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The Latest Breaking News from Oil

Oil Price Today (July 1): Crude oil above $73 as Iran rejects direct peace talks with US. Where are prices headed?

Brent crude futures were up 50 cents, or 0.69%, at $73.45 a barrel at 1208 GMT. U.S. West Texas Intermediate (WTI) crude rose 63 cents, or 0.91%, to $70.13 a barrel.

The Economic Times

Iran Refuses To Meet Trump Envoys, Signals Plans To Control Strait Of Hormuz In Fresh Challenge To US-Brokered Peace Efforts

On Tuesday, Iran ruled out direct talks with senior U.S. officials despite Washington’s latest diplomatic push, underscoring deep divisions over a fragile ceasefire and the future of one of the world’s most critical oil transit routes.

Benzinga

Global funds revisit Indian stocks as oil, rupee risks recede

Global fund managers are reconsidering their exit from Indian stocks as falling oil prices and rupee stabilization ease key investment concerns. Daily foreign selling has slowed, and inflows into India-focused ETFs have turned positive. While some see India as oversold with attractive valuations, sustained earnings growth is crucial for a…

The Economic Times

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GIFT Nifty signals muted start for Dalal Street amid cautious trade

Indian markets experienced a volatile session ahead of monthly expiry, with the Nifty closing lower at 23,866. Geopolitical tensions in West Asia are expected to keep investor sentiment cautious, despite a dip in crude oil prices. Analysts suggest a mixed trend for equities, with the Nifty potentially hovering around 24,000,…

The Economic Times

Oil ticks higher as Iran's refusal to meet US envoys dims ceasefire hopes

Oil prices saw an uptick as Iran's refusal to meet U.S. envoys heightened tensions, impacting the fragile ceasefire. Despite recent declines following conflict de-escalation, analysts are revising forecasts. Meanwhile, U.S. crude and gasoline inventories dropped last week, with markets awaiting official government data. Tanker traffic through the Strait of Hormuz…

The Economic Times

Cotton Shrugs Off Increased Acres for Tuesday Gains

Cotton futures found strength to round out June, with contracts 22 to 43 points higher despite USDA reporting more acres than expected this morning. Crude oil was down $0.82/bbl to $69.83. The US dollar index is up $0.118 at $100.995. The annual June Acreage report showed all cotton acres this...

Barchart

Soybeans Round Out June with Gains Despite Larger Stocks and More Acres

Soybeans bought the fact after on Tuesday, as contracts closed with 4 ¾ to 12 ½ cent gains. The cmdtyView national average Cash Bean price was up 7 3/4 cents at $10.70. Soymeal futures were steady to $2.10 higher, with Soy Oil futures down 33 to 233 points led by...

Barchart

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Crude Prices Fall as Global Oil Supply Risks Ease

August WTI crude oil (CLQ26 ) on Tuesday closed down -1.25 (-1.77%), and August RBOB gasoline (RBQ26 ) closed down -0.0063 (-0.22%). Crude oil and gasoline prices retreated on Tuesday, with crude settling sharply lower. Crude oil prices gave up an early advance and turned lower on Tuesday amid signs...

Barchart

Two new Scottish MPs make their maiden speeches after by-election wins

The SNP’s Lara Bird and the Conservatives’ Douglas Lumsden made their maiden speeches from the green benches on Tuesday.

Evening Standard

Bo French says Texas shouldn’t recognize babies born to undocumented parents as American citizens

The GOP nominee for the state’s oil and gas commission said Texas should not recognize babies born to immigrant parents as citizens.

The Texas Tribune

How Low Can Crude Oil Go?

News of a deal to end hostilities between the U.S. and Iran has sent crude oil prices to the lowest level since March 2026. If the Strait of Hormuz opens to traffic and attacks cease, crude oil prices could head for the late 2025 low or lower. However, if hostilities…

Barchart

'Watching like a hawk': servos on notice as fuel rises

Winding back discounts to the fuel excise are hitting motorists in the hip pocket, with service stations and suppliers monitored for exorbitant price rises.

