Oil Industry News
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Oil Market in 'Race Against Time' on Hormuz, Morgan Stanley Says
The oil market is in “a race against time” as the factors that combined to restrain price rises from the Iran war so far may no longer hold if the Strait of Hormuz stays closed into June, according to Morgan Stanley. Despite the loss…
After 1973 Oil Shock, Stock Market Didn't Recover For 20 Years. Can that Happen Again?
After 1973's oil shock, the Dow crashed 40% and plunged into what was later dubbed a “lost decade.” Adjusted for inflation, it took the index roughly 20 years to recover. Can that happen again? The parallel is striking. The same…
North Lincolnshire Council confirms £300 heating oil support
David McKenna East Yorkshire and Lincolnshire Hundreds of households in North Lincolnshire who rely on heating oil will receive £300 support to help with rising heating and energy costs, the district council has said. Unlike for those who use…
California gas prices could spike as imported oil supply dries up, industry warns
California may soon have to battle other states for oil resources as its imported supply runs dry, a leading lobbying group has warned. Jodie Muller, CEO of Western States Petroleum Association, said the limited amount coming into the Golden State…
Oil prices climb after Trump dismisses Iran's response to peace plan
Oil prices have climbed after Donald Trump condemned Iran's response to US proposals to end the war as “totally unacceptable”. The president's rejection of Tehran's overture in a post on his Truth Social platform triggered a jump in…
Oil jumps after Trump dismisses Iran peace offer
The oil price jumped 4 per cent after Donald Trump branded a mooted Iran peace plan “totally unacceptable”. It came as Saudi Aramco warned the disruption to the oil market could continue well in to next year, raising the prospect of…
Second suspected oil slick near Iran raises fears of major disaster in vital global oil corridor
A second suspected oil slick has been detected near Iran 's Kharg Island export hub, according to maritime intelligence firm Windward AI, heightening fears of an environmental disaster as a larger spill identified May 8 continues drifting toward…
Gold falls on oil-driven inflation worries as US-Iran peace talks falter
Gold prices fell on Monday, as a lack of progress in US–Iran peace negotiations pushed oil prices higher, fuelling concerns that elevated inflation could keep interest rates higher for longer. SCROLL TO CONTINUE WITH CONTENT Spot gold fell…
Hormuz disruption sends shock through oil and food supply chains
May 10 (Asia Today) -- Supply chain disruptions caused by the Iran war are spreading beyond oil markets into global food and chemical industries, as shipping through the Strait of Hormuz remains heavily restricted, according to reports Friday from…
Oil prices jump after Trump dismisses Iran proposal to end war
Oil prices rose in Monday morning trade in Asia after President Donald Trump said Iran's response to US proposals to end the war was 'totally unacceptable'. Tehran sent its response via Pakistan, which has served as a mediator between the two…
UK 'to lose 163,000 jobs in 2026' amid Iran war fallout, as oil price jumps again - business live
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The economic woes caused by the Iran war are expected to cost the British economy jobs this year. With no sign of an end to the conflict…
The Physical Oil Squeeze Eases for Now as Buyers Back Away
The cost of a real-world oil cargo is dropping fast as buyers back away, in a dramatic reversal from last month's bidding frenzy despite the ongoing closure of the Strait of Hormuz. The sharp retreat provides a counterintuitive backdrop to warnings…
Asia markets set to open mixed as oil jumps on Trump rejecting Iran proposal
Oil prices climbed after Trump rejected Iran's latest counteroffer to end the war. Iran tensions overshadowed strong recent gains on Wall Street. Strait of Hormuz disruption fears continued to rattle global markets. Asia-Pacific markets were set to…
Oil Rises Amid Signs of Ongoing Middle East Tensions
2338 GMT — Oil rises in early Asian trade amid signs of ongoing Middle East tensions that could sustain supply disruptions. Writing on social media Sunday, Trump said “I have just read the response from Iran's so-called…
Oil Climbs as Hormuz Stays Shut After Trump Rejects Iran's Offer
Good morning. Oil jumps after Donald Trump rejects Iran's peace offer. Keir Starmer's UK rivals circle before his make-or-break reset speech. And Google's parent is poised to become the world's biggest company. Listen to the day's top stories. Oil…
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