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The Latest Breaking News from Oil

Occidental Petroleum’s CEO transition puts a spotlight on the foreign post advantage

As Vicki Hollub exits, Occidental’s next CEO brings a résumé shaped by global operations, not just HQ leadership.

Fortune

UK food prices on track to rise by 50% since start of cost of living crisis

Beef and olive oil costs increase the most as climate and energy shocks drive inflation, research suggests

The Guardian - UK

Stocks Set to Open Lower as Oil Prices Climb on Renewed Middle East Tensions, U.S. Jobs Data and Earnings Awaited

June S&P 500 E-Mini futures (ESM26) are down -0.12%, and June Nasdaq 100 E-Mini futures (NQM26) are down -0.10% this morning, pointing to a lower open on Wall Street as oil prices surged amid renewed tensions in the Middle East.

Barchart

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A closed Strait of Hormuz was once unthinkable

"The idea was laughed out of the room," one expert said when the scenario was discussed.

Axios

Enbridge aims to help North America win from the AI boom and the Iran war as the FedEx of energy delivery

Enbridge is feeding the growth of U.S. power demand and rising foreign reliance on North American oil and gas.

Fortune

U.S.-led task force tells ships to reroute on first day of new effort to reopen the Strait of Hormuz

The United States is launching an effort to guide stranded ships from the Iran-gripped Strait of Hormuz

The Independent UK

Monday briefing: Will a new alliance of nations be able to guide the world towards a post-fossil fuel future?

In today’s newsletter: As oil prices spike and geopolitical tensions rise, a diverse group of governments is attempting to build momentum and rewrite the global energy script

The Guardian - UK

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Oil refineries are catching fire in war or by accident. How does this worsen the energy crunch?

Over the last two months, refineries and fuel storage facilities around the world have caught fire due to war (Russia) or accident (Australia, the United States, India and Mexico), adding more pressure to stressed oil and gas supply chains.

The Conversation

Oil prices edge up despite Trump vowing action in Hormuz tensions

Oil prices rose slightly in early trading on Monday as investors monitored Iran war developments. Brent crude and WTI front month contracts are trading around 1% higher at around $109 and $103 per barrel respectively.

Euronews

Could Iran’s escalating economic crisis weaken negotiating position with US?

War has combined with battered economy to leave Tehran wondering how hardline it can afford to be

The Guardian - UK

Ukraine-Russia war latest: Putin and Zelensky declare rival ceasefires ahead of Moscow’s Victory Day parade

Zelensky initially junked Putin's request as 'not serious' and refused to offer security for parade in Moscow

The Independent UK

For foreign workers in the Mideast, risk from the Iran war collides with economic strain at home

For millions of foreign workers in the Mideast, the Iran war has made life even more precarious

The Independent UK

Asian markets are mixed and oil is steady after Wall Street hits records

Shares are mixed in Asia after U.S. stocks set more records, powered by strong profits for major companies

The Independent UK

Ukraine war briefing: Strikes on Russia’s Primorsk oil port and ships

Zelenskyy says three ‘shadow fleet’ vessels hit along with guided missile corvette; Ukrainian drones menace Moscow and surrounds. What we know on day 1,531

The Guardian - AU

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Motor1

‘Either I Got An Incredible Deal, Or I’ve Just Been Ripped Off For Years’: Woman Takes Car For Oil Change. Then They Say It’s $80

Demystifying the repair shop experience is the task of various laws, articles, and Reddit threads. Still, there’s always a little anxiety about taking a vehicle to a mechanic because it can be like going to the doctor: Go in with one problem, leave with three.

The Independent UK

Rising UK food prices to reach ‘grim milestone’ by November, new research warns

Five climate-impacted foods – butter, milk, beef, chocolate and coffee – have been responsible for much of the continued pressure on food inflation

Evening Standard

Food prices set to rise by 50% on start of cost-of-living crisis by November

The ‘grim milestone’ would mean that the price growth seen in the nearly 20 years prior to the crisis would be achieved in just over five years.

The Guardian - UK

Trump says US navy will ‘guide’ trapped ships from strait of Hormuz amid ‘very positive’ talks with Iran

US president’s post follows flurry of mixed signals including concern Tehran had not ‘paid big enough price’

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We Got This Covered

Donald Trump is holding the entire world’s oil supply hostage because a fee to Iran hurts his ego

Everyone pays except Trump.

The Independent UK

Chevron CEO warns Trump’s oil crisis could get even worse

Two in three Americans blame Trump for high gas prices, according to Quinnipiac poll

Fortune

The clock is ticking as oil markets barrel toward nightmare scenarios with the West bracing for 'tank bottoms' and Iran racing to delay 'tank tops'

The West and Iran are staring down two diametrically opposed oil market emergencies that could materialize in a matter of weeks.

The Independent UK

OPEC+ countries agree modest rise in production as Iran retains chokehold on key Strait of Hormuz

Seven countries in the OPEC+ grouping of oil-producing countries — including Saudi Arabia and Russia — say they’ve decided to a modest increase in production starting in June as part of a commitment to “market stability.”

The Independent UK

UK military says a bulk carrier near Strait of Hormuz reports being attacked

A bulk carrier near the Strait of Hormuz has reported an attack by multiple small craft

The Guardian - AU

The Hormuz hike: why the RBA is predicted to deliver a third straight interest rate rise this week

While interest rate rises can’t affect the surging price of oil caused by Middle East turmoil, they are still the Reserve Bank’s best – and only – tool to fight inflation

The Independent UK

Ukraine hits key Russian oil-loading port and 3 'shadow fleet' tankers

Ukraine has launched a wave of strikes against Russia’s oil export infrastructure, hitting a key loading port on the Baltic Sea and three tankers that Ukraine alleges were illegally used to transport Russian crude

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