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08024545197Global oil prices climbed sharply in early trading on Monday as the escalating military confrontation between the United States and Iran fuelled fresh fears over crude supply disruptions from the Middle East, pushing Brent crude above the critical $90 per barrel threshold for the first time in months.
Global crude oil prices are on course for their strongest weekly rally since April after renewed military escalation between the United States and Iran intensified concerns over disruptions to Middle East oil supplies, pushing both Brent crude and West Texas Intermediate (WTI) to their highest levels in more than a month
The International Energy Agency (IEA) has warned that the global economy has only a matter of weeks to avoid significant economic disruption if tanker traffic through the Strait of Hormuz is not fully restored, as renewed military tensions between the United States and Iran continue to disrupt one of the world's most important energy corridors
Global oil prices slipped on as investors looked beyond the latest military escalation between the United States and Iran, concluding that the conflict has yet to cause any significant disruption to physical crude supplies from the Middle East. Although fresh U.S. airstrikes and renewed Iranian threats intensified geopolitical tensions around the Strait of Hormuz, traders remained focused on the continued flow of oil exports, signalling that supply fundamentals continue to outweigh military developments.
International crude oil prices held firm around the $85 per barrel mark after United States President Donald Trump abandoned his proposed 20 per cent transit fee for cargoes passing through the Strait of Hormuz, opting instead to pursue trade and investment agreements with Gulf states while maintaining Washington's blockade on Iranian shipping.
Brent crude surged to nearly $90 per barrel on Tuesday after Iran launched missile strikes on two United Arab Emirates oil tankers transiting the Strait of Hormuz, escalating security concerns in the world's most important oil shipping corridor and extending the recent rally in global crude prices
The Strait of Hormuz, one of the world's most strategic maritime corridors, became a focal point of the 2026 conflict involving the United States, Israel and Iran, with Tehran shutting or effectively restricting the vital shipping lane on three separate occasions. Each closure was triggered by a different phase of the conflict, reflecting how the waterway evolved from a geopolitical pressure point into one of Iran's most significant strategic tools
Global oil prices surged by almost 10% after United States President Donald Trump announced the reinstatement of a blockade on Iran and unveiled plans to impose a 20% charge on cargoes transported by vessels receiving U.S. military protection through the Strait of Hormuz, escalating fears of a prolonged disruption to one of the world's most critical energy corridors.
U.S. President Donald Trump on Monday declared that the United States would assume the role of "guardian" of the Strait of Hormuz and impose a 20 percent charge on cargoes transiting the strategic waterway, marking a significant escalation in Washington's response to the ongoing dispute with Iran over control of one of the world's most critical energy corridors
Tanker movements through the Strait of Hormuz fell to their lowest level in five weeks on Sunday as renewed military exchanges between the United States and Iran heightened security concerns across one of the world's busiest energy shipping corridors
Global oil prices surged by more than 4% in early Monday trading after the United States and Iran exchanged fresh military strikes over the Strait of Hormuz, intensifying concerns over the security of one of the world's most critical oil shipping routes.
A fresh wave of Ukrainian drone attacks has ignited a fire at Russia's Syzran oil refinery in the Volga region, marking another strike on the country's energy infrastructure as Moscow continues to grapple with fuel supply disruptions
Iran has declared the Strait of Hormuz closed after accusing a commercial vessel of violating its maritime rules and launching attacks on shipping, prompting a fresh wave of US military strikes that have sharply escalated tensions in the Gulf.
Libya has retained its position as the cheapest country in the world to buy petrol, with motorists paying the equivalent of just $0.024 per litre, according to the latest global fuel price rankings published by globalpetrolprices.com.
United States President Donald Trump has issued one of his strongest warnings yet to Iran, threatening an overwhelming military response if Tehran attempts to assassinate him, in a statement that is expected to heighten geopolitical tensions and keep global oil markets on edge ahead of Monday's trading session.
Global crude oil prices remained on track for a weekly gain on Friday as investors continued to factor in supply risks linked to renewed tensions in the Middle East, despite a modest pullback from the week's highs and expectations of additional oil entering the market
Global crude oil prices retreated on Thursday after several sessions of sharp gains, as traders reassessed the likelihood of prolonged supply disruptions in the Middle East despite renewed military exchanges between the United States and Iran.
Global oil prices surged sharply on Wednesday after the fragile ceasefire between the United States and Iran collapsed, reigniting fears of prolonged supply disruptions in the Middle East and pushing Brent crude close to the $80 per barrel mark.
Global oil prices surged by nearly six per cent on Wednesday after United States President Donald Trump declared that the ceasefire with Iran had ended, reigniting concerns over crude supplies from the Middle East and prompting investors to shift toward safe-haven assets
Global oil prices climbed in early trading on Wednesday after fresh security incidents in the Strait of Hormuz reignited concerns over Middle East supply, overshadowing the latest production increase by OPEC+ and persistent signs of weakness in the physical crude market.