Oil prices/Crude oil

World food prices rise to more than three-year high in April, FAO says

A woman buys vegetables at an open market in Ashgabat, Turkmenistan, in March Vegetable oil prices are particularly elevated amid the Iran war and the effective closure of the Strait of Hormuz.

US expects Iranian response to peace proposal on May 8, fighting flares in Gulf

The Iranian navy firing a missile at an unknown location, in this still image taken from a video released on May 8.

Hungry to sell, UAE slips hidden oil tankers through Strait of Hormuz

A cargo ship docked at the Port of Fujairah, as the US-Israel conflict with Iran limits marine traffic in the Strait of Hormuz, in Fujairah, United Arab Emirates, on May 6, 2026.

AirAsia to start new airline, stays defiant on fuel hedging

The new airline will be announced in the next month or two, AirAsia X co-founder Tony Fernandes said on May 6.

US and Iran explore short-term deal to end fighting

People chant during a rally in Tehran, Iran, May 6, 2026. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS

Australia to force gas giants to reserve fuel for domestic use

Australia is one of the world's largest exports of liquefied natural gas, a key fuel source in hot demand amid the Iran war.

Chevron CEO says physical shortages in oil supply will begin appearing

Mr Mike Wirth, chairman and CEO of Chevron, pointed out that the last scheduled shipment of oil from the Persian Gulf was being offloaded at the Port of Long Beach in the US.

Oil jumps on signs of heightened tensions in Strait of Hormuz

Futures also reached intra-day highs following unverified Iranian media reports claiming two missiles hit an American patrol boat, which the US Central Command denied.

Saudi oil prince’s iron grip faces ultimate test with UAE’s shock OPEC exit

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al Saud was granted unprecedented powers as a chairman of OPEC to call meetings at any time.

Commentary

Oil markets and prices will not be the same after UAE’s OPEC exit

The headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna. For OPEC, losing the UAE is not a flesh wound, but an amputation.

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MDDI (P) 046/10/2025. Published by SPH Media Limited, Co. Regn. No.202120748H. Copyright © 2026 SPH Media Limited. All rights reserved.