Iran said it discovered more than 7.5 trillion cubic feet of natural gas, after months of war with the U.S. and Israel seriously disrupted its energy sector.
Tanker traffic via the Strait of Hormuz remained weak over the weekend, with fewer than 20 vessels traversing the chokepoint as Iran and the United States traded threats again.
Iran is battling an oil spill off Qeshm Island, underscoring the environmental risks posed by attacks on tankers in the Persian Gulf.
Iran said Tuesday that the Strait of Hormuz will remain closed unless the United States ends the war and meets Tehran’s conditions, raising the bar for a deal that would restore more oil traffic through the key waterway.
Oil fell after both the U.S. and Iran signaled that discussions to restore shipping through the Strait of Hormuz are ongoing, raising hopes for a pickup in supply from the Middle East.
Oil and gas markets have been rocked by disruption to supply out of the Persian Gulf. Prices of both commodities have jumped since the US and Israel began their strikes on Iran. Iran’s retaliation has involved the targeting of energy infrastructure across the Gulf, interrupting production and prompting closures as a precautionary measure. More significantly, […]
SLB, the world’s biggest oil field services provider, said it will take time for full production capacity to return to the Middle East and will require a durable resolution to the US-Iran conflict.
Despite the challenges posed by war, sanctions, and trade restrictions, Iran’s Ministry of Oil maintained crude oil production and exports, achieving approximately 60% of the annual oil revenue target in the first months of the Iranian year 1405 (started late March 2026). The ministry generated $18 billion in oil revenue, including $11.5 billion during the war and $6.5 billion during the ceasefire, while transferring around $11 billion to the state treasury.
Oil prices jumped by 4% in Asian trade on Monday, following a weekend of intense U.S. strikes on Iran, claims from Iran that the Strait of Hormuz is closed to traffic once again, and Iranian strikes on five U.S. allies in the region. Brent Crude futures surged by 4% to top $79 per barrel in Asian […]
The United States launched a third round of strikes on Iran this week as Tehran declared it was closing the Strait of Hormuz “until further notice,” sharply escalating tensions around one of the world’s most critical energy chokepoints. U.S. Central Command (CENTCOM) said President Donald Trump ordered the strikes after Iranian forces attacked the Cyprus-flagged […]