As the United States-Israel war over Iran enters its fourth week this weekend, oil and gas markets are under increasing pressure due to severe disruptions to shipping traffic through the Strait of Hormuz, as well as attacks on and around major energy facilities in the Gulf. In peacetime, 20 percent of the world’s oil and…
President Donald Trump speaks during a Cabinet meeting at the White House in Washington. (AP photo) US President Donald Trump spoke on Thursday about Iran’s secret “present” to the US during the first Cabinet meeting since the war began in the Middle East, which he mentioned two days ago was the passage of 10 oil-carrying…
Iran fired a missile at a street in central Tel Aviv on Tuesday, targeting Israel and Gulf Arab states, hours after President Trump said the US was in talks with Tehran to end the war. Iran rejected the claim of ongoing talks because “fake news is used to manipulate the financial and oil markets,” and…
Oil prices rose 40% during the Middle East crisis: How this could impact petrol prices in the UAE / Image: File While the Gulf region tops some of the world’s largest oil reserves, the prices we pay at the pump are not immune to the global chaos. Following recent changes in international policy and rising…
US President Donald Trump threatened more US attacks on Iran’s main oil export hub and called on allies to send warships to defend the Strait of Hormuz as conflict with Iran continues, according to a Reuters report. Speaking in an interview with NBC News, Trump said the US strikes had caused massive damage to Iran’s…
Hundreds of tankers sit idle on both sides of the Strait of Hormuz as Iran effectively closed the waterway, sending oil prices above $100 — the highest since 2022 after the start of the Russia-Ukraine war. Oil tanker traffic in the strait, through which a fifth of global oil passes, has collapsed after Israel and…
Iran’s targeting of Middle East energy has pushed oil prices above the $100 per barrel level. with market experts expressing concern over the potential for long-term damage to the industry. Brent crude prices rose to $101 overnight after it emerged that major infrastructure on both land and sea in the Gulf countries had been damaged…
