• Oil prices dropped significantly, providing tailwinds for technology companies as lower energy costs reduce operational expenses and improve profit margins across the sector.
• Constellation Research founder R 'Ray' Wang discussed the direct relationship between Big Tech performance and oil and gas pricing, highlighting how the energy market collapse supports tech stock rebounds.
• The decline in energy costs removes a key headwind for capital-intensive tech operations and data centers, contributing to the broader market rally.
8-0 ruling gives companies new day in federal court after firms including Chevron ordered to pay millions for cleanupThe supreme court handed a win Friday to oil and gas companies fighting lawsuits over coastal land loss and environmental degradation in Louisiana.The 8-0 procedural decision gives the companies a new day in federal court after a state jury ordered Chevron to pay upward of $740m to clean up damage to the state’s coastline, one of multiple similar lawsuits. Continue reading...
Brent crude drops and gas prices slide amid hopes Donald Trump will succeed in reaching deal with TehranOil and gas prices tumbled by almost 10% on Friday after Iran said the strait of Hormuz would open to commercial shipping, potentially clearing the way for tankers holding millions of barrels of oil and gas to reach the global market.Iran’s foreign minister said that vessels would be free to transit the strait of Hormuz for the duration of the 10-day ceasefire between Israel and Lebanon struck on Thursday. Continue reading...
• Brent crude oil settled 4.7% higher at $99.39 per barrel on April 16 amid caution over Iran war.
• Prices have risen from $70 pre-war to peaks near $119 due to Strait of Hormuz disruptions.
• The climb tempers market optimism, highlighting persistent energy supply risks.
New meeting to come after rare direct talks between the countries mediated by US; Netanyahu earlier says Israel about to ‘overwhelm’ part of southern LebanonUS and Iran in indirect talks to extend two-week ceasefireHello and welcome to our live coverage of events in the Middle East.Donald Trump says the leaders of Israel and Lebanon will hold talks on Thursday, after the countries’ first face-to-face diplomatic negotiations in decades.Pakistan’s army chief met with Iran’s foreign minister in Tehran on Wednesday in the latest diplomatic move to ease Middle East tensions and arrange a second round of US-Iran negotiations. Trump said earlier that the war was “very close to over”.Leavitt said a second round of US-Iran talks would “very likely” take place in Islamabad again and that Pakistan was “the only mediator” in the discussions.Major Wall Street stock indices extended an upward climb on optimism about a US-Iran agreement.Israel’s security cabinet met to discuss a ceasefire after the Israel-Lebanon talks mediated by the US in Washington on Tuesday. But the Israeli military continues to strike the country, with Netanyahu saying Israel was about to “overwhelm” the southern Lebanese town of Bint Jbeil, calling it a Hezbollah stronghold.Four Lebanese rescue workers were killed in consecutive Israeli strikes in the southern Lebanon village of Mayfadoun on Wednesday, paramedic groups said. Six others were wounded.The US military’s Middle East command Centcom said it stopped 10 vessels from sailing out of Iranian ports during the first 48 hours of the US naval blockade. But ship tracking data indicated at least three ships sailing from Iranian ports crossed the strait of Hormuz, though some vessels taking the route later turned back.The finance ministers of 11 countries including the UK and Japan called for “coordinated emergency support” from the IMF and World Bank to help countries hit by disruptions from the Middle East war. Continue reading...
Smoke warning for residents south of Viva oil refinery in Corio as Geelong mayor calls fire ‘unprecedented’Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastA major oil refinery in Geelong, which supplies half of Victoria’s fuel and 10% of the nation’s, exploded into flames on Wednesday night and the blaze was still out of control by first light on Thursday.Fire Rescue Victoria said they responded to an incident at the Mogas (motor gasoline) unit at Viva oil refinery in Corio around 11:15pm Thursday. Continue reading...
