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The Latest Breaking News from Oil

MP warns of ‘blatant profiteering’ among home heating oil suppliers

Sudden volatility in the global oil trade due to Middle East disruption has caused prices to immediately soar.

Evening Standard

IEA orders largest ever release of stockpiled oil to reduce crude price

Members agree unanimously to release about 400m barrels amid market volatility caused by Iran war

The Guardian - UK

Why Japan keeps the world’s third-largest strategic Oil reserve

As global energy markets face unexpected imbalance due to the Middle East rising tensions, Japan prepares to release oil to maintain surging costs. Holding the third-largest strategic reserve globally, as stated by the International Energy Agency (IEA), Japan's massive 254-day buffer serves as a critical shield against supply shocks. While…

The Times of India

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Energy Commissioner teases 'more measures' as prices soar on Iran war

EU energy chief says the executive can do more to abate prices while calling on member states to cut taxes on electricity immediately. Oil and gas prices have soared as a result of the war in Iran and its retaliation on the Gulf countries, halting the flow of energy along…

Euronews

Why California Gas Is $5.29 Today: Iran War, Refinery Issues and Expert Predictions

California gas prices have surged to $5.29 per gallon due to the Iran war disrupting oil supplies, local refinery issues, and high taxes

International Business Times UK

Iran war briefing: Tehran launches ‘heaviest’ barrage since start of conflict

Iran has launched what its state media called the "most intense and heaviest" barrage since the start of the conflict; Israel said it had tracked missiles being fired from Iran, while Saudi Arabia said it destroyed two drones heading towards an oil field. President Donald Trump has threatened Iran with…

The Independent UK

British ships in Gulf 'legitimate targets', warns Iran as three vessels hit in Strait of Hormuz in 24 hours

Tehran’s warning comes as Donald Trump says the US ‘not finished yet’ in its war on Iran

Evening Standard

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How Iran has used the strait of Hormuz to throttle oil and gas – a visual guide

The Tehran regime has weaponised geography in retaliation for the attacks by the US and Israel

The Guardian - UK

World’s energy watchdog orders emergency release of 400m barrels of oil to curb prices – as it happened

IEA’s oil release is largest in its history; UK government considering support schemes for households and businesses hit by surge in energy prices

The Guardian - UK

FTSE 100 Live 11 March: Oil tops $90 as index falls, lenders pull mortgage deals

Fears of prolonged disruption to shipping in the Strait of Hormuz today lifted the Brent Crude oil price to more than $90 a barrel.

Evening Standard

How the EU protects citizens and the economy in times of war and crisis

The fallout of the Israel-US-Iran war affects Europeans abroad and threatens the EU’s energy security and economy. What crisis measures is Brussels activating to respond? Watch the video.

Euronews

Oil steadies as IEA and G7 move to release record reserves

Oil is trading flat in expectation that the International Energy Agency could trigger the largest-ever release of oil reserves, exceeding the 182 million barrels in 2022 after Russia’s invasion of Ukraine. The G7 will also meet on Wednesday to discuss using the reserves.

Euronews

Why Iran’s vital Kharg Island oil hub is still untouched by US-Israel bombers

While some argue for destroying the terminal through which 90% of Iran’s oil exports flow, others caution of a global market ‘tailspin’

The Guardian - UK

Reaching net zero by 2050 ‘cheaper for UK than one fossil fuel crisis’

Climate change committee finds move to renewable energy would also bring health, economic and security benefits

The Guardian - UK

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Euronews

How high could Europe's inflation go if the Iran war continues?

Economists estimate that rising oil and gas prices could significantly lift eurozone inflation. Markets have already begun pricing in the risk of a rate hike in 2026.

International Business Times UK

Costco Gas Prices Today: What Drivers Should Know As Crude Falls Below $90

Costco gas prices remain lower than average as crude falls below $90, keeping US drivers informed on current fuel costs.

Euronews

US says it destroyed 16 Iranian mine-laying vessels as Tehran threatens to block oil exports

Washington says it has destroyed 16 Iranian mine-laying vessels near the Strait of Hormuz, after Tehran threatened to not allow oil to pass through the waterway, through which a fifth of the world’s crude flows. Israel and Iran have also launched fresh attacks early on Wednesday, as the war enters…

The Independent UK

Iran keeps up pressure on oil infrastructure as concerns of global energy crisis grow

Israel and Iran are trading attacks as Iran squeezes global oil supplies by choking traffic through the Strait of Hormuz

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The Independent UK

The Latest: Iran fires at Gulf states as Australia grants asylum to women on Iranian soccer team

Iran fires missiles and drones across the Gulf including oil infrastructure in Saudi Arabia and a ship off the coast of the Emirates

The Times of India

Confirmed, deleted, then clarified: US shifts stance on navy 'escorting' oil tanker in Strait of Hormuz

A US Energy Secretary's claim of escorting an oil tanker through the Strait of Hormuz was swiftly deleted and corrected by the White House, stating no such escort occurred. This caused market jitters, with oil prices fluctuating. Iran's Revolutionary Guards also refuted the assertion, calling it false. The Strait remains…

The Independent UK

Iran war latest: Oil prices soar again after two Iraqi tankers struck in suspected Iranian attack

Donald Trump has said that US forces have knocked out 28 Iranian mine-laying ships in the Strait of Hormuz

The Guardian - UK

Three merchant ships struck as tensions rise in Hormuz strait amid Iran war

Crew of Thai-registered bulk carrier forced to flee fire, as US says it has destroyed 16 Iranian mine-laying vessels

The Independent UK

Deleted social media post from Trump’s energy secretary sends oil markets into frenzy: report

Earlier Tuesday, Energy Secretary Chris Wright wrote on X that the U.S. Navy had escorted an oil tanker through the Strait of Hormuz

The Independent UK

Asian shares advance as markets await signals on when the war with Iran may end

Asian shares have advanced as U.S. stocks held relatively steady while investors awaited signals on when the war with Iran may end

The Conversation

Electric trucks are finally ready for prime time. Could high oil prices speed up the shift?

For years, long-range electric trucks seemed impossible. But much has changed in a short time. Rapid improvements to batteries and chargers mean battery electric trucks are already viable for urban and short-range trucks. In December, battery-electric and hybrid trucks outsold conventional trucks in China for the first time.

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