Oil prices rose on Thursday after renewed US strikes on Iran intensified concerns over supply disruptions in the Middle East. The developments added fresh uncertainty to global energy markets already unsettled by ongoing conflict and fragile ceasefire conditions. Investors reacted to fears of further disruptions in the Strait of Hormuz, a key global shipping route. […]
Brent crude rise
Oil prices surge as Strait of Hormuz closes again
Oil prices rebounded sharply on Monday after the Strait of Hormuz was reportedly closed again amid renewed tensions between United States and Iran, reversing earlier losses in global markets. Consequently, Brent crude and West Texas Intermediate both recorded gains of more than six percent in early trading. The sudden shift followed conflicting claims over ceasefire […]
EU leaders scramble to curb energy price surge amid Iran conflict
European Union leaders are urgently seeking measures to address rising energy costs after Iran targeted energy infrastructure in Qatar and Saudi Arabia, sending Brent crude prices higher and European gas rates soaring. The Strait of Hormuz, through which a fifth of global oil and liquefied natural gas flows, has effectively been closed, leaving Europe highly […]
Oil prices soar to $150 amid Gulf export shutdown threat
Global oil markets surged sharply on Friday as Qatar warned that escalating tensions in the Middle East could force Gulf energy producers to halt exports, potentially pushing crude prices to $150 per barrel. The announcement sent shockwaves through international markets, highlighting risks to energy security and supply chains. West Texas Intermediate crude rose 4% to […]
Drone strike forces Aramco to shut key refinery
Saudi Aramco has shut down its Ras Tanura refinery following a drone strike, taking precautionary measures amid escalating regional tensions after U.S.-Israeli attacks on Iran. The temporary closure aims to safeguard infrastructure and personnel while authorities assess the security situation across the Gulf. The Ras Tanura complex, located on Saudi Arabia’s Gulf coast, hosts one […]
Oil prices edge higher after biggest annual loss since 2020
Oil prices edged higher in the first trading session of 2026, attempting to stabilise after suffering their steepest annual decline since 2020 amid persistent concerns over global oversupply and weak demand. However, fresh geopolitical tensions have offered short-term support, helping prices recover slightly from last year’s sharp losses. Brent crude futures rose to around $61 […]