An Iranian Armed Forces spokesperson called U.S. restrictions on vessels in international waters “illegal” and said they amount to piracy, warning that Iran will enforce a “permanent mechanism” to control the Strait of Hormuz.
Oil prices could skyrocket to $150 a barrel if the US proceeds with a planned blockade of the Strait of Hormuz, a move that could disrupt up to 12 million barrels per day. Brent crude already surpassed $103 following failed talks with Iran, with traders deeming a full blockade unlikely despite escalating tensions and naval…
U.S. President Donald Trump on Sunday said the U.S. Navy would begin a blockade of ships linked to Iranian ports in the Strait of Hormuz after ceasefire talks with Iran in Pakistan failed. The U.S. Central Command said the blockade would start Monday but still allow vessels not heading to Iranian ports to pass through…
A significant increase in diesel export tax is set to align prices for state-run oil companies and private fuel sellers. This move could end a prolonged dispute over domestic fuel supply agreements. State-run firms typically buy diesel from private refiners and some state-run ones.
Donald Trump has commented on the fluctuating prices of oil and gas. He believes these costs could either decrease or increase before the upcoming US midterm elections. This statement underscores the current unpredictability in global energy markets. Geopolitical tensions and supply disruptions are key factors influencing these price movements. The situation remains uncertain as the…
A desperate scramble for immediately available oil supplies is occurring globally, with traders paying unprecedented prices for prompt cargoes. This physical market frenzy contrasts with futures, highlighting a significant crude shortfall as Middle East supplies are disrupted. Refiners may cut production, deepening shortages of vital products like diesel and jet fuel.
Global energy firm Shell plc has significantly increased natural gas supplies to India. This comes as disruptions from the West Asia conflict impacted supplies from Qatar. Shell’s global LNG portfolio and infrastructure allowed it to step in. It became India’s largest imported gas supplier in March. This ensured feedstock for fertiliser production and other industrial…
Two empty supertankers turned back from the Strait of Hormuz at the last moment as US-Iran peace talks in Islamabad collapsed, highlighting ongoing risks in the key oil route. A third vessel was able to pass through, though the reasons for the differing outcomes remain unclear despite prior Iranian approvals.
Iran denied a US claim that two Navy destroyers passed through the Strait of Hormuz, saying control over vessel movement lies with its armed forces. The strait, a key global energy route, has emerged as a major issue in ongoing US-Iran talks in Islamabad.