Iran seizes Greek oil tankers in escalation of Tehran’s spat with Western powers May 28, 2022 Iran’s Revolutionary Guards have seized two Greek oil tankers, after the Iranian government said it would take “punitive action” against Greece over its seizure of an Iranian oil cargo last month. Iran’s Islamic Revolutionary Guard Corp (IRGC) said it had seized two Greek tankers sailing in international waters off the coast of Iran. The seizures [...]
BP could reconsider UK investment plans after being hit with windfall tax May 27, 2022 Energy giant BP has revealed it will have to "look at the impact" of the government's new levy on its £18bn UK investment plans.
Shell upholds pledge to invest in UK energy sector after Sunak unveils £5bn windfall tax May 26, 2022 Shell has reaffirmed its commitment to ramp up investment in the UK's energy sector despite the unveiling of a hefty new windfall tax.
Winter of discontent: Price cap to peak at over £2,800 next January May 26, 2022 Cornwall Insight has warned the price cap could rise to over £2,800 per year in January if the mechanism moves to a quarterly model.
Today: City hold its breath as Rishi Sunak is expected to confirm windfall tax on soaring energy profits May 26, 2022 Energy giants across the UK and investors in the City are awaiting what will come out of Westminster today as Chancellor Rishi Sunak is expected to cave in to pressure to impose a windfall tax on the soaring profits of oil and gas firms. Treasury sources did not deny reports he would use his announcement [...]
Oil prices remain elevated as US refineries ramp up processing while EU edges toward embargo May 25, 2022 Oil prices rose slightly today, buoyed by US refinery processing levels and growing expectations of an EU ban on Russian imports.
Petrol prices rise to record levels as RAC calls on government to provide more support for drivers May 25, 2022 Petrol prices climbed to record levels for the third consecutive day yesterday, with soaring oil prices putting more pressure on consumers.
European chemical companies could take a hit as valuations decline amid soaring commodity prices May 25, 2022 Investment guidance for European chemicals companies is too optimistic, warned financial services group Morningstar.
SSE teases mega investment plans to fight off prospect of a windfall tax May 25, 2022 Energy giant SSE has reported a 15 per cent boost in profits and a 23 per cent rise in earnings per share, driven by record investment this year.
Price cap to spike again: Watchdog warns worst is still to come for energy prices May 25, 2022 Already sky-high energy prices are set to spike again in October, according to the energy watchdog, taking the power out of the UK's growth prospects.
