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…
Iran is making efforts to disrupt supplies in the Middle East. Oil prices rose above $100 on Thursday and stocks sank as Iran’s efforts to disrupt supplies in the Middle East and bring down the global economy prompted a record release of strategic crude stockpiles by the International Energy Agency. Stock markets in Asia closed…
The International Energy Agency (IEA), a developed nation body established in the 1970s to deal with the oil crisis like the one we are facing now, has announced something extraordinary. Its members, i.e., most of the world’s rich countries, will release unprecedented amounts of oil from their national stockpiles to the global market in the coming…
Global airlines are starting to pass the burden of rising fuel costs on to passengers amid rising oil prices. The America-Israel war is going on in Iran. New Zealand’s national carrier, Air New Zealand, said on Tuesday it had raised ticket prices across its network and warned that further fare adjustments could be made if fuel prices…
