IEA warns of ‘record’ oil drawdown after ‘unprecedented’ Strait of Hormuz supply shock May 13, 2026 The West’s international energy watchdog has warned that oil stockpiles were being drained at a record rate last month as the US’s war in Iran continues to choke supply in an “unprecedented” supply shock. The International Energy Agency revealed that around 4m barrels of oil a day were tapped from back-up supplies in April, within [...]
Eon, Hometree strike deals to snap up parts of Ovo Energy May 11, 2026 Two arms of Ovo Energy have been snapped up by separate buyers, ending uncertainty over the retail energy giant’s future. German energy firm Eon is to acquire Ovo’s retail business, creating one of the UK’s biggest energy operators with around 10m combined customers, while Ovo’s Home Services arm, including Corgi Homeplan and Homepeat, is to [...]
Shell shares slump after earnings rocket on oil surge May 7, 2026 Shell kicked off a mega share buyback following a bumper first quarter that breezed past expectations on the back of booming oil trading. The FTSE 100 oil major recorded earnings of $6.9bn (£5bn), cruising past the consensus pencilled in by analysts of $6.4bn. It also marked a significant uplift on the $3.3bn pocketed in the [...]
Two million global airline seats cut as jet fuel shortage grounds travel May 6, 2026 Airlines are preparing to slash millions of seats from this month’s schedule, as the Middle East conflict and soaring jet fuel prices drive up costs ahead of the industry’s busiest travel season. Some 13,000 flights have been removed from May schedules worldwide, according to data from the aviation analytics company Cirium. Istanbul, one of the [...]
‘Critically low levels’: UK braces for jet fuel shortage as rationing looms May 5, 2026 The UK is particularly vulnerable to the jet fuel shortages caused by the Iran war, as the risk of rationing looms as supplies fall to “critically low levels” while the summer holidays creep closer. The ongoing closure of the Strait of Hormuz has led to an “extreme tightness” in the supply of jet fuel in [...]
Trump turmoil sends oil prices back toward multi-year peak May 4, 2026 Iran hits back at president’s ‘Operation Freedom’ pledge for safe passage through the Strait of Hormuz; Brent up over 5 per cent to $114 a barrel The main international oil price surged back toward multi-year highs on Monday, as US President Donald Trump’s pledge to get tanker traffic moving through the Strait of Hormuz was [...]
Sparking interest: Could utilities stocks power your portfolio? May 4, 2026 The FTSE 100 isn’t known as the flashiest of stock markets, lacking the might of the trillion-dollar tech stocks of the US or the glamorous luxury conglomerates of France. But what it lacks in shine, it makes up for in reliability, with the index reporting a 21.5 gain in 2025, its strongest calendar year performance [...]
BP eyes North Sea exit as tax load bites May 2, 2026 BP is reportedly eyeing a potential exit from the North Sea as the tax load on energy companies seems unlikely to be eased with the Iran war. The UK oil giant is considering either ceasing or partially winding down operations in the North Sea, according to Bloomberg, as part of an effort to strip assets [...]
Delay fuel duty hike or risk stalling major transport projects, Labour warned May 1, 2026 The government risks stalling key road and rail infrastructure projects unless it extends the freeze to fuel duty, a leading construction industry body has warned. The Construction Plant-hire Association (CPA), which represents more than 2,000 firms providing construction machinery and expertise, told Morning Wire “nothing will get built” if its members pull back from projects [...]
After a ‘stunning’ update, what does the future hold for long-suffering BP? April 30, 2026 BP wowed shareholders with its first quarter results – doubling profit and bolstering its balance sheet. But with an activist breathing down its neck, its new boss Meg O’Neill isn’t out of the woods yet, writes Ali Lyon As she sat down to pen her first email to BP’s 100,000 staff, Meg O’Neill opted against [...]