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Prices of oil fell on Wednesday, after U.S. president Donald Trump reiterated that the war against Iran would end "very soon", though investors are still wary over the outcome of the peace talks due to the continued disruptions in Middle East supply. Brent crude oil futures dropped 88 cents or 0.8% to $110.40 a bar by 0410 GMT. U.S. West Texas intermediate futures were also down 67 cents or 0.6% to $103.48. Emril Jamil is a senior oil analyst at LSEG. He said that benchmark prices have lowered on a possible deal as the market assesses geopolitical outcomes. He said...

Mali?Hightower found a toy in someone's garbage to solve the problem of high gas prices. The handyman, 30, from Ellenwood in?Georgia, stuck a broken pink Power Wheels Barbie Dream Camper, a battery operated toy car that was less than four feet high, with a two gallon, one piston engine. The handyman, 30, from Ellenwood,?Georgia, stuck a two-gallon, one-piston engine from a power washer into 'a broken pink Power Wheels Barbie Dream Camper -............... he was off to the store, with his knees up at his ears and....... Filling up his Mercedes-Benz convertible 1996 costs him about $90. Hightower said, "That's...

On Monday, protests over fuel price increases triggered by the 'Iran War' erupted across several Kenyan cities. This included a nationwide strike in public transport that left commuters stranded and forced some people to walk into work. Transport Sector Alliance announced on Sunday that its member associations' vehicles would cease operation at midnight to protest the latest price hike, and police have said they will act against any disruptions. Kenya's Energy & Petroleum Regulatory Authority raised retail fuel costs by up to 23.5% last week, after increasing them by 24.2%?last month. The conflict in the Middle East is causing global...

Prices of gasoline and diesel at the pumps in 'Cuba almost doubled on Friday. However, filling stations that were 'open to the public' in the capital remained largely closed due to a U.S. oil blockade which has stifled?supply. The Ministry of Finance and Prices announced earlier this week that the new pricing system would be revealed on Friday. It said the update was needed to reflect "actual" import costs of gas and diesel. Some Havana gas stations have posted signs indicating that premium gasoline is now $2.00 per liter, up from the previous $1.30. Diesel went up to $2.00 per...

Cuba's electrical system suffered a partial failure early 'on Thursday morning', according to the grid operator UNE. This'snuffed out power in eastern Cuba,' and tested the patience of Cubans who were already tired from'seemingly endless blackouts' amid a 'U.S. fuel blockade. Grid operator reported that by mid-morning, officials had restored some essential services to the region. However, much of Cuba east from Camaguey including the second largest city of the island, Santiago de Cuba remained without electricity. This month, the Caribbean island with its 10 million people reached a tipping-point as the summer heat set in. The vast majority of...

Lawyers for Venezuela have told a U.S. court this week that Citgo Petroleum, the Venezuelan-owned U.S. refining company, has seen its value 'increase since the sale of their 'parent company was ordered last year. This should prevent the execution process. Amber Energy, a hedge fund affiliate, and a Delaware judge approved in November a $5.9billion bid from Elliott Investment Management for Citgo Holding, the parent company of Citgo. This was after a court-organized share auction to pay creditors. The sale has yet to be approved by the U.S. Treasury Department and a U.S. Venezuela and rival bidders have asked an...

Indian government bonds remained in a tight range on Thursday morning,?as traders avoided large bets, as U.S. president Donald Trump'met' China’s Xi Jinping. This could have an impact on the 'trajectory.of the Iran War. Trump is expected this week to ask Xi for help in resolving a costly and unpopular conflict with Iran. Analysts believe Xi will likely nudge Tehran towards negotiations, but he is unlikely to reduce economic support for its key Middle East partner. Brent crude futures rose 0.4% to $106.05 per barrel. The rising oil price could increase India's oil import-dependent inflation, pressurize the rupee and widen...

The Ministry of Finance and Prices announced on Tuesday that Cuba would introduce variable fuel prices at the pump starting May 15, to reflect "actual" import costs of gas and diesel in the face of an ongoing U.S. blockade. Fuel has been scarce for two weeks straight in state-run stations in Havana due to the U.S. fuel blockade, which has led to strict rationing. Cubans are forced to park their few gas-powered cars after the shortages. This comes four months after U.S. president Donald Trump threatened to impose tariffs on nations exporting fuel to Cuba. Cuba's government stated that some...

