Brent crude prices pared gains from the previous session and fell nearly $2 on Friday after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict, but they were still poised for a third straight week in the black. Ilan Rosenberg | Reuters Oil futures fell sharply on Tuesday as a freshly … Read more
It’s called the world’s most critical oil choke point — and Iran holds the power. Washington’s strikes on Iran stoked fears that Iran could retaliate by closing the Strait of Hormuz, a waterway between Iran and Oman through which around 20 per cent of the oil and gas consumed globally flows. Oil prices tumbled Monday after Iran’s initial retaliation didn’t appear to … Read more
Tankers are seen at the Khor Fakkan Container Terminal, the only natural deep-sea port in the region and one of the major container ports in the Sharjah Emirate, along the Strait of Hormuz, a waterway through which one-fifth of global oil output passes on June 23, 2025. Giuseppe Cacace | Afp | Getty Images Ocean … Read more
An Islamic Revolutionary Guard Corps speed boat sailing along the Persian Gulf during the IRGC marine parade to commemorate Persian Gulf National Day, near the Bushehr nuclear power plant in the seaport city of Bushehr, in the south of Iran, on April 29, 2024. Nurphoto | Nurphoto | Getty Images The number of vessels navigating … Read more
TOPSHOT – China’s Foreign Minister Wang Yi (C) gestures as he welcomes Russia’s Deputy Foreign Minister Sergey Ryabkov (R) and Iran’s Deputy Foreign Minister Kazeem Gharibabadi before a meeting regarding the Iranian nuclear issue at the Diaoyutai State Guesthouse in Beijing on March 14, 2025. Afp | Getty Images As the U.S. rained bombs and … Read more
Aerial view of a ship at sea. Suriyapong Thongsawang | Moment | Getty Images Iran may be threatening to close the Strait of Hormuz but experts told CNBC that it’s also the one with the most to lose. In major move after U.S. struck Iranian nuclear sites, the country’s parliament on Sunday reportedly approved the … Read more
The US has warned Iran that closing the Strait of Hormuz in response to American strikes on its nuclear sites would be ‘economic suicide’ as the UK is warned it could be hit hard 04:18, 23 Jun 2025Updated 04:20, 23 Jun 2025 Iranian protesters and a child step on a poster with a vampire-like illustration … Read more
Satellite image of the Strait of Hormuz, a strategic maritime choke point with Iran situated at the top with Qeshm Island and the United Arab Emirates to the South. Imaged 24 May 2017. Gallo Images | Getty Images U.S. Secretary of State Marco Rubio on Sunday called for China to prevent Iran from closing the … Read more
Refrigerated containers of Maersk shipping lines are stacked at the container terminal of Bremerhaven port on April 22, 2025 in Bremerhaven, Germany. Focke Strangmann | Getty Images News | Getty Images The world’s largest direct-membership organization for shipowners, charterers, shipbrokers, and agents is warning that while it is still unclear how Iran will respond to … Read more
Tensions are flaring up in the Middle East and there are already knock-on effects impacting economies globally, including with higher prices for gasoline at the pumps. According to a Reuters report on Wednesday, former Iranian economy minister Ehsan Khandouzi has said that tankers and LNG cargoes should only transit the Strait of Hormuz with Iranian … Read more