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The Latest Breaking News from Oil

Progressive economists reject Unite leader’s criticism of Ed Miliband

Sharon Graham is urged to withdraw her claim that the energy secretary would cost jobs if he became chancellor

The Guardian - UK

Ukraine-Russia war latest: Zelensky threatens Kyiv will pre-emptively attack Putin’s facilities linked to war

Trump says 'courageous' Zelensky is 'doing pretty well' in the war against Russia

The Independent UK

Gold prices fall Rs 2,200/10 gms; silver tanks Rs 3,300/kg as rate hike fears outweigh falling oil prices. Key levels to watch

Gold and silver prices fell sharply on MCX on Wednesday as a stronger U.S. dollar and rising expectations of Federal Reserve rate hikes dampened sentiment, outweighing support from easing oil prices and the gradual reopening of the Strait of Hormuz.

The Economic Times

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Underlying inflation is still too high, keeping another interest rate hike on the table

The latest inflation figures released by the Australian Bureau of Statistics look, at first glance, like good news. The headline rate for May rose 4.0% over the past year, down from 4.2% in April.

The Conversation

UAE oil exports rebound to 85% of pre-war levels as Gulf supply routes adapt: IEA

United Arab Emirates oil exports have rebounded significantly, reaching nearly 85% of pre-conflict levels by early June. Leveraging alternative routes, extensive storage, and strategic shipping, the UAE successfully navigated Gulf tensions. Exports surged from 1.9 million barrels daily in March to 4.3 million in early June, demonstrating resilience amidst global…

The Economic Times

Oil Price Today (June 24): Crude oil near 4-month low as more tankers pass through Hormuz. What are experts saying?

Oil prices extended their decline on Wednesday, hovering near the four-month lows touched in the previous session, as signs emerged that more oil tankers stranded in the Gulf since the start of the Iran conflict are preparing to move through the Strait of Hormuz.

The Economic Times

Oil prices extend decline on expectations of smoother crude flows via Hormuz

Oil prices dipped to four-month lows as tensions eased between the US and Iran, paving the way for more tankers to navigate the Strait of Hormuz. Following peace talks and a sanctions waiver, Iran's oil sales are expected to increase. Discussions are ongoing regarding navigation in the vital waterway, with…

The Economic Times

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Global Market Today: Asia stocks rebound from tech selloff, Kospi jumps

Asian markets saw a cautious rebound Wednesday after a significant tech-led global selloff, reigniting worries about the AI rally's sustainability. South Korea's Kospi surged, led by Samsung Electronics, following a steep decline. Investors now keenly await Micron Technology's results for clues on AI infrastructure demand, with some strategists predicting further…

The Economic Times

'All-time record, Strait totally open': Trump says 19 million barrels of oil exited Hormuz on Monday

President Trump announced unprecedented maritime activity in the Strait of Hormuz following a new diplomatic understanding with Iran. He claimed record oil flow and asserted that oil prices are falling, making the world safer. The US also aims to permanently block Iran's path to nuclear weapons, while regional stability remains…

The Economic Times

D-Street set for a positive opening as GIFT Nifty trades higher

Indian markets experienced profit booking after a significant rally, influenced by fluctuating crude oil prices and foreign investor sentiment. Analysts anticipate a sideways trading range with a slight downward bias due to global uncertainties and ongoing foreign outflows. The Nifty found support at a key trendline, suggesting potential near-term recovery,…

The Economic Times

Cotton Faces Modest Pressure on Tuesday

Cotton futures saw sharp front month losses of 125 to 148 points in the old crop, with other contracts down 12 to 87 points. Crude oil was down another 81 cents/bbl to $73.19. The US dollar index is up another $0.391 at $101.165. Monday afternoon’s Crop Progress showed 92% of...

Barchart

Crude Oil Prices Settle Lower as Supply Concerns Subside

August WTI crude oil (CLQ26 ) on Tuesday closed down -0.65 (-0.88%), and August RBOB gasoline (RBQ26 ) closed down -0.0211 (-0.73%). Crude oil and gasoline prices were under pressure on Tuesday, with crude oil falling to a 3.5-month low. Tuesday’s rally in the dollar index ($DXY ) to a...

