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The Latest Breaking News from Oil

Average petrol station fuel price revealed as diesel reaches 160.3p per litre

The escalating conflict has driven global oil prices

The Independent UK

War in Iran Threatens Higher Fuel Prices, Renewed Inflation

With much of the Middle East's critical oil and gas exports cut off from global markets, rising energy costs could give inflation new momentum.

Kiplinger

Trump hints at delaying China summit and urges XI Jinping to intervene in Strait of Hormuz

A cancellation of the face-to-face meeting with the Chinese President could trigger substantial economic repercussions

The Independent UK

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Are Gulf Leaders Backing Trump's War on Iran? Arab State Admits Getting Help From Russia, China

Gulf leaders show reluctance to back Trump's war on Iran as Tehran admits military help from Russia and China

International Business Times UK

Why UK households with heating oil are getting help from the government

IN FULL

The Independent UK

Why countries are rejecting Trump’s call to send ships to Strait of Hormuz

Trump says his administration has contacted seven countries to help secure waterway

The Independent UK

Trump in new tirade against Starmer over Iran war as his plan to open Hormuz Strait flounders

The US president hit out as Britain, Germany, Italy, Japan and Australia declined to jump to his request to send warships to the Middle East

Evening Standard

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Watch: Fire erupts again at Fujairah port in UAE, harbour suspends oil loadings

Fujairah port in the UAE experienced a drone attack, igniting a fire at a petroleum facility. While emergency teams quickly contained the blaze with no reported injuries, oil loadings were suspended. This marks a recent escalation in attacks on the vital oil hub, underscoring regional tensions and the port's critical…

The Times of India

Government home heating oil subsidy must be meaningful, John O’Dowd says

Stormont’s Finance Minister wrote to the Treasury last week seeking a financial intervention over energy costs.

Evening Standard

Starmer vows energy bill support for some households as Trump warns Nato allies over Iran response

Sir Keir Starmer announced £53 million in support for ‘those households that are most exposed’ to rising heating oil prices on Monday

Evening Standard

Iran war briefing: Dubai airport in chaos after third drone strike suspends flights

Authorities responded to a fire near Dubai International Airport on Monday following a drone attack. British PM to pledge energy bill aid for households amid Middle East crisis. US President Donald Trump set to launch Hormuz coalition amid global oil crisis as he warns of ‘very bad future’ unless NATO…

The Independent UK

Can Europe’s power grid shield it from the next energy shock?

The conflict in Iran is causing major problems in the Middle East, a key oil and gas region. Take our poll!

Euronews

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

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Euronews

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

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.

Evening Standard

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”

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The Independent UK

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

Whats Hot

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.

The Independent UK

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

Euronews

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.

The Independent UK

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’

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