Oil and stocks swing on renewed Iran war fears and Middle East supply concerns
Oil prices moved sharply on Wednesday as traders reacted to renewed fears of disruption to Middle East supply routes. Prices rose after reports that Iran appeared to be stepping up attacks on tankers in the Strait of Hormuz, then fell later in the session after officials signalled that more reserves could be released if needed. The swings also fed through to US financial markets, where stocks weakened and government bond yields climbed to their highest levels in more than two decades.The immediate trigger was a warning cited in the supplied material that tanker attacks in the Strait of Hormuz may... [Continue Reading]
360LiveNews | 08 Oct 2026 02:30 LONDON
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Shell forecasts sharp rise in refinery margins as war-damaged plants tighten fuel supplies
Shell has forecast that its refinery profit margins will rise sharply in the July-to-September period, as shutdowns at war-damaged refineries in the Middle East and Russia squeeze global fuel supplies. The company said margins are expected to reach $42 a barrel, almost double the $24 a barrel recorded in the second quarter. That would also exceed the previous high of about $28 a barrel seen in mid-2022.The forecast was set out in a market trading update on Wednesday. Shell said the increase reflects a steep rise in the price of refined fuels, including diesel, relative to the cost of crude... [Continue Reading]
360LiveNews | 07 Oct 2026 10:00 LONDON
South Korean fuel shipments to Russia via sanctioned tankers raise sanctions concerns
More than 176,000 tonnes of fuel, mostly diesel, were shipped from several South Korean ports to Russian ports in July and August, according to port records and ship-tracking data. The cargoes were carried on seven tankers that made 14 voyages to Russia's far east. The findings point to a trade route that could complicate efforts to restrict supplies to Moscow during the war in Ukraine.Three of the vessels were under sanctions imposed by the United Kingdom and the European Union, and one cargo was transferred ship-to-ship in South Korean waters before continuing onward. That method can obscure the origin of... [Continue Reading]
360LiveNews | 06 Oct 2026 01:29 LONDON
Day News Recap: Russia escalates strikes in Ukraine and Black Sea as Brazil heads to runoff
Romanian authorities said a commercial vessel carrying corn sank in the Black Sea after a fire caused by a Russian drone attack, leaving two people dead and underlining the danger to shipping in the corridor. 🔗In Ukraine, Russian strikes intensified again as a missile hit Kyiv’s Northern Bridge, injuring two people and forcing traffic to stop, while Germany’s foreign intelligence chief warned that Europe could be drawn into violent conflict with Russia amid shadow war concerns. 🔗 🔗In the Middle East, Yemen’s military said it had launched more than 1,000 strikes against Houthi targets in a bid to retake territory,... [Continue Reading]
360LiveNews Recap | 05 Oct 2026 18:22 LONDON
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European Commission backs G7 diesel and oil stock release
The European Commission has welcomed a G7 decision to release significant stocks of diesel and oil, saying the move is expected to have a positive impact on fuel prices in EU member states. Commission spokeswoman Anna-Kaisa Itkonen told reporters in Brussels that the bloc supports the coordinated action. The G7 leaders agreed on a coordinated release of 100 million barrels through the International Energy Agency, beginning immediately and continuing over the next four months. The declaration also calls for a priority release of a significant volume of diesel in the first 20 days by G7 countries and partners. Itkonen said... [Continue Reading]
Breaking-360LiveNews | 05 Oct 2026 16:00 LONDON
IEA says 325 million barrels released as G7 adds new diesel and crude drawdown
The International Energy Agency said member countries have now released about 325 million barrels of oil and oil-derived products from strategic reserves since March. That is more than 80% of the 400 million barrels originally pledged in the agency's collective action. The update came as G7 leaders agreed to immediately release 100 million barrels of diesel and crude oil in response to supply concerns.The agency said the 325 million barrels represented the amount released so far under the March commitment, leaving 75 million barrels still outstanding. The G7 did not say whether its new 100 million-barrel plan includes that remaining... [Continue Reading]
360LiveNews | 03 Oct 2026 16:02 LONDON