Barchart

Inflation lying in wait to strike another rate blow

Despite a fall in headline inflation, a larger-than-expected rise in the underlying figure leaves the door open to more Reserve Bank rate hikes.

AAP

Tom Cruise transforms into chaotic oil tycoon in new satirical comedy Digger

Known for his death-defying stunts, the 63-year-old transformed into cowboy billionaire Digger Rockwell.

Evening Standard

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Barchart

Cotton Falling on Tuesday

Cotton futures are trading with contracts 100 to 253 points lower at the midday portion of the session. Crude oil is down another 66 cents/bbl to $73.18. The US dollar index is up another $0.396 at $101.190. Monday afternoon’s Crop Progress showed 92% of the US cotton crop planted as...

Barchart

Soybeans Showing Fractional Gains on Tuesday

Soybeans are trading with fractional gains at Tuesday’s midday. The cmdtyView national average Cash Bean price is up 1/2 cents at $10.65 ¾. Soymeal futures are up $1.60 to $2.30, with Soy Oil futures back down 30 to 52 points. Crop Progress data from NASS showed 93% of the US...

Barchart

Crude Oil Prices Fall as Oil Supplies Flow Through the Strait of Hormuz

August WTI crude oil (CLQ26 ) today is down -0.67 (-0.91%), and August RBOB gasoline (RBQ26 ) is down -0.0534 (-1.85%). Crude oil and gasoline prices are under pressure today, with crude oil falling to a 3.5-month low. Today’s rally in the dollar index ($DXY ) to a 13-month high...

The National (Scotland)

Passengers stranded at Scottish airport as 'generator explodes covering plane in oil'

PASSENGERS have been stranded at Edinburgh Airport for more than seven hours after a power generator “exploded” and covered a plane in oil ...

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The Economic Times

Hormuz shipping activity shows signs of recovery; Indian refiners shine amid disruption: S&P Global

Shipping through the crucial Strait of Hormuz is showing signs of recovery, with daily transits increasing significantly, though still far below pre-war levels. Indian refiners, however, are demonstrating remarkable resilience, successfully diversifying their crude oil sources to include Russian, Brazilian, West African, and US grades amidst ongoing global energy supply…

The Times of India

Iran has billions of frozen assets in India, China, Iraq; but why removing sanctions isn't easy

Iran stands to gain access to billions of dollars in oil revenues after the United States granted a 60-day sanctions reprieve as part of a newly signed US-Iran memorandum of understanding (MoU). But actually unlocking decades of frozen assets and fully dismantling the sanctions regime could prove far more difficult…

The Times of India

'Nuclear inspection in Iran to be highest': Trump says blockade to resume if Iran goes back on deal

US President Donald Trump announced Iran has agreed to long-term nuclear facility monitoring and financial concessions, with Washington easing Strait of Hormuz shipping restrictions. Trump claimed this secures "Nuclear Honesty" and an open Strait, citing record oil flow. However, Iranian officials disputed the scope of nuclear inspections, stating previously targeted…

Latin Times

U.S. Issues Sweeping Iran Oil Sanctions Waivers, Unlocking Billions in Revenue for Tehran: What Changed?

The Trump administration has taken one of the most dramatic steps toward easing pressure on Iran in decades, issuing a broad sanctions waiver that allows Tehran to resume legal oil exports and regain access to billions of dollars in potential revenue.

Reason

Trump Lets Americans Buy Iranian Oil for the First Time Since the 1980s

As part of peace negotiations, the U.S. Treasury issued an unprecedented total waiver from Iranian oil sanctions.

Creative Bloq

The "lipstick-soft" oil pastels made for Picasso have up to 43% off right now

Sennelier Oil Pastels were made in collab with a Parisian mastercraftsman.

International Business Times

Russia Reportedly Considering Importing Fuel As Ukrainian Offensive Cripples Energy Sector

Russia is considering importing fuel as continued Ukrainian strikes cripple its energy sector, according to a local report.

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