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The Latest Breaking News from Oil

Oil Whipsaws $30 in 24 Hours as Trump Vows to 'Hit Iran Extremely Hard'

Oil prices swung nearly $30 in 24 hours as Trump's primetime speech vowed to hit Iran 'extremely hard,' reversing ceasefire-driven losses.

International Business Times UK

Markets rally hard on Iran’s promise to play nice at Hormuz as its leaders pocket billions from the disruption

Anything sounds good to Wall Street, except more war. But Iran’s power brokers may have little reason to stop.

Fortune

Russia to send second oil tanker to Cuba as energy crisis continues, Moscow says

Cuba produces barely 40% of its required fuel and relies on imports to sustain its crumbling energy grid.

Euronews

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‘We are going to finish the job’: Trump tells the world exactly what happens to Iran in next 3 weeks, and oil is already reacting

No clear timeline for ending the war.

We Got This Covered

Donald Trump Fury: Scowling POTUS Defends Iran War Strategy as Fuel Prices Surge

In a combative primetime address, Donald Trump defended his Iran war strategy as US fuel prices surged past $4 a gallon and global markets wobbled, but offered scant detail on how or when the conflict will end.

International Business Times UK

Australia joins oil crisis talks ahead of key UN vote

Australia has joined nations for talks about a vital oil corridor, as the UN Security Council considers whether "defensive" action can be taken against Iran.

AAP

Sugar Prices Slide as India Ramps Up Sugar Output

May NY world sugar #11 (SBK26 ) today is down -0.23 (-1.50%), and May London ICE white sugar #5 (SWK26 ) is down -3.70 (-0.84%). Sugar prices are falling today, with NY sugar posting a 2-week low. Ramped up sugar production in India is undercutting prices today after India's National...

Barchart

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Cooper: Iran to face ‘every diplomatic, economic measure’ over Strait of Hormuz

The Foreign Secretary condemned Tehran for ‘seeking to hijack the global economy’ with its attacks on oil shipping.

Evening Standard

Crude Prices Surge as President Trump Vows to Escalate Iran War

May WTI crude oil (CLK26 ) today is up +10.20 (+10.19%), and May RBOB gasoline (RBK26 ) is up +0.1174 (+3.80%). Crude oil and gasoline prices are sharply higher today, with crude posting a 3.5-week high. Crude prices are rallying after President Trump pledged more aggressive action against Iran over...

Barchart

Elon Musk Says Relying on the Strait of Hormuz Is ‘Lazy’ but What Can We Really Do to Change?

The U.S. war in Iran has led to a global energy crisis, and world leaders are scrambling to reopen the Strait of Hormuz. But if governments want to establish energy independence, they're going to have to invest elsewhere.

Barchart

Stocks Pare Losses on Hormuz Report

The S&P 500 Index ($SPX ) (SPY ) today is down -0.06%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.23%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.20%. June E-mini S&P futures (ESM26 ) are down -0.04%, and June E-mini Nasdaq futures...

Barchart

Moscow plans to send 2nd oil tanker to Cuba, Russian energy minister says

Russia plans to send a second oil tanker to Cuba, according to Energy Minister Sergei Tsivilyov

The Independent UK

Russia Says It Will Not Abandon Cuba as Second Oil Delivery Gets Underway

Russia is preparing a second oil shipment to Cuba, a fresh sign that Moscow is stepping in as Havana struggles with a punishing fuel shortage that has triggered blackouts, transportation disruptions, and broader economic paralysis.

Latin Times

Why are energy, petrol and mortgage prices so high right now?

An economics professor explains why certain essential bills are spiking and if there’s anything we can do to combat them.

The Independent UK

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Motor1

'A Major Concern': Mechanic Works On Hybrid Car. Then He Sees What Comes Out. So, Do You Really Change The Oil On Hybrids?

In a Facebook Reel that’s generated over 1.3 million views as of this writing, the Millennial Mechanic (@millennialmechanic) reveals what took place during a hybrid car’s oil change.

Evening Standard

Shareholder activists accuse BP of trying to weaken climate transparency

A group of green investors have accused the oil major of seeking to cut the amount of climate-related information that it has to share.

Evening Standard

John Swinney signals rethink on North Sea oil and gas licences as prices rise

The First Minister stopped short of saying he supported the approval of more North Sea drilling.

The Independent UK

The Latest: Oil prices surge, stocks fall with Trump offering no clear end to war

U.S. President Donald Trump says the U.S. will keep hitting Iran very hard in the next two or three weeks even though he says all of his administration's military objectives have been met or exceeded

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Euronews

Iran vows 'crushing, more destructive' attacks on US and Israel after Trump threats

The comments come after a prime-time address at the White House in which US President Donald Trump threatened to bomb Iran "back to the Stone Ages, where they belong."

Fortune

Current price of oil as of April 2, 2026

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

Barchart

Stocks Sink as President Trump Signals Iran War Will Drag On

The S&P 500 Index ($SPX ) (SPY ) today is down -1.13%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -1.15%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -1.53%. June E-mini S&P futures (ESM26 ) are down -1.07%, and June E-mini Nasdaq futures...

The Guardian - AU

Fuel crisis batters fish and chip shops, pushing up price of classic Good Friday meal

Fishing fleets are staying in port, cooking oil costs are rising and chips are no longer cheap, putting businesses across Australia under pressure

International Business Times

Wall Street Futures Fall, Oil Surges As Trump's Iran Speech Undercuts Hopes For Quick End To Conflict

Investors trimmed risk appetite on Thursday as President Trump's speech on the Iran war lacked specific guidance on a ceasefire or exit strategy, reversing a recent rally in stocks and lifting crude prices amid renewed geopolitical uncertainty.

The Conversation

Bypass the Strait of Hormuz with nuclear explosives? The US studied that in Panama and Colombia in the 1960s

With the world struggling to get oil supplies moving from the Middle East, former House Speaker Newt Gingrich raised eyebrows with a social media post highlighting a radical idea: Use nuclear bombs to cut a new channel along a route that would avoid Iranian threats in the Strait of Hormuz.

The Independent UK

Trump’s war with Iran could see fuel rationing and global recession within months, experts warn

Prolonged disruption would slow world GDP growth to 1.4 percent in 2026, Oxford Economics warns

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