Iranian foreign minister Mohammad Javad Zarif insisted Iran did not want war. Photograph: Abedin Taherkenareh/EPA

Any US or Saudi military strike against Iran would bring “all-out war”, Tehran said on Thursday, keeping up a drumbeat of warnings to its adversaries (...)

Khalid Al-Falih, Saudi Arabia’s energy and industry minister. Photograph: Stefan Wermuth/Bloomberg

Saudi Arabia has struck a deal that will see Opec and its allies increase oil production by up to one million barrels a day in an effort to cool a ral(...)

Saudi Arabia’s minister of oil and mineral resources Ali al-Naimi (centre) arrives for the Opec meeting in the Qatari capital Doha. Photograph: Karim Jaafar/AFP/Getty Images

A deal to freeze oil output by Opec and non-Opec producers fell apart yesterday after Saudi Arabia demanded that Iran join in despite calls on Riyadh(...)

Rigging the market: The price of Brent crude oil rallied on Tuesday to $44.70 a barrel, its highest level this year, on reports that Saudi Arabia and Russia had struck a deal on production restrictions. Photograph: Getty/iStockphoto

Shares in Tullow Oil soared in Dublin yesterday on mounting hopes a meeting of oil superpowers this weekend may result in a production freeze in a (...)

  A shipment of Iranian oil is delivered to a   refinery in Spain: Iran wants to boost output by one million barrels a day this year after international sanctions on its oil industry were lifted in January. Photograph: Luke MacGregor/Bloomberg

Iran plans to boost crude output to four million barrels a day before it will consider joining other suppliers in seeking ways to rebalance the global(...)

Hassan Rouhani, Iran’s president,  leaves a session on the opening day of the World Economic Forum  in Davos, Switzerland, today.  Photograph: Jason Alden/Bloomberg

Iranian president Hassan Rouhani said today it was possible to turn more than three decades of enmity with the US into friendship if both sides made a(...)