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The Latest Breaking News from Oil

From the strait of Hormuz to Malacca, global trade relies almost entirely on these five narrow waterways

The conflict in Iran has disrupted energy and commodity markets. Iran has effectively closed the narrow strait of Hormuz, a vital oil transit point, attacking more than a dozen ships over the past two weeks that have tried to sail through the waterway.

The Conversation

Explainer: Why Kharg Island is vital to Iran and the global economy

Strikes have already hit military infrastructure on a small Iranian island in the Persian Gulf — but if oil facilities are targeted next, the global economy could face a serious shock.

Euronews

Stocks Rally as Crude Oil and Bond Yields Fall

The S&P 500 Index ($SPX ) (SPY ) today is up +1.04%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.94%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.12%. March E-mini S&P futures (ESH26 ) are up +1.05%, and March E-mini Nasdaq futures...

Barchart

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Michelle O’Neill: UK heating oil support ‘slap in the face’ for Northern Ireland

The First Minister told MLAs ‘these are the real-life implications of war’ as she called on them to ‘fight together for the people that we represent’.

Evening Standard

Michelle O’Neill says UK heating oil support ‘slap in the face’ for Northern Ireland

The First Minister told MLAs ‘these are the real-life implications of war’

The Independent UK

Man v. Nature

Federal appellate courts are enacting an anti-environment agenda—especially in the ultraconservative 5th Circuit, new analysis shows.

Texas Observer

Starmer set for Zelensky talks amid Russian oil ‘windfall’ fears

IN FULL

The Independent UK

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Trump Asks 7 Countries to Send Warships in Strait of Hormuz—No Commitments Yet as Tensions Escalate

President Donald Trump calls on seven nations, including China and the UK, to deploy warships to the Strait of Hormuz following US-Israeli strikes on Iran.

International Business Times UK

Still no Mojtaba: Iran war enters third week amid leadership crisis as Norwuz looms

Iran’s war enters a third week as uncertainty over Mojtaba Khamenei's condition and whereabouts, rising tensions over possible unrest around Nowruz and Chaharshanbe Suri and oil market turmoil deepen the crisis.

Euronews

Who is eligible for Starmer’s £53m heating oil support package?

IN FULL

The Independent UK

UAE Warns Continued Iran Attacks on Gulf Nations Threaten Regional Security and Stability

The UAE is experiencing heightened tensions due to Iranian warnings and drone incidents, raising concerns about regional stability and security.

International Business Times UK

Stocks Rebound as Crude Oil Prices Move Lower

The S&P 500 Index ($SPX ) (SPY ) today is up +1.23%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +1.06%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.30%. March E-mini S&P futures (ESH26 ) are up +1.15%, and March E-mini Nasdaq futures...

Barchart

Starmer tells Trump: UK will not be dragged into wider war on Iran

Prime minister says UK is working with allies on a plan to reopen the Strait of Hormuz but admits ending blockade is not ‘straightforward’

The Independent UK

Replacing 1m petrol cars with EVs could cut Australia’s reliance on foreign fuel by 1bn litres a year

Electric vehicles reduce exposure to global oil price shocks and shift energy consumption to electricity largely produced domestically, expert says

The Guardian - AU

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Evening Standard

NI Finance Minister says £17m UK heating‑oil support ‘extremely disappointing’

Sir Keir Starmer confirmed Northern Ireland will receive £17 million of a £53 million package in support for home heating oil costs.

Fortune

Current price of oil as of March 16, 2026

When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.

International Business Times

Iran War Keeps Oil Prices Over $100 as Strait of Hormuz Remains Paralyzed

LONDON — Oil prices held firmly above $100 a barrel on March 16, 2026, as the ongoing U.S.-Israel war with Iran entered its third week, with Iran's effective blockade of the Strait of Hormuz continuing to choke global supply lines despite President Donald Trump's repeated demands for international help to…

Latin Times

Trump Reportedly Considering Operation In Iran That Could Require Boots On The Ground

President Donald Trump is considering an operation to seize Iran's key oil infrastructure in Kharg Island, something that would require having boots on the ground, according to a new report.

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International Business Times

UK, Other Allies Weigh Hormuz Warships Role as Trump Warns NATO of 'Very Bad Future' Over Iran

As the US urges allies to send naval forces to the Strait of Hormuz, many governments are cautious, fearing escalation in the Middle East.

The Independent UK

Ukraine had brutal plan to bankrupt Putin with his own war dead – until Trump’s oil U-turn wrecked it

ANALYSIS: Ukraine’s campaign to force the Kremlin into paying vast amounts of compensation for Russia’s war dead has been undermined by Trump’s oil bonus for Putin, explains world affairs editor Sam Kiley

The Guardian - UK

Trump asks China if visit to Beijing can be delayed a month due to Iran war

US president had earlier hinted trip could be put on hold if President Xi does not help unblock the strait of Hormuz

Evening Standard

Financial help for households reliant on heating oil – who is eligible?

Home heating oil is used by around 1.5 million mainly rural households in the UK.

Barchart

Cotton Coming out Of the Weekend with Sharp Gains

Cotton price action is up 120 to 163 points on Monday morning. Futures posted Friday gains of as little as 7 points in some deferreds, with front months up as much as 74 points. May was up 165 points on the week.. Crude oil was up $3.57 to $99.30, with...

Barchart

Soybeans Falling on Monday Morning Due to Concerns Over Trump/Xi Meeting

Soybeans are trading with sharp losses out of the weekend, down 11 to 32 cents. Futures rounded out the Friday session with contracts down 2 to 6 ¼ cents across the board, as May still held up for a 24 ½ cent gain. The cmdtyView national average Cash Bean price...

The Independent UK

UK should brace for fuel rationing over Iran war crisis, former BP chief warns Starmer

Former adviser says UK should be preparing for ‘significant shortfall of supply over the next two months’

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