price of oil

BP sees ‘exceptional’ results as a result of war-driven oil market shock

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https://morningstaronline.co.uk/article/bp-sees-exceptional-results-result-war-driven-oil-market-shock

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The price of oil has surged as a result of the US-Israel war on Iran, up 60 per cent since it started on February 28.

BP said Brent crude prices averaged $81.13 (£60) a barrel over the first quarter as a whole, up from $63.73 (£47) a barrel in the previous three months.

The oil giant said that for every dollar increase in the price per barrel of oil results in a $340 million (£250m) rise in pre-tax operating profits.

Uplift deputy director Robert Palmer told the Star: “While millions of people are worrying over their energy bills, oil companies like BP are raking in billions of profits.

“It’s clear that the UK’s dependence on fossil fuels is making all of us poorer – all except for the oil and gas bosses and their shareholders who once again will cash in at our expense.

“The only way to insulate ourselves from energy shocks and protect the climate is to ramp up on renewables, and upgrade homes with solar power, batteries and heat pumps. We also need to support those who need it most with financial help.”

Original article at https://morningstaronline.co.uk/article/bp-sees-exceptional-results-result-war-driven-oil-market-shock

dizzy: It’s worth reflecting on whether the overarching intention is to inflate oil prices: Trump is hugely financially supported by the oil companies of course, they financed his second successful election campaign. The oil price is kept high and the Trump administration make some extremely dubious and unsubstantiated announcements to prevent it getting much above a hundred dollars a barrel. There’s the lies that Trump & Co are imposing a blockade on Iran or that there are negotiations going to happen soon for example. Unsubstantiated and extremely likely untrue but it appears adequate for oil traders to play along.

Greenpeace activists display a billboard during a protest outside Shell headquarters on July 27, 2023 in London.
Greenpeace activists display a billboard during a protest outside Shell headquarters on July 27, 2023 in London. (Photo: Handout/Chris J. Ratcliffe for Greenpeace via Getty Images)
Donald Trump urges you to be a Climate Science denier like him. He says that he makes millions and millions for destroying the planet, Burn, Baby, Burn and Flood, Baby, Flood.
Donald Trump urges you to be a Climate Science denier like him. He says that he makes millions and millions for destroying the planet, Burn, Baby, Burn and Flood, Baby, Flood.
Continue ReadingBP sees ‘exceptional’ results as a result of war-driven oil market shock

Strait of Hormuz ‘Is Open For Us,’ Says China’s Defense Minister as US Blockade Begins

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Original article by Brad Reed republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

Chinese Defense Minister Dong Jun attends a luncheon in Kuala Lumpur on October 31, 2025. (Photo by Hasnoor Hussain/Pool/AFP via Getty Images)

“We have trade and energy agreements with Iran. We will respect and honor them and expect others not to meddle in our affairs.”

Although President Donald Trump has ordered the US military to enforce a blockade around the Strait of Hormuz, Chinese Defense Minister Dong Jun warned on Monday against any effort to obstruct Chinese vessels.

As reported by Business Today, the Chinese defense minister emphasized that his country and Iran have reached an arrangement allowing the safe transportation of Chinese ships through the strait, and he said the US should not subject them to its blockade.

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“Our ships are moving in and out of the waters of the Strait of Hormuz,” the defense minister said. “We have trade and energy agreements with Iran. We will respect and honor them and expect others not to meddle in our affairs. Iran controls the Strait of Hormuz, and it is open for us.”

Trump announced a blockade on the Strait of Hormuz on Sunday, saying the US would not allow any ships that had cut deals with Iran for safe passage to be let through.

The blockade announcement came after US negotiators, led by Vice President JD Vance, failed to reach a peace agreement with their Iranian counterparts to bring an end to the conflict, which Trump launched illegally without any congressional approval six weeks ago.

The failure to reach a peace deal sent the price of oil upward yet again, as the price of Brent crude oil futures and WTI crude oil futures approached $100 per barrel.

Original article by Brad Reed republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

Keir Starmer explains that UK is actively supporting Israel's genocidal expansion and repeats his previous quotation that he supports Zionism "without qualification". Keir Starmer said “I said it loud and clear – and meant it – that I support Zionism without qualification.” here: https://www.jewishnews.co.uk/keir-starmer-interview-i-will-work-to-eradicate-antisemitism-from-day-one/
Keir Starmer explains that UK is actively supporting Israel’s genocidal expansion and repeats his previous quotation that he supports Zionism “without qualification”. Keir Starmer said “I said it loud and clear – and meant it – that I support Zionism without qualification.” here: https://www.jewishnews.co.uk/keir-starmer-interview-i-will-work-to-eradicate-antisemitism-from-day-one/
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Donald Trump calls for help from NATO allies in securing the Straight of Hormuz despite saying on 7 March 2026 that they don't need people to join wars after they've already won. He's challenged with the claim that he lies as much as the IDF.
Donald Trump calls for help from NATO allies in securing the Straight of Hormuz despite saying on 7 March 2026 that they don’t need people to join wars after they’ve already won. He’s challenged with the claim that he lies as much as the IDF.
Continue ReadingStrait of Hormuz ‘Is Open For Us,’ Says China’s Defense Minister as US Blockade Begins