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The Latest Breaking News from Oil

Iran signals possible Hormuz shipping relief if U.S. deal is reached - REPORT

Iran has floated a proposal to let commercial vessels move freely along the Omani side of the Strait of Hormuz if negotiations with the United States produce a deal that prevents a renewed military confrontation.

Latin Times

Europe has only six weeks’ supply of jet fuel left owing to Iran war, says energy chief

There will be flight cancellations ‘soon’ if oil supplies are not restored in coming weeks, says head of IEA

The Guardian - UK

Repsol agrees Venezuela deal to boost oil production and regain control of assets

Spanish energy company Repsol has reached an agreement with Venezuela’s government and state-owned company Petróleos de Venezuela (PDVSA) to regain operational control of key oil assets and sharply increase production over the next three years.

Euronews

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5 Common Homemade Foods That May Harm Your Dog

Feeding your dog feels like an act of love. Many people feel proud when they cook meals at home for their pets, thinking it is healthier than packaged food. But dogs have different nutritional needs compared to humans. Their bodies process food in a different way, and certain ingredients that…

Times Pets

Texas oil and gas regulator Wayne Christian peddles oil-backed crypto coin

Government watchdogs raised conflict-of-interests concerns, but Christian said his involvement in the venture is “separate” from his elected position on the Railroad Commission.

The Texas Tribune

New route? How are Iran-linked ships passing through Strait of Hormuz despite US blockade

Amidst a US naval blockade, Iran-linked vessels navigated the Strait of Hormuz, signalling potential route shifts. Traffic remains significantly reduced, with heightened checks by both US and Iranian forces slowing crossings. Conflicting claims emerge regarding successful breaches, as electronic interference and disabled tracking systems obscure full visibility in this critical…

The Times of India

Gas Prices May Not Hit $3 Until September, Treasury Chief Bessent Warns He's 'Watching' Gas Stations

Treasury Secretary Scott Bessent says $3 gas could arrive between June and September, warning the Trump administration plans to monitor gas stations. Stay updated on energy costs and petrol prices.

International Business Times UK

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Oil prices may be falling, but for the wrong reason: ‘Demand destruction’ throttling global consumption, report finds

The International Energy Agency said oil demand is projected to contract by 80,000 barrels per day in 2026.

Fortune

Why no nation is truly ‘energy independent’ while the Strait of Hormuz remains closed

The U.S. blockade is working, but a potential global recession still looms.

Fortune

Bulletin AM briefing: UK economy grew better-than-expected before Iran war

UK economy beat expectations and showed surprise growth. Oil prices fall yet again amid hopes for new US-Iran peace talks. MPs voted against Australia-style social media ban for the second time. Leading evangelical figure says Trump did not intend Jesus AI photo. Rare asteroid expected to pass Earth closer than…

The Independent UK

Is Your Essential Oil Diffuser Ruining Your Sleep? Feng Shui Pros Say Your Placement Could Be Wrong

The key is enforcing a six-foot distance so the movement of the water doesn't disturb your energy, and lets you sink into a deep sleep

Homes & Gardens

Major oil refinery fire likely to impact Australia’s fuel supplies

IN FULL

The Independent UK

Thursday briefing: What it will take for Britain to break up with natural gas

In today’s newsletter: The economic fortunes of the UK are intertwined with the price of the costly fuel – so why are we so slow to ditch it?

The Guardian - UK

Oil prices fall again amid hopes for new US-Iran peace talks

IN FULL

The Independent UK

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The Guardian - AU

Gunfire reported in Beirut as truce comes into effect – as it happened

This blog is now closed

Euronews

Iran war sparks EU proposal to reduce tax on electricity and encourage green transition

Electricity is taxed far higher than fossil fuels. Could a new EU proposal finally reverse this?

Euronews

Top 10 currencies in 2026 include Hungarian forint: Why they’re beating the US dollar

A war in the Gulf, a Federal Reserve frozen in place and a hawkish turn across Europe and the Pacific: how ten currencies are pulling away from a weakening US dollar.

The Conversation

What does the Geelong refinery fire reveal about Australia’s fuel supplies?

Late on Wednesday, Victorian firefighters were called to a large fire at Viva Energy Group’s oil refinery in Corio, a suburb of Geelong. The blaze is believed to have been an equipment failure. Thankfully, no-one was injured.

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The Independent UK

Oil prices drop below $95 and Asian stocks hit record highs as Iran peace deal hopes grow

Brent ‌crude opens 0.4 per cent lower at $94.55 a barrel after reports Iran could consider allowing ships to sail freely through the Omani side of Strait of Hormuz

The Independent UK

‘Unprecedented’ fire at Australian oil refinery threatens already dwindling petrol supplies

Supplying around half of Victoria’s fuel and 10 per cent nationally, the refinery processes about 120,000 barrels of oil per day

The Independent UK

Asian stocks mostly higher after Wall Street hits record and oil steadies

Asian stocks are mostly higher and oil prices have steadied over expectations of an extension of a ceasefire in the Iran war and more talks between the U.S. and Iran

The Conversation

When oil refineries burn, here’s what happens to your lungs and heart

The fire at a major oil refinery in the Victorian city of Geelong has now reportedly been extinguished. But with thick smoke from the blaze lingering in the air on Thursday, many residents in Geelong and surrounding areas will understandably be worried.

The Guardian - AU

Albanese cuts fuel diplomacy mission short to rush to Geelong as Bowen calls oil refinery fire ‘a setback’

Some petrol stations may see short-term outages and energy experts warn Victorian fuel prices could spike up to 20 cents a litre

AAP

Aussie hits four-year high as banks, miners drag shares

The Australian dollar is trading at multi-year highs as signs of de-escalation support the global growth outlook, but the optimism has not extended to shares.

The Conversation

Iran has a powerful new tool in the Strait of Hormuz that it can leverage long after the war

The Trump administration claims its blockade of the Strait of Hormuz is working, with nine ships complying with orders to turn around.

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