Iran pursues various tactics to bypass the U.S. blockade, which President Trump reimposed in the middle of July after the deal to make a deal collapsed, according to Iranian Oil Minister Mohsen Paknejad.
Iran said it targeted three oil tankers using an unauthorized route through the Strait of Hormuz, as well as a number of U.S.-linked ships, in retaliation for American attacks on Iranian tankers over the weekend.
Oil crept higher as Iran claimed fresh strikes on US bases, while Saudi Arabia’s smaller-than-expected hike to its flagship crude prices offset some concerns about market tightness.
Oil prices settled lower on Friday, also down for the week as traders evaluated hints about the U.S. Federal Reserve Bank’s inflation-fighting policy and rumors of a possible agreement on shipping through the Strait of Hormuz.
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, […]