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The Latest Breaking News from Oil

Euro zone inflation ticks up in July, bolstering rate hike case

Euro zone inflation increased to 2.9% in July, driven by higher oil prices. Underlying inflation also accelerated, indicating broader price pressures are building. The European Central Bank is signaling another interest rate hike is likely soon. Economic growth remains robust, easing concerns about the impact of rate increases. Financial markets…

The Economic Times

Indian Oil to hire dedicated vessel to ferry LPG cylinders from Sri Vijaya Puram to all islands

Indian Oil Corporation Limited plans a dedicated vessel for LPG supply. This initiative aims to ensure uninterrupted cylinder delivery across remote islands. A five-year contract for transportation is now being sought. The estimated value of this tender stands at Rs 58.90 crore. This will significantly improve essential commodity supply chains…

The Economic Times

British oil giant BP prepares to sell North Sea business

Amid higher windfall taxes and volatile global energy markets, BP's proposed sale could bring an end to around 60 years of North Sea production under the British energy giant’s ownership.

Euronews

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Trump's Iran War Support Collapses to 28% as GOP Voters Turn Sour Over Rising Gas Prices, Lack of Transparency: 'Buried Into This Mess...'

Two-thirds of Americans say President Donald Trump’s war with Iran has not been worth fighting, while approval of his handling of the conflict has fallen to 28%, according to a new AP-NORC poll.

Benzinga

By how much will E20 petrol reduce your car's mileage? One ministry says one thing, another says another

The Road ministry said E20 petrol might hit your mileage by 2-6%, based on a study by ARAI, SIAM, and Indian Oil Corporation. The statement sparked a buzz because just a few days earlier, Petroleum ministry had given a different figure.

The Economic Times

BP puts North Sea oil and gas business up for sale

Move will end six decades of production in area, as new CEO tries to simplify company and cut debt

The Guardian - UK

FTSE 100 on track for best month since first US attacks on Iran five months ago – as it happened

Live, rolling coverage as London’s biggest companies defy Middle East disruption and UK petrol prices rise to around £1.60 per litre, the highest since Donald Trump ordered renewed strikes

The Guardian - UK

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Major oil giant puts North Sea operation up for sale in potential £2 billion move

Oil giant BP has said it is putting its UK North Sea business up for sale after 60 years of production

The National (Scotland)

China school canteens turn food waste into biodiesel, compost with this smart machine; watch video

A novel system in Chinese school canteens processes leftover food into valuable resources. Students deposit food scraps into specialized machines after finishing their meals. The system extracts oil for biodiesel production and converts organic waste into compost. This innovative approach repurposes discarded food, reducing landfill waste significantly. The process creates…

The Economic Times

Ukraine-Russia war latest: Nine dead and dozens wounded as Putin pounds Kyiv with ballistic missiles

Trump's remarks come as Kyiv hits two more Wildberries warehouses and oil facilities in Russia

The Independent UK

Ross Gerber Calls Higher Oil Prices a 'Tax' on Non-EV Consumers, Says Trump Is 'Too Scared' to Escalate Iran War

Investor Ross Gerber on Thursday said that heightened oil prices amid the ongoing war with Iran have negatively impacted consumers with more costs as he casts doubt on President Donald Trump‘s willingness to escalate the situation.

Benzinga

Oil companies are expected to reap big profits because of US-Iran conflict

Analysts are expecting major oil companies to report large profits while fighting between Iran and the U.S. impeded petroleum shipments

The Independent UK

Sankaran Naren favours banks, power as oil risks loom

Sankaran Naren, CIO of ICICI Prudential Asset Management, remains bullish on banks, power utilities, oil refiners and pharmaceuticals, citing attractive valuations and improving earnings despite global uncertainties. He cautioned that a sharp rise in crude oil prices could weigh on market valuations even as corporate profits recover.

The Economic Times

Oil Price Today (July 31): Crude oil extends fall to $88. What’s behind the decline amid Iran war?