Residents south of the refinery in Corio warned to shelter inside due to smokeGet our breaking news email, free app or daily news podcastNationals leader Matt Canavan defended the Coalition’s planned crack down on immigrations as “fair and reasonable” and that migrants would understand the policy.Asked on 7.30 last night how Australia’s migrant communities would see the plan, Canavan referred to the “rigour” of the naturalisation process his Italian grandparents went through in the 1950s and his own publicised Section 44 high court citizenship saga (which he said ultimately proved him to be a “dinky-di Aussie”). He said:It’s fair and reasonable that we set high standards to join the club of Australians and I’m sure migrants here today want to see that …We have a Government that has put its head in the sand now and has not listened to the Australian people that clearly want change.I think we should discriminate on values …We shouldn’t discriminate on colour, religion, sexuality, gender, but surely … we should discriminate on people who don’t support democracy, who profess support for terrorism or violence, who don’t believe in equality between male and female genders. People who have those views I don’t want them in our country.I’ll comment that the Robert Frost line in that poem was delivered in irony.But we’ll return to that another day along with many other questions, thank you for joining us … Continue reading...
Citi analysts upgrade profit forecast by 20% to $2.6bn for January to March despite flat oil and gas productionBusiness live – latest updatesBP expects to post “exceptional” earnings from its oil trading desk, reaping a windfall from choppy energy markets triggered by the US-Israeli war on Iran.Energy traders are navigating significant market volatility after Tehran’s effective closure of the key strait of Hormuz shipping route. Continue reading...
As Persian Gulf carriers reduce routes, the Australian airline is also feeling the impact of rising fuel costsFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastQantas has lifted fares and cut domestic flights amid a surge in travel demand away from airlines that transit through the troubled Middle East.The Australian airline says it has redeployed capacity from its US and domestic network to take advantage of the strong interest in Europe-bound travel – in particular to Paris and Rome – according to a market update released on Tuesday. Continue reading...
US Navy to impose blockade today in bid to choke off flow of Iranian oil Explainer: strait of Hormuz blockadeBusiness live – latest updatesOil prices have jumped back above $100 a barrel after weekend talks between the US and Iran ended without an agreement and Donald Trump imposed a blockade of the strait of Hormuz.The US president announced the blockade on Sunday, targeting Iranian vessels and ships that have paid a toll to Iran for passage through the strait, in an attempt to choke off the flow of Iranian oil. Continue reading...
War with Iran has brought 15 American sites across the UK countryside firmly into the spotlightThey are dotted across the UK countryside, often obscured from public view behind highly secured perimeter fences. Technically, they are on British soil, and misleadingly most have “Royal Air Force” in their name.But in many respects, these military outposts are under the control of the US president and commander-in-chief. Continue reading...
• Crude oil futures surged above $85 per barrel Thursday, driven by ongoing supply constraints from geopolitical tensions and maintenance shutdowns at major U.S. refineries affecting production capacity.
• Energy stocks in the S&P 500 gained 2.1% on the session, with exploration and production companies outperforming as rising commodity prices improve profit margins and cash flow forecasts.
• Analysts noted that refinery capacity utilization fell to 87% this week, the lowest level since January, suggesting tighter margins ahead for integrated energy companies dependent on downstream operations.
• US stocks recovered from early morning losses Thursday to finish higher, with the S&P 500 up 0.7%, Dow Jones up 0.8% (382 points), and Nasdaq composite up 0.8%, buoyed by optimism over a two-week ceasefire with Iran announced late Tuesday.
• Israel's announcement of direct negotiations with Lebanon helped calm market concerns that the ceasefire could unravel due to Israeli bombardment of the country, reversing initial trading pessimism.
• The S&P 500 remains just 2.1% below its all-time high set in January, indicating underlying market strength despite geopolitical volatility and oil price fluctuations.
Seafarer tells of ‘impossible’ situation, with strait still so unsafe that crew would not cross even if told to sailMaritime and port workers: how is the Middle East conflict affecting you?‘You can try to minimise the impact that this situation has on your mental health but it’s becoming impossible.” After six weeks stranded in the Gulf, one of the 20,000 seafarers trapped by Iran’s chokehold on the strait of Hormuz is reaching their limit.Yet with the fragile Middle East ceasefire already fraying, the oil tanker worker – who first spoke to the Guardian a month ago – said any hope they may soon be free to leave had already evaporated, if it ever felt real at all. Continue reading...
Israel claims attacks on densely populated residential areas that killed more than 200 people were aimed at Hezbollah membersMiddle East crisis – live updatesWhat was the point of Israel’s surprise mass strikes on Lebanon that killed more than 200 people and drew widespread international condemnation?Prime minister Benjamin Netanyahu and other officials have claimed the largest strike against Hezbollah during the month-long war against Iran was carefully aimed at members of the armed group, but the attacks appeared to be as much a piece of violent spectacle to benefit Netanyahu as militarily useful. Continue reading...
