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The Latest Breaking News from Oil

Collapse is near: Trump's window to resolve Iran crisis closing fast

West Asia tensions are escalating, impacting global markets. Iranian attacks and US strikes near the Strait of Hormuz are disrupting oil supplies. Economists warn of a significant economic shock if a US-Iran agreement remains elusive. This conflict threatens jobs and economic growth worldwide, particularly in Europe and Asia. The world…

The Economic Times

Oil prices climb back toward $100, and US stocks halt their record-breaking rally

Oil prices are rising following the latest threats to the U.S.-Iran ceasefire, and U.S. stocks are retreating their records

AAP

Fuel price shield helping India and consumers to tackle West Asia crisis: Gita Gopinath

India is already cushioning the economy from the West Asia crisis. Gita Gopinath, former IMF Deputy Managing Director, states the government is limiting fuel price hikes. This acts as an implicit subsidy. She advises more targeted support for vulnerable households and businesses instead of broad fuel subsidies. This approach helps…

The Economic Times

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Ukrainian drones hit St. Petersburg oil terminal before city hosts Russian economic forum

Ukrainian long-range drones have struck an oil terminal in St. Petersburg, setting it ablaze, according to President Volodymyr Zelenskyy

AAP

Crude Oil Prices Gain on Middle East Peace Doubts

July WTI crude oil (CLN26 ) today is up +1.80 (+1.93%), and July RBOB gasoline (RBN26 ) is up +0.0155 (+0.49%). Crude oil prices are moving sharply higher today, posting a 1.5-week high as clashes between the US and Iran cast doubt on prospects for a peace deal that would...

Barchart

Elevated oil prices could drag India's growth to 6%, below IMF forecast of 6.5%: Gita Gopinath

Elevated oil prices could slow India's economic growth to around 6%, according to former IMF official Gita Gopinath. She warned that prolonged West Asian tensions could further impact global growth and India's prospects. Gopinath emphasized supply-side reforms, renewable energy, and improving ease of doing business to boost investment and strengthen…

The Economic Times

France arrests Russian captain of Moscow-linked oil tanker

The captain of the Tagor, a tanker suspected of belonging to Russia’s “ghost fleet” that was boarded in the Atlantic Ocean by the French Navy, was taken into custody on Tuesday, announced Brest prosecutor Stéphane Kellenberger.

France 24

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Ukrainian drones hit St Petersburg oil terminal before it hosts Russian economic forum

Ukrainian long-range drones have struck an oil terminal in St. Petersburg, setting it ablaze, according to President Volodymyr Zelenskyy

AAP

Strength in US Economic Reports Boosts the Dollar

The dollar index (DXY00 ) today is up by +0.23%. The dollar is moving higher today and is being supported by a +1% increase in WTI crude oil prices, which lifts inflation expectations and may prompt the Fed to tighten monetary policy, a bullish factor for the dollar. Gains in...

Barchart

Oil prices climb back toward $100, and the record-breaking rally for US stocks stalls

Oil prices are rising following the latest threats to the U.S.-Iran ceasefire, and U.S. stocks are stalling near their records

AAP

Stocks Pressured as Middle East Flare-Ups Boost Crude Oil

The S&P 500 Index ($SPX ) (SPY ) today is down -0.57%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.58%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.60%. June E-mini S&P futures (ESM26 ) are down -0.50%, and June E-mini Nasdaq futures...

Barchart

Ukrainian drones hit St Petersburg oil terminal before the Russian city hosts economic forum

President Volodymyr Zelenskyy says that long-range Ukrainian drones have struck an oil terminal in the Russian city of St. Petersburg

AAP

Oil prices climb back toward $100, but US stocks hang near their records

Oil prices are rising back toward $100 per barrel, but U.S. stocks are nevertheless holding near their records

AAP

Ukraine strikes St. Petersburg with drones ahead of 'Russian Davos'

Ukrainian drone attacks in St. Petersburg targeted military and energy infrastructure overnight into Wednesday, setting ablaze a Russian warship and oil depots on the Baltic coast. This attack deep in Russian territory came on the opening day of Putin's three-day economic forum held in the city and as NATO Secretary…

France 24

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Fortune

Current price of oil as of June 3, 2026

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

International Business Times

Fuel Prices To Remain Elevated In The U.S. Even If Hormuz Strait Is Reopened Soon With Inventories Almost Depleted

Global oil and gas inventories are almost depleted as the Strait of Hormuz has been closed for over three months. As a result, even if the key waterway is quickly reopened, U.S. consumers will still face high fuel prices.

Barchart

Cotton Slipping Back on Wednesday Morning

Cotton price action is down 55 to 81 points so far on Wednesday. Futures posted gains of 38 to 73 points in most contracts on Tuesday. The US dollar index was up $0.023 at $99.170. Crude Oil was $1.23 higher to $93.39 The weekly NASS Crop Progress report showed 66%...

The Conversation

How methane policy will make or break the climate crisis

There’s no sign that methane emissions are declining globally.

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AAP

Early trading on Wall Street mixed as oil prices tick higher with Iran cease fire under strain

Premarket trading on Wall Street was mixed while oil prices continued their ascent and Japan's Nikkei 225 index topped 68,000 for the first time

Euronews

China is a ‘very big problem’ for EU sanctions against Russia, O’Sullivan tells Euronews

Exclusive: As the bloc readies its 21st sanction package against Russia for the country’s ongoing invasion of Ukraine, the EU Sanctions Envoy David O’Sullivan revealed to Euronews that Beijing remains a “very big problem” for the efficacy of measures.

The Times of India

Ukraine drones strike St Petersburg oil terminal, naval base as Russia reports bus attack killing 8 civilians

Ukraine launched deep drone strikes on St. Petersburg's energy and military sites, including an oil terminal and naval base, just as Russia hosted its economic forum. This follows a deadly Russian barrage on Ukraine. Russia accused Ukraine of a separate bus strike killing eight. The escalating drone war sees both…

The Economic Times

Iran claims responsibility for attacks on US Fifth Fleet HQ, Kuwait air base

Iran's Revolutionary Guards have claimed responsibility for attacks on Kuwait and Bahrain. The strikes targeted the Ali Al Salem Air Base in Kuwait and the US Fifth Fleet headquarters in Bahrain. These actions were stated as retaliation for US attacks on an Iranian oil tanker and island. The Guards announced…

The Economic Times

Rupee falls 31 paise to close at 95.67 against US dollar

The rupee depreciated by 31 paise to 95.67 against the US dollar on Wednesday, influenced by proposed US additional duties on Indian imports due to labor violations. Strong dollar demand, rising crude oil prices, geopolitical tensions, and foreign capital outflows further weakened investor sentiment.

The Economic Times

Asia's industrial supercycle is outpacing the West Asia oil shock: Chetan Ahya, Morgan Stanley

A China-driven supply realignment, cutting gas imports by 45% and oil by 30%, has effectively added 7.5 million barrels daily to global markets, neutralising energy price fears. Morgan Stanley's Chetan Ahya argues a broad-based capex boom across AI, energy, defence, and industrial sectors is powering Asian growth, while urging India…

Barchart

S&P Futures Muted as Fresh U.S.-Iran Hostilities Lift Oil and Bond Yields, ADP Jobs Report and Broadcom Earnings on Tap

June S&P 500 E-Mini futures (ESM26) are trending down -0.05% this morning as oil prices and bond yields climbed after the U.S. and Iran exchanged heavy fire in the Persian Gulf.

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