The refining industry is trying to sabotage the biofuels initiative. The industry is now closer to reaching a goal that they've been pursuing for years. However, they are still facing opposition from legislators in the refining states as well as uncertainty within a deeply divided Senate. In 2024, a similar provision was removed after Elon Musk and conservative lawmakers opposed it. Musk was the Trump administration's efficiency head at the time. In January 2026, a renewed effort failed as well. Instead, lawmakers formed a taskforce to study the possibility of allowing E15 to be sold year-round. Elon Musk's representatives did...

The price of oil rose by?2% Tuesday, as the hopes of a deal to?end the U.S. and Israeli war against Iran faded. Meanwhile, the stark differences between Washington and Tehran on a proposed peace plan brought supply concerns back into the spotlight. Brent crude futures rose $2 or 1.9% to $106.21 per barrel, while U.S. West Texas Intermediate climbed $2.31 or 2.4% to $100.38 at 0726 GMT. Both benchmarks rose nearly 2.8% Monday. U.S. president Donald Trump said Monday that the ceasefire agreement with Iran was "on life support". He cited disagreements on several demands such as the cessation on...

Prices of oil rose by nearly 1% on Tuesday as the talks to end U.S. - Israel's?war on Iran? appeared fragile. Tehran's response?to a Washington proposal highlighted stark differences which have kept supply concerns alive. Brent crude futures rose 86 cents or 0.8% to $105.07 per barrel. U.S. West Texas Intermediate was up 99 cents or 1% at $99.06 as of 0411 GMT. Both benchmarks rose by nearly 2.8% Monday. U.S. president Donald Trump said on Monday that the ceasefire agreement with Iran is "on life support." He cited disagreements on several demands such as the cessation?of?hostilities across all fronts,...

The oil prices increased in the early Asian trading on Tuesday as negotiations to end the "war" between the United States of America and Iran appeared 'fragile.' Tehran’s response to the U.S. proposal highlighted stark differences which kept supply concerns alive. Brent crude futures rose 30 cents or 0.29% to $104.51 a barrel. U.S. West Texas Intermediate was up 31 cents or 0.32% to $98.38 at 00:02 GMT. Both benchmarks rose by nearly 2.8% Monday. U.S. president Donald Trump stated on Monday that the Iranian ceasefire was "on life support." He cited disagreements on several demands such as the cessation...

The oil prices recovered on Thursday, after two days of losses. This was due to supply concerns arising from the uncertainty surrounding the end of the Iran War and the U.S. inventory withdrawal which raised fears about the depletion of global stocks. Brent crude futures grew 81 cents or 0.77% to $105.83 a barrel by 0055 GMT. U.S. West Texas intermediate futures rose 97 cents or 0.99% at $99.23. Both benchmarks fell more than 5.6% after U.S. president Donald Trump announced that negotiations with Iran are in their final stages. He also threatened to launch further attacks against Iran if...

Scott Irlbeck crouched in a field of stunted plants of wheat in a parched stretch in West Texas, and put his hand in a crack large enough to swallow it. Irlbeck had planted a crop last autumn that barely grew due to the lack of rain. Now he hopes that his insurance adjuster declares it a complete loss, so he won't have to spend money on expensive fuel next month in order to harvest the crop. The Iran war has led to a rise in fuel prices and the cost of commercial fertilizer. This is making it harder for farmers...

The U.S. Department of Energy reported on Monday that a'record 9.9 millions barrels of oil were shipped from the Strategic Petroleum Reserve in the United States last week. This pushed the total volume of the U.S. Government's emergency stockpile to 374 million barils, the lowest level since July 2024. The Trump administration wants to?release 172 million barrels of oil from the reserve, as?part a global deal to calm down the oil markets after prices?spiked due to the U.S. and Israel's war with Iran which began almost three months ago. In April, the?Energy Department offered approximately?92.5 millions barrels of?sweet crudes and...

A source familiar with this decision confirmed on Monday that the U.S. Treasury would extend its waiver of sanctions on Russian'seaborne oil', which expired 'on Saturday. Several countries had asked for a longer period to purchase it. Source: The waiver, which will last for another 30 days, was requested by several poor countries that were cut off from Gulf Oil supplies due to the Iran War and the closing of the "Strait of Hormuz". Source declined to identify the countries that requested the extension. This is the second time that the Treasury has let the sanctions waiver lapse, and then...