Saudi Arabia is seeking to spearhead a coalition to enhance defense cooperation in the Bab El-Mandeb Strait, the Red Sea and the Gulf of Aden. The Saudi defense ministry said 14 countries, including Turkey, Pakistan, Egypt, Sudan and Djibouti, had issued a joint statement backing the proposed maritime security alliance.

The Economic Times

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Benzinga

SK Hynix Stock Soars 22%, Samsung Jumps 19% as Kospi Hits Trading Halt: Dow Futures Climb 151 Points

Asian stocks traded higher at the time of writing, led by a nearly 13% surge in South Korea’s KOSPI, while U.S. stock futures advanced and oil prices remained elevated.

The Economic Times

South Korea’s Kospi index jumps more than 16% on a surge of chipmaking stocks

South Korea's Kospi index saw a significant jump, mirroring Wall Street's positive performance. AI-related stocks experienced a strong rebound after recent declines earlier in the week. Japanese markets also climbed, with technology and investment firms showing gains. Oil prices increased due to ongoing tensions and a closed key shipping route.…

The Economic Times

Iran claims to destroy drone hangars, fuel depot at US base in Kuwait

US Iran war: IRGC reported destroying US drone hangars and a fuel facility in Kuwait. The IRGC also claimed a missile strike on Jordan's al-Azraq airbase. US Central Command denied damage to any American aircraft in these incidents. They also refuted claims about a commercial oil tanker violating a US…

The Economic Times

D-St set for a positive opening as GIFT Nifty signals firm start

Indian benchmark indices opened flat and traded in a choppy, volatile range. Analysts suggest the index may head towards resistance at 24,500-24,600 levels. The India VIX, measuring market fear, rose 1.2% to settle at 12.16. Foreign portfolio investors and domestic institutions were net buyers of shares on Thursday. The Indian…

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The Independent UK

Burnham told Trump the UK will be ‘pragmatic’ about North Sea oil and gas

Despite vowing to stick to Labour’s 2024 manifesto promises, Burnham appears to have left the door open for further drilling in the North Sea

Barchart

Cotton Rallies on Thursday

Cotton futures were 81 to 139 points in the green at Thursday’s close. Crude oil was back down just 50 cents per barrel, with the US dollar index falling 0.914. Export Sales data showed 29,719 RB of cotton sold for 2025/26 in the week of July 23. That was a...

Barchart

Soybeans Fades Lower on Thursday

Soybeans posted weaker trade late on Thursday, with contracts down fractionally to 4 cents across most contracts. The cmdtyView national average Cash Bean price was up 2 ¾ cents at $11.49. Soymeal futures were 40 cents to $1.20 lower across most contracts, with Soy Oil futures down 17 to 82...

International Business Times UK

US Mortgage Rates Hit 6.66%, the Highest in a Year, as Oil Prices and Stubborn Inflation Squeeze Buyers

US mortgage rates have surged to a 12-month high, driven by inflation and geopolitical tensions, impacting the housing market and increasing borrowing costs for prospective homebuyers.

Barchart

Crude Oil Prices Drop on Increased Traffic Through Strait of Hormuz

September WTI crude oil (CLU26 ) closed down -0.87 (-1.03%) on Thursday, and September RBOB gasoline (RBU26 ) closed down -0.0945 (-2.93%). Crude oil and gasoline prices gave up an overnight advance and settled lower on Thursday in hopes of a diplomatic solution to the US-Iran war. Crude prices also...

The Economic Times

Big bets, bigger risks: Why US oil majors are holding back in Venezuela

US oil companies and Venezuela's government face stalled negotiations over key oil assets. Companies seek fiscal guarantees and access to attractive fields, which remains unresolved. Washington encouraged investment to boost crude output amid global supply concerns. Legal uncertainty and past nationalizations deter major companies from new capital. Smaller producers are…

The Independent UK

Shell’s profits have more than doubled while Americans keep paying more at the gas pump

‘When wars make oil companies richer, something’s seriously messed up in the world,’ one social media user noted

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