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The Latest Breaking News from Oil

First Thing: Four crew confirmed dead after US military plane crash in Iraq

Rescue efforts continue for two crew members, while US temporarily lifts sanctions on Russian oil at sea. Plus, how China and the US see each other online

The Guardian - UK

Key inflation gauge worsened in January, before Iran war lifted gas prices

An inflation gauge closely monitored by the Federal Reserve moved higher in January in the latest sign that prices were persistently elevated even before the Iran war caused spikes in oil and gas costs

The Independent UK

Soybeans Falling Back Early on Friday

Soybeans are trading with 5 to 8 cent losses in the front months on Friday. Futures slipped back from the midday highs, as contracts were still 2 ½ to 13 ¼ cents higher, led by the front months. Preliminary open interest was up 9,786 contracts on Thursday. March expires at...

Barchart

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Cotton Rallying on Friday

Cotton prices are up 60 to 87 points on Friday morning. Futures saw mostly higher trade at Thursday’s close, as may was the exception down 3 points, with the rest up 7 to 25 points. Crude oil was up $9.15 to $96.40, with the US dollar index up $0.535 to...

Barchart

Current price of oil as of March 13, 2026

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

Fortune

Heating oil stolen from UK homes amid surge in prices due to Iran war

IN FULL

The Independent UK

Is The Iran War Raising Gas Prices? Here's Why Donald Trump Calls The $3.58 Average A 'Glitch'

Trump calls rising US petrol prices from the Iran conflict a "glitch," as economists warn oil shocks could fuel inflation and carry serious political costs.

International Business Times UK

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Gold Crash Alert: Why Prices Suddenly Fell Today

When global tensions rise, investors usually move toward safe-haven assets like Gold and Silver. That is why the recent market reaction surprised many observers. Even as tensions between Iran and Israel intensified, gold prices moved downward instead of rising. The April futures contract on COMEX dropped sharply, catching investors off…

MyLifeXP

Thieves target heating oil tanks as prices soar amid Iran war

It comes as prices are reported to be as high as £1.73 per litre

The Independent UK

Trump once again pushes Powell to drop rates 'IMMEDIATELY,' but a zero-cut year looks increasingly likely

"We have revised our baseline to show only one rate cut in 2026 ... but it is entirely plausible that the Fed won’t deliver any rate cuts this year."

Fortune

Wall Street buckles in for a long war as Hormuz remains closed and Trump says he has ‘plenty of time’

Three words spooking the market.

Fortune

Oil Tanker Reaches Mumbai After ‘Dark Transit’ Through Strait of Hormuz Amid Middle East Conflict

A crude oil tanker carrying Saudi Arabian oil has successfully reached Mumbai after navigating through the tense waters of the Strait of Hormuz during the ongoing conflict in West Asia.

Whats Hot

Iran war enters Day 14: As conflict completes two weeks, what we know so far - Tehran explosions, Israel strikes, US aircraft crash

The conflict between the United States, Israel, and Iran intensifies. Missile strikes and drone attacks continue across the Middle East. Oil prices surge and global markets react to the growing instability. Regional powers are increasingly drawn into the fighting. The war has spread across multiple fronts, with casualties mounting.

The Times of India

Trump Says US 'Makes Money' From Oil Spike as Iran Warns Power Strike Could Black Out Region

Experts warn the US may struggle to end the Iran war as Tehran prepares for a long fight, while Trump says rising oil prices mean America profits from the conflict.

International Business Times UK

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International Business Times

Shell CEO Wael Sawan's Pay Jumps 60% to $18.4M 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

Trump Under Fire as He Claims High Oil Prices Benefit America as Drivers Face Billions More in Gas Costs

Donald Trump claims rising oil prices benefit America even as drivers face billions more in fuel costs, sparking outrage and confusion.

Whats Hot

Stock Market Crash: Sensex Falls 1,470 Points, Nifty Below 23,200

Indian equity markets witnessed a sharp sell-off on Friday, extending their ongoing downtrend as geopolitical tensions in the Middle East and surging crude oil prices rattled investor sentiment.

Barchart

S&P Futures Gain as Oil Prices Retreat, U.S. PCE Inflation and GDP Data in Focus

March S&P 500 E-Mini futures (ESH26) are trending up +0.18% this morning, rebounding slightly from yesterday’s sharp losses as oil prices steadied, while investors await a flurry of U.S. economic data, with particular attention on the Fed’s favorite inflation gauge and the second estimate of fourth-quarter GDP.

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The Times of India

Hormuz miscalculation? Trump sideswiped by Iran's closure of Strait

Washington underestimated Iran's threat to close the Strait of Hormuz, causing global oil market jitters. Despite planning, economic fallout wasn't fully accounted for, leaving the US scrambling. While officials claim preparedness, limited options and high risks for naval escorts are evident. Iran signals the strait's closure remains a pressure tool.

Evening Standard

Dubai under attack: Building in UAE city's financial centre hit by 'kamakaze drone' debris as war rages

Large plume of smoke seen close to the DIFC Innovation Hub in Dubai following a ‘successful interception’

The Guardian - UK

Starmer says government will step in if fuel companies rip off customers as trade body U-turns on decision not to meet Reeves – as it happened

The prime minister issues the statement after a fuel trade body earlier withdrew from a meeting with the chancellor today

Evening Standard

Ministers warn they will not accept wartime profiteering as crackdown on ‘rip-off’ fuel prices launched

Rachel Reeves has asked the competition watchdog to stay on ‘high alert’ for ‘unjustifiable’ price hikes

Evening Standard

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.

Euronews

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.

The Independent UK

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’

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