Iran and mediator Pakistan assert ceasefire included Lebanon but Israel and US disagree. Plus, how Korean fried chicken took over the worldGood morning.The fate of the two-week ceasefire in the Iran conflict looked in peril as both sides gave divergent versions of what had been agreed, Israel intensified its bombing campaign in Lebanon and Iran halted the passage of oil tankers because of an alleged Israeli ceasefire breach.What has Iran said? In a sharply worded statement, Iran’s parliament speaker, Mohammad Bagher Ghalibaf, said Israel and the US had violated several clauses of the provisional ceasefire, and he decried Israel’s aggressive bombing of Lebanon and a US demand that Iran should have no right to enrich its own uranium.This is a developing story. Follow our liveblog here.What was said in the video about Mamdani? The videos feature the organization’s founder, Yisrael Yaacob Ben Avraham, describing Mamdani as a “Muslim terrorist” and a “cancer”, and his election as a “harbinger” of “a creeping Islamic takeover of America”. Continue reading...
John Healey says warship and aircraft forced Russia to abandon activity in North Sea in month-long operationA British warship and aircraft tracked and monitored Russian submarines attempting to survey vital undersea infrastructure in the North Atlantic, ensuring they abandoned their mission, the defence secretary, John Healey, has announced.Speaking at a Downing Street press conference, Healey said the UK operation lasted more than a month and saw a Royal Navy warship and P8 marine patrol aircraft “track and to deter any malign activity” by three Russian submarines. Continue reading...
Gas prices also increase, while global stock markets slip back after strong rally on WednesdayBusiness live – latest updatesOil and gas prices rose on Thursday and Asian stock markets retreated as the two-week ceasefire in Iran looked increasingly shaky, with Israel continuing attacks on Lebanon and the US and Iran threatening a return to military action.A day after the US and Iran announced an 11th-hour ceasefire, including an agreement to reopen the strait of Hormuz, many questions remain and there were signs that the truce was already being broken, causing jitters in the markets. Continue reading...
Analysts say doubts over stability of the ceasefire and damage to production sites mean the energy crisis is far from overMiddle East crisis – live updatesIf the US-Israeli ceasefire with Iran holds, it could offer the clearest hope of an end to the energy crisis since Iran’s Revolutionary Guards assumed control of the strait of Hormuz after the conflict began 40 days ago.But analysts fear that for hundreds of tankers stranded in the Gulf, any detente between the White House and Tehran will not be enough to return the flow of oil, gas, chemicals and other vital items to pre-crisis levels. Continue reading...
Inclusion of Lebanon is significant difference in interpretation of truce agreed at 11th hour on TuesdayMiddle East crisis – live updatesThe fate of the two-week ceasefire in the Iran conflict looked uncertain on Wednesday as both sides gave divergent versions of what had been agreed, Israel intensified its bombing campaign in Lebanon and Iran halted the passage of oil tankers because of an Israeli ceasefire “breach”.Iran and Pakistan, which brokered the 11th-hour truce, both asserted that the ceasefire included Lebanon. Israel’s prime minister, Benjamin Netanyahu, disagreed and Israeli forces unleashed their heaviest attack of the war so far on more than 100 targets in Beirut and across the country. Continue reading...
Airline projected a $2bn increase in fuel costs this quarter amid volatility in oil markets sparked by the warThe CEO of Delta Air Lines, Ed Bastian, braced customers for higher fares following the surge in oil prices sparked by the US-Israel war on Iran, amid strong demand from passengers.Though rising oil prices have cost the company an extra $330m in fuel expenses, and it projected a $2bn increase in fuel costs in the current quarter, Delta forecast that revenue would grow 10% as flyers continue to book flights. Continue reading...
Delta, United and JetBlue hiked rates even as Delta announced $1bn pre-tax profit in quarter ending JuneMiddle East crisis – live updatesSign up for the Breaking News US newsletter email Several major US airlines have raised their baggage fees in recent days, blaming ongoing volatility in oil markets caused by the US-Israeli war in Iran that has almost doubled jet fuel prices.On Tuesday, Delta followed the lead of United Airlines and JetBlue, which announced last week that they were hiking baggage prices because of the ongoing war. Continue reading...
