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The Latest Breaking News from Oil

After the 'Invincible Red Line' Hormuz, Iran Reportedly Prepares Red Sea Blockade as Trump Escalates Infrastructure Strike Threats

Iran has reportedly directed Yemen’s Houthi movement to prepare for the closure of the Red Sea oil route, a crucial global energy supply channel, in the event of a U.S. attack on Iranian power infrastructure.

Benzinga

Greenpeace Africa demands halt to $17bn Kenya coastal oil refinery

Climate rights group Greenpeace Africa has called for a halt to a proposed oil refinery project by Africa's richest man, Aliko Dangote, in Kenya's coastal region, warning of the environmental risks.

Radio France Internationale

Not possible to compensate everyone hit by heating oil price hikes – minister

Minister for energy consumers Martin McCluskey said however some firms had voluntarily compensated customers after prices soared earlier this year.

Evening Standard

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Iran tells Houthis to close Red Sea gateway if US hits power network, sources say

In a significant escalation, Iran has directed Houthi militias to get ready to obstruct the Red Sea oil passage should the United States carry out strikes on Iranian power facilities. Sources indicate that the Houthis are already positioning missiles and drones in proximity to Bab el-Mandeb strait. This potential blockade…

The Economic Times

Iraqi oil loadings briefly suspended after drone hits tanker at Basra, sources say

Iraq briefly suspended oil loadings after a drone struck an oil tanker. The drone did not cause damage or start a fire at the terminal. Loadings have now resumed at normal rates, according to officials. The incident was not a direct attack on the Basra Oil Terminal. The ministry is…

The Economic Times

US-Iran conflict expands as oil shipping through Hormuz slows

United States forces struck an oil tanker near Iran's Kharg Island terminal. Iran responded by launching missiles at United States military bases in Kuwait and Jordan. This military escalation has further weakened a fragile memorandum of understanding between the two nations. Commercial shipping through the Strait of Hormuz has slowed…

The Economic Times

US intensifies attacks on Iran as Tehran hits back at Gulf states

Sixth day of fighting threatens to turn into all-out war and casts serious doubt on peace deal struck last month

The Guardian - UK

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Indian bonds rise on steady oil, easing US rate-hike fears

On Thursday, Indian government bonds experienced an upturn as oil prices stabilized alongside declining U.S. rate hike expectations, enhancing investor confidence. The market eagerly anticipates updates on India's possible inclusion in the Bloomberg index this month, a move that could significantly boost foreign investments in Indian debt markets. Bond yields…

The Economic Times

Deadlock in the Strait of Hormuz: Shipping traffic collapses in a week as US and Iran step up attacks

Oil prices have risen in response to the crisis as the vital shipping route becomes a battleground once again

The Independent UK

Supertanker hit with Hellfire missiles: How US-Iran conflict is spreading across the Gulf

The United States intensified its military campaign against Iran on Thursday, expanding its strikes, for the first time since reimposing its naval blockade, attacking an oil tanker with Hellfire missiles headed for Tehran's main export terminal.

The Times of India

Rupee closes at 96.34 vs USD; firmer Asia FX, oil dip offer little comfort as NDF maturities pinch

On Thursday, the Indian rupee experienced a slight decline versus the dollar, influenced by dollar demand associated with expiring non-deliverable forward contracts. Meanwhile, most Asian currencies showed a strengthening trend, and the dollar index maintained stability. Additionally, Brent crude oil prices fell below eighty-five dollars per barrel, while India's Nifty…

The Economic Times

Energy boss calls for ‘timely consent’ for Rosebank and Jackdaw projects

Adura chief executive Neil McCulloch spoke out as a consultation into developing Rosebank got underway.

The Independent UK

Current price of oil as of July 16, 2026

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

Fortune

Global Market: European shares edge lower as earnings, M&A activity offset by Middle East tensions

European shares traded slightly lower as investors assessed corporate earnings and merger news. Geopolitical tensions in the Middle East kept energy inflation concerns in focus for markets. Technology stocks showed mixed performance, with ASML and Publicis gaining on strong demand. ABB announced a significant acquisition, while Delivery Hero faced a…

The Economic Times

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The Economic Times

Corporate demand resilient amid new opportunities opened up by FTAs, says Ficci chief

Indian companies have seen firm demand despite inflationary pressures, and global crude oil moderation and improving economic conditions have sustained business momentum across industries, according to Ficci President Anant Goenka. Automobiles, banking and telecommunications sectors are witnessing strong business activity and expansion, he said.

The Independent UK

US attacks oil tanker with Hellfire missiles as Trump sends new warning to Iran

IN FULL

The Economic Times

Pakistan urges US, Iran to end hostilities, resume talks amid renewed strikes

Pakistan urged the United States and Iran to cease hostilities and resume negotiations. Renewed military strikes between the two nations threaten regional stability and peace efforts. The Islamabad Memorandum of Understanding aimed for a permanent peace agreement within sixty days. Pakistan reiterated its call for maximum restraint and a commitment…

The Economic Times

Iran warns Strait of Hormuz is a 'red line' and will resist until the end

Iran vows to strike regional infrastructure if President Trump attacks its infrastructure. The US is targeting Iran's military capabilities while reimposing a naval blockade. Iran declared the Strait of Hormuz an inviolable red line for global oil shipments. Tehran warned neighbors against assisting US attacks, threatening retaliation. This escalation raises…

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The Times of India

Ukraine says it strikes two Russian 'shadow fleet' tankers in Black Sea

The shadow fleet refers to ageing tankers that often operate under opaque ownership and changing flags to transport Russian oil while bypassing Western sanctions. Earlier in month, Kyiv struck eight tankers from Russia's 'shadow fleet' overnight as they were delivering fuel to Crimea. According to the SBU, the vessels Louise…

The Economic Times

US expands strikes into northern Iran and disables ship trying to run blockade

The United States intensified its strikes against Iran, hitting targets farther north. Iran retaliated by launching missiles and drones at US allies in the region. The interim ceasefire has collapsed, leading to days of back-and-forth attacks. The conflict is focused on the Strait of Hormuz, impacting shipping traffic. Efforts continue…

The Economic Times

Global Market: Japanese bond yields climb as oil surge and fiscal concerns weigh on market

Japanese government bond yields climbed on Thursday due to rising oil prices. Higher energy costs fueled inflation expectations and investor worries about Japan's fiscal health. A Bank of Japan survey indicated widespread expectations of future price increases. Shorter-term bond yields also saw upward movement following the inflation concerns. Persistent fiscal…

The Economic Times

China's oil fortress will reshape the global order

China shielded itself from the Iran war's energy shock by cutting crude imports and restricting fuel exports. This move demonstrated its capacity to manage global energy flows independently. The nation's substantial oil stockpiles remain largely untapped, offering future strategic options. China's actions transformed it from a price taker to a…

Fashion Times

Say Goodbye to Brittle Nails With Affordable Nail Care and Smart Gel Nail Care Tips

Healthy nails don't have to cost a fortune. Discover gel nail care tips and affordable nail care products that help repair damage and prevent future breakage.

The Independent UK

China and India facing 100% tariff for buying Russian oil under new US sanctions bill

Donald Trump says there is a ‘good chance’ that this bill passes

The Economic Times

HSBC upgrades Indian equities to 'neutral' on easing oil prices, return of foreign flows

HSBC upgraded Indian equities to Neutral from Underweight on Thursday. Easing crude oil prices reduced earnings risks for Indian companies. Measures to stabilize the rupee drew back foreign investors into the market. The brokerage raised its 2026-end target for the BSE Sensex index. Foreign investors bought Indian shares worth $1.6…

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