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The Latest Breaking News from Oil

'Brace for New Shocks in June' as World Oil Supplies Near a Point of No Return, Analysts Warn

Global oil reserves are depleting rapidly due to the Iran war, with experts warning of severe economic impacts if the Strait of Hormuz remains closed.

International Business Times UK

Hanson’s gas policy follows the far-right playbook: attack ‘elites’ and push for drilling

New polling this week put One Nation ahead of Labor in the primary vote for the first time, as the party’s latest policy announcements signal greater political ambition.

The Conversation

Trump Environmental Policy Threatens Colorado Elk Populations by Handing Thousands of Acres to Oil Drillers

The federal government plans a massive land lease sale in Colorado, risking wildlife habitats and dark sky areas, driven by legislation prioritising fossil fuel extraction over conservation.

International Business Times UK

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Why are oil prices up today, and will Brent futures and US WTI crude prices continue to rise or decline again? Iran war, Strait of Hormuz disruption and falling oil stockpiles drive market

Why are oil prices up today, and will Brent futures and US WTI crude prices continue to rise or decline again? Oil prices moved higher and reached a one-week high as traders watched developments surrounding Iran and the United States. Concerns over the Strait of Hormuz, lower global oil inventories,…

The Economic Times

BC-OILS

NEW YORK (AP) — Futures trading on the New York Mercantile Exchange Tuesday:

AAP

Would like to end sanctions waivers on Russian oil: Rubio

The United States aims to stop waivers allowing countries to buy Russian oil. These waivers were temporary measures to boost global supply. Secretary of State Marco Rubio stated the waivers are time-limited. The US granted and extended these waivers previously. India has benefited from these sanctions exemptions. The goal is…

The Economic Times

Euro Zone Inflation Climbs To 3.2% As Iran War Keeps Energy Prices Elevated

Rising oil and gas prices linked to the conflict involving Iran continued to drive inflation across the euro area, while price pressures varied significantly among member states.

International Business Times

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Miners lift FTSE 100 while oil price heads lower

Events in the Middle East continue to dictate the mood in the markets.

Evening Standard

Southern energy corridors set to dominate supplies to Europe, global leaders say

The rapid reshape of global energy supply routes and markets is a key focus at the Baku Energy Week 2026.

Euronews

France detains tanker linked to Iranian network accused of moving Russian oil

The seizure is the latest evidence of France's efforts to crack down on vessels suspected of helping Russia evade sanctions imposed following Moscow's invasion of Ukraine.

Euronews

One Nation says it wants a Norway-style gas policy – but it’s not actually in favour of higher taxes on profits

Pauline Hanson wants the government to take a stake in resource operations. While experts say this may sound reasonable, the devil’s in the details

The Guardian - AU

Iran War has cost U.S. families $100 billion between increased military funding and higher oil prices, finds Moody's

"With the saving rate about as low as it ever goes ... [consumers] will have little choice but to rein in their spending, weighing further on the already sagging economy."

Fortune

Teens are up against the worst summer job market in nearly 80 years—they’re fighting against hundreds to work at ice cream shops and swimming pools

High schoolers haven’t faced this tough of a summer job market since 1948. Rising inflation, higher oil prices, and a slow hiring market are to blame.

Fortune

There are thousands of dirty old drill sites in Colorado. The state gave oil firms a $1bn pass

Investigation reveals regulator let firms off the hook on cleanup bonds despite backlog that will take decades to clear

The Guardian - US

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The Economic Times

Iran's inflation hits highest level since World War II as unrest and sanctions bite

Iran is currently navigating a perilous economic landscape as inflation reaches alarming heights not seen since the aftermath of World War II. The nation's currency, the rial, is taking a substantial hit, affected by nearby conflicts and severe U.S. sanctions. In addition, systemic corruption and poor economic oversight are fueling…

MyLifeXP

Why Healthy Hair Starts at the Root and Why Scalp Health Matters More Than Ever

For years, most hair trends focused on appearance alone. Shiny curls, sleek ponytails, volume hacks, and expensive styling products dominated beauty conversations online. Yet behind all the styling tutorials and viral transformations, many people quietly struggled with dryness, buildup, irritation, breakage, and hair thinning. Now, that conversation is changing. In…

Barchart

Cotton Extending Rebound on Tuesday Morning

Cotton prices are up 60 to 93 points so far on Tuesday morning. Futures were up 36 to 62 points in most contracts on Monday. The US dollar index was $0.288 lower at $98.140. Crude Oil as up $5.26 at the close. The weekly NASS Crop Progress report showed 66%...

Fortune

Current price of oil as of June 2, 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 Economic Times

India bonds end flat as RBI policy caution offsets cooler oil

Brent crude and U.S. Treasury yields eased in Asian trade, taking some pressure off ‌India's oil-sensitive ⁠curve.

AAP

Iran studying deal to halt war as stalemate persists

As President Donald Trump claims talks to extend the US-Iran ceasefire continue, Tehran says it's taking a "stern" approach to hammering out a deal.

The Economic Times

Indian refiners shift to soyoil in May as palm oil loses price advantage

India's edible oil imports increased in May, driven by a surge in soyoil purchases. Palm oil imports saw a slight rise but remained below average. Refiners favored soyoil as its price advantage over palm oil narrowed. Cooking gas shortages also impacted palm oil demand from bulk consumers. Overall edible oil…

Barchart

Stock Index Futures Muted as Investors Parse Middle East Developments, U.S. JOLTS Report in Focus

June S&P 500 E-Mini futures (ESM26) are down -0.14%, and June Nasdaq 100 E-Mini futures (NQM26) are down -0.01% this morning, taking a breather after a recent rally, while investors assess the prospects for an end to the Middle East conflict.

The Economic Times

RBI contains rupee's fall, shrinks dollar-rupee forward premiums

The Indian rupee and dollar-rupee forward premiums declined as importer hedging, foreign portfolio outflows, and likely central bank interventions across FX market segments exerted opposing forces. Despite Reserve Bank of India's dollar-selling interventions and buy/sell swaps, pressure on the rupee is expected to persist due to weak capital flows and…

Euronews

AI and energy security drive investment focus at Baku Energy Week 2026

Baku Energy Week 2026 showcased how AI, digitalisation and regional gas diplomacy are reshaping the global energy sector, as companies and officials increasingly focus on competitiveness, energy security and cleaner technologies.

AAP

MiQ certifies Shell's full Gulf of America production portfolio at Grade A for methane emissions performance

LONDON, June 2, 2026 /PRNewswire/ -- MiQ, the global leader in methane emissions certification, today announced that it has certified Shell Offshore Inc. (Shell)'s entire production portfolio in the Gulf of America (GoA), making Shell the first operator to achieve MiQ certification in the basin. All 10 of Shell's production…

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