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The Latest Breaking News from Oil

Current price of oil as of May 5, 2026

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

Fortune

Cotton Turning Back Higher on Tuesday AM Trade

Cotton price action is up 40 to 71 points so far on Turnaround Tuesday. Futures closed the Monday session with contracts down 30 to 127 points across most contracts. The US dollar index was $0.146 higher at $98.065. Crude oil was up $3.20 to $105.14. NASS Crop Progress data showed...

Barchart

As government privatization efforts grow, lawsuits against federal contractors get more difficult

The question of which court should hear a case isn’t always as easy as it might seem – and the answer can sometimes make a difference in the potential outcome. For instance, in 2013, the government of Plaquemines Parish, Louisiana, decided to sue several oil companies for violating a 1978…

The Conversation

From analysis to the latest developments in health,
read the most diverse news in one place.

RAC issues petrol price warning as costs near highest since Iran war began

Oil is still cheaper than it should be, warn some experts

The Independent UK

Iran propaganda video depicts Trump in Super Mario consuming oil barrels

A propaganda video circulating on Iranian social media accounts appears to show Donald Trump depicted as a Super Mario character consuming oil barrels.

The Independent UK

The DIY Flax Seed Gel Mask That Works Like a Natural Glow Booster

In the search for glowing skin, many people turn to expensive products and complicated routines. But sometimes, the most effective solutions are already present in your kitchen. Flax seeds are one such hidden gem. These tiny seeds are packed with nutrients that can benefit your skin in multiple ways. When…

MyLifeXP

What is Project Freedom? Experts warn Trump’s plan to escort ships through Hormuz could backfire

The president announced an audacious bid to use the might of the US Navy to escort ships through the waterway

The Independent UK

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Shutting Iran’s oil wells may be straightforward – but the consequences are not

The Strait of Hormuz – the narrow waterway through which between 20% and 25% of the world’s seaborne oil normally passes – has been effectively closed for just over two months.

The Conversation

Stock Index Futures Climb as U.S.-Iran Ceasefire Holds, JOLTs Report and Earnings in Focus

June S&P 500 E-Mini futures (ESM26) are up +0.28%, and June Nasdaq 100 E-Mini futures (NQM26) are up +0.47% this morning, supported by lower oil prices as the ceasefire in the Middle East appeared to be holding.

Barchart

Ineos and Shell join up to drill for new oil and gas in US

Sir Jim Ratcliffe criticised the UK’s energy policy which he said has been inconsistent compared with a more stable landscape in the US.

Evening Standard

Ineos boss Jim Ratcliffe criticises UK and Europe amid new US oil and gas investment with Shell

The two companies will jointly invest in exploration and production in the Gulf of Mexico

The Independent UK

US attempt to open Strait of Hormuz tests fragile Iran war ceasefire

The Iran war risks reigniting after the U.S. tried to force open the Strait of Hormuz for commercial shipping, firing on Iranian forces and sinking six small boats targeting ships

The Independent UK

'We can and we will strike': Iran threatens European military bases amid Hormuz escalation

Iran attacked ships in Hormuz and struck the UAE again as hardliners threatened that European bases could become legitimate targets. Tehran also issued its own Strait of Hormuz navigation map, warning US Navy ships and oil tankers from crossing.

Euronews

The Ceasefire Is Over: US and Iran Exchanging Missile Strikes as UAE Claims It Was Hit by Iranian Drones

The fragile ceasefire between the US and Iran has collapsed, leading to renewed military exchanges in the Persian Gulf and raising fears of a broader regional conflict.

International Business Times UK

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Euronews

European markets mixed as oil prices stay elevated on Iran war fears

European markets opened in the green on Tuesday morning but later traded mixed as traders monitored developments in the Middle East.

The Independent UK

Markets slide as Trump-Iran tensions rattle oil prices and stocks

Asian stocks are trading lower, tracking losses on Wall Street after US stocks fell from record highs

AAP

Aussie shares trim losses but higher rates here to stay

The Australian share market fell to a four-week low ahead of an expected interest rate hike, a clear RBA majority decision pointing to higher rates for longer.

The Guardian - AU

Ukraine war briefing: Duelling ceasefires as Zelenskyy floats open-ended truce

Vladimir Putin wants empty skies on Friday and Saturday to celebrate Victory Day; Ukrainian president says guns can fall silent by Wednesday if Russia reciprocates. What we know on day 1,532

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news in one place.

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Barchart

Cotton Posts Monday Pullback

Cotton futures closed the Monday session with contracts down 30 to 127 points across most contracts. The US dollar index was $0.146 higher at $98.065. Crude oil was up $3.20 to $105.14. NASS Crop Progress data showed 21% of the US cotton crop planted as of May 3, which was...

Barchart

Soybeans Rally on Monday

Soybeans posted gains on Monday, with most contracts up 9 ¼ to 19 ¾ cents. The cmdtyView national average Cash Bean price was up 17 3/4 cents at $11.54 1/2. Soymeal futures were $1.50 to $2.50 higher on the session, with Soy Oil futures 101 to 137 points higher on...

The Independent UK

Iran strikes on UAE condemned by Starmer as Trump plots to reopen Strait of Hormuz

Two US-flagged cargo ships passed through the critical waterway as President Trump sought to reopen the maritime pinchpoint

Evening Standard

Middle East back on the brink: Iran attacks UAE sparking huge oil depot blaze amid Strait of Hormuz clash

Trump’s bid to reopen the Strait of Hormuz and free stranded vessels shakes fragile ceasefire

Fortune

Top U.S. oil producer declares “green” light on drilling for more oil amid Iran war

Diamondback is the largest U.S. oil producer to hike spending and drilling as a result of the Iran war thus far.

Fortune

'You could say the ceasefire has ceased': Iran is back on Wall Street's radar as oil prices spike 6%

The U.S. and Iran traded shots, while the UAE was slammed by drone strikes.

Barchart

Stocks Fall Amid Rising Middle East Tensions

The S&P 500 Index ($SPX ) (SPY ) on Monday closed down -0.41%, the Dow Jones Industrial Average ($DOWI ) (DIA ) closed down -1.13%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -0.21%. June E-mini S&P futures (ESM26 ) fell -0.42%, and June E-mini Nasdaq futures...

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Mohammad Bagher Qalibaf

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