News | Latest Breaking News Stories & Headlines

Oil prices are on track for the worst week in months over US President Donald Trump's new tariffs

Oil tumbles nearly 8% as China retaliates with tariffs

Oil prices plunged nearly 8% today, heading for their lowest close since the middle of the pandemic in 2021, as China ramped up tariffs on US goods in the most serious escalation in a global trade war that has investors worried about a recession.

Business • 04 Apr

Oil investors eye weaker demand following President Donald Trump's sweeping tariffs

Oil slumps over 7% on Trump tariffs, OPEC+ boost

Oil prices fell today as the decision by the OPEC+ group to speed up its unwinding of oil output cuts in May compounded already heavy losses following US President Donald Trump's announcement of sweeping new tariffs.

Business • 03 Apr

Trump said on Sunday he was "pissed off" at Russian President Vladimir Putin and will impose 25%-50% secondary tariffs on buyers of Russian oil if he feels Moscow is hindering Trump's efforts to end the war in Ukraine.

Oil prices climb 2% to 5-week high

Oil prices climbed about 2% to a five-week high today on worries supplies could decline if US President Donald Trump follows through on threats to impose more tariffs on Russia and to possibly attack Iran.

Business • 31 Mar

World oil prices rose more than 1% yesterday after US President Donald Trump announced a 25% tariff on countries importing oil and gas from Venezuela

Oil up for fifth day on concerns after Venezuela tariffs

Oil prices rose today for a fifth day on expectations that global supply may tighten after the US announced tariffs on countries that buy Venezuelan crude, although OPEC+ plans to go ahead with an output hike in May limited gains.

Business • 25 Mar

Brent crude was down 71 cents, or 1%, at $69.65 a barrel by 1800 GMT

Oil prices fall 1% amid tariff uncertainty

Oil prices were down 1% today as uncertainty about US tariffs and rising output from OPEC+ producers pressured the market, although potential sanctions on Iranian crude exports limited losses.

Business • 10 Mar

Brent futures fell $1.61, or 2.25%, to $73.17 a barrel by 1534 GMT

Oil prices fall 2% to 2-month low on US tariff worries

Oil prices fell more than 2% to a two-month low today on negative economic news from the US and Germany, driven in part by worries about US President Donald Trump's push for trade tariffs.

Business • 25 Feb

Investors are waiting for clarity on talks to end the war in Ukraine and weighed up the prospect of a resumption in crude exports from northern Iraq

Oil steady as traders hope for Ukraine peace deal

Oil prices steadied today as investors awaited clarity on talks to end the war in Ukraine and weighed up the prospect of a resumption in crude exports from northern Iraq.

Business • 24 Feb

Sanctions by the US and European Union on Russian oil exports have curbed its shipments and disrupted seaborne oil supply flows

Oil prices steady as Russia-Ukraine peace talks loom

Oil prices were little changed today, as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows.

Business • 17 Feb

The oil market posted its third consecutive weekly decline last week on concerns about a global trade war

Oil prices advance despite concern over more US tariffs

Oil prices rebounded today despite lingering fears over a potential global trade war after US President Donald Trump's latest tariff plans, this time targeting steel and aluminium.

Business • 10 Feb

TotalEnergies' adjusted net income for the final three months of 2024 was $4.4 billion, down from $5.2 billion a year previously

TotalEnergies posts drop in Q4 profit on weak oil demand

French oil major TotalEnergies has today reported a 15% drop in fourth-quarter earnings, closing out a year marked by low oil prices and weak fuel demand that were partially offset by higher electricity sales and liquefied natural gas trading.

Business • 05 Feb

Shell today posted adjusted earnings, its definition of net profit, of $3.66 billion for the quarter ended December 31, down from $7.31 billion a year earlier

Shell dividend hike drives shares up despite profit miss

Shell reported a 16% drop in profit for 2024 today amid weakness in oil and gas prices and in demand, but shares rose after it raised its dividend by 4% and extended its share buyback programme.

Business • 30 Jan

Brent crude futures were down 37 cents, or 0.48%, at $77.12 a barrel by 1246 GMT.

Oil prices slip as US inventories rise

Oil prices edged lower today on a rise in US crude stockpiles and easing concern over Libyan supply, with US tariffs on Canadian and Mexican imports also in focus.

