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Oil

Markets

Oil prices jump and shares slip as US and Iran carry out airstrikes

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Markets

Oil jumps as Trump declares Iran ceasefire over, European stocks slide

Crude oil prices rose more than 6% to a two-week high after US President Donald Trump declared the interim accord to end the war with Iran "over", while fresh US military strikes renewed concerns about oil supplies through the Strait of Hormuz.

Markets

The key global economic risks to watch in the second half of 2026

After six months defined by war, an oil shock and a frenzied AI trade, economists say the rest of the year hangs on a chain of interlocking risks, with the fragile peace between the US and Iran as the key factor.

Economy

OPEC+ agrees another modest output rise as oil prices continue to fall

Seven countries in the OPEC+ alliance agreed to lift their combined oil output by a modest 188,000 barrels per day in August, adding supply just as crude prices slide back to levels not seen since before the Iran war erupted.

Russia

Russians feel the bite of Moscow's war as petrol crisis worsens

A third of Russia's refining capacity has been knocked out by Ukrainian drone attacks, causing petrol shortages across more than half of Russia's regions.

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Iran

Iran and US make progress on Hormuz despite Trump's explosive threats

JD Vance said 18 hours of talks in Switzerland had "laid a very good foundation" after both sides agreed a mechanism to keep the Strait of Hormuz open and maintain Lebanon's ceasefire, even as Trump threatened to hit Iran "only harder".

Markets

Oil slips on US-Iran talks progress as pound falls on Starmer exit

Oil prices retreated on Monday after signs of progress in US-Iran negotiations eased fears of ongoing supply disruptions in the Strait of Hormuz, a critical global oil transit route. In the UK, market watchers turned their attention to the departure of the country's prime minister.

Iran

Iranian oil tankers pass US blockade ahead of peace deal signing

The naval blockade began on 13 April and targeted all vessels entering or departing Iranian ports and coastal areas.

Business

Ibex 35 tops 19,000 points after Iran peace deal

The US-Iran memorandum reopening the Strait of Hormuz sends oil prices tumbling, pushes the Ibex 35 to a record above 19,000 and lifts European bourses.

Cuba

US slaps sanctions on Cuba's oil and gas company as tensions rise

Cuba is already struggling under a decades-old embargo and a lack of petroleum as the US keeps pushing for a change in its economic and political model.

Europe News

'Not happening': EU loses hope in services ban for Russian tankers

The EU is stuck with a ban on maritime services for Russian oil tankers. The closure of the Strait of Hormuz, the silence of G7 allies and the opposition of Greece and Malta have made any policy shift virtually impossible.

Business

Fuel prices fall 12 cents a litre from Monday in Portugal

These are the figures released by Anarec on Friday afternoon, but the drop may be smaller if the government decides to cut back the fuel tax discount.

Europe News

Nordic coalition urges EU to reject new Arctic oil and gas drilling

The appeal sent to the European Commission cites environmental concerns and security risks if the EU decides to lift the ban on oil and gas drilling in the Arctic. Instead, EU leaders are urged to focus on electrifying the economy and transport while expanding domestic clean energy production.

Business

Slim says Pemex crisis is Mexico's main problem

The richest man in Mexico, Carlos Slim, says the crisis at state oil firm Pemex is the country's main problem, with plunging output, weak investment and debts of about $85bn.

Iran

Iran asserts jurisdiction over UAE and Oman waters in new Hormuz map

Five Gulf states have formally warned shipping companies through the IMO not to comply, as analysts say Iran is deliberately expanding its claimed zone beyond even its own initial boundaries in a step-by-step assertion of territorial control.

World News

Zawiya security operation follows refinery clashes

In Zawiya, home to one of the oil-rich country’s biggest refineries, rival gangs clash over the trafficking of fuel and commercial goods into neighbouring Tunisia.

Business

Iraq announces huge oil find near Saudi border as Hormuz crisis bites

Iraq has the fifth largest proven oil reserves in the world, estimated at 145 billion barrels, representing about 17% of total Middle Eastern reserves and around 9% of global reserves, according to the US Energy Information Administration (EIA).