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The Latest Breaking News from Oil

UAE to leave Opec group of oil producers amid Middle East energy shock

The UAE joined Opec in 1967, and its departure will leave the oil cartel with 11 member countries including Saudi Arabia, Iran and Iraq.

Evening Standard

UAE to leave Opec group of oil producers after six decades amid ‘volatility’ from Middle East energy shock

UAE’s withdrawal will leave the oil group with 11 member countries, including Saudi Arabia, Iran, and Iraq

The Independent UK

OPEC shocker as UAE leaves oil cartel days after negotiating swap lines with Scott Bessent’s Treasury

The petrodollar saga is taking another twist. The long, slow unraveling of the architecture that has governed global finance since 1974 continues.

Fortune

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Changing Consumer Tastes Are Likely Permanently Changing Orange Juice, Cotton Futures Prices

Orange juice prices are poised to close out April at their lowest level in four years as consumers continue to pivot away from the higher-sugar drink.

Barchart

Iran war will trigger largest energy price surge since 2022, World Bank warns

The World Bank’s latest Commodity Markets Outlook report predicts a 24% surge in energy prices this year as the Iran war delivers a historic shock to global supply chains.

Euronews

How the Iran war boosted profits at BP and Barclays

Barclays' profits rose, but loan losses weighed on its first-quarter results. At the same time, oil giant BP’s earnings jumped, largely driven by an exceptional oil trading boom linked to the Iran war.

Euronews

Taxing the Rich

Plus: New York City's persistent budget problems, the crony capitalist scramble for Venezuelan oil, senseless trafficking PSAs, and more...

Reason

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Current price of oil as of April 28, 2026

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

Fortune

Iran Has Less Than a Month Of Oil Storage As U.S. Blockade Of Its Ports Continue: Report

Iran has less than a month of oil storage as the U.S. continues to block its ports during the war, an intelligence firm said.

International Business Times

Cotton Extending Rally on Monday

Cotton price action is up 39 to 50 points early on Monday. Futures closed the Monday session with contracts 22 to 55 points in the green. The US dollar index was slipping 0.039 lower at $98.325. Crude oil was back up $2.28 to $96.68. NASS Crop Progress data showed 16%...

Barchart

Iran may have oil options to drag things out

The country "may not be in imminent danger of a major crude oil shut-in," one analyst says.

Axios

How a facility turning plastic into jet fuel could solve the UK’s next oil crisis

As airlines and travellers feel the effect of global jet fuel shortages, scientists in Kent may have figured out a sustainable solution to the crisis

The Independent UK

Iran oil tankers turned back by US blockade

US naval actions have significantly disrupted oil traffic through the Strait of Hormuz, forcing six tankers carrying millions of barrels of Iranian oil back to Iran. While some vessels are being diverted, others have managed to pass, highlighting the ongoing impact of the conflict on global oil exports and the…

The Times of India

Middle East crisis could cost world $1tn while oil firms make ‘obscene’ profit, analysis finds

Climate group calls for urgent windfall tax on excess fossil fuel profits, as delegates tell Colombia conference their nations are suffering

The Guardian - UK

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Latin Times

Soaring Jet Fuel Prices Push Delta Airlines to Cut Mexico Routes, Raise Fees

Delta Executive Vice President and Chief Commercial Officer Joe Esposito said the plan is to reduce the financial drag from rising oil prices, with reductions beginning in the first quarter and likely extending into the summer.

International Business Times UK

'Gold Is Money': Billionaire Ray Dalio Urges Investors To Put 5–15% Into Gold As Iran War Threatens 20% of Global Oil Supply

Ray Dalio advises investors to allocate 5-15% of portfolios to gold amid the Iran conflict, citing its reliability as a store of value during geopolitical and financial instability.

PC Gamer

How to complete Battening Down in Arc Raiders

Find the leaking oil pipe, photograph the seawall, and sample the shoreline for Apollo.

The Independent UK

Ukraine says it shot down record 33,000 Russian drones last month

The military has also established a new command within the air force to bolster the nation’s capabilities

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The Texas Tribune

Texas Railroad Commission GOP runoff: Who is running and what to know

The May 26 runoff pits incumbent Railroad Commissioner Jim Wright, who’s pitching himself as a “proven advocate for Texas energy,” against Bo French, who has cast himself as a “MAGA conservative.”

The Times of India

Video: Fire erupts at Russia’s Tuapse refinery after Ukraine drone attack, nearby buildings evacuated

A Ukrainian drone strike ignited a massive fire at Russia's Tuapse oil refinery on the Black Sea, prompting evacuations. This major Rosneft facility, crucial for fuel exports, had previously halted operations after an earlier drone attack. Authorities are responding to the incident, with the Kremlin confirming measures are being taken.

The Independent UK

Oil prices rise again as blockade continues in Strait of Hormuz

IN FULL

Euronews

Iran to reopen Strait of Hormuz if US lifts blockade, reports claim

Despite an ongoing ceasefire, the US and Iran are locked in a standoff over the Strait of Hormuz, through which a fifth of the world’s oil and gas trade passes in peacetime.

The Independent UK

Iran war briefing: Trump meets with national security over Tehran peace plan

Donald Trump discussed Iran's proposal to reopen the Strait of Hormuz and end the Middle East conflict with his national security team on Monday, but a US official told Reuters that the President “doesn’t love the proposal” as he wants a peace plan to address Iran’s nuclear programme. The conflict…

Evening Standard

BP slammed over ‘astronomical’ profits amid oil price spike caused by Iran war

The oil giant saw profits surge by over 130% to a better-than-expected 3.2 billion US dollars (£2.4 billion) in the first quarter.

The Guardian - UK

BP profits more than double as oil prices soar in Iran war

First-quarter profits of $3.2bn prompt outrage from campaigners, who say figures come at expense of consumers

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