Labour MPs press Burnham to reject Rosebank as North Sea debate sharpens
July 1, 2026
More than 60 Labour MPs and MSPs have urged Andy Burnham to resist pressure to approve the Rosebank oil field, arguing
Crude Oil
Oil prices slide as US-Iran talks cool ‘war premium’
July 1, 2026
Brent crude fell to around $73/barrel and US WTI to about $69 per barrel on Monday, marking their steepest quarterly decline
Equinor drops plan to electrify Wisting field from shore
June 29, 2026
Equinor and its partners have scrapped plans to power the Wisting oilfield with electricity from shore, citing high costs and technical
Iraq warns it might leave OPEC over production quotas
June 29, 2026
Iraqi officials said the country could consider leaving OPEC if it is not allowed to increase its oil production quota significantly.
Cautious Hormuz reopening tempers oil prices, but risks persist
June 25, 2026
A ceasefire between the US and Iran has enabled three stranded supertankers and several Qatar‑controlled LNG carriers to transit the Strait
Russian fuel shortages prompt rare import plans and public restrictions
June 24, 2026
Months of Ukrainian drone attacks on Russian oil refineries have knocked out about 14% of the country’s refining capacity, prompting petrol
Goldman Sachs predicts EV surge will dent oil demand by 2027
June 23, 2026
Goldman Sachs predicts that rapid electric vehicle adoption could reduce global oil demand by 0.13-0.32 million barrels per day (bpd) by
US grants 60‑day waiver for Iranian oil and petrochemical exports
June 22, 2026
The US Treasury’s General License U allows production, delivery and sale of Iranian oil and petrochemicals through 21 August 2026, extending a previous
Reopening the Strait of Hormuz and the fragile US‑Iran peace deal
June 19, 2026
A 14‑point memorandum has extended the US‑Iran ceasefire and reopened the Strait of Hormuz, allowing a handful of tankers to transit
Why oil flows may take months to normalise despite the Hormuz deal
June 15, 2026
Physical bottlenecks remain: shipping lanes must be cleared of mines and debris; tankers are in the wrong place; and production facilities
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