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Israel launched coordinated strikes on Tehran and Beirut on Tuesday while attacks in Baghdad drew Iraq further into a widening Middle East conflict that has triggered severe economic disruption across global markets and displaced millions across the region. The Iranian capital, subjected to near-daily bombardment since a joint United States-Israeli military offensive began on…
United States President Donald Trump has issued a stark warning that the North Atlantic Treaty Organization faces a “very bad” future if European allies refuse to contribute military resources toward reopening the Strait of Hormuz, the strategic waterway effectively closed by Iran during the escalating Mideast conflict. Speaking to The Financial Times in a…
Two Indian-flagged vessels carrying liquefied petroleum gas have successfully crossed the Strait of Hormuz, marking a rare instance of commercial shipping movement through the critical waterway that has been effectively closed by Tehran amid escalating conflict in the Middle East. Rajesh Kumar Sinha, special secretary of India’s ministry of ports, shipping and waterways, confirmed…
Renewed Iranian attacks on energy infrastructure have pushed Brent crude back above $101, neutralising a record release of strategic reserves by the International Energy Agency (IEA). Despite the IEA dumping 400 million barrels into the market, the effective closure of the Strait of Hormuz has kept traders on edge. Roughly one-fifth of the world’s crude…
Tehran’s military command has issued one of its starkest warnings since the outbreak of the US-Israeli war on Iran, declaring that it will block all oil shipments through the Strait of Hormuz destined for the United States, Israel and their allies, and warning that crude prices could climb to $200 per barrel. The declaration,…
Tokyo has moved ahead of its international partners. Japan will begin releasing strategic petroleum reserves as early as Monday, Prime Minister Sanae Takaichi announced on Wednesday, in a unilateral step that signals the depth of concern in the world’s fourth-largest economy over a rapidly deteriorating energy supply outlook tied to the widening conflict in…
Global crude oil markets recorded their first significant decline since the escalation of Middle East hostilities, with benchmark Brent crude falling 8.45 percent to 90 per barrel and United States West Texas Intermediate (WTI) dropping 8.58 percent to 86.77 per barrel on Tuesday. The correction follows Monday’s dramatic surge that pushed prices past 100…
The Ruwais refinery in Abu Dhabi, described by state oil company Adnoc as the world’s fourth-largest single-site refinery, has halted operations as a precautionary measure following a drone attack on the nearby industrial complex, a source confirmed on Tuesday. The shutdown comes as Saudi Aramco’s chief executive warned that the escalating Middle East conflict could…
The escalating conflict between Israel, the United States, and Iran has triggered a sharp spike in fertiliser costs, threatening the global agricultural cycle as planting seasons approach. Roughly 33 per cent of the world’s fertilisers transit through the Strait of Hormuz, where maritime traffic has effectively frozen since the outbreak of hostilities on February 28….
Global equities surged, and oil prices retreated sharply on Tuesday after U.S. President Donald Trump suggested the war against Iran is nearing an early conclusion. Speaking to CBS News, Mr. Trump claimed the military campaign is “very far” ahead of his initial month-long timeline, asserting that Iranian forces have been effectively neutralised. The remarks provided…
