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…
Oil prices have risen above $100 per barrel amid the consequences of the war between the United States and Israel over Iran. International benchmark Brent crude rose more than 20 per cent on Sunday, reaching $114 a barrel at one point, as fears grew of prolonged disruption to global energy supplies, particularly due to potential…
Average diesel prices in Britain have hit a 16-month high, less than a week after the Middle East was hit by war and oil prices soared. Global energy prices have been the main financial market focus ever since Tehran launched attacks against the Gulf states in response to US-Israeli attacks on their countries, disrupting both…
