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The Latest Breaking News from Oil

Oil Prices Drop After Iran Submits Response To Proposal To End The War

Oil prices are dropping after Iran said it sent its latest response to the proposal to end the war with the U.S. and Israel.

International Business Times

Could Santa Marta climate talks mark ground zero in push to ditch fossil fuels?

Colombia hosted nearly 60 countries at pivotal time on world stage for fight to transition to a clean energy future

The Guardian - UK

Sky-High Airfares Become 'New Normal' As Jet Fuel Crisis Reshapes Travel

Fuel prices are rising due to US-Iran tensions, affecting travel costs and airline operations. The UK government is monitoring the situation, while experts predict prolonged elevated costs.

International Business Times UK

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Ukraine says a strike hit Tuapse oil terminal, the fourth attack on the region in 2 weeks

Ukrainian forces have struck an oil terminal in the Russian Black Sea city of Tuapse, according to Ukraine’s General Staff

The Independent UK

The Iran war has brought many old Gulf faultlines to the fore – and is creating new ones

The United Arab Emirates (UAE) announced on April 28 that it will leave the global oil producers’ cartel Opec. Its decision is the latest sign that the war in the Middle East has not only deepened animosities between Iran and its Gulf neighbours, but among the Gulf states too.

The Conversation

Current price of oil as of May 1, 2026

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

Fortune

Soybeans Posting Friday AM Strength

Soybeans are extending higher on Friday morning, with contracts up 3 to 4 cents. Futures bounced off early session lows on Thursday to close with contracts down ¼ to 1 ½ cents in old crop contracts and up 1 3/4 to 3 cents in the new crops. Open interest rose...

Barchart

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What’s in the price of a gallon of gas?

The U.S. Energy Information Administration expects nationwide retail gasoline prices to average near US$4.30 a gallon for April 2026 – the highest monthly average of the year. The political response has been familiar. Georgia has suspended its state gas tax, other states are weighing their own tax holidays, and the…

The Conversation

The UAE’s OPEC exit signals strategic shift as Gulf unity faces new test over oil policy

The UAE's exit from OPEC signals a strategic shift, raising questions about Gulf coordination and the organisation's future.

Euronews

What are Trump’s options for Iran after ‘final blow’ briefing?

The United States is said to be weighing its options, with the conflict no closer to formally ending

The Independent UK

Alcohol-Free Fragrances Are Everywhere In 2026, From Body Mists to Solid Oils

Scent experts break down our current alcohol-free obsession.

Marie Claire

Fuel price rises caused by cost of oil rather than retail margins – watchdog

The Competition and Markets Authority said fuel margins have been ‘broadly unchanged’ since the start of the war in the Middle East.

Evening Standard

War in the Gulf and on US free speech

Brent crude oil surged to US$126 (£94) a barrel after US president Donald Trump announced that he was willing to prolong the blockade of Iranian ports for “months if needed”. This conflict has been billed as a matter of who can absorb the most pain. And Trump is betting on…

The Conversation

‘Apocalyptic conditions’ after Ukrainian strikes on Russian oil refinery

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The Independent UK

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Whats Hot

Commercial LPG Prices Surge for Third Month Amid Global Energy Spike

Commercial LPG cylinder prices have witnessed a sharp increase for the third month in a row, driven by rising global energy costs linked to ongoing tensions in West Asia and disruptions in key supply routes.

The Independent UK

Ukraine-Russia war latest: Putin’s forces launch daytime assault on Ukrainian city with hundreds of drones

Over 400 drones were launched at the country in broad daylight

The Guardian - UK

How LNG interests are seeking to disrupt global talks on decarbonising shipping

Observers say pressure on IMO negotiations appears to be linked to countries that have invested heavily in liquefied natural gas

The Guardian - UK

Germany’s climate U-turn is the worst possible response to the oil shock

Prices at the pump have leapt since the start of the conflict – but clinging to fossil fuels will only prolong the pain, says Berlin-based journalist Tania Roettger

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The Independent UK

Asian shares gain with most markets closed for May Day, while oil holds steady at $111 a barrel

Shares are higher in Asia, though most markets in the region are closed for May Day holidays

AAP

Australian shares snap eight-session run of losses

The ASX has ended the week on a positive note, buoyed by strong US earnings despite ongoing uncertainty over the Gulf energy crisis.

The Guardian - AU

Ukraine war briefing: Kyiv claims victory over ‘shadow grain fleet’ shipment to Israel

Panama-flagged Panormitis turns away without unloading as Kyiv vows to treat carriers of ‘stolen’ grain the same as Russian oil tankers. What we know on day 1,528

Homes & Gardens

Grill Experts Warn – Don’t Fire Up Your BBQ Until You Do This One Free Thing (Or Risk Rust)

Skipping the seasoning of your cast-iron grates could ruin them altogether

AAP

Australia will avoid recession, despite global jitters

One of the big four banks has delivered encouraging news about Australia's chances of avoiding a recession, which could still emerge in the global economy.

Barchart

Cotton Sees Front Month Limit Gains on Thursday

Cotton futures closed the Thursday session gains of the 3 cent limit in July, with in delivery May up 3 cents. Most other contracts were 102 to 254 points higher. The US dollar index was down $0.877 at $97.950. Crude oil was back down $1.47 to $105.41. USDA’s Export Sales...

Barchart

Soybeans Close with Mixed Trade on Thursday

Soybeans bounced off early session lows on Thursday to close with contracts down ¼ to 1 ½ cents in old crop contracts and up 1 3/4 to 3 cents in the new crops. The cmdtyView national average Cash Bean price was down 2 1/4 cents at $11.23 1/4. Soymeal futures...

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