BP cuts 10,000 jobs after oil price collapse

Nigeria is officially in recession for the first time in more than a decade, bringing an end to three years of low but positive growth. The African country's economy relies heavily on oil exports, but the coronavirus pandemic has slashed global demand and the price of oil has plunged. That's bad news for a country whose budget plans relied on getting a certain price per barrel, a price that now means Nigeria is selling crude at a loss. Our correspondent Moïse Gomes reports from Lagos.

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An autonomous car developed by an Oxford University spin off has undergone trials around an operational BP oil refinery in north west Germany.

The price of oil has hit its highest level in three years after the oil cartel OPEC and its allies called off planned talks on Monday over changes to global supplies. Russia and Saudi Arabia had been pushing to increase production after last year's supply cuts, but the United Arab Emirates disagreed. News that the virtual meeting had been abandoned sent oil prices higher in early trading on Tuesday. Also today, we look at how a shortage of rental cars is impacting holidaymakers in France.

Find these stories and much more when you grab a copy of The Guardian on Wednesday.⁣⁣

Brent crude topped $88 a barrel in Tuesday trading, its highest level since October 2014 - creating a further potential headache for squeezed UK consumers if the increase is passed on to petrol pumps.

Russia's move to recognise the breakaway Ukrainian regions of Donetsk and Luhansk has sent ripples through global markets on Tuesday, with falls across Asia, and in early trading in Europe. Oil prices also jumped, with the international benchmark Brent Crude hitting its highest level since mid-2014. Investors are now focusing on which sanctions the United States, the United Kingdom and the European Union might impose on Russia in response.

Global stock markets have taken a beating as investors rush for safe havens amid an escalation in geopolitical tensions over Ukraine. Russian stocks and bonds as well as the ruble are among the biggest losers.

Victoria Scholar, head of investment at Interactive Investor, says the geopolitical volatility and limited supplies mean oil prices will continue to rise and are likely to pass well beyond the symbolic $100 per barrel level.

As aggressive sanctions hit Russia over the war in Ukraine, a growing number of Western firms are cutting ties with the country. While ordinary Russians stand to be hit hard, the EU has also imposed more targeted measures at business elites. We take a closer look.

Crude oil futures touched 13-year highs on Monday as the US and UK signalled a willingness to include the previously untouched Russian energy sector in sanctions. Meanwhile, more US firms and Chinese social media giant TikTok are suspending Russian operations, and new UK laws to sanction Russian oligarchs could mean big changes for London's luxury real estate market.

The price of oil tumbled in early trading on Thursday, after reports that the United States was preparing to release more oil from its strategic reserves in a bid to bring down the cost for consumers. President Joe Biden is due to make an announcement later this Thursday. It would be the second time this month that the US has released oil from its stockpile. Also today, we look at how French consumers are preparing for a potential shortage of sunflower oil due to the war in Ukraine.