The UK will effectively loosen some Russian sanctions by allow imports of diesel and jet fuel refined from Moscow’s crude in countries like India and Turkey.
The UK will effectively loosen some Russian sanctions by allow imports of diesel and jet fuel refined from Moscow’s crude in countries like India and Turkey.
LONDON, UNITED KINGDOM - MAY 7: Fuel pumps are seen at a gas station as concerns over global oil supply and fluctuations in energy markets bring fuel prices back into focus in London, United Kingdom, on May 7, 2026. (Photo by Rasid Necati Aslim/Anadolu via Getty Images)
Oil edged lower in choppy trading as investors weighed President Donald Trump’s newest threat to resume strikes on Iran, a pledge the US leader has made repeatedly before backing off since a truce was agreed to in early April.
Oil edged lower in choppy trading as investors weighed President Donald Trump’s newest threat to resume strikes on Iran, a pledge the US leader has made repeatedly before backing off since a truce was agreed to in early April.
Storage tanks at the Motiva Port Arthur Refinery in Port Arthur, Texas, US, on Tuesday, April 14, 2026. US natural gas futures ended lower for a fifth consecutive session, erasing earlier gains as traders weighed plunging oil prices against mixed weather outlooks.
Oil edged higher in choppy trading as fresh doubts emerged over the fate of peace negotiations between the US and Iran that could secure the reopening of the critical Strait of Hormuz.
Oil edged higher in choppy trading as fresh doubts emerged over the fate of peace negotiations between the US and Iran that could secure the reopening of the critical Strait of Hormuz.
The Well-Safe Guardian plug and abandonment rig, operated by Well-Safe Solutions Ltd, stands in the Port of Cromarty Firth during sunrise in Cromarty, U.K., on Tuesday, June 23, 2020. Oil headed for a weekly decline -- only the second since April -- as a surge in U.S. coronavirus cases clouded the demand outlook, though the pessimism was tempered by huge cuts to Russia's seaborne crude exports.
Oil climbed as US President Donald Trump left a meeting with Chinese counterpart Xi Jinping without any meaningful progress on increasing energy flows through the Strait of Hormuz, reigniting concerns that disruptions to global supplies will deepen.
Oil climbed as US President Donald Trump left a meeting with Chinese counterpart Xi Jinping without any meaningful progress on increasing energy flows through the Strait of Hormuz, reigniting concerns that disruptions to global supplies will deepen.
Storage tanks at the Chevron refinery in Richmond, California, US, on Thursday, March 19, 2026. US diesel rose above $5 a gallon for the first time since December 2022, the latest sign of surging fuel price pressures menacing the global economy as the war in Iran continues to disrupt energy supplies. Photographer: David Paul Morris/Bloomberg
US President Donald Trump signaled China is willing to support negotiations with Iran, as he pushes for a diplomatic resolution to end the war and reopen the Strait of Hormuz, after a commercial vessel was apparently seized near the United Arab Emirates.
US President Donald Trump signaled China is willing to support negotiations with Iran, as he pushes for a diplomatic resolution to end the war and reopen the Strait of Hormuz, after a commercial vessel was apparently seized near the United Arab Emirates.
Tankers and bulk carriers anchored in the Strait of Hormuz, Saturday, April 18, 2026. (AP Photo)
The number of supertankers hauling unsanctioned oil through the Strait of Hormuz has shown signs of rising in recent days, offering limited relief to an oil market that’s suffered the largest supply disruption in history.
The number of supertankers hauling unsanctioned oil through the Strait of Hormuz has shown signs of rising in recent days, offering limited relief to an oil market that’s suffered the largest supply disruption in history.
Tankers anchored in the Strait of Hormuz, in a photo from Iran’s ISNA news agency on May 2.
Oil steadied following a meeting between US President Donald Trump and Chinese leader Xi Jinping where discussions included the war in Iran and closer oil ties between the two nations.
Oil steadied following a meeting between US President Donald Trump and Chinese leader Xi Jinping where discussions included the war in Iran and closer oil ties between the two nations.
A pumpjack extracts oil near Crane, Texas, U.S., on Sunday, Jan. 30, 2022. Temperatures are forecast to plummet across the oil and natural gas producing areas of Texas later this week, threatening to impact production and the power grid. Photographer: Matthew Busch/Bloomberg
The oil jetties at Iran’s Kharg Island were once again empty on Tuesday, curbing the nation’s ability to export crude, satellite images collected by Bloomberg show.
The oil jetties at Iran’s Kharg Island were once again empty on Tuesday, curbing the nation’s ability to export crude, satellite images collected by Bloomberg show.
Iran's main oil export terminal at Kharg Island in the Persian Gulf. Source: AFP/Getty Images
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