Oil prices

Brent crude futures and US West Texas Intermediate  gained more than 7 per cent last week as hopes of a peace deal dimmed.

Oil touches 2-week high after drone attack on UAE nuclear power plant

The drone attacks and rhetoric from the US and Iran raised concerns of an escalation in the conflict

A photo from Iran's Tasnim news agency showing an Islamic Revolutionary Guards boat allegedly taking part in an operation on Apr 21 to seize ships attempting to cross the Strait of Hormuz.
NEWS ANALYSIS

Will Gulf states find new oil pipelines fast enough to reduce Hormuz reliance?

The prospect that Iran may close Hormuz was acknowledged as a significant danger by strategic experts

An Asda petrol station in Bethnal Green, London, Britain, March 27, 2026.

UK government to scrap planned rise in fuel tax, The Sun reports

Global oil prices have risen by around 60 per cent since the start of the Iran war

Iran has shown little interest in loosening its hold on the Hormuz strait, insisting it wants to maintain a degree of control even after the end of the war.

US, Iran stall on Hormuz strait reopening as oil supplies tighten

Brent crude has jumped about 50% since the start of the war

Over the week, Brent has climbed 7.84% and WTI 10.48% on uncertainty over the shaky ceasefire in the Iran war.

Oil prices climb more than 3% on fears of new US-Iran combat

About a fifth of the world’s oil and liquefied natural gas normally passes through the strait

Diesel and petrol prices rose by over 3% – a modest increase in the context of an almost 50% increase in Brent crude since the Iran war began.

India hikes fuel prices for the first time in four years amid Iran war crude spike

The move follows a cut in fuel taxes in March that gave refiners some relief, but will not offset losses

Iran said 30 vessels had crossed the Hormuz strait since the evening of May 13, still far short of the typical daily total of 140 before the war.

Oil rises more than 1% after Trump flags China’s interest in US supplies

Both Trump and Xi agreed the Strait of Hormuz must be open for the free flow of energy

Brent crude futures were up 98 cents, or 0.9 per cent, to US$106.61 a barrel at 0916 GMT on Thursday.

Oil edges up as investors focus on Trump-Xi meeting in Beijing

Iran appears to have tightened its control over the Strait of Hormuz

China's President Xi Jinping (right) and US President Donald Trump pose for a photo at the Temple of Heaven in Beijing.

Trump, Xi agree Strait of Hormuz must stay open, White House says

Chinese leader expresses interest in increasing purchases of American oil to reduce the reliance on the strait