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The Latest Breaking News from Oil

Iran supreme leader issues defiant statement on strait of Hormuz

Mojtaba Khamenei says Tehran will eliminate ‘enemy’s abuses of the waterway’ and guard its nuclear and missile programmes

The Guardian - UK

Key Inflation Rate Jumps To Highest Level In Almost Three Years As Oil Prices Spike

A key inflation gauge closely followed by the Federal Reserve jumped to its highest level in almost three years as oil prices spike and impact the cost of living in the U.S.

International Business Times

US economic growth rebounds 2% as consumer spending slows amid Iran war

First quarter output, driven by AI investment and government spending, rose as oil shock fuels inflation fears

The Guardian - US

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The US has long used economic coercion to achieve foreign policy goals — the war in Iran shows how that power has declined

Two months after the United States, along with Israel, launched a war against Iran, that conflict appears far from a lasting resolution.

The Conversation

Current price of oil as of April 30, 2026

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

Fortune

Cotton Rallying Hard Early on Thursday

Cotton price action is up 166 to 246 points early on Thursday. Futures saw bulls take some money off the table a day ahead of month end, with contracts down 8 to 65 points on Wednesday. The US dollar index was up $0.359 at $98.835. Crude oil was extending higher,...

Barchart

Soybeans Slipping Back After Hitting Fresh New Crop Highs Overnight

Soybeans are showing 3 to 5 cent losses on Thursday morning, pulling back from overnight strength, which saw November hit a new high for the move at $11.78. Futures rounded out the Wednesday trade with most contracts up 2 ¼ to 9 ¼ cents, led by the old crop contracts....

Barchart

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Iran Says U.S. Blockade Is 'Doomed To Fail' As Oil Prices Remain Elevated And Strait Of Hormuz Closed

Iran said the U.S.'s blockade of its ports is "doomed to fail" as oil prices remain elevated and the Strait of Hormuz closed.

International Business Times

Oil prices hit highest level since Iran war's start

The jump will keep sending U.S. gasoline prices higher — and shows the market reacting to the possibility of a long stalemate.

Axios

What surging oil price means for UK petrol prices, supermarket costs and energy bills

Brent crude hit $125 overnight – and higher prices for longer will feed through to everyday products and services

The Independent UK

Following UAE’s OPEC Exit Shock, Diamondback Energy Could Be the Smartest Bet Now

The UAE’s decision to exit OPEC/OPEC+ has injected new uncertainty into oil markets and pushed crude prices above $100 per barrel. Low-cost Permian operator Diamondback Energy may be positioned as one of the clearest near-term beneficiaries.

Barchart

Bank of England holds rates as Iran war sends oil prices to new highs

The Bank joins the Fed and Bank of Japan in sitting tight, as war in the Middle East drives oil prices higher and blows the spring rate-cut playbook apart.

Euronews

First Thing: US supreme court ‘demolishes’ Voting Rights Act

Ruling has gutted provision intended to prevent racial discrimination in voting. Plus, oil tops $126 a barrel to reach highest level since 2022

The Guardian - UK

Thousands more Britons install solar panels as Iran war sends fossil fuel prices soaring sky-high

The total number of solar arrays across the UK has now reached two million

The Independent UK

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Evening Standard

Solar panel installations surge to pass two million across UK for first time

Ed Miliband says rising interest in solar helps families weather energy shocks and bring down bills.

The Independent UK

UK interest rates held – but Bank of England warns inflation could surge above 6%

The bank rate has been held at this level since 22 December 2025

Radio France Internationale

Nations move fossil fuel debate from pledges to strategies in Colombia

The world’s first conference on phasing out fossil fuels has ended in Colombia with delegates from 56 countries declaring that the global debate has shifted from whether to stop using oil, gas and coal to how to do it. Debt and financing remain major obstacles.

International Business Times UK

Trump Pays Energy Firms £1.4B in Taxpayer Cash on Condition They Pivot from Clean Energy to Oil and Gas

The Trump administration paid energy companies nearly £1.4B to abandon offshore wind projects and invest in fossil fuels, following court blocks on executive orders against wind development.

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news in one place.

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Fortune

The global economy has a month—eight weeks at most—to avoid a recession, warns top economist

“The irony in all this is that the U.S., which started the war, does better in relative terms than anybody else because of its energy supplies.”

Euronews

‘Time to move forward, or be left behind’: Colombia climate talks end with fossil fuel phaseout push

Europe dominated the Santa Marta fossil fuel summit. Here are the key takeaways.

The Guardian - UK

‘Historic breakthrough’: Colombia climate talks end with hopes raised for fossil fuel phaseout

Nearly 60 countries back voluntary roadmaps to wean world off coal, oil and gas, at conference prompted by frustration with UN climate summits

Euronews

Eurozone inflation hits 3% as oil prices spike and economic growth slows

Soaring oil prices linked to the Iran war pushed inflation higher in the euro area in April, while growth continued to underperform — a worrying combination for both consumers and policymakers at the European Central Bank.

The Texas Tribune

High gas prices eating into Texans’ budgets, fueling inflation

The average price for a gallon of gas in Texas has risen from $2.55 in early February to $3.78 at the end of April.

The Independent UK

How Iran’s mosquito fleet is skirting Trump’s Strait of Hormuz blockade

Iranian ‘fast attack ships’ reduce the need for a traditional navy to control the vital waterway

The Independent UK

Cost of Iran oil crisis on millions of UK drivers reaches ‘unwelcome milestone’

New analysis shows motorists have been paying an additional half a billion pounds for petrol and £1.5bn for diesel

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