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Economy

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

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Markets

Oil steadies at $100 and markets stay volatile as US-Iran talks stall

Brent crude trades at $100 per barrel while European indices drop, Asian stocks close mostly flat and US equities open higher. Markets remain volatile as US-Iran talks stall and President Trump reiterates nuclear demands.

Business

BP sacks chairman Manifold in fresh blow to troubled energy giant

Albert Manifold is the third senior BP leader to exit under a cloud in three years, as the British energy giant's boardroom turmoil shows no sign of abating.

Business

German business confidence rises despite Iran war energy shock

German business confidence rose unexpectedly in May, breaking a run of declines linked to the Iran war and offering cautious optimism that Europe's largest economy is proving more resilient than initially feared.

Economy

Oil tanker arrives in South Korea after leaving the Strait of Hormuz

A Malta-flagged tanker, carrying one million barrels of crude oil, has successfully reached the western coast of South Korea after passing through the Strait of Hormuz in mid-April.

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Iran

Iran reviewing US peace deal proposal as Trump ramps up pressure

A fragile ceasefire between the US and Iran has largely held since 8 April but in-person talks between the two countries hosted by Pakistan last month failed to reach an agreement.

Business

The UAE's OPEC exit puts Gulf oil unity to the test

The UAE's exit from OPEC signals a strategic shift, raising questions about Gulf coordination and the organisation's future.

Markets

Oil hits $126 wartime high as US–Iran standoff fuels supply fears

Oil markets face upward pressure on Thursday, with Brent crude briefly touching $126 as markets price in tensions in the negotiations between the US and Iran.

Markets

Global markets on edge as investors await US-Iran negotiations

European markets are trading mostly flat with Asian indices jumping higher and oil prices rising slightly as suspense builds around potential US-Iran negotiations and the end of the ceasefire in less than 48 hours.

Economy

Oil prices drop over 10% after Iran declares Strait of Hormuz 'open'

Oil prices have dropped over 10% in less than two hours after the Minister for Foreign Affairs of Iran declared the Strait of Hormuz "completely open" for the remainder of the current ceasefire with the US.

Economy

Iran war energy shock drives nuclear power plans in Asia and Africa

The Iran war has exposed the fragility of global fossil fuel supply chains. Now dozens of countries across Asia and Africa are turning to nuclear power as their answer.

Markets

S&P 500 and Nasdaq hit new all-time highs despite Iran war effects

The S&P 500 and the Nasdaq closed at record highs on Wednesday despite the Iran war dragging on, the Strait of Hormuz remaining largely blocked and global economic growth forecasts being cut amid rising inflation.

Economy

IEA warns of historic oil supply shock as Iran war disruption persists

The International Energy Agency (IEA) has warned of an unprecedented energy shock, with global oil production plunging by over 10 million barrels per day in March, as diplomatic efforts between Washington and Tehran fail.

Climate

France is turning its back on fossil fuels – with a €240m plan

French Prime Minister Sébastian Lecornu says electrification is now a concern of ‘national interest’ and no longer just about climate change.

Markets

Oil pushes past $97 again as markets eye ceasefire doubts

Oil clawed back above $97 a barrel Thursday as investors bet the US-Iran ceasefire will not last, and the near-shut Strait of Hormuz is doing little to convince them otherwise.

Europe News

How long can the EU’s oil reserves last?

The 400 million barrels of oil released by the International Energy Agency — of which 92 million barrels were contributed by 20 EU countries — could last about five months, according to analysts. The bloc also relies on storage reserves.

Markets

Gold and silver plummet then soar on Trump's Iran statement

Middle East conflict was supposed to boost precious metals. Instead, oil and rate fears have sent silver crashing 40%, and gold is feeling it too.