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The Latest Breaking News from Oil

Watch: Video shows huge blaze after blasts hit oil tankers off Iraq’s Basra coast

A deadly explosion rocked two oil tankers in the Persian Gulf off Iraq's Basra coast, with officials suspecting an attack by Iranian boats. The blasts ignited massive fires, forcing the evacuation of 38 foreign crew members. This incident escalates regional tensions and threatens vital global oil supply routes, particularly the…

The Times of India

Asia scrambles to confront energy crisis unleashed by Iran war – with no end in sight

From fuel caps to four-day work weeks, the Middle East conflict has left the world’s top crude oil importing region desperate to shore up supplies

The Guardian - AU

Nations will release an extra 400 million barrels of oil to the market. All we need to do now is not panic at the pump

Despite being one of the world’s top exporters of fossil fuels (coal and gas), Australia has little left of its own oil. Neither does New Zealand.

The Conversation

From analysis to the latest developments in health,
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Fuel supply boosted as oil price threatens record highs

The government has temporarily lowered Australia's fuel quality standards to boost supplies as the war in the Middle East disrupts global markets.

AAP

A Complete Guide to Abyssinian Oil

Do you want to upgrade your skin or haircare routine? Do you need something that's non-greasy, lightweight, and easy to use? Let us introduce you to Abyssinian oil.

inkl

Asia rolls out four-day weeks and work-from-home as emergency measures to solve a fuel crisis caused by Iran war

The energy crunch is forcing governments to adopt extreme measures to save fuel; in Thailand, government employees are being asked to take the stairs.

Fortune

Aussie shares tumble as oil spikes after tankers struck

Oil prices have surged as the Middle East conflict escalates, overshadowing a plan to release millions of barrels of crude reserves to shore up supply.

AAP

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Starmer pledges that home heating oil costs must be ‘fair’ amid Middle East crisis

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The Independent UK

Calls grow for Strait of Hormuz ship escorts as Iran escalates attacks

There are about 20,000 seafarers currently working on ships in the Persian Gulf, expert notes.

Axios

Starmer warns against profiteering as Trump vows to ‘finish the job’ in Iran

Threats from Tehran have choked shipping through the Strait of Hormuz, a vital artery for global oil and gas supplies.

Evening Standard

Trump news at a glance: Trump says war is won but ‘we don’t want to leave early’ as oil prices rise again

Trump continues contradictory messaging on Iran; US will release 172m barrels of oil from strategic supplies. Key US politics stories from 11 March

The Guardian - US

Explosions at Oman's Salalah port: Iran drones hit fuel storage oil tanks? Tehran denies role as war with US-Israel engulfs Middle East

Drones struck Oman's Port of Salalah on March 11, 2026, igniting fuel tanks and disrupting vital shipping routes. This attack, part of a wider regional escalation involving Iran, the US and Israel, highlights the growing threat to Gulf energy infrastructure and global trade. The incident underscores the conflict's expansion beyond…

The Times of India

Ukraine war briefing: row between Kyiv and Hungary over pipeline carrying Russian oil deepens

Budapest said it had dispatched a delegation for talks, only for Kyiv to deny the group had official status; Ukraine drone experts work in the Gulf. What we know on day 1,478

The Guardian - AU

'I Miss My Uncle Joe': Trump Voter Recalls 'Calmer' Days When Biden was President

A Trump supporter in Florida expresses nostalgia for Biden's presidency, citing calmer times amid rising oil prices.

International Business Times UK

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Pedestrian.tv

Australian Petrol Prices Set To Skyrocket After Strikes In Strait Of Hormuz

Australians are being warned to brace for higher petrol prices as attacks on ships in the Strait of Hormuz choke global oil supplies.

The Guardian - UK

Oil price tops $100 again as Iran strikes economic targets across Middle East

Vast release of emergency crude reserves fails to quell mounting fears about supply crunch, rattling markets

The Independent UK

Starmer ‘will not tolerate’ energy companies exploiting Middle East crisis for profit

Global oil prices have risen sharply in response to the conflict

Evening Standard

We will not tolerate companies profiteering from Middle East crisis – Starmer

The Prime Minister will visit Northern Ireland on Thursday.

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Barchart

Cotton Closes Lower on Wednesday

Cotton futures were 5 to 13 points in the red on Wednesday. Crude oil was back up another $5.44 on Wednesday, adding some premium pack in as the Iran situation continues to unfold despite the International Energy Agency agreeing to release 400 million barrels of ethanol reserves. The US dollar...

Barchart

Corn Rallies Back on Wednesday

Corn futures closed with 8 to 9 cent gains in the front months on Wednesday The CmdtyView national average Cash Corn price was up 8 cents to $4.17 ¾. Crude oil was back up another $5.44 on Wednesday, adding some premium pack in as the Iran situation continues to unfold...

Barchart

Soybeans Post Double Digit Gains on Wednesday

Soybeans saw gains of 12 to 14 cents in the front months on Wednesday. The cmdtyView national average Cash Bean price was up 12 cents at $11.39 1/4. Soymeal futures were up 10 to 90 cents, with Soy Oil futures 122 to 175 points higher. There were 200 deliveries issued...

The Guardian - US

US intelligence sees direct attacks by Iran on oil tankers as greater risk than mines

Strait of Hormuz, key transit passage for global oil trade, has been effectively shut down by Islamic Revolutionary Guard

Axios

Trump will tap oil reserve as Iran war drives up gas prices

The Iran war drove the price for crude oil to more than $100 a barrel.

Fortune

The shadow fleet and illegal oil are still moving through the Strait of Hormuz

This morning, three vessels were struck attempting to transit the Strait of Hormuz. The Strait is effectively closed. Since the beginning of the conflict involving the United States, Israel and Iran on Feb. 28, 2026, oil tanker traffic through the world’s most critical oil shipping choke point has collapsed, dropping…

The Mary Sue

IEA’s ‘unprecedented’ oil release was supposed to fix everything, yet the market had a chilling response

The International Energy Agency (IEA) announced this week that its member countries unanimously agreed to release a massive 400 million barrels of oil from their strategic reserves, an unprecedented move aimed at stabilizing soaring prices, but the market’s response was, frankly, a bit chilling. Despite this huge injection of potential…

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