AAP

Banks NPA at multi-decadal low of 1.8%, Indian financial system remains resilient: RBI report

India's financial system remains robust, with bank NPAs hitting a multi-decade low of 1.8%. Despite global uncertainties and rising oil prices, strong domestic fundamentals offer resilience. However, funding challenges are emerging as savers seek higher returns, and AI-driven cyberattacks pose a significant near-term threat to banks. The RBI remains vigilant…

The Economic Times

SC directs status quo on Karnataka HC order on ethanol allocation; Centre says 20% blending still an experiment

The Supreme Court has put a hold on a Karnataka High Court order that sought to increase ethanol allocation for 2025-26. An oil company argued this could disrupt the national policy for 20% ethanol blending in petrol. The top court issued a notice, questioning if enhancing one supplier's quota would…

The Economic Times

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Barchart

Cotton Holding onto Gains at Midday Despite More Acres

Cotton futures are showing modest gains on Tuesday, despite USDA reporting more acres than expected this morning. Gains of 35 to 70 points are shown at midday. Crude oil is down $0.82/bbl to $69.83. The US dollar index is up $0.118 at $100.995. The annual June Acreage report showed all...

The Economic Times

India cuts windfall tax on diesel, raises petrol tax from July

India has adjusted its windfall taxes on fuel exports, slashing duties on diesel and aviation fuel while increasing the tax on petrol exports. These changes, effective July 1, reflect easing global oil prices and aim to secure domestic supply. Exemptions for exports to neighbouring countries have also been expanded. This…

Barchart

Crude Prices Slip as Global Oil Supply Risks Recede

August WTI crude oil (CLQ26 ) today is down -0.59 (-0.83%), and August RBOB gasoline (RBQ26 ) is up +0.0078 (+0.27%). Crude oil and gasoline prices are trading mixed today. Crude oil prices gave up an early advance and turned lower today amid signs that more crude is flowing through...

The Independent UK

Yellowstone creator Taylor Sheridan admits he does ‘rage-bait’ critics: ‘I don’t care what they think’

Sheridan has faced repeated criticism for how women are portrayed in his shows

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The Guardian - US

US treasury secretary warns oil and gas companies to lower prices: ‘We’re watching’

Scott Bessent says he ‘encourages them to be good actors’ after Trump ranted about prices not dropping fast enough

The Economic Times

Indian economy remains exposed to energy price shocks: RBI report

India's economy faces potential exchange rate volatility due to rising oil prices and supply chain issues, an RBI report revealed. Despite strong fundamentals, the nation remains vulnerable to energy price shocks and geopolitical tensions. While recent policy measures have eased pressure on the rupee and bond yields, attracting capital remains…

The Economic Times

Why is Dow Jones down while S&P 500 and Nasdaq up today, and will US stock market continue to witness mixed trends? Explained as Wall Street ends winning half of 2026 with mixed opening

Wall Street opened with mixed performance on the final trading day of the first half of 2026. While the Dow Jones slipped, the S&P 500 and Nasdaq posted gains. Investors continued to monitor artificial intelligence growth, oil prices, the US-Iran situation, inflation concerns, interest rate expectations, and the upcoming US…

The Conversation

How oil turned the motors of capitalism: a history

The vulnerability of the world economy to oil prices was painfully visible in the first half of 2026 following the US and Israel war against Iran. The power of this commodity to upend economies has been apparent before. In his recently published book Crude Capitalism: Oil, Corporate Power, and the…

The Economic Times

India's underperformance sets stage for recovery, says JM Financial's Deepak Gupta

Indian equities are showing signs of a potential rebound, with attractive valuations and improved currency stability, according to Deepak Gupta of JM Financial Asset Management. Sectors like manufacturing and healthcare are highlighted as promising, while caution is advised for oil & gas and IT services. Financials are seen in a…

Benzinga

Morgan Stanley Cuts Oil Price Forecast As Strait Of Hormuz Traffic Rebounds Faster Than Expected

Morgan Stanley (NYSE:MS) lowered its oil price forecasts for this year and next after noting that oil tankers are moving through the Strait of Hormuz faster than expected.

The Economic Times

Why are oil prices up today, and will Brent and US WTI crude futures continue to rise or fall again? Oil market reacts to US-Iran talks, Strait of Hormuz developments and supply outlook

Oil prices posted gains during Tuesday's trading, but both Brent and US WTI crude futures remained on course for their biggest quarterly decline since 2020. Traders are watching US-Iran discussions, the Strait of Hormuz, global supply expectations, Iraq's crude pricing and analyst forecasts to understand where the oil market may…

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