Business • 29 Jan

Brent crude oil futures were up 91 cents, or 1.2%, at $77.99 per barrel at 1417 GMT.

Oil prices bounce back from multi-week lows

Oil prices rebounded today from multi-week lows as disruption to Libyan oil loading operations offset fears of weaker demand linked to soft economic data from China and rising temperatures elsewhere.

Business • 28 Jan

Brent crude futures fell 60 cents, or 0.8%, to $77.90 a barrel by 1300 GMT.

Oil falls as Trump's Colombia sanctions threat reversed

Oil prices retreated today after the US pulled back from initial sanctions threats against Colombia, reducing immediate concern over oil supply disruptions, though US President Donald Trump's muscle-flexing is keeping markets twitchy.

Business • 27 Jan

Uncertainty over how proposed tariffs and energy policies would affect global economic growth and energy demand also weighed on prices.

Oil prices fall as Trump urges lower oil costs

Oil fell more than 1% today after US President Donald Trump urged Saudi Arabia and OPEC to bring down its cost during his address at the World Economic Forum.

Business • 23 Jan

Brent crude futures were 18 cents, or 0.2%, lower at $79.11 per barrel at 1415 GMT.

Oil prices steady as investors watch Trump policies

Oil prices held steady today, with traders closely watching President Donald Trump's proposed tariffs and the potential impact of the national energy emergency he declared on his first day in office.

Business • 22 Jan

World oil prices advanced more than 1% last week for a fourth consecutive weekly gain

Oil prices slide as market awaits Trump's return

Oil prices slipped today as US President-elect Donald Trump's inauguration is expected to bring a flurry of policy announcements that may clarify how he plans to end the Russia-Ukraine war, boost US oil and gas production and lower costs for consumers.

Business • 20 Jan

Brent futures rose $1.40, or 1.8%, to $81.16 a barrel by 1618 GMT

Oil prices climb 2% to four-month high

Oil prices climbed about 2% to a four-month high today on expectations that wider US sanctions on Russian oil would force buyers in India and China to seek other suppliers.

Business • 13 Jan

Brent oil is on track for a 3% weekly gain, while WTI is set for a 4.6% increase

Oil heads for weekly gains on colder weather

Oil prices ticked up today and were set for weekly gains after closing the previous session at their highest in more than two months, underpinned by colder European and US weather and additional economic stimulus flagged by China.

Business • 03 Jan

For the year, the price of Brent oil declined 3.2%, while WTI was down 0.1%

Oil prices set for second annual loss in a row

Oil prices were on track to end 2024 with a second consecutive year of losses, but were steady on the day as data showing an expansion in Chinese manufacturing was balanced by Nigeria targeting higher output next year.

Business • 31 Dec 24

World oil prices rose about 1.4% last week buoyed by a larger-than-expected drawdown from US crude inventories

Oil prices drift higher in sparse holiday trade

Oil prices edged higher today in thin end of the year trade as investors awaited more Chinese and US economic data later this week to assess growth in the world's two largest oil consumers.

Business • 30 Dec 24

Supply and demand changes in December have been supportive of their current less-bearish view so far, the analysts said in a note.

Oil prices rise in thin pre-holiday trade

Oil prices rose today, reversing the prior session's losses, buoyed by a slightly positive market outlook for the short term, despite thin trade ahead of the Christmas holiday.

Business • 24 Dec 24

Brent crude futures rose 37 cents, or 0.5%, to $73.31 a barrel by 0729 GMT

Oil up as cooling US inflation points to possible easing

Oil prices rose today as lower-than-expected US inflation data revived hopes for further policy easing, although the outlook for a supply surplus next year weighed on the market.

Business • 23 Dec 24

Brent crude futures fell 53 cents, or 0.71%, to $73.96 a barrel by 1300 GMT

Oil prices drop on soft Chinese spending data

Oil futures dropped from their highest levels in weeks today, pressured by weakness in consumer spending in China, the world's largest oil importer.

Business • 16 Dec 24

World oil prices had risen more than 1% yesterday

Oil prices steady as Syria concerns ease

Oil prices were little changed today as concerns eased about the fallout from the overthrow of Syria's president while the market found support from Chinese stimulus that could boost demand from the world's biggest crude buyer.

Business • 10 Dec 24

Oil Prices