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Global oil prices fell sharply on Monday as a pause in American air strikes offered rare respite to nervous energy markets. Brent crude slid more than 5% to $92 a barrel after two weeks of intense military action. Washington halted its bombardment of Iranian sites over the weekend to give diplomacy a chance. Tehran responded…
Brent crude closed above $100 a barrel on Thursday for the first time since late May, after Iran aligned Houthi fighters struck Saudi oil tankers in the Red Sea and opened a second maritime front in a conflict that has already crippled traffic through the Strait of Hormuz. The international benchmark settled 7 percent…
American warplanes pounded targets across southern Iran again on Thursday while Tehran fired drones and missiles at United States bases and allies in the Gulf, driving the reignited war over the Strait of Hormuz into a punishing sixth day and reviving fears of a fresh global oil shock. The US military said it launched…
The United States dollar retreated against major currencies on Tuesday after a sharper than expected slowdown in American inflation weakened the case for a Federal Reserve interest rate increase this month, even as a fresh flare up between Washington and Tehran over the Strait of Hormuz kept crude oil prices elevated and markets…
Global crude prices surged to $74 per barrel following an official declaration by US President Donald Trump that the temporary ceasefire with Iran has ended. The sudden market reaction snapped a multi-week downward trend that had previously dragged benchmarks toward the $70 floor. Energy traders immediately adjusted their risk premiums in response to the renewed…
Global oil prices have eased after a sudden intraday spike triggered by a fresh attack in the Strait of Hormuz. International benchmark Brent crude fell 1.80 per cent on Friday to trade at $74.11 per barrel for August delivery. The reversal followed a brief 4 per cent rally on Thursday after a merchant vessel came…
The United States and Iran have reached an agreement to end their war on all fronts, including Lebanon, and reopen the vital Strait of Hormuz, though the two sides offered little clarity on the thorny question of Tehran’s nuclear programme. Washington and Islamabad said the agreement would be signed on Friday in Switzerland, signalling a…
The United States and Iran accused each other of breaching their fragile truce on Thursday following a serious exchange of fire, the most dangerous flare up since the ceasefire took hold in April and a stark reminder of how close the Middle East remains to renewed all out war three months after it began. The…
The United States military launched targeted airstrikes against Iranian missile sites and mine-laying vessels in southern Iran. American combat aircraft hit multiple installations near the strategically vital port city of Bandar Abbas. United States Central Command described the operation as a defensive action to protect regional forces from immediate threats. Military planners confirmed the destruction…
Global crude prices tumbled as traders weighed erratic diplomatic signals regarding a potential peace deal to end the US-Israel war on Iran. Brent crude fell 5 percent on Sunday to stand at $98.47 a barrel for July futures. This represents a 9 percent drop over the past month. Despite the decline, global prices remain more…
