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The Latest Breaking News from Oil

What could the UAE’s exit from OPEC mean for oil markets and the climate?

The world's third-largest oil producer has the capacity to increase its output by almost 50 per cent, according to industry estimates.

Euronews

'69 million barrels Iran can’t sell': After 2 weeks of US naval blockade in Hormuz, what next?

US Central Command reports 41 tankers carrying 69 million barrels of oil are blocked from offloading due to US enforcement measures, cutting off Iranian trade. President Trump has directed aides to prepare for an extended blockade, viewing it as a high-risk, effective strategy to pressure Tehran on its nuclear program.

The Times of India

Rachel Roddy’s recipe for spaghetti with crab, chilli, herbs and lemon

Crab pasta done (mostly) the River Cafe way, with an ‘electric sauce’ of olive oil, red chilli, parsley, garlic and lemon

The Guardian - UK

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Five Japanese ingredients to level up your cooking, says MasterChef winner Tim Anderson

MasterChef winner Tim Anderson says just five Japanese ingredients can transform the way you cook – boosting flavour, building confidence and making everyday meals far more interesting

The Independent UK

Iran mocks Trump over rising oil price as it skyrockets past $125: ‘Next stop $140’

Trump is slated to receive a briefing on plans for a series of military strikes on Iran in hopes it will return to negotiations

The Independent UK

Oil price tops $126 a barrel after Trump warns Iran blockade could last ‘months’

Markets spooked as US president appears willing to keep up naval blockade and Iran keeps strait of Hormuz all but shut

The Guardian - AU

'Our bill has reached $800 million': Shehbaz Sharif says US-Iran war causing major economic blow to Pakistan

Pakistan's economy has been severely impacted by the US-Iran war, with oil import bills skyrocketing and economic progress stalling. Prime Minister Shehbaz Sharif stated that Islamabad will continue its efforts to mediate and restore peace in West Asia, highlighting recent diplomatic breakthroughs and planned future talks.

The Times of India

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Aussie shares slip as brent crude hits new wartime high

The local share market has endured its longest losing streak since 2018 as oil prices hit $US126 a barrel and hopes fade of a quick end to the Middle East war.

AAP

Trump calls Hormuz blockade ‘genius’, says no deal without nukes; US-Iran talks now telephonic

President Trump hailed the US naval blockade against Iran as "genius," asserting it forces Tehran's concession and ruling out any deal without abandoning nuclear ambitions. US Central Command confirmed the blockade's disruption of Iran's oil trade. Iran reportedly proposed a conditional ceasefire in the Strait of Hormuz, which Washington is…

The Times of India

Ukraine war briefing: Enough of our homegrown weapons to go around, says Zelenskyy

Surplus 50% means co-operation ‘already under way’ with other countries and standing offer to US; SBU hits oil station 1,500km inside Russia. What we know on day 1,527

The Guardian - AU

Cotton Slips Lower on Wednesday

Cotton futures saw bulls take some money off the table a day ahead of month end, with contracts down 8 to 65 points on Wednesday. The US dollar index was up $0.359 at $98.835. Crude oil was extending higher, up another $8.56 to $108.49. The Seam showed just 139 bales...

Barchart

Soybeans Rally as Bean Oil Hits Contract Highs

Soybeans rounded out the Wednesday trade with most contracts up 2 ¼ to 9 ¼ cents, led by the old crop contracts. Some back months were fractionally to 2 cents lower. The cmdtyView national average Cash Bean price was up 10 cents at $11.25. Soymeal futures were down 40 cents...

Barchart

Trump is done bombing Iran for now, but he’s not backing down. The Wall Street Journal just revealed what he’s preparing to do instead

The talks are stalling.

We Got This Covered

Stocks Settle Mixed Ahead of Megacap Tech Earnings

The S&P 500 Index ($SPX ) (SPY ) on Wednesday closed down -0.04%, the Dow Jones Industrial Average ($DOWI ) (DIA ) closed down -0.57%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed up +0.58%. June E-mini S&P futures (ESM26 ) fell -0.07%, and June E-mini Nasdaq futures...

Barchart

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The Conversation

The UAE is leaving the OPEC oil cartel. What could that mean for oil prices?

The United Arab Emirates (UAE) has announced that on May 1, it will leave both the Organization of the Petroleum Exporting Countries (OPEC) and the larger OPEC+ group. By withdrawing, the UAE will now be able to independently decide how much oil it produces and sells.

Kiplinger

Markets Are Mixed Amid Fed Uncertainty: Stock Market Today

Earnings are still solid, crude oil is still rising, and Jerome Powell is still a member of the Federal Reserve Board until further notice.

Barchart

Dollar Gains on Three Hawkish FOMC Dissents

The dollar index (DXY00 ) on Wednesday rose by +0.27%. Wednesday’s better-than-expected US economic news on Mar housing starts and Mar core capital goods new orders supported gains in the dollar. Also, Wednesday’s +6% jump in crude oil prices increases inflation expectations, a hawkish factor for Fed policy, and a...

International Business Times UK

Trump Savaged by Wall Street Traders With Brutal New Four Letter Code to Mock His Recent Economic Retreats

Wall Street traders have coined 'NACHO' to mock Trump's handling of the Strait of Hormuz, following the 'TACO' acronym that critiqued his tariff retreats.

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Barchart

Crude Prices Surge With No End in Sight to US-Iran War

June WTI crude oil (CLM26 ) on Wednesday closed up +6.95 (+6.95%), and June RBOB gasoline (RBM26 ) closed up +0.1650 (+4.81%). Crude oil and gasoline prices extended this week's sharp rally on Wednesday, with crude oil posting a 3-week high and gasoline posting a 3.75-year high. Crude prices continue...

International Business Times

Trump Meets Oil Executives As Middle East Supply Disruptions Push Global Energy Markets Higher: Report

President Donald Trump met Tuesday at the White House with senior oil and gas executives and top administration officials to discuss ongoing disruptions in global energy markets, including tightening crude supply linked to instability in Middle East shipping routes.

The Guardian - UK

The Guardian view on the UAE quitting Opec: whatever importers pay, the price of fossil fuels is too high

Editorial: The world must accelerate the shift to renewables, regardless of the economic effects of Abu Dhabi’s decision

The Times of India

4 am fury, 24/7 gridlock: Trump takes world into long, hot Hormuz summer

President Trump has directed aides to prepare for a prolonged naval blockade of the Strait of Hormuz, aiming to choke Iran's oil exports and force concessions without triggering wider conflict. This strategy is causing global energy disruptions, with rising gasoline prices impacting American consumers and forcing other nations to scramble…

Barchart

Soybeans Pushing Higher on Wednesday

Soybeans are posting 3 to 8 cent gains in the front months on Wednesday. The cmdtyView national average Cash Bean price is up 8 1/4 cents at $11.23 1/4. Soymeal futures are down $3.70 to $6.40 across the front months, with Soy Oil futures up 123 to 135 points Crush...

Barchart

Cotton Slipping Lower on Wednesday

Cotton futures are trading with 45 to 70 point gains in the front months on Wednesday with the in delivery May contract up 132 points. The US dollar index is up $0.239 at $98.715. Crude oil is extending higher, up another $6.89 to $106.76. The Seam showed just 139 bales...

Euronews

Sweden confiscates false-flagged Russian 'shadow fleet' ship, prosecutors say

Russia has reportedly built up a flotilla of old oil tankers of opaque ownership to get around sanctions imposed by the European Union.

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