Global Oil Prices

Oil prices jump 4%, Asian shares slip after US, Iran carry out airstrikes

The price of Brent crude, the international standard, gained 3.9 per cent to $78.96 per barrel, while US benchmark crude oil added 4 per cent to $74.26 per barrel

Global risks persist despite markets' optimism after the Iran conflict

Risks to the global economy persist, and it is far too early to celebrate finger on the pulse

Oil prices edge higher as focus shifts to supply recovery and demand

Brent crude futures ​gained 28 cents, or 0.39%, to $72.29, and US WTI crude rose ‌to $68.84 a barrel, up 29 cents, or 0.26% as of 0046 GMT, after settling down to around pre-Iran war levels on Monday

Oil shipments rise in Hormuz while questions grow over Iran's terms

Oil tanker traffic through the Strait of Hormuz is rebounding after the US-Iran ceasefire, though Tehran's transit conditions continue to unsettle shippers

Oil rises $4 as US and Iran disagree on peace proposal; Brent at $105

US West Texas Intermediate was at $99.85 a barrel, up $4.43, or 4.64 per cent

UAE leaves Opec: History of the bloc and what Abu Dhabi's exit means

The UAE's move, which comes into effect from May 1, could have serious consequences on the global energy markets

UAE to walk out of Opec, Opec+; India may gain from supply shifts

The UAE, with capacity of around 4.8 million barrels per day, has long been one of the most influential and compliant members of Opec+, and is currently the fourth-largest producer in the alliance

UAE to exit Opec, Opec+, reiterates commitment to stable global oil markets

In a statement on Tuesday, the UAE said the move, effective May 1, 2026, aligns with its broader economic and strategic priorities, including increased investments in domestic energy production

Iran war-driven price surge wipes out global oil demand growth in 2026: IEA

Last month, the Paris-based IEA oversaw the release of a record 400 million barrels from emergency oil reserves by members including the US, Japan and Germany in an effort to tame spiralling costs

Oil drops ahead of US-Iran talks, posts biggest weekly fall since 2022

US West Texas Intermediate crude futures fell $1.30, or 1.3 per cent, to settle at $96.57 a barrel, with a weekly decline of 13.4 per cent, its largest since April 2020

Brent crude falls to $107 as US, allies look to secure Strait of Hormuz

Brent futures fell $1.24, or 1.1 per cent, to $107.41 a barrel as of 0148 GMT, while US West Texas Intermediate (WTI) crude fell $1.24, or 1.3 per cent, to $94.90

Explained: What is the Strait of Hormuz and why it is vital for oil trade

Tensions in West Asia have put the Strait of Hormuz in focus; here's what this narrow sea route is, why it is crucial for global oil and gas supplies and how any disruption can affect prices worldwide

Oil dips to one-week low as Opec+ output boost stokes oversupply fears

Brent crude futures fell 91 cents, or 1.3 per cent, to settle at $68.76 a barrel, while US West Texas Intermediate crude declined by $1.04, or 1.5 per cent, to close at $66.29 a barrel

Oil prices plunge further amid fears global trade war may cause recession

Oil plunged 7 per cent on Friday as China ramped up tariffs on US goods, escalating a trade war that has led investors to price in a higher probability of recession

Trump revives 'Drill, baby, drill' slogan, fuels debate on US energy policy

The slogan 'Drill, baby, drill' was coined in 2008 by Michael Steele, a Republican politician and the first African-American lieutenant governor of Maryland

Little change in oil prices as markets weigh demand against US inventories

Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions

Oil little changed as demand weakness offsets sanctions-driven supply risks

Weak demand, particularly in top importer China, and non-Opec+ supply growth were two factors behind the move

Biden declines public negotiation on Israel's stance on Iranian oil sites

Biden earlier in the day contributed to a surge in global oil prices when he said Washington was discussing strikes on Iran's oil facilities

Oil prices rise almost 2% on fears over hurricane impact on US output

On Thursday the International Energy Agency (IEA) cut its 2024 oil demand growth forecast by 70,000 bpd, or about 7.2 per cent, to 900,000 bpd, citing muted Chinese demand

Oil goes higher as halted Libyan exports levels expected Opec+ supply boost

News of increased production helped push oil prices lower last week but the scale of the sell-off was overdone, said Phil Flynn, an analyst at Price Futures Group