Greek-operated tanker sails through Strait of Hormuz
A Greek-operated oil tanker has sailed through the Strait of Hormuz with a cargo of Saudi Arabian crude and its destination listed as India, analysis from ship tracking platforms Kpler and Lloyd’s List Intelligence showed on Monday.
Hundreds of ships remain anchored on both sides of the strait amid the US-Israel war with Iran, with oil and shipping markets looking for any indication of sailings picking up through the critical waterway through which much of the world’s oil passes.
The Shenlong Suezmax tanker, with a capacity of one million barrels, loaded crude in the Saudi port of Ras Tanura, separate ship tracking data on the MarineTraffic platform showed.
Bryony Gooch9 March 2026 22:00
UK gas supplies are ‘ample’ says energy minister Lord Whitehead
Jet fuel reserves in the UK are “considerable” and gas supplies “ample”, energy minister Lord Whitehead has said.
Making a statement on energy markets, Lord Whitehead said: “The UK has considerable reserves of jet fuel – doesn’t have the same reserves of heating oil, and indeed, we have taken action just today in terms of making sure that we have written to the CMA (Competition and Markets Authority) and to the industry leaders in the heating oil industry to make sure that they keep a cap on prices, that they’re not price gouging, that they are keeping their prices as modest as they can.”
The minister later said: “The UK has ample supplies of gas of all sorts, 50% from UK fields, assuming it stays in the country.”
Lord Whitehead added LPG vessels were “on their way to the UK”.
He said: “It’s not so much about supply, it’s about price and what will happen if the war continues for a long time on price.
“For example, as far as LPG is concerned, we only take about 1% of our gas in the form of LPG from Qatar – very small supplies. Most of it comes from other sources.
“But there are other forces in the world that are trying – literally trying – to turn LPG vessels around to go to their parts of the world, to supply at an increasingly high price LPG for them.”
Rebecca Whittaker9 March 2026 21:17
Recap: What’s happening to petrol and diesel prices?
The cost of crude oil can have a significant effect on wholesale fuel prices, which is sending costs at the petrol pumps sharply higher.
The RAC said the average price of a litre of petrol at UK forecourts was 137.5p on Sunday after rising nearly 5p since February 28 when the conflict in the Middle East started.
Average diesel prices were up almost 9p over the same period to 151p.
Think tank the Energy and Climate Intelligence Unit said its analysis of the historic link between oil and fuel prices shows oil trading at 100 dollars a barrel means petrol prices could hit about 150p per litre, while oil hitting 120 dollars a barrel means petrol prices of about 170p per litre.
RAC head of policy Simon Williams said last weak that oil prices would “have to rise significantly and stay that way for some time to have a dramatic effect”.
Other experts suggested that motorists could see price rises happen gradually for both petrol and diesel.
Bryony Gooch9 March 2026 21:00
Why a Royal Navy ship still hasn’t reached Cyprus after Iran strike
Bryony Gooch9 March 2026 20:00
Recap: What’s happening to gas and oil prices?
A major impact of escalating conflict in the Middle East is on the world’s oil and gas supplies.
Prices have been climbing higher amid concerns that the fighting is disrupting supply and limiting the ability to transport to countries around the world.
This is because Iran has effectively blocked commercial ships from passing through the Strait of Hormuz, leading traffic through the waterway to reach a near-standstill, according to reports.
The Strait of Hormuz is a crucial shipping route, used by tankers carrying about one fifth of the world’s oil supplies and seaborne gas.
The price of Brent crude – a global benchmark for oil produced from the North Sea – has shot passed 100 dollars a barrel to reach levels not seen since the summer of 2022.
Natural gas prices have also been soaring after Qatar’s state-backed energy company QatarEnergy last week said it had halted production of liquified natural gas because of attacks on its facilities.
Bryony Gooch9 March 2026 19:00
Defence Secretary says UK’s preparations ahead of US-Israeli strikes made a ‘real difference
Defence Secretary John Healey has told MPs that the UK’s preparations ahead of the initial US-Israeli strikes has made a “real difference”.
He said: “Since January, we’ve moved significant military assets into the region ahead of those first US-Israeli strikes and those preparations made a real difference.
“It meant we’ve conducted defensive military operations from day one, our F-35s destroying Iranian drones over Jordan, our typhoons shooting down targets heading to Qatar, our counter-drone units defeating further attacks against coalition bases in Iraq.
“We acted early to protect British people and British interests and to support our allies.”
Rebecca Whittaker9 March 2026 18:08
Iran foreign minister warns ‘many surprises in store’ as oil prices continue to soar
Iranian foreign minister Abbas Araghchi has warned that Iran has “many surprises in store” as the price of oil continues to increase.
Tehran’s regime has closed the Strait of Hormuz as the US carries out airstrikes against them.
He said: “9 days into Operation Epic Mistake, oil prices have doubled while all commodities are skyrocketing. We know the US is plotting against our oil and nuclear sites in hopes of containing huge inflationary shock.
“Iran is fully prepared. And we, too, have many surprises in store.”
Bryony Gooch9 March 2026 18:00
The UK is paying for decisions made by the Tories and Lib Dems, Rachel Reeves said
Britain is paying a “high price” for decisions made by the Conservative Party and Liberal Democrats when they were in power, Rachel Reeves has said.
The Chancellor was responding to Liberal Democrat Treasury spokeswoman Daisy Cooper who criticised Ms Reeves for not having a “single concrete announcement” in her speech.
Ms Cooper had said the Chancellor’s statement “won’t provide the reassurance that households and small businesses are looking for as they hear the reports of energy bills about to escalate”.
Ms Reeves replied: “She has never once acknowledged her party’s failure when they were in government.
“In 2010 her party’s leader Nick Clegg justified opposing new nuclear energy on the grounds that it would take until 2022 to become operational.
“Well 2022 has been and gone, but what is here, is another example of Britain paying the high price today for the choices of the parties opposite.”
Rebecca Whittaker9 March 2026 17:48
Reeves urged shadow chancellor not to ‘scaremonger’ about energy bills
Chancellor Rachel Reeves urged shadow chancellor Sir Mel Stride not to “scaremonger” about energy bills as she said the Labour Government is “backing Britain’s energy security”.
Ms Reeves said: “Commitment to greater energy security can help guard against shocks.
“And after inaction and delay from the Conservatives when they were in government for 14 years, this Labour Government is committed to investing and building new nuclear, and that’s why we’re backing Sizewell C and also small modular reactors, both funded at the spending review, neither funded by the previous government, because this Government is backing Britain’s energy security.
The Chancellor Rachel Reeves urged shadow chancellor Sir Mel Stride not to “scaremonger” about energy bills (Stefan Rousseau/PA) (PA Wire)
“This Labour Government is backing the industries of the future, such as carbon capture and storage, funded at the spending review, not funded by the party opposite, because we back Britain’s energy security.
“And through the National Wealth Fund, we are investing in floating offshore wind and in our docks, funded in the spending review, not funded by the party opposite, because we back Britain’s energy security.”
She added: “On energy bills, I would urge (Sir Mel Stride) not to scaremonger. The £150 cut to energy bills that I announced in the Budget will continue, as confirmed by Ofgem. We removed the failed Eco scheme, and we removed a number of levies off of bills.
“On heating oil, those conversations will happen this week, and we are working closely with MPs, with colleagues in Northern Ireland to make sure that things are working well.”
Rebecca Whittaker9 March 2026 17:40
Watch: Rachel Reeves warns US-Iran war likely to cause rise in inflationRachel Reeves warns US-Iran war likely to cause rise in inflation
Rebecca Whittaker9 March 2026 17:38