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Energy prices set to rise as last Gulf Tankers reach Europe

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Europe News

EU considering excessive profit taxes on oil and gas companies

The European Commission is considering taxing windfall profits, similar to the mechanism applied in 2022 during the natural gas crisis. The plea came from five EU countries, which also called for the tax to be expanded to foreign profits dealing with fossil fuels.

Europe News

What impact could an Iran ceasefire have on energy prices?

The announcement of a two-week ceasefire in the Middle East has triggered an immediate drop in oil and natural gas prices, raising hopes for lower energy bills. However, consumers might not see the effects for several months, even though the oil industry has issued some optimistic forecasts.

Economy

Shipping companies seek clarity on Strait of Hormuz reopening

Major shipping lines express cautious optimism over transit opportunities in the Strait of Hormuz after the US-Iran ceasefire was announced, but stress the urgent need for full clarity before any vessels move.

Markets

Markets send mixed signals ahead of Trump's deadline for Iran

European and Asian markets sent mixed signals on Tuesday in anticipation of US President Donald Trump's deadline for Iran to agree to a deal "before all Hell will reign down on them".

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Business

Which European countries' ships are most hit by the Hormuz crisis?

In Europe, Greece has been the most affected country so far, with at least 75 ships stranded in the region.

Economy

France sends first Western European ship through Hormuz

A vessel owned by France’s CMA CGM has become the first ship tied to Western Europe to cross the Strait of Hormuz since the outbreak of the Iran war in late February, according to ship tracking data.

Cuba

Russia plans to send second oil tanker to Cuba, energy minister says

Cuba produces barely 40% of its required fuel and relies on imports to sustain its crumbling energy grid.

Cuba

Russian tanker docks in Cuba bringing first oil in three months

Cuba used to receive most of its oil from Venezuela, but those shipments were halted ever since the US attacked the South American country and arrested its leader Nicolás Maduro in early January.

Europe News

Euronews explains: What the Strait of Hormuz crisis means for Europe

The closure of the Strait of Hormuz is rattling global markets, sending energy prices soaring and fuelling fears of supply shortages. Euronews explains:

Europe News

EU calls on member states to curb oil and gas demand

EU urges governments to boost energy savings and explore alternatives amid supply pressure, letter seen by Euronews reveals.

Business

TotalEnergies reaps $1bn windfall from Middle East oil war bet

The French energy giant is reported to have dominated the Middle East crude market in March, snapping up dozens of oil cargoes as wartime disruptions created a historic opening for traders.

Economy

Germany's armed forces association calls for shift to 'war economy'

The German Armed Forces Association is warning of a growing Russian threat, a weakened Europe and an unreliable Washington — while the Iran conflict pours billions into Putin's coffers.

Europe News

EU delays proposal to ban Russian oil amid Iran war and price spikes

A law to permanently ban Russian oil from the European Union has been pushed back amid rising prices fuelled by the war in the Middle East.

Business

Portugal could declare an energy crisis — but what does that mean?

An existing energy crisis scenario allows the government to act directly in limiting prices, but this can only happen after an EU-level decision.

Europe News

EU pushes early gas refills while easing storage targets on Iran war

Goal is to avoid panic buying while ensuring that EU countries' gas storage is replenished by next winter. The European Commission also told member states to refill below the 90% level set by law in 2022.

Europe Today

Spain is spending €5bn to lower energy costs — will others follow?

Spain's Prime Minister Pedro Sanchez just took drastic action, rolling out a €5bn energy emergency package featuring 80 different measures. What are they and will they help to cut the bills?