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08024545197The United States has made progress in reopening the Strait of Hormuz, but the wider conflict with Iran remains unresolved, with continued military tensions keeping a major source of uncertainty over global oil supply.
Shipping activity through the Strait of Hormuz has fallen by about 95% from its pre-war level, with only seven vessels recorded crossing the strategic waterway in 24 hours, compared with an average of 130 vessels a day before the US-Israel-Iran war began on February 28
Global oil prices are moving towards $110 per barrel as the widening U.S.-Iran conflict and the latest Houthi offensive in Yemen raise the risk of further disruption to crude supplies and the shipping routes that carry them to international markets.
Brent crude climbed to $104.90 per barrel, up 3.67%, by 1:40 p.m. WAT on Thursday, moving within striking distance of the $105 mark as escalating U.S.-Iran hostilities and attacks on oil shipping intensified concerns over global supply
Brent crude has climbed above $100 per barrel, with renewed attacks involving oil infrastructure and vessels in the Middle East raising fresh concerns about the availability of crude and the security of international energy routes
Global diesel markets are heading into winter with increasingly limited supply buffers as refinery disruptions in Russia and the Middle East leave other producers struggling to make up the shortfall
Iran is moving to tighten its control over shipping through the Strait of Hormuz, with Tehran preparing to sign an agreement with Oman establishing a new maritime corridor that would require vessels to coordinate with Iranian authorities before entering the restricted zone.
Oil prices could climb as high as $120 a barrel if attacks on commercial shipping in the Middle East widen and intensify, Goldman Sachs has warned, as renewed US-Iran hostilities raise fresh concerns over crude, gas and refined-product supplies
Brent crude is closing in on the $100 per barrel mark after United States forces struck three Iranian oil tankers, escalating the conflict with Tehran and heightening concerns over crude supply and shipping through the Strait of Hormuz.
Iran has retaliated against the United States by targeting three oil tankers and attacking an American unmanned surface vessel attempting to enter the Strait of Hormuz, following US strikes that disabled three crude carriers linked by Washington to the Islamic Revolutionary Guard Corps
Iran is seeking alternative ways to keep its crude exports flowing despite the US oil blockade, as the country attempts to protect oil revenues and maintain production amid the continuing conflict, Iranian Oil Minister Mohsen Paknejad has said.
The disruption to crude oil shipping through the Strait of Hormuz could extend into 2027, after Japan’s Mitsui O.S.K. Lines warned that it no longer expects normal operations through the strategic waterway to resume before the end of 2026.
Brent crude oil moved closer to the critical $100 per barrel mark on Thursday, raising fresh concerns about a potential increase in petrol and diesel prices as a deepening global refining crisis tightens the supply of finished petroleum products
Global crude oil prices fell on Thursday as the market digested OPEC+’s decision to complete its planned 1.65 million barrels per day production cut rollback and maintain its output policy after September.
OPEC+ is expected to leave its October oil production policy unchanged as disruptions to crude exports through the Strait of Hormuz continue to limit supply reaching the international market.
Two Filipino sailors have been killed after a Saudi oil tanker came under attack in the Strait of Hormuz, sharply escalating tensions around the strategic waterway as Iran and the United States exchange fresh strikes across the Gulf region
The Dangote Petroleum Refinery may be heading for another petrol gantry price review as international crude prices surge, barely days after the refinery’s third price increase in eight days. The latest rally has intensified concerns across Nigeria’s downstream market, with crude prices gaining about 5 per cent within 24 hours, while some depot owners in Lagos have stopped sales yesterday in anticipation of a possible upward adjustment.
Crude oil prices surged by about 5% on Tuesday as renewed military strikes between the United States and Iran intensified fears of a deeper disruption to crude supplies through the Strait of Hormuz, a critical route for global oil trade.
Oil markets are facing renewed disruption risks after direct attacks between the United States and Iran resumed, heightening concerns that the conflict could persist into 2027 and pushing Middle Eastern crude benchmarks above $100 per barrel
Crude oil prices continued to rise on Tuesday as US President Donald Trump threatened further military action against Iran, adding fresh uncertainty to crude supplies through the Strait of Hormuz
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