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The Latest Breaking News from Oil

Blue chips falter amid wait for Middle East deal

The oil price fell back amid continued hopes for a peace deal between the US and Iran.

Evening Standard

BP plans to sell shares in flagship carbon projects as it pulls back from green agenda

Oil firm seeks to reduce stake in carbon capture and storage projects in north-east of England after schemes fail to win over shareholders

The Guardian - UK

Crude Oil Prices Pressured by Iran Peace Hopes

June WTI crude oil (CLM26 ) today is down -3.36 (-3.53%), and June RBOB gasoline (RBM26 ) is down -0.0862 (-2.49%). Crude oil and gasoline prices are sharply lower for a second day today on optimism that a US-Iran peace deal is imminent. The markets await further updates after the...

Barchart

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AI Surge Powers Asian Stocks To Records Despite Ongoing Iran War And Oil Shock

Japan's Nikkei 225, South Korea's Kospi and Taiwan's Taiex have all reached new highs, tracking a broader global rally that has also pushed U.S. indexes such as the S&P 500 and Nasdaq Composite to record territory.

International Business Times

S&P 500 Reverses After Hitting Record High as Oil Prices Bounce Back

The S&P 500 Index ($SPX ) (SPY ) today is down -0.40%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.51%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.28%. Equity markets retreated this afternoon, erasing earlier gains as a resurgence in crude oil...

Barchart

Dollar Slips with Crude Oil on US-Iran Peace Hopes

The dollar index (DXY00 ) today is down by -0.14% but remains above Wednesday's 2.5-month low. Optimism that a peace deal between the US and Iran is imminent is curbing safe-haven demand for the dollar today. Also, today's -4% decline in crude oil prices eases inflation expectations and could prompt...

Barchart

Ignore the Panic Over Falling Crude Oil Prices and Buy July SRW Wheat Here

July soft red winter wheat futures present a buying opportunity on more price strength.

Barchart

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Stocks Mixed Awaiting an Iran Update

The S&P 500 Index ($SPX ) (SPY ) today is down -0.05%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.02%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.20%. June E-mini S&P futures (ESM26 ) are down -0.03%, and June E-mini Nasdaq futures...

Barchart

Middle East war will slow down economic growth in Africa as cost of living crisis soars, IMF warns

According to the IMF's report, regional growth is expected to decline by 0.3 percentage points, and some 20 million people in Africa now face the risk of food insecurity as the Iran war raises energy and food prices.

Euronews

How Trump’s ‘one page memo’ could take us back to square one in Iran - after thousands of lives lost and economic ruin

The US has reportedly drafted a 14-point memo to end the war and kickstart negotiations towards a nuclear deal but several issues remain unresolved

The Independent UK

Brent Crude Dips Below $100 Amid Optimism About Progress Towards Ending Iran War

Oil continued to drop on Thursday amid optimism about progress towards ending the war in Iran.

International Business Times

Chicken and Waffles add a sweet-salty twist to Mother’s Day

Chicken and Waffles is joining classics like Eggs Benedict and French Toast on more brunch menus

The Independent UK

‘An epidemic of flies, rats, waste and foul odours’: health fears in Cuba as US oil blockade halts rubbish collection

As Trump ramps up pressure by cutting off fuel to the island, Havana’s refuse is rarely collected, forcing residents to burn it in the streets despite the pollution

The Guardian - UK

Current price of oil as of May 7, 2026

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

Fortune

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Barchart

Cotton Losses Extending to Thursday Trade

Cotton price action is down 100 to 110 points so far on Thursday. Futures closed the Wednesday session with contracts down 31 to 75 points. The US dollar index was $0.420 lower at $97.890. Crude oil was the pressure factor, falling $6.06 on the day on easing US/Iran tensions. The...

Barchart

Soybeans Sliding to Thursday Morning Trade

Soybeans are trading with 2 to 5 ½ cent losses on Thursday morning. Futures closed the Wednesday session with contracts falling 10 to 16 ¾ cents. Open interest was down 8,142 contracts on Wednesday, mainly in the nearbys, with November up 4,479 contracts. There was just one delivery issued above...

MyLifeXP

5 Expert-Backed Habits to Reverse Fatty Liver Naturally

Fatty liver disease is becoming increasingly common across the world, especially due to modern lifestyle habits such as poor diet, lack of exercise, and rising obesity levels. Doctors explain that in many cases, early-stage fatty liver, also known as metabolic dysfunction-associated steatotic liver disease, can be improved and even reversed…

Euronews

Brussels mulls scrapping methane fines amid energy crisis - leak

The draft text, circulated to EU member states, says penalties should not jeopardise gas or oil supplies during periods of market stress or crisis — a move likely to be seen as a concession to mounting pressure from industry and international partners.

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The Guardian - UK

First Thing: Uncertainty looms as last oil tanker from Middle East arrives in California

State can meet fuel demand for next six weeks with its current supply, says energy commission vice-chair. Plus, alleged Epstein suicide note unsealed by federal judge

Euronews

Shell profits surge as Iran war drives oil prices higher

Europe’s biggest energy company reported a jump in first-quarter profits as the war involving Iran and the effective closure of the Strait of Hormuz pushed oil and gas prices higher.

The Guardian - US

Trump’s Iran war may stymie climate gains with boost to big oil, experts say

Windfall profits could lock in Trump-era political wins for the industry and slow clean-energy transition

Barchart

Stocks Steady Before the Open as Investors Await U.S.-Iran Updates; Earnings and Economic Data on Tap

June S&P 500 E-Mini futures (ESM26) are up +0.03%, and June Nasdaq 100 E-Mini futures (NQM26) are down -0.01% this morning as investors await the outcome of diplomatic efforts aimed at ending the Iran war.

The Independent UK

Shell profits rise to £5bn after Iran war oil price surge

IN FULL

Axios

Gas prices won't return to pre-war levels any time soon

Consumers have a long road ahead even if a U.S.-Iran peace deal actually happens this time.

The Economic Times

RBI likely to hold rates in June: HSBC

The Reserve Bank of India faces a tough choice in June. Economists predict no interest rate changes as the economy deals with rising energy costs and unpredictable weather. The RBI must balance fighting inflation with keeping economic growth strong. Any rate hikes are likely delayed until global supply chains stabilize…

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