacy With Iran to Restore Shipping Through Strait of Hormuz

India has highlighted the importance of direct diplomatic talks with Iran as the most effective way to restore shipping through the strategically important Strait of Hormuz, a key maritime passage that carries a significant share of the world’s oil and gas.

Whats Hot

Gulf investors seen likely to keep funding Africa renewable energy despite the Iran war

Renewable energy projects in Africa that depend on Middle Eastern sovereign wealth funds and state-backed companies will likely press ahead despite the Iran conflict, analysts say, thanks to the continent's surging appetite for power and fuel

The Independent UK

Iran hits Gulf neighbors and keeps stranglehold on oil shipping as concerns rise of energy crisis

Israel has launched new attacks on Beirut and Tehran, while Dubai's airport suspended flights after an Iranian drone hit a nearby fuel tank and sparked a fire

The Independent UK

Brent crude trades near $105 as Iran attacks more Gulf targets, while shares are mixed

Brent crude oil is trading near the $105 per barrel level as Gulf countries report more attacks by Iran with the war entering its third week

The Independent UK

Markets may be underestimating how the Iran war could hit the global economy

Beyond the battlefield, the Iran war is exposing fragile economic chokepoints from energy routes to fertilisers and industrial gases, raising concerns among economists that supply disruptions could shape global prices and trade long after the conflict ends.

Euronews

Ukraine-Russia war latest: Zelensky arrives in UK as Starmer government vows ‘not to forget war in Europe’

John Healey said the world faces ‘two conflicts on two continents’

The Independent UK

Fossil fuels ‘ripping away national security’ but renewables ‘turn the tables’, says UN executive

‘Sunlight doesn’t depend on vulnerable shipping straits,’ says UNFCCC’s Simon Stiell.

Euronews

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Axios

Oil prices climb despite Trump moves to temper market

The global benchmark Brent crude jumped to over $106 per barrel, over $3 above Friday's close.

Euronews

Trump says he demanded 'about seven countries' to join coalition to police Iran's Strait of Hormuz

Trump says attacks on Iran could last several more weeks despite soaring energy costs. The US president says he is assembling a coalition to help police the Strait of Hormuz and escort stranded oil vessels out to address international energy supply crises caused by the war.

The Independent UK

Iran-US war latest: US embassy in Iraq attacked while Trump lashes out after Nato rejects Strait of Hormuz demand

The US president said it is only appropriate that those who benefit from oil coming through the waterway help to free it

The Guardian - AU

Trump steps up pressure on European allies to help protect strait of Hormuz

US president says it is ‘only appropriate’ for Europe to help, and warns failure to do so would be ‘very bad’ for Nato

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The Guardian - AU

UAE reopens airspace after Iran attack – as it happened

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AAP

Energy markets face uncertain environment: oil producer

The war in the Middle East is having wide-ranging impacts on markets, oil and gas producer Woodside has told investors at its annual sustainability briefing.

Axios

Trump eyes "Hormuz Coalition," seizure of Iran's Kharg Island oil hub

Seizing Kharg Island would require U.S. boots on the ground.

The Times of India

'We'll remember': Trump asks 7 countries to send warships to police Strait of Hormuz

President Trump is demanding approximately seven countries send warships to secure the Strait of Hormuz, emphasizing their reliance on Middle Eastern oil. He stated the US has significantly degraded Iran's military capabilities, including air defense and manufacturing. Iran's Foreign Minister indicated passage is a military matter and sees no reason…

The Guardian - AU

Ukraine war briefing: Zelenskyy wants new system to control Ukraine drone sales

Foreign countries and firms should not be able to bypass the government, Zelenskyy says. What we know on day 1,482

International Business Times UK

Gas Hits $3.70 a Gallon as Countries Ignore Trump's Strait of Hormuz Plea

Fuel prices reach £2.92 ($3.70) per gallon amid the Iran conflict as global powers ignore Donald Trump's urgent plea to secure the vital Strait of Hormuz.

The Guardian - AU

Oil prices rise after Trump claims US ‘totally demolished’ Iran’s Kharg Island export hub

Another weekend of violence compounded global market concerns over war in the Middle East, following US strikes on the vital oil hub

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