Full coverage: Oil

We’ve been here before: a war, an energy price shock, a government response. Blanket fuel subsidies should be ruled out.

Oil’s leap to $119 is more than a price spike – it’s the start of a global economic shock that could drive inflation higher, disrupt supply chains and reshape interest-rate predictions.

Traffic through the Strait of Hormuz has ground to a virtual halt, unleashing the most severe energy crisis since the 1970s and threatening the global economy, write Joe Wallace, Summer Said, Rebecca Feng and Georgi Kantchev, The Wall Street Journal.

Florida energy mogul Harry Sargeant III has been eyeing the country’s reserves for years. He’s on the cusp of the windfall of a lifetime, write Scott Patterson, Kejal Vyas and Alex Leary, The Wall Street Journal.

The oil explorer claims Vallourec’s tubing, installed at an oil field in Ghana via a contract in 2008, was faulty, which the supplier denies. Nearly 20 years on, the case will move ahead in a London court.

Over the past week, the EU, US and UK have sanctioned Rosneft and other oil industry players. Questions linger about the Russian energy firm’s remaining Irish subsidiary.

Founded in 2003 with ambitions to become an international oil producer, PetroNeft Resources expanded from Dublin to the frozen plains of western Siberia. It is now being wound up. What happened?

As Europe’s energy crisis deepens, Germany’s rising reliance on imports reflects a broader EU retreat from energy independence. A new EU-US energy deal, framed as a solution, risks locking in long-term fossil fuel dependence, undermining climate goals and strategic autonomy.

Lukoil Capital DAC was registered months before the war in Ukraine and raises money that’s funnelled back to the Russian firm, which is a major player in the Kremlin's economy.

The short- to medium-term outlook for the oil market is beginning to change. To make a long story short, get set for large declines.