The US House of Representatives approved putting to a vote a bill that toughens anti-Russian sanctions and increases aid to Ukraine. The bill includes sanctions on Russia's oil industry, 500% tariffs on Russian goods, and $300 million in military aid for Ukraine.
An investigation reveals Colorado's oil and gas regulator has allowed major companies like Chevron, Oxy, and Civitas to avoid billions in cleanup costs for defunct sites, potentially leaving taxpayers liable.
Ukraine's "Operation Spiderweb," launched a year ago, has severely impacted Russia's military and oil industry through drone attacks and commando operations, according to President Zelenskyy. Russia's oil processing is at a decade low, and supply lines in occupied territories are disrupted.
Russia and China are expanding their energy cooperation, with joint projects continuing and plans for their expansion being outlined, according to Russian Deputy Prime Minister Alexander Novak. This includes gas supplies, oil, electric power, and coal industries.
Rolling coverage of the latest economic and financial newsClimate campaigners attack Shell over ‘windfall’ profits from Iran warDanny Gross, climate campaigner at Friends of the Earth, says Shell’s profits are ‘indefensible’, after the company doubled its quarterly earnings to $6.9bn this morning.Gross says:“Once again, fossil fuel giants are pocketing monstrous profits while drivers are being squeezed at the petrol pump and households are set to pay higher energy bills.“Our fossil fuel-reliant energy system siphons money away from ordinary people to the rich and powerful.“In the twenty-first century we have cheaper, cleaner alternatives that we can use to power Britain without anybody being bombed. We don’t need to let the fossil fuel industry hold us to ransom and pass on the costs of endless wars and limitless pollution.The cost of living crisis, the climate crisis, the middle-east crisis, these are all oil industry operating costs. We need to stop subsidising them, introduce new taxes to make them pay and start taxing their obscene profits properly.”Adjusted Earnings, compared with the fourth quarter 2025, reflected higher contributions from trading and optimisation mainly impacting our Downstream, Renewables and Energy Solutions businesses, higher realised prices, higher refining margins, lower operating expenses and higher Lubricants margins, partly offset by lower volumes.“While people around the world struggle with soaring energy costs, Shell is raking in billions in added profit. The same crisis that is driving these windfalls is pushing millions closer to hunger and hardship.“Governments must act now to tax these excess profits and use the money to protect vulnerable households and expand affordable, homegrown renewable energy. Continue reading...
Iran's attack on ships in the Strait of Hormuz and a drone strike on the Fujairah Oil Industry Zone sent Brent crude to $114.44 and WTI to $106.42, while the 10-year Treasury yield climbed to roughly 4.44% and the 30-year broke above 5%. Bitcoin registered an intraday high of $80,717.66 on May 4, putting its […] The post Iran-UAE tensions are pushing Bitcoin toward a record bond-market danger zone appeared first on CryptoSlate.
Iran's attack on ships in the Strait of Hormuz and a drone strike on the Fujairah Oil Industry Zone sent Brent crude to $114.44 and WTI to $106.42, while the 10-year Treasury yield climbed to roughly 4.44% and the 30-year broke above 5%. Bitcoin registered an intraday high of $80,717.66 on May 4, putting its […] The post Iran-UAE escalation pushes Bitcoin’s bond-market test into the 4.5% danger zone appeared first on CryptoSlate.
Oil prices surged Tuesday as Iranian-linked attacks and military clashes heightened fears of disruption in the Strait of Hormuz. Brent crude rose 6% to $114.44 a barrel, while WTI settled 4% higher at $106.42. The Fujairah Oil Industry Zone was struck by a drone, with Emirati officials blaming Iran.
An interview with Professor Andrea Wright of William and Mary University reveals how Indian migrants have been central to the Middle Eastern oil industry since its inception in 1908. Workers earn 6-10 times more than in India but face significant challenges including loneliness, precarious contracts and limited rights. While strikes were common in the 1920s-1940s, restrictive labor laws from the 1950s-60s effectively banned unions. Today, millions of Indian workers remain invisible despite their critical role, with current regional uncertainty causing anxiety about job security.
Russian Deputy Prime Minister Alexander Novak stated Russia has no intention of leaving OPEC+, affirming the cooperation helps mitigate oil market risks during crises and maintains investment activity. Novak said the UAE's withdrawal from OPEC+ has not been discussed with Russia, and a price war is unlikely given the current market shortage. The oil industry continues to experience a profound crisis caused by supply shortages due to the Middle East conflict, with demand significantly exceeding supply.
Operating costs for Hong Kong’s industrial and commercial sectors have jumped 50 per cent since the start of the US-Israel war with Iran, according to an oil industry representative, who said distributors would pass on subsidies to customers. A taxi union leader on Thursday also called on the government to extend its subsidy on liquefied petroleum gas (LPG) beyond two months if oil prices rise further. The government’s subsidy of HK$3 (38 US cents) per litre of diesel to support public and...
Operating costs for Hong Kong's industrial and commercial sectors have jumped 50 per cent since the start of the US-Israel war with Iran, according to an oil industry representative. The government has launched a HK$1.8 billion subsidy scheme effective Thursday, providing HK$3 per litre of diesel to support public and commercial vehicles and vessels for two months. Taxi unions are calling for extension of LPG subsidies if oil prices continue rising.
WPP accused of breaching its climate policy after report reveals firm linked to twice as much oil advertising as US rivalsA British advertising conglomerate has helped the oil companies ExxonMobil, Chevron, Shell and BP spend an estimated $1.5bn (£1.1bn) on adverts in the US since the 2015 Paris agreement to tackle the climate crisis, a report shows.London-based WPP was the leading advertising group serving the US’s oil industry over the past decade, according to analysis by the climate investigations platform DeSmog. The figure is nearly twice the respective amounts linked to its US rivals Omnicom and Interpublic Group (IPG), which merged in November. Continue reading...
BP has reported nearly $3.2bn profit in Q1 2026, more than double the $1.38bn from the same period last year, driven by exceptional contributions from oil trading operations amid the Iran war that began at the end of February. The surge in oil and gas prices in March disrupted regional energy supplies, benefiting the oil major despite ongoing Middle East conflict. CEO Meg O'Neill acknowledged the "environment of conflict and complexity" while noting strong operational performance and increased production in the Gulf of America.
High oil prices offer significant profit boosts to the industry, but also pose risks like economic slowdown, increased interest in alternatives, and investor caution, creating a complex dynamic for oil producers.
