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The Latest Breaking News from Oil

Scott Bessent Signals Imminent US-Iran Deal to Reopen Strait of Hormuz, Sending Oil Lower: 'We May Have a Deal Today or Tomorrow...'

U.S. Treasury Secretary Scott Bessent signalled the U.S. and Iran could reach an agreement as early as Tuesday or Wednesday to reopen the Strait of Hormuz, restoring free passage for commercial shipping.

Benzinga

Scott Bessent Said a Deal To Reopen The Hormuz Strait Could Be Reached Within Hours. Oil Is Declining Again

U.S. Treasury Secretary Scott Bessent expressed optimism about the possibility of reaching a deal that will see the reopening of the Hormuz Strait in the next hours.

International Business Times

Nine Women Arrested for Allegedly Planning To Disrupt King Charles' Coronation Claim Wrongful Arrest

Nine women arrested during King Charles III's coronation are suing the Metropolitan Police, claiming wrongful arrest and mistreatment.

International Business Times UK

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Oil shortages escalate from wars in Iran and Ukraine, with few signs of relief

The global energy crisis triggered by two wars is set to worsen, as Ukraine pummels Russia’s refining industry and Iranian attacks continue on Middle Eastern oil production and refining. Further, the nature of the destruction and the growing number of fronts and warring parties involved may herald a new era…

The Conversation

Cotton Fading Back Lower on Tuesday Morning

Cotton prices are back down 45 to 78 points so far on Tuesday Futures posted 36 to 85 point gains across the board on Monday. Crude oil was back down $4.61 per barrel, with the US dollar index back up $0.61. The Monday Crop Progress report showed 88% of the...

Barchart

India bonds rise on position building ahead of RBI policy

Indian government bonds saw a slight increase as traders positioned themselves before the RBI's policy announcement. The Reserve Bank of India is widely expected to maintain its key policy rate unchanged on Wednesday. Rising oil prices, however, limited the upward movement in bond yields during the session. Traders will closely…

The Economic Times

Qatar says draft US-Iran talks proposal in circulation as mediators push to ease tensions

Qatar is mediating a draft proposal to restart United States and Iran talks. This initiative aims to de-escalate current tensions and prevent further conflict. Oil prices saw a slight decrease following this diplomatic development. Diplomatic efforts focus on restoring shipping through the Strait of Hormuz. Iran maintains its authority over…

The Economic Times

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BP’s £4.2bn Iran ‘war bonus’ fuels anger over UK soaring energy bills

BP has been slammed for raking in billions from a “war bonus” boosted by the US-Iran conflict, while UK households face soaring energy bills

The National (Scotland)

Energy Department Under Fire as Venezuela Oil Deals Stall, Testing Rubio's Energy Strategy

Nearly eight months after President Donald Trump promised a rapid reopening of Venezuela's oil sector to American companies, the administration is facing mounting criticism as no new U.S. oil production contracts have been finalized, raising fresh questions about whether Washington's ambitious energy strategy is losing momentum.

Latin Times

BP profit doubles to $5.7bn as war between US and Iran drives up oil prices

The five majors, BP, Shell, ExxonMobil, Chevron and TotalEnergies, together made about $46bn between April and June

The Independent UK

Trump Blasts Exxon, Chevron Over $26B Iran War Windfall, Vows They'll 'Give Some Back'

Donald Trump criticises major oil companies for profiting from the Iran conflict, urging them to reduce consumer prices as Americans face rising fuel costs ahead of midterm elections.

International Business Times UK

Man kills neighbour’s fish with detergent because noisy pond was keeping him awake

Gerry Duffy, 76, was ‘driven completely insane’ by the sound of a water pump in his neighbour’s fishpond

The Independent UK

First Thing: Trump chastises oil companies for ‘making too much money’ from his Iran war

US president takes aim at profits as oil companies worldwide benefit from US-Iran conflict

The Guardian - UK

Their shares fell from 5% to 0.63%. Now twin daughters are fighting with billionaire dad for $43.5 million

A Nigerian billionaire Muhammadu Indimi is seeking to join an appeal regarding a hefty judgment imposed on his company. His twin daughters were awarded $43.51 million due to a disagreement over owed dividends. The company maintains that the changes in shareholding were both legal and previously resolved.

The Economic Times

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Benzinga

Stock Market Today: S&P 500, Dow and Nasdaq Futures Gain as Scott Bessent Says Hormuz Deal Could Come Soon— Caterpiller, Palantir in Focus (UPDATED)

(Editor’s note: The headline, lede and ETFs, stocks and futures data have been updated.)

Euronews

BP profit more than doubles as Middle East conflict boosts oil prices

British energy giant BP said on Tuesday that its net profit more than doubled in the second quarter as the Middle East war roiled oil and gas markets.

The Economic Times

Global Market: Goldman Sachs sees Brent crude trading at $80-$90 until Iran conflict outlook clears

Goldman Sachs forecasts Brent crude prices between $80 and $90 per barrel. This range persists until clarity emerges on US-Iran nuclear talks. Physical oil markets are tightening significantly due to reduced flows from key regions. Gulf oil exports have dropped substantially from pre-war levels. Russian crude supplies also show a…

Fortune

Current price of oil as of August 4, 2026

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

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The Guardian - UK

Trump accuses oil companies of ‘making too much money’ from his war on Iran

US president hits out at ExxonMobil and Chevron, saying they should ‘give some of that back to the public’

The Economic Times

Global Market: European shares edge higher as earnings offset Middle East concerns; Lufthansa, Zalando slide

European shares saw modest gains as investors reviewed corporate earnings reports. Energy stocks edged higher while oil prices rebounded from recent declines. Travel and leisure shares slipped as higher fuel costs posed concerns. Lufthansa and Zalando shares fell significantly after their earnings updates. Bayer shares rose after reporting a surprise…

The Economic Times

Global Market: Saudi Aramco Q2 profit jumps 44% as Middle East conflict boosts oil prices

Saudi Aramco reported a 44% year-on-year jump in second-quarter net profit, beating analyst estimates as higher crude oil prices offset lower sales volumes. The oil giant said elevated prices, stronger refining margins and resilient operations amid Middle East supply disruptions supported its performance.

Benzinga

Stock Market: Will S&P 500 Open Up or Down Today?

The S&P 500 (NYSE:SPY) surged on Monday as easing geopolitical tensions, falling oil prices and renewed strength in megacap technology stocks fueled a broad market rally. Polymarket traders are now betting the benchmark index will build on those gains at Tuesday’s open.

The Economic Times

Explained: Why Dow Jones closed at lifetime high despite caution over AI frenzy

Wall Street rallied sharply on Monday, with the Dow hitting a record high as easing oil prices and strong tech earnings lifted investor sentiment. The Dow gained over 1%, while the Nasdaq surged more than 2% and the S&P 500 rose 1.5%, nearing its record high.

Euronews

Sanction in limbo: How the EU hit a wall with its maritime services ban

Earlier this year, European Commission President Ursula von der Leyen proposed a full ban on maritime services for Russian oil tankers. But an extraordinary combination of factors has plunged the sanction into political limbo. Here's how the plan went awry.

The Guardian - UK

BP boss urges Burnham to prioritise UK oil and gas even as firm exits North Sea

Meg O’Neill says ‘where we generate jobs, we generate tax revenue’, as company’s profits more than double

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