Oil prices remained elevated Tuesday after President Donald Trump abandoned plans to impose a 20% transit fee on cargo moving through the Strait of Hormuz, while the U.S. intensified pressure on Iran by resuming its shipping blockade and launching a new round of military strikes.
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 […]
Oil and LNG tankers are back to switching off transponders when transiting the Strait of Hormuz as the latest escalation in the region and last week’s Iranian attacks on commercial ships prompted vessel operators to brave the chokepoint unobserved. Total tanker traffic collapsed on Sunday to just six vessels managing to clear the Strait of […]
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 […]
The US and Iran exchanged fresh strikes overnight into Monday as they continued their tit-for-tat attacks while issuing conflicting declarations over whether the Strait of Hormuz was open to shipping. US Central Command said American forces carried out a new round of attacks to degrade Iran’s ability to threaten shipping in the narrow waterway. Dozens […]
The US carried out a new round of strikes in Iran targeting more than 80 sites and revoked a waiver allowing new sales of its oil, further imperiling a peace agreement after a series of attacks on ships in the Strait of Hormuz. American forces struck Iranian air defense systems, command and control networks, coastal […]
The U.S. Energy Information Administration (EIA) has raised its global oil production forecast in its July Short-Term Energy Outlook (STEO), citing the recovery of shipping through the Strait of Hormuz following the June 18 agreement between the United States and Iran to reopen the strategic waterway. EIA now expects global crude oil production and trade flows to […]
India, the world’s third-largest importer of oil and the second-largest buyer of liquefied petroleum gas, faced major disruptions due to restrictions on the Strait of Hormuz during the conflict between the US and Iran.
Shell Plc expects global liquefied natural gas flows to be little changed this year—after more than a decade of growth—if shipping through the Strait of Hormuz returns to normal this summer. However, under an alternative scenario, published in Shell’s LNG Outlook 2026 released on Tuesday, LNG supply could see a rare annual contraction if Hormuz […]
Pakistan is seeking to buy liquefied natural gas for delivery this week as a string of attacks in the Strait of Hormuz disrupts flows of the super-chilled fuel. State-owned Pakistan LNG released a tender over the weekend seeking to procure a shipment for June 30 to July 4 delivery, with offers due on Monday, according […]