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The Middle East conflict has entered its third week and has reshaped how the globe fuels its oil pipelines. Iran’s disruption of the Strait of Hormuz has left many producers scrambling to find alternative ways to move crude to global markets. With tanker traffic through the strait nearly halted, attention has shifted to the Red…
US President Donald Trump expressed frustration on Tuesday after several Western allies, including Germany, Italy and Spain, declined his request to send warships to escort commercial vessels through the Strait of Hormuz.Several key US partners cited domestic legal limits