Gas Prices

Energy company hails ‘exceptional’ contribution of oil trading operations as profits hit $3.2bn in the first quarterBusiness live – latest updatesBP’s quarterly profits have more than doubled amid a jump in oil and gas prices linked to the conflict in the Middle East.The energy company said on Tuesday that underlying profits for the first quarter were $3.2bn (£2.4bn), up from $1.38bn in the equivalent period a year ago and outstripping City forecasts of $2.67bn. 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...

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...

Guardian readers describe how their lives have been upended by cost hikes stemming from Trump’s Iran warWith the US and Israel’s war on Iran now in its seventh week, with a fragile ceasefire in place since earlier this month, Americans are continuing to feel the effects at the pump as global fuel prices rise.For several readers who spoke to the Guardian, the impact has forced difficult trade-offs – from accessing essential medicines and groceries to facing the brink of homelessness amid an already rising cost of living. Continue reading...

Shop around, coast downhill, band together – drivers tell of how they’re dealing with the costliest gas in the USJack Nooney has pretty much made peace with the traffic since moving to Los Angeles five years ago, but recent soaring gas prices have certainly added another layer of insult to his daily commute. The musician and full-time grocery deli employee drives from his San Fernando Valley apartment to Santa Monica daily. While it’s just nine miles each way, with LA traffic that often equates to a whole gas-burning hour.Nooney, who makes $20/hour, says it’s become glaringly clear that fuel costs will eat up more of his already tight budget. Angelenos are now paying on average nearly $5.90 a gallon – and some stations are charging a shocking $8 a gallon. The outsized prices are directly related to the Iran war, which has created the largest supply disruption in the history of the global oil market, according to the International Energy Agency. Continue reading...

Higher blend has been prohibited in warm weather because of concerns it could worsen smogThe US Environmental Protection Agency said Wednesday that it would temporarily allow widespread sales of a higher ethanol gas blend in a move that they hope will tamp down consumer prices that have soared since the Iran war began.The higher blend has been prohibited in warm weather because of concerns it could worsen smog. Continue reading...

Online searches for electric and hybrid cars increase as war-linked fuel prices hit highest levels in nearly three yearsSign up for the Breaking News US email to get newsletter alerts in your inboxUS car buyers are showing a surge in interest in electric vehicles after Donald Trump’s decision to attack Iran helped cause a major jump in gasoline prices.The cost to refuel a vehicle in the US is at its highest level in nearly three years, with the average national price of gas standing at $3.90 a gallon on Friday. Continue reading...

Month-ahead UK wholesale gas price hits highest level since August 2022 as Donald Trump threatens retaliationMiddle East crisis – live updatesBusiness live – latest updatesGas prices jumped and oil prices rose again after an escalation of attacks by Israel and Iran on gasfields heightened fears of prolonged disruption to international energy supplies.Brent crude, the global oil benchmark, rose by 8% to $116 a barrel. Crude prices have soared by nearly 60% since US and Israeli attacks on Iran started the war on 28 February. Continue reading...

Rolling coverage of the latest economic and financial newsUK wage growth slows sharply as unemployment holds steadyFed holds interest rates steady as Iran war drives up oil prices and inflation fearsMiddle East crisis live: Trump threatens to ‘blow up’ entire South Pars gasfield if Iran strikes QatarUK wage growth has slowed to a five-year low, in a worrying sign for workers as the Middle East crisis pushes up energy costs.Average pay (excluding bonuses) rose by 3.8% in the three months to January, down from 4.1% in October-December 2025, the Office for National Statistics reports.“With unemployment staying steady at 5.2% and a rare gain in payrolls employment, this report paints a mildly more positive picture of the labour market. And with wage growth softer again, in normal times this would have been a relatively reassuring report for the Bank of England.But the report feels stale in light of the Iran conflict, and the inflation risks stemming from the large spike in energy prices. So while today’s Bank of England meeting had once looked like the likely point of the next rate cut, instead policy is set to be kept on hold today as policymakers give themselves more time to see how the conflict plays out. Continue reading...

A Chevron station just outside downtown charges more than $8 a gallon – nearly $3 more than the city’s averageIt’s tempting to think that a gas station charging more than $8 a gallon is a glamorous Los Angeles curiosity. Sort of like shopping at Erewhon, the healthy grocery chain that wows with a premium experience – and commands up to $22 a smoothie.But there’s no glamour at the 901 N Alameda Street station. It’s just a dingy Chevron on the edge of LA’s Chinatown, regularly featured in news stories to illustrate the high cost of fuel in California. Midday on Tuesday, the station charged $8.31 for a gallon of regular gas. Continue reading...

The U.S. under President Trump expanded waivers on Russian oil sanctions to all buyers, including easing restrictions on stranded oil at sea, aiming to tame surging domestic gas prices amid global tensions. EU officials pushed back against the move, while NATO leaders urged reversal of the suspension to pressure Russia. The policy shift matters as it balances inflation control against geopolitical leverage in Ukraine support, potentially providing Russia billions. Next steps include monitoring price impacts and possible congressional pushback before midterms.