The oil and gas crunch caused by the war between the U.S., Israel, and Iran, has cost global businesses $25 billion, Reuters reported today, adding that the bill is going to climb higher still. The publication analyzed corporate statements issued after the war started, finding that as many as 279 companies had cited the war as a […]
The US and Iran exchanged fire in a flareup of violence on Monday that also drew in the United Arab Emirates, prompting calls for renewed strikes on Iranian targets and casting doubt on the fate of a four-week ceasefire.
Iran attacked the United Arab Emirates for the first time in almost a month on Monday, as tensions between the U.S. and Islamic Republic rose.
The U.S. continues to seek to pile pressure on Iran with the naval blockade outside the Strait of Hormuz as the Trump Administration signals the blockade is yielding results and will not be lifted anytime soon.
Oil rose as peace negotiations between the US and Iran stalled, with both sides using blockades of the vital Strait of Hormuz to try and gain leverage in a seven-week war that has upended global energy markets.
President Donald Trump said it’s “highly unlikely” he would extend the two-week ceasefire with Iran if a deal is not reached before it ends, and said the Strait of Hormuz would remain blocked until an agreement is finalized.
The Trump administration sanctioned more than a dozen entities tied to the network of Iranian oil kingpin Hossein Shamkhani, part of its campaign to maintain pressure on Tehran amid diplomatic talks and a standoff in the Strait of Hormuz.
Italian Premier Giorgia Meloni said it was too early to consider tapping Russian gas despite the Iran war driving up energy prices and squeezing supply.
Oil prices surged back above $100 a barrel in early Asian trade following the collapse of U.S.-Iran negotiations and Trump’s announcement that the U.S. would blockade the Strait of Hormuz. At the time of writing, West Texas Intermediate was trading at $105.30 per barrel, up 9.04%, while Brent had risen 8.55% to trade at $103.30. Both benchmarks remain roughly […]
Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack on Wednesday, Reuters has reported. According to the report, a pumping station along the 1,200 km pipeline was struck by a drone early morning on Wednesday. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day (bpd) to bypass the shuttered Strait of Hormuz