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The Latest Breaking News from Oil

Iran escalates attacks on infrastructure and transport networks across the Gulf

Iranian officials warn of ‘war of attrition’ and global economic chaos as energy supplies are throttled

The Guardian - UK

Top economist says Iran war could trigger an economic ‘butterfly effect’—and keep inflation elevated for years

"Much like we saw in the wake of the pandemic," KPMG's Diane Swonk said, "those changes could trigger a longer-lasting bout of inflation."

Fortune

What is the Strait of Hormuz and why is it so important?

The world's busiest oil shipping channel has around a fifth of the world’s oil passing through it each year

Evening Standard

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Crude Prices Rally Despite IEA Stockpile Release

April WTI crude oil (CLJ26 ) is up +4.62 (+5.54%), and April RBOB gasoline (RBJ26 ) is up +0.14379 (+5.60%). April WTI crude oil on Monday spiked up to a 3.75-year nearest-futures high of $119.48 but has since fallen back to the $87-per-barrel area. Crude oil prices spiked higher to...

Barchart

Soybeans Rallying on Wednesday

Soybeans are trading with double digit gains at midday, with contracts up 14 to 17 cents. The cmdtyView national average Cash Bean price is up 15 1/4 cents at $11.42 1/4. Soymeal futures are up 80 cents to $1.10, with Soy Oil futures 197 to 261 points higher. There were...

Barchart

Corn Rallying on Wednesday

Corn futures are up 6 to 8 cents in the front months, with March up 10 ¼ cents. There were 553 deliveries against March corn overnight. The CmdtyView national average Cash Corn price is up 7 1/4 cents to $4.19. Crude oil is back up another $3.03 on Wednesday, adding...

Barchart

Cotton Slipping Lower on Wednesday

Cotton futures are 5 to 11 points in the red at midday. Crude oil is back up another $3.03 on Wednesday, adding some premium pack in as the Iran situation continues to unfold despite the International Energy Agency agreeing to release 400 million barrels of ethanol reserves. The US dollar...

Barchart

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Heating oil prices are being driven by greed, not war

Letter: It is hard to believe that attacks which started on 28 February can have had such a huge impact on oil that must have already been in the country, says Graham Judge

The Guardian - UK

Urgent boiler warning after product recall due to carbon monoxide fears

The Viessmann Vitorondens 200-T / 222-F Oil Condensing Boiler with Vitoflame 300 Oil Blue Flame Burner has been recalled

The Independent UK

FTSE 100 falls as Iran war lifts inflation fears

The FTSE 100 index closed down 58.47 points, 0.6%, at 10,353.77.

Evening Standard

Bulletin world briefing: Iran issues oil price threat and Spain pulls Israel ambassador

Here are five of the biggest stories from around the world today

The Independent UK

Trump says the Iran war will end ‘very soon’ – but it is not clear how

Donald Trump has said he thinks the war with Iran will be over soon. In a phone interview with CBS News on Monday, March 9, the US president said: “I think the war is very complete, pretty much … we’re very far ahead of schedule.”

The Conversation

These are shaky times for oil markets. An expert explains what a prolonged war will mean for prices

The US-Israel strikes on Iran have launched one of the most dramatic conflicts in the Middle East in living memory. Aside from military targets, Iranian forces have attacked commercial shipping and infrastructure in the region. The objective is simple: to disrupt oil exports and weaken its opponents’ economies.

The Conversation

Gas Prices Are Up, And So Are Searches For EVs: Edmunds

The Iran conflict is driving up gas prices. Edmunds says that shoppers are looking to electrified models for relief.

InsideEVs

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The Independent UK

Photos of beachgoers in UAE where oil tankers and cargo ships line up in Hormuz Strait

People on the coast of the United Arab Emirates can see oil tankers and cargo ships line up in the Strait of Hormuz while playing on swings, riding horses and camping out on the beach near Khor Fakkan, as the war in Iran affects the global energy supply.

Barchart

Stocks Pressured by Higher Oil Prices, But Positive Oracle AI News Helps Tech Stocks

The S&P 500 Index ($SPX ) (SPY ) is down -0.30%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.88%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.11%. March E-mini S&P futures (ESH26 ) are down -0.42%, and March E-mini Nasdaq futures (NQH26...

Fortune

The fog of war is coming from inside the White House—and it cost oil markets $84 million in ten minutes

Meanwhile, the market shrugs at news of a record emergency release of oil.

Radio France Internationale

France backs emergency release of oil reserves as supply fears grow

France, which holds the G7 presidency, said Wednesday that major economies were ready to act to stabilise oil markets as the US-Israeli war with Iran enters its second week and disrupts supply.

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International Business Times

Rideshare Drivers Rush to Protect Earnings As Iran War Sends Gas Prices on Rollercoaster Ride

Rideshare drivers are facing challenges due to the rising cost of gas

Euronews

Hungary sends fact-finding mission over Druzhba pipeline as Kyiv refuses to recognise delegation

A Hungarian government delegation has entered Ukraine to assess the Druzhba pipeline, damaged in a Russian drone strike in January. Ukraine refuses to recognize the delegation and has described its members as “tourists.”

The Independent UK

White House bets it has just weeks before economic realities of Iran war set in for Americans: report

The White House has said the Iran conflict will ‘lower gas prices in the long term’

The Independent UK

Will the rising cost of fuel impact air fares?

Plane Talk: Fares have little to do with the actual cost of providing the service

Axios

IEA announces historic oil reserve release amid Iran war

It would be the largest joint release in the International Energy Agency's history.

Barchart

Dollar Mildly Higher as T-note Yield Rises

The dollar index (DXY00 ) is up +0.17% on support from today's +4.7 bp rise in the 10-year T-note yield, which supported the dollar's interest rate differentials. Also, today's +4% rally in WTI crude oil prices is hawkish for Fed policy and supportive of the dollar. Today's US CPI report...

The Independent UK

Largest-ever emergency oil release approved to address Iran war crisis and global supply fears

It’s a larger stock than the 182.7 million barrels that were released in 2022 in response to Russia’s full-scale invasion of Ukraine

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