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Surging demand, low reserves and reduced Middle East exports predicted to cause global crunch by AugustOil markets will enter the “red zone” by July and August as stocks dwindle before the summer travel season amid a shortage of fresh oil exports from …
Chancellor says she will raise tax on global oil firms to help meet costs of plans and confirms delay to fuel duty increasesBusiness live – latest updatesRachel Reeves will cut VAT to 5% on summer attractions such as theme parks and soft-play centres d…
Groups say supreme court justice, who owns oil stocks, may be violating ethics codes by participating in certain casesThe supreme court justice Samuel Alito, who owns stock in oil companies, may be violating court ethics codes by participating in certa…
US president says war will end if Tehran agrees to deal, but that ‘bombing starts’ again if it does notOil prices fell and stock markets rose as Donald Trump said the war with Iran would end and the strait of Hormuz would be “open to all” if Tehran str…
In today’s newsletter: The brief US effort to steer trapped vessels through the waterway put the fragile ceasefire under strainGood morning. Uncertainty once again reigns in the Middle East. The uneasy ceasefire between the US and Iran threatened …
Heidi Alexander says part of answer to strait of Hormuz crisis is importing more fuel from US and west AfricaA refinery in Nigeria accused of dismissing workers for joining a union has emerged as key to the UK government’s hopes of saving the summer ho…
Nearly 60 countries back voluntary roadmaps to wean world off coal, oil and gas, at conference prompted by frustration with UN climate summitsBusiness live – latest updatesEurope live – latest updatesGovernments have been asked to develop national “roa…
US representatives Jared Huffman and Jamie Raskin earlier this month called agreements outrageous and unlawfulSign up for the Breaking News US email to get newsletter alerts in your inboxThe Trump administration blocked two permitted US wind energy pro…
Oil prices surged as talks on reopening of strait of Hormuz remain gridlocked, sending prices $1 higher than last yearUS gas prices rose to their highest level in four years on Thursday, reaching an average $4.18 a gallon at the pump as US-Israeli peac…
Climate group calls for urgent windfall tax on excess fossil fuel profits, as delegates tell Colombia conference their nations are sufferingThe Middle East oil and gas crunch will impose as much as a trillion dollars of additional costs on the global e…