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The Latest Breaking News from Oil

Current price of oil as of June 30, 2026

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

Fortune

Labour MPs tell Burnham to ignore ‘deluded’ calls for more North Sea drilling

Critics debunk economic claims as research finds Rosebank development would produce estimated 250m tonnes of CO2

The Guardian - UK

'Big Problems Lie Ahead': Trump Orders Gas Stations to Slash Prices to $2.50 'Immediately'

Donald Trump has ordered US petrol stations to slash prices 'immediately' to around $2.50 a gallon, accusing retailers of overcharging despite a fall in oil prices.

International Business Times UK

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Russia's Fuel Crisis Explained: Petrol Stations Erupt in Violence as Drivers Wait in Queues for 13 Hours

Ukrainian drone strikes on Russian oil refineries are causing severe fuel shortages, long queues, and economic strain in Russia. Explore the broader impact on Russia's domestic economy and daily life.

International Business Times UK

Cotton Seeing Strength on Tuesday Morning, as NASS Slashes Crop Ratings

Cotton price action is up 30 to 35 points so far on Tuesday morning. Futures were 6 to 34 points higher, across most contracts on Monday. Crude oil was up $1.19/bbl to $70.42. The US dollar index was down $0.247 at $100.880. Monday afternoon’s Crop Progress showed 97% of the...

Barchart

How China Cashed In on the Hormuz Crisis While the US and Iran Were Busy Fighting

The Strait of Hormuz crisis disrupted global markets, but China's strategic reserves and clean energy investments mitigated its impact, highlighting vulnerabilities in other Asian economies.

International Business Times UK

India bonds up on oil slump, foreign inflows; 10-year yield posts biggest monthly fall in 7 years

In June, Indian government bonds underwent a remarkable rally, showcasing the largest monthly yield drop for the benchmark 10-year bond in seven years. This upward trend was driven by plunging oil prices and a notable rise in foreign investments, especially via the Fully Accessible Route. The Reserve Bank of India's…

The Economic Times

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Trump Warns Gas Companies There Will Be 'Big Problems' If They Don't Lower Prices

Trump warned gas retailers to lower prices at the pump, saying there will be "big problems" if they don't.

International Business Times

My Family Fled Socialism. Then I Voted for Bernie Sanders.

An immigrant's journey to the radical left and back

Reason

Lingering Supply Risks Could Push Crude Higher Again Despite U.S.-Iran Ceasefire, Analysts Warn

Energy analysts are warning that the market may be underestimating the lingering risks of the Iran war to global oil supplies.

International Business Times

The $1 trillion AI 'arms race' is fueling a hidden supercycle and it's not just chips

DBS Bank says the global AI arms race is driving a multi-year capex supercycle extending beyond semiconductors into energy, networking, infrastructure and data centres. The bank expects AI spending, sovereign AI investments and rising power demand to create new investment opportunities while reshaping portfolio allocation amid geopolitical risks and persistent…

The Economic Times

Abu Dhabi proposes new oil-pricing system to mirror wider market

Abu Dhabi National Oil Co. is proposing a shift in how it prices crude for term customers, aligning with regional trading norms. The company is considering setting official selling prices for Upper Zakum, Das, and Umm Lulu grades based on a differential to the Dubai benchmark, a move that could…

The Economic Times

UAE announces petrol and diesel prices for July 2026; fuel rates cut after four months of hikes

UAE motorists can finally breathe easier as fuel prices for July 2026 see a significant drop, ending a four-month surge. This welcome relief follows a cooling in global oil markets, with diesel prices falling by nearly 17% and petrol by almost 14%. Drivers can expect substantial savings on full tanks,…

The Times of India

Trump takes his inflation battle to gas retailers after his Fed plot runs ashore—sets target for $2.50 a gallon

"The retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!"

Fortune

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The Economic Times

India plans to cut reliance on Middle East oil, tap spot market after war shock

India's state refiners are pivoting away from Middle Eastern oil contracts following the Iran war's supply disruptions. They plan to boost spot market purchases and forge deals with trading houses for diversified sourcing. This strategic shift aims to secure energy supplies and mitigate losses, with new avenues opening from Guyana,…

Benzinga

Kevin Hassett Says Gas Prices Will Drop Once Strait Of Hormuz Traffic Returns To Normal—Democrat Senator Calls Recent Price Hike 'Unacceptable'

President Donald Trump‘s top economic advisor, Kevin Hassett, said on Monday that gas prices in the U.S. will come down to pre-Iran war levels once the traffic through the Strait of Hormuz moves normally.

The Economic Times

Rupee ekes out first quarterly gain in five on oil drop, policy salvo

The Indian rupee achieved its first quarterly gain since March 2025, buoyed by falling oil prices and policy efforts to attract dollar inflows. Despite a slight dip on Tuesday, the currency showed resilience, recovering from record lows. Analysts anticipate a stronger growth forecast for India, though importers' demand and central…

The Times of India

Hormuz, Suez, Taiwan Strait: Why the world’s supply chains now need war-room planning

Global supply chains face unprecedented threats as maritime chokepoints become geopolitical battlegrounds. The US-Iran conflict highlighted how disruptions in vital waterways like the Strait of Hormuz and Bab el-Mandeb trigger widespread economic fallout, from soaring freight rates to increased inflation. Other critical routes, including the Suez, Taiwan, Malacca, and Panama…

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The Economic Times

India's Russian oil imports to hit record high in June, data shows

India's Russian oil imports hit an all-time high in June, reaching approximately 2.70 million barrels per day. This surge is attributed to refiners seeking Russian barrels to offset potential supply disruptions from the Strait of Hormuz. Russian oil now constitutes over half of India's total crude imports, significantly increasing its…

The Economic Times

Strait of Hormuz: Strategic chokepoint in shadow of geopolitics

The Strait of Hormuz, a key chokepoint for the global trade of crude oil and liquefied natural gas, is at the centre of disputes in negotiations to end the Middle East war, even after the US and Iran signed a preliminary deal. About one-fifth of consumption of global oil and…

The Independent UK

Trump again demands gas retailers drop price after Iran war he started sent prices soaring

President once more appeals for relief for drivers after reports Americans paid an extra $59 billion at the gas pump due to the Middle East conflict

The Economic Times

India plans to add strategic fuel reserves after Iran war shock

India is bolstering its energy security by planning strategic reserves of crude oil, LPG, and LNG to cover up to a month's demand, aiming to prevent supply disruptions like those seen during the Persian Gulf crisis. This ambitious move follows a review of existing, limited stockpiles and includes expanding underground…

The Economic Times

Oil finds its way: Supertankers return to Persian Gulf

Supertankers are once again navigating the Strait of Hormuz, a crucial oil route, following a period of disruption due to recent Iran conflict. Shipping data indicates a significant increase in commodity vessel traffic, including oil tankers, signalling renewed confidence among shipowners. This return of large carriers, with a combined capacity…

The Economic Times

India 10-year bond set for best month in 7 years on oil slide, foreign demand

Indian government bonds surged Tuesday, with the benchmark 10-year yield on track for its largest monthly drop in seven years. This rally is fueled by declining oil prices and a significant increase in foreign investment, particularly in Fully Accessible Route bonds. Measures by the Reserve Bank of India and tax…

The Independent UK

Iran-US war latest: Vance says US in ‘great position’ even if talks fail in Qatar

Jared Kushner and Steve Witkoff will discuss the state of negotiations with mediators

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