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Europe News

Six EU countries push for windfall tax on oil companies

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Markets

Oil prices rise as traders assess US-Iran Strait of Hormuz deal

Crude gains as traders watch for progress in US-Iran talks that could pave the way for a deal to secure passage through the Strait of Hormuz.

Europe News

Major oil and gas found off Poland; Germany fears for nature

In 2025, a Canadian firm found a major oil and gas field off Poland’s Baltic coast, the biggest since WWII, sparking German fears for the environment and tourism.

Saudi Arabia

Yemen's Houthis claim attack on Saudi Arabia refinery, 11 dead

Strikes by Iran-backed Houthi rebels on Sunday killed at least 11 people in the Yemeni port city of Mokha, says a medical source, after an earlier drone salvo targeted a Saudi oil refinery. Attacks from the armed group have increased since the 2022 truce seems to have been broken last month.

Business

Portugal: Next week starts with a sharp drop in fuel prices

Next week brings good news for drivers: a sharp drop in prices is expected, affecting both diesel and petrol at the pumps.

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Business

BP profit more than doubles as Middle East conflict boosts oil prices

British energy giant BP said on Tuesday that its net profit more than doubled in the second quarter as the Middle East war roiled oil and gas markets.

Europe News

How the EU's maritime services ban ended in limbo

Earlier this year, European Commission President Ursula von der Leyen proposed a full ban on maritime services for Russian oil tankers. But an extraordinary combination of factors has plunged the sanction into political limbo. Here's how the plan went awry.

Markets

Oil rebounds as markets trade mixed following Wall Street rally

European markets opened slightly higher on Tuesday morning, while Asia-Pacific shares were mixed overnight following a Wall Street rally supported by easing oil prices.

Business

Oil majors profit as US-Iran fighting drives energy prices higher

Oil and gas giants raked in massive spring profits while fighting between Iran and the US impeded petroleum shipments and consumers around the world paid more for fuel and confronted shortages.

Markets

Oil prices lower on Middle East hopes and as OPEC+ boosts production

Oil prices were lower on Monday morning after OPEC+ boosted production for September and US President Donald Trump called off a planned strike on Iran, putting downward pressure on prices.

Europe News

Italian Navy boards tanker from Russian shadow fleet

The Italian navy has boarded a Russian tanker in international waters off Pantelleria, an island located between Sicily and Tunisia. The operation was carried out as part of an arms and oil trafficking monitoring mission with the support of a Greek vessel and a Polish maritime patrol aircraft.

Business

European industry faces further disruption as waterways run low

Prolonged low water levels have forced several European industries, including oil refining, nuclear power and chemicals, to reduce output because of raw-material and cooling-water shortages.

Turkey

Iraq wants to supply 1m oil barrels a day to Turkey amid Hormuz crisis

Iraqi Prime Minister Ali Zeydi visited Ankara for his first talks with Erdoğan since taking office, offering to supply Turkey with 1 million barrels of oil per day as Ankara seeks to reduce its dependence on disrupted Gulf routes.

Earth News

Why the UK’s ‘radical’ energy secretary could kill North Sea drilling

Miatta Fahnbulleh has been described as a “radical economist” who is outspoken about the climate crisis. Will she put an end to North Sea debates?

Economy

Oil producers race to build alternatives to Hormuz as oil hits $100

Gulf oil producers are spending billions of dollars on pipelines designed to route crude around the Strait of Hormuz, as Iran's grip on the waterway drags on causing oil prices to hit $100 a barrel for the first time since May.

Markets

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

Oil prices jumped and Asian shares were mostly lower on Monday after the US carried out airstrikes and Iran retaliated.

Economy

Global oil demand set for first annual drop since COVID, IEA says

Global oil consumption is on course to shrink this year for the first time since the COVID-19 pandemic, the International Energy Agency has said, as the war between the US and Iran throttled Gulf exports, though the IEA also noted supply increased in June.