Company earnings expected to soar to between $200m and $700m in first quarterBusiness live – latest updatesShell is expected to report “significantly higher” profits from its commodity trading desks in the first quarter of this year after weeks of market volatility triggered by the Iran crisis.The surge in energy commodity markets over recent weeks is expected to drive up trading results at Shell’s chemicals and products unit, which includes its main oil trading desk. Continue reading...
Brent crude oil dropped to $93 a barrel after Trump ceasefire announcement and Iran’s pledge to reopen strait of Hormuz under its managementMiddle East crisis – live updatesFull report: US and Iran agree to provisional ceasefire with Tehran saying it will reopen strait of HormuzOil prices plunged by almost 15% after Donald Trump held off on his threat to bomb Iran into the stone ages on Tuesday night, and Iran’s foreign minister said passage through the strait of Hormuz would be allowed for the next two weeks under the management of its military.With just over an hour until his deadline was due to pass, the US president said he was holding off on threatened attacks on Iran, subject to Tehran agreeing to a two-week ceasefire and reopening of the strait of Hormuz. Continue reading...
Senior climate figures warn North Sea drilling would encourage fossil fuel exploitation by developing countriesOpening new oil and gas fields in the North Sea would “send a shock wave around the world”, imperilling international climate targets, undermining the UK’s climate leadership and encouraging developing countries to exploit their own fossil fuel reserves, experts have warned.The UK government is under stiff pressure from the oil industry, the Conservatives, Nigel Farage’s Reform UK party, some trade unions and parts of the Treasury to give the green light to new oil and gas fields, despite clear evidence that doing so would not cut prices and would have almost no effect on imports. Continue reading...
Shahid Bagheri leaking fuel towards Hara mangrove forest, home to migrating birds and endangered turtlesMiddle East crisis – live updatesAn oil slick from a stricken Iranian ship threatens to contaminate one of west Asia’s most important wetlands, satellite image analysis suggests, one of a number of spills posing a threat to the livelihoods of coastal communities in the Gulf.The Shahid Bagheri, an Iranian drone carrier, began leaking heavy fuel oil in Iranian territorial waters near the strait of Hormuz about a month ago, after it was hit by a US warplane in the first few days of the US-Israel attack on Iran. Continue reading...
Lawmakers led by Elizabeth Warren in scathing letter say system used to track detainees ‘increasingly unreliable’A group of 36 lawmakers says the Department of Homeland Security (DHS) has created “disappearances” on US soil, due to the “increasingly unreliable” online system used to track people detained by immigration authorities, according to a letter shared with the Guardian.The lawmakers, led by Senators Elizabeth Warren, are urging that the DHS inspector general’s office open an investigation into the Immigration and Customs Enforcement (ICE) “online detainee locator system” (ODLS), which has been used for years by family members, attorneys and journalists to track people in the federal immigration detention system. Continue reading...
Mixed stock market reaction to president’s comments, while IMF chief warns of inflation and slower growthBusiness live – latest updatesOil traded at more than $110 a barrel on Tuesday after Donald Trump said all of Iran could be “taken out” in one night.Brent crude, the international benchmark for oil prices, rose by 1% to $111 a barrel. New York light crude rose 2.6% to $115.3 a barrel. Continue reading...
• The S&P 500 fell 2% for its fifth consecutive weekly decline, the first such streak since 2022, amid Mideast conflict de-escalation hopes.
• Brent crude rose to $112 per barrel, with U.S. 10-year yields climbing to 4.43% on inflation fears from sustained high energy prices.
• BlackRock warns elevated oil could shift focus from rate cuts to whether central bank policies can match rising inflation.
• US stock indexes showed mixed performance on Monday morning with S&P 500 up 0.1%, Dow down 0.1% or 46 points, and Nasdaq up 0.3% amid ceasefire mediation efforts.
• President Trump threatened to bomb Iranian power plants and bridges by Tuesday if the Strait of Hormuz remains closed, stating 'you’ll be living in Hell - JUST WATCH!' on social media.
• Gasoline prices hit $4.12 per gallon nationally, up from below $3 before late February US-Israel attacks, pressuring the economy despite strong March jobs data.
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