Energy Prices

Climate leaders say Democrats need to extol clean energy as a way to cut costs for Americans as war roils oil marketsDemocrats should get louder in championing clean energy’s affordability and resilience from global shocks, according to some of the party’s leading voices on the climate.As the Iran war roils economies by raising the cost of oil and gas, countries are aiming to accelerate their shift to cleaner energy. But in the US, Donald Trump has sought to kill off any alternative to fossil fuels while opposing Democrats have been reluctant to tie the conflict to any action on the climate crisis. Continue reading...

Chris Wright says ‘I don’t know’ when asked about lower cost of gas as average price soars to $4 a gallon in USChris Wright, the Trump administration’s energy secretary, acknowledged Sunday that it might not be until 2027 before US gas prices come back under $3 a gallon.Asked by Jake Tapper, the CNN State of the Union host, when he thought “it’s realistic for Americans to expect the gas will go back to under $3 a gallon”, Wright replied: “I don’t know. That could happen later this year. That might not happen until next year.” Continue reading...

Iran war drives demand for solar panels, heat pumps and EVs, with energy bills expected to rise 18% from JulyBritish households are turning to green home energy upgrades in record numbers to try to keep bills down as the Iran crisis sends global oil and gas prices soaring, data from leading energy suppliers suggests.Figures show demand for solar panels, electric vehicles and heat pumps in Great Britain has leapt since the war began on 28 February, as households brace for a sharp increase in monthly payments when the next energy price cap takes effect in the summer. Continue reading...

Biggest rises were in vegetable oil and sugar prices, which increased by 5% and 7% respectivelyVisual guide to the Gulf fertiliser blockadeFood prices rose sharply in March as war in the Middle East drove up energy prices and freight costs around the world, a UN report says.An index of food commodity prices by the UN’s food and agriculture organisation increased by 2.4% in March, its second consecutive monthly rise. Continue reading...

The argument for transitioning to renewables seems stronger than ever – and yet, attacks mount on the carbon price scheme that underpins the EU’s success at cutting pollution• Don’t get This Is Europe delivered to your inbox? Sign up hereOn the one hand, experts say, Europe is better prepared for this energy crisis than the last. On the other, it is still waging a culture war against the most obvious path out.Fuel prices have soared to ruinous levels since the Iran war left ships of oil and liquefied natural gas (LNG) stranded in the Gulf. The pain is most acute in Asia, but high energy prices are already causing panic in Europe. Shortages could hit the continent this month, oil company Shell warned last week. Donald Trump’s “go get your own oil” comments on Tuesday sent prices to their highest level since the start of the US-Israel attack on Iran. They briefly dipped below $100-a-barrel on Wednesday amid hopes that the war may soon end. Continue reading...

Even if cargo route of strait of Hormuz reopens soon, Food and Drink Federation almost triples earlier forecastBusiness live – latest updatesFood inflation could hit 9% in the UK this year, even if the strait of Hormuz opens within the next few weeks, figures suggest, as the war in Iran pushes up energy prices.The Food and Drink Federation (FDF), which represents 12,000 food and drink manufacturers, has predicted that prices will rise by “at least” 9% the end of 2026, almost tripling a forecast made before the conflict of 3.2%. Continue reading...

• Brent crude oil prices showed modest gains of approximately 1% despite elevated geopolitical rhetoric, indicating potential underestimation of conflict escalation risks by the energy market. • Energy price volatility is creating supply chain pressures and financial stress for corporations, with rising energy costs cited as a major factor in corporate capacity reduction decisions and market-wide weakness. • The US government's expanding influence over global energy markets reflects efforts to manage price stability and geopolitical risks, with EPA Administrator Lee Zeldin discussing energy policy responses on financial media.

IEA makes 10 recommendations to help households and businesses prepare for a drawn-out disruption to energy marketsThe world’s energy watchdog has advised governments to reduce highway speeds and encouraged workers to carpool or, ideally, work from home to combat soaring oil prices and impending fuel shortages caused by the Middle East conflict.It has also recommended countries consider limiting car access to designated zones in large cities, by giving vehicles with odd-numbered plates access on different weekdays to those with even-numbered plates.Work from home where possible to save petrol.Reduce highway speed limits by at least 10km/h to reduce fuel usage.Encourage public transport to reduce oil demand.Limit car access to roads in large cities through a number-plate rotation scheme.Increase car sharing.Encourage efficient driving for commercial vehicles through load optimisation and vehicle maintenance.Divert LPG use from transport to preserve it for essential needs like cooking.Avoid air travel where possible.Encourage electric cooking and other options to reduce reliance on LPG.Help industrial facilities switch between different petrochemical feedstocks to free up LPG. Continue reading...

If costs stay high for the next three months, US owner Peter Huntsman says he will close the site on TeessideThe American owner of one of Britain’s last major chemicals plants has said he will close the site if energy prices remain at their current levels for the next three months.Peter Huntsman, whose family built Huntsman Corporation into a global chemicals empire, said the recent jump in gas prices fuelled by the Iran conflict was “another nail in the coffin” for European heavy industry. Continue reading...

The US announced a 30-day easing of Russian oil sanctions on March 13, 2026, following a joint international release of record oil reserves that failed to curb barrel prices amid the Iran conflict. This move aims to alleviate rapidly rising energy costs for American consumers as global volatility persists. Despite the releases, oil prices remain elevated due to Iran's effective closure of the Strait of Hormuz, through which 20% of world traded oil passes. Analysts warn that prolonged war could exacerbate inflation and economic pressures in the US.

The United States announced a 30-day easing of sanctions on Russian oil on March 13, 2026, following a joint international release of record oil reserves that failed to lower barrel prices amid the Iran war. Global volatility from the conflict, now in its third week, exacerbates inflation pressures worldwide. This temporary measure aims to alleviate rapidly rising US fuel costs, though experts warn it may not suffice as Iran's Strait of Hormuz closure disrupts 20% of global oil trade.

The United States announced a 30-day easing of sanctions on Russian oil exports on March 13, 2026, aiming to alleviate skyrocketing fuel costs amid global supply disruptions from the Iran conflict. Despite a joint international release of record oil reserves this week, barrel prices remain elevated due to the Strait of Hormuz closure. The move seeks to stabilize markets affecting American consumers, where gasoline prices have surged 25% in two weeks. Energy Secretary cited 'extraordinary circumstances' in justifying the temporary relief, with monitoring for compliance.