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The Latest Breaking News from Oil

Oil prices teeter above 100 dollars as US temporarily loosens Russian sanctions

Washington is temporarily allowing ‘permit countries’ to purchase Russian oil already in transit.

Evening Standard

US expands Russian oil waiver to all buyers in bid to tame prices

The US has expanded a temporary sanctions waiver on the purchase of stranded Russian oil from India alone to all countries worldwide as part of ongoing efforts to ease pressure on global energy prices.

Euronews

Starmer risks Trump’s wrath with split from US over lifting Russia oil sanctions

Trump administration temporarily allowing countries to buy Russian oil ‘currently stranded at sea’

The Independent UK

From analysis to the latest developments in health,
read the most diverse news in one place.

Iran War Could Push UK Grocery Prices Up by Hundreds as Fertiliser Supply Stalls — Petrol Is Just the Start

Discover how the Iran war is causing a fertiliser supply chain crisis, leading to a second wave of food inflation in the UK. Learn about the impact on British households and the economy.

International Business Times UK

Economy stagnates in January ahead of Iran war and fears over UK impact

Experts warned a prolonged Middle East conflict and an ongoing spike in oil prices could send the economy into reverse in 2026.

Evening Standard

High gas prices are fuelling demand for electric vehicles as drivers seek to save money

“Clean power and electrification combined is what provides the most security,” says Ember analyst Euan Graham.

Euronews

Trump is ‘Putin’s pup’ mocks Newsom as Russian oil sanctions are lifted

IN FULL

The Independent UK

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Shell CEO Wael Sawan's Pay Jumps 60% to £13.8M Despite 22% Profit Slide — and He Seeks an Even Bigger Bonus Next Year

Why Shell's CEO Wael Sawan received a 60% pay increase in 2025 amid falling profits and workplace fatalities. Learn about the proposed pay hikes and their impact on shareholders and the energy market.

International Business Times UK

Russia and Iran trying to ‘hijack global economy’, says Cooper

Iran’s new supreme leader has vowed to continue blocking the Strait of Hormuz in retaliation for ongoing US-Israeli strikes.

Evening Standard

Russia and Iran trying to ‘hijack the global economy’, Cooper rages

Oil price surges spark fears Putin could use outbreak of war to boost wartime economy

The Independent UK

Scoop: Trump claimed in G7 call that Iran is "about to surrender"

24 hours later, Iran's new supreme leader vowed to keep fighting.

Axios

Bleak economic data shows UK plc in trouble well before Middle East crisis

Zero GDP growth in January will not help Rachel Reeves claim she has put UK in position to weather oil price storm

The Guardian - UK

As Europe imports no Iranian oil, how does the conflict in Iran impact trade?

Tensions in the Middle East have threatened to drive up inflation and energy costs despite the EU having little direct trade with Tehran.

Euronews

Iran’s simplest weapon is now holding the global economy hostage

Sea mines predate World War I, cost less than a used car, and can snap a ship in half. They also might be in the most important waterway on Earth.

Fortune

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Fortune

Oil and fertilizer prices are climbing. Your grocery bill may follow

The spike in crude oil and fertilizer prices could raise food prices within the coming months.

Euronews

Newsletter: Iranian Ambassador does not rule out strikes on military targets in Europe

Also in this newsletter: Israeli opposition leader Yair Lapid speaks to Euronews, and EU ambassadors to seek to renew sanctions on Russia.

Evening Standard

FTSE 100 Live 13 March: Economy stalls, markets in red as Brent crude oil tops $100

A flat GDP figure for January today heightened fears over the impact of the Iran war on the UK economy.

Roll Call

SPR drawdown might not be enough for consumers, Democrats say

President Donald Trump’s decision to draw crude oil from the Strategic Petroleum Reserve received little criticism on Capitol Hill Thursday, although Democrats expressed reservations that it would not do much to insulate Americans from global price volatility resulting from the war in Iran. Senate Energy and Natural Resources ranking member…

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The Independent UK

US eases sanctions on Russian oil in bid to ease energy crisis

IN FULL

The Guardian - UK

Europe rebukes US for temporarily lifting sanctions on Russian oil

German chancellor says decision is wrong and that pressure on Putin over Ukraine war should be increased

The Conversation

China’s ban on fuel exports is deeply worrying for Australian air travellers

Australia’s vulnerability to liquid fuel shortages and price hikes has intensified amid reports China has told oil refiners to halt all fuel exports. This adds to continued global uncertainty about the duration of the Iran conflict and its impact upon oil supplies.

The Guardian - UK

Do we want to keep fixing the same issue? Unlearned lessons from the first big oil crisis

As energy prices tripled in the 1970s due to Middle Eastern wars, Scandinavia, France and the Netherlands sped up green transition

Axios

Ship escorts to start in Strait of Hormuz "soon," Trump officials say

Scott Bessent made the comments to Sky News as he confirmed the war had cost the U.S. $11 billion thus far.

The Independent UK

Trump threatens Iran following new wave of attacks on Gulf states and Israel

Iran has launched launched multiple attacks on Gulf Arab states, including dozens of drones at Saudi Arabia, following warnings from its new supreme leader about hosting American bases

Euronews

Fossil fuel giants are ‘cashing in’ on the Iran war. Is it time for a tax on windfall profits?

As Europeans brace for higher oil and gas prices, G7 nations are being urged to tax fossil fuel giants profiting from the war on Iran.

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