Tag: Oil

President Donald Trump ordered a naval blockade of the Strait of Hormuz on Sunday, dimming hopes for a quick end to the conflict in the Middle East and escalating a standoff with Iran that has already triggered the worst energy shock in history.

Saudi Arabia’s critical pipeline to the Red Sea suffered a recent attack from Iran, cutting throughput by 700,000 barrels per day.

Oil prices plunged Wednesday after President Donald Trump agreed to suspend attacks on Iran for two weeks in exchange for Tehran allowing safe passage through the Strait of Hormuz.

Oil prices hovered around $110 ‌a barrel on Tuesday as a deadline imposed by U.S. President Donald Trump loomed for Iran to open the Strait of Hormuz or be “taken out”.

Oil prices fell Monday as mediators sought to broker a ceasefire between the U.S. and Iran.

OPEC+ agreed ‌on Sunday to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran.

OPEC+ is likely to weigh a further oil output increase when eight members meet on ‌Sunday, two OPEC+ sources said, a move that would position key producers to add more barrels should the Strait of Hormuz – the world’s most important oil route, currently shut by the U.S.-Israeli war with Iran – reopen.

Oil supply disruptions from the Middle East will ‌rise in April and begin to impact Europe’s economy as the closure of the Strait of Hormuz severely curbs supplies, International Energy Agency head Fatih Birol said on Wednesday.

Japan’s underlying inflation rate may face stronger upward pressure from rising oil prices ‌and the yen’s declines than in the past as firms have become more active in hiking prices, the Bank of Japan said on Monday.

Trump told the Financial Times on Sunday that his “preference would be to take the oil,” comparing it with the U.S. military operation in Venezuela earlier this year where the U.S. effectively gained control of the Latin American country’s oil industry

Oil prices rose Thursday after Iran signaled it had no intention of holding direct talks with the United States, even as a U.S. proposal to end the war is under review by senior officials in Tehran, according to remarks from the Islamic Republic’s foreign minister.

Oil prices fell on Wednesday after U.S. President Donald Trump said Washington was negotiating with Tehran.

Oil prices were higher on Tuesday, paring losses after falling sharply in the previous session, as energy market participants assessed developments related to the Iran war.

President Donald Trump on said in a Truth Social post Monday that he would order the U.S. military to postpone strikes on Iran’s power plants and energy infrastructure for five days following talks with Tehran’s authorities.

Oil prices were jumping Thursday after a drone hit a Saudi Arabian refinery and President Donald Trump warned that the U.S. would strike Iran’s South Pars gas field if Iran attacks Qatar.

French Finance Minister Roland Lescure told CNBC that France is willing to support the U.S. in securing the Strait of Hormuz — just not while the security situation remains highly dangerous and volatile.

A fresh wave of attacks on the United Arab Emirates’ energy infrastructure has ramped up concerns over prolonged supply disruptions amid the Iran war.

The United States is allowing Iranian oil tankers to transit the Strait of Hormuz, Treasury Secretary Scott Bessent told CNBC in an interview Monday.

Iran will allow Indian-flagged tankers ​to transit the Strait of Hormuz, a conduit for 40% of the South Asian nation’s crude imports, an Indian government source said ‌on Thursday, but an Iranian source outside the country denied any such deal was reached.

Three vessels have been hit by unknown projectiles in the Strait of Hormuz, maritime ​security and risk firms said on Wednesday, bringing the number of ships struck in the region since ‌the Iran conflict began to at least 14.