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Oil prices

Economy

Oil stocks drain at record pace as IEA warns of renewed price swings

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Business

Shell profits surge as Iran war drives oil prices higher

Europe’s biggest energy company reported a jump in first-quarter profits as the war involving Iran and the effective closure of the Strait of Hormuz pushed oil and gas prices higher.

Markets

Oil drops below $100 while markets rise as US and Iran near a deal

Brent crude has fallen below $100 a barrel while Asian markets reached new all-time highs and European stocks rose at the open on reports that the US and Iran are nearing a deal for the gradual reopening of the Strait of Hormuz.

Markets

European stocks rally, oil falls on hopes of US-Iran breakthrough

Some of Europe’s leading stock indices climbed more than 3% on Wednesday, while oil prices retreated as hopes for a diplomatic breakthrough in the Iran conflict boosted market sentiment.

Markets

Oil prices edge up despite Trump vowing action in Hormuz tensions

Oil prices rose slightly in early trading on Monday as investors monitored Iran war developments. Brent crude and WTI front month contracts are trading around 1% higher at around $109 and $103 per barrel respectively.

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Business

The UAE's OPEC exit puts Gulf oil unity to the test

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

Business

Bank of England holds rates as Iran war sends oil prices to new highs

The Bank joins the Fed and Bank of Japan in sitting tight, as war in the Middle East drives oil prices higher and blows the spring rate-cut playbook apart.

Markets

Oil hits $126 wartime high as US–Iran standoff fuels supply fears

Oil markets face upward pressure on Thursday, with Brent crude briefly touching $126 as markets price in tensions in the negotiations between the US and Iran.

Economy

US Fed leaves rates unchanged as Powell set to remain on board

A divided US Federal Reserve has held interest rates steady for a third consecutive meeting, as policymakers grapple with heightened uncertainty linked to the war in the Middle East. The decision is expected to be the last overseen by Chair Jerome Powell.

Markets

Oil prices rise despite UAE exit from OPEC amid Iran ceasefire impasse

Oil markets are navigating a period of unprecedented volatility after the UAE announced its withdrawal from OPEC and the OPEC+.

Economy

Iran war to trigger largest energy price surge since 2022, report says

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.

Business

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.

Markets

Global markets on edge as investors await US-Iran negotiations

European markets are trading mostly flat with Asian indices jumping higher and oil prices rising slightly as suspense builds around potential US-Iran negotiations and the end of the ceasefire in less than 48 hours.

Iran

Timelapse footage shows maritime traffic around Gulf, Straight of Hormuz

The passage of ships through the Strait of Hormuz - the world's busiest oil shipping canal - has been severely disrupted amid the US-Israeli war with Iran. Timelapse footage shows maritime traffic in the Gulf and Strait of Hormuz from April 18 to April 20, amid a fragile US-Iran truce.

Economy

Reignited US-Iran tensions likely to drive up petrol and diesel prices

As US representatives travel to Pakistan on Monday for a second round of talks with Iran, the lack of clarity over a possible deal is once again expected to place upward pressure on petrol and diesel prices.

Markets

Oil prices climb as US-Iran stand-off keeps Strait of Hormuz in limbo

Oil prices climbed more than 5% while European markets fell on Monday morning as a stand-off between Iran and the US prevented tankers from using the Strait of Hormuz.

Economy

Oil prices drop over 10% after Iran declares Strait of Hormuz 'open'

Oil prices have dropped over 10% in less than two hours after the Minister for Foreign Affairs of Iran declared the Strait of Hormuz "completely open" for the remainder of the current ceasefire with the US.