Oil prices resumed their push higher Tuesday as several countries pushed back against Donald Trump’s demand that they help secure the key Strait of Hormuz, while Iran continued to target crude-producing neighbours. The advances pared some of the previous day’s sharp losses that came after the head of the International Energy Agency (IEA) said more […]
oil prices
Oil prices fall as some ships resume Strait of Hormuz transit
Global oil prices dropped sharply on Monday, easing from recent highs as some vessels resumed through the strategically vital Strait of Hormuz amid ongoing geopolitical tensions. Read More: Oil rises further above $100, most Asian stocks fall as Iran war rages Brent crude futures fell by $2.93, or 2.8%, to settle at $100.21 per barrel, while […]
Oil rises further above $100, most Asian stocks fall as Iran war rages
Oil prices eased on Monday as investors balanced hopes for the crucial Strait of Hormuz reopening with concerns over further attacks on energy infrastructure. As the Middle East war entered its third week, most European stocks climbed while Asian stocks mainly fell. International benchmark Brent North Sea crude was up just 0.1 percent — after […]
Trump urges NATO and China to reopen Strait of Hormuz amid soaring oil crisis
TEHRAN — U.S. President Donald Trump has called on NATO allies and China to assist in reopening the Strait of Hormuz, the vital oil shipping route effectively blocked by Iran, as global oil prices surged amid escalating Middle East conflict. Read More: Trump orders US military to draft Greenland invasion plan The strait, a crucial passage […]
Rising oil prices jolt Pakistan’s fragile economy
Pakistan imports more than 85% of its crude oil from Saudi Arabia and the United Arab Emirates through a single maritime route via the Strait of Hormuz, and the escalating conflict in the region has disrupted that passage, further destabilising the country’s already fragile economy, citing The New York Times. Farmers say they are struggling […]
Oil nears $100-per-barrel as Iran conflict rattles markets
Global oil prices hovered near the $100-per-barrel mark on Monday as financial markets reacted to the escalating conflict involving Iran, which has now entered its third week with little sign of de-escalation. Crude prices surged early in trading after Donald Trump said at the weekend that US forces had struck military targets on Kharg Island […]
California fuel prices surge amid Iran war supply fears
Fuel prices in California are rising faster than in the rest of the United States as global supply disruptions linked to the Iran conflict strain energy markets, with analysts warning that gasoline prices in the state could potentially reach $10 per gallon. Read More: Iran war’s targets widen into civilian infrastructure The surge comes as oil […]
Global stocks fall as oil surge fuels market uncertainty
Global financial market declined on Friday as escalating tensions linked to the Iran war pushed oil prices above $100 per barrel, raising concerns about inflation and future interest rate decisions. All three major US stock indexes ended the day and the week in negative territory. The Dow Jones Industrial Average slipped 0.25%, while the S&P […]
Trump warns US will hit Iran ‘very hard’ as war drives oil prices higher
President Donald Trump said the US was going to be hitting Iran “very hard over the next week”, shortly after issuing a partial 30-day waiver for purchases of sanctioned Russian oil, hoping to ease prices fuelled by the US-Israeli war on Iran. Prices have been whipsawing on Trump’s comments about the likely duration of the […]
Iran vows retaliation, keeps Strait of Hormuz closed amid escalating conflict
TEHRAN – Iran’s new Supreme Leader, Mojtaba Khamenei, vowed on Thursday to avenge the deaths of his father and other martyrs, keep the strategic Strait of Hormuz closed, and target US bases across the region. His statement, broadcast on state television, marked his first public remarks since succeeding his slain father. Read More: US not […]