ExxonMobil faces lawsuits over climate laws amid record profits from soaring oil prices due to Middle East war. Big oil’s still cashing in.
The UK government is addressing rising youth unemployment, with over 946,000 young people NEET as of late 2025. Meanwhile, ExxonMobil plans to close the Fife Ethylene Plant next month, risking 400 jobs. Authorities are forming support measures for affected workers and communities.
A Texas judge ruled that California Attorney General Rob Bonta cannot claim official immunity over statements in a campaign email criticizing ExxonMobil's recycling claims. The case stems from Bonta's 2024 lawsuit against Exxon, alleging deceptive practices related to plastics recycling. The ruling allows the case to proceed against Bonta personally.
As of March 9, 2026, global oil prices have surged past $100 per barrel due to escalating US and Israeli strikes on Iran and disruptions in the Strait of Hormuz. This has triggered sharp declines in stock markets worldwide, with major indices in the US, Japan, and South Korea falling significantly. Rising energy costs are fueling inflation concerns and threatening economic growth.
A large explosion occurred at the Valero refinery in Port Arthur, Texas, causing smoke and shaking homes. No injuries were reported. Residents were advised to stay indoors as emergency services responded. The incident coincides with rising gas prices linked to global oil supply concerns.
Ukraine launched drone strikes on key Russian oil infrastructure in Novorossiysk, damaging a mooring point and igniting fires at oil reservoirs. The strikes target Russia's Black Sea export facilities amid ongoing conflict, impacting global oil supplies and Russia's energy exports.
US banks have reported strong first-quarter profits driven by increased trading activity caused by geopolitical tensions and market volatility. Morgan Stanley, Bank of America, and JPMorgan Chase have posted record revenues, with trading desks benefiting from market swings. However, concerns about geopolitical risks and economic stability persist.
Oil and gas companies have benefited from the Iran conflict, with profits reaching hundreds of billions of dollars. Major firms like Saudi Aramco, ExxonMobil, Shell, and Russian companies are experiencing record windfalls as oil prices stay high. Governments face pressure to impose windfall taxes to ease public burdens.