The CEO of Valterra Platinum in South Africa said that despite the uncertainty caused by the U.S./Israeli war against 'Iran', they were able to maintain healthy stock levels for critical operational inputs such as diesel, lubricants and other 'critical' items. It is essential that mines have a stable supply of lubricants, explosives and diesel. These disruptions, especially during geopolitical tensions which can disrupt global fuel supplies, can lead to operational delays and higher costs. Craig Miller said on the sidelines London Platinum Week that he had engaged with his local suppliers extensively to ensure they were supplying enough diesel, lubricants...

There is a cooking gas shortage in India. Californian motorists pay $6 per gallon for gasoline. Both are symptoms of the biggest ever disruption in energy supply. The two are directly related and show the impact of the U.S./Israeli war on Iran. The near-closure of 'Strait of Hormuz by Iran has caused global oil trade to be in chaos, and cut importers off from?around a fifth of global oil supplies that crossed the waterway prior to the war. Oil buyers have been forced to burn down their stockpiles to deal with the global fuel shortage. The pain is being spread...

Oil prices rose more than 1% as a result of?President Donald Trump's statement that China wanted to buy oil from?the United?States. Also, concerns about ship attacks and securing?ships remained despite Iran claiming 30 vessels passed through the Strait of Hormuz. Brent crude oil futures climbed $1.17 or 1.11% to $106.89 a bar by 0252 GMT. U.S. West Texas intermediate futures rose by $1.10 or 1.09% to $102.27. Trump said in a Fox News interview that he would be less patient with Iran and urged Tehran to make a deal with Washington. On Thursday, a ship reported to be seized by...

Three?people who are familiar with White House discussions said that Trump administration officials were scrambling to contain economic and political fallout from the war with Iran as the hopes of a quick solution faded. U.S. president Donald Trump backed the suspension of the federal gasoline tax this week, a move that would slash 18 cents per gallon from motor fuel prices currently averaging over $4.50 a galon across the country. The idea was once viewed as unnecessary by some White House staffers, but it is now becoming more urgent because officials are running out of options to demonstrate that they...

According to shipping data and industry sources, India's Haldia Petrochemicals has turned to Oman in order to compensate for a shortage of naphtha from Kuwait and Qatar due to the Middle East conflict. The loading ports of Oman are located outside the conflict zones and have not been affected by the war. According to the cargo tracking of?consultancy Energy Aspects, the medium-range tanker Rarity?loaded around 23,000 metric tonnes (201,000 barrels), of naphtha?late March and discharged it at Haldia on April 13. Navanit Narayan said, "We are actively sourcing multiple options for naphtha and continually?monitoring? the evolving situation" in response to...

According to traders, analysts, and shipping data, China increased U.S. Ethane imports in April, capitalising on the strong petrochemical margins, as other Middle East?feedstocks were disrupted by the Iran War. The U.S. and Israel war against Iran halted the majority of shipments of liquefied gas (LPG) from the Middle East via the Strait of Hormuz. This forced Chinese petrochemical manufacturers to look to the United States to get more supplies. This was despite the fact that trade tensions last year caused Beijing to temporarily impose a tariff of 125% on U.S. exports. Data from Sublime China Information and?Kpler showed that...

The Indian diet cola consumer and the buyer of an electric vehicle may appear to have little in common. But they both face the risk of being affected by the closure of the Strait of Hormuz. The world economy will be affected by the second and third round effects of the closure of the narrow waterway. Already, the price of refined fuels like diesel and gasoline has increased and inflation is a result. Electric vehicles (EVs), which allow users to reduce their dependence on fossil fuels, are considered by many to be a big winner in the current conflict between...

The Indian Prime Minister Narendra Modi’s call to “avoid purchasing gold for one year” in order to help protect foreign currency reserves fueled fears of higher import duties on the metal. Shares of Indian jewellery retailers fell as a result. Oil prices have soared due to the Iran war, putting pressure on India's rupee and balance of payment. India is the third largest oil consumer and importer in the world, importing more than 90% its crude oil needs and half its natural gas demands. Modi made his remarks on gold on Sunday along with other measures that he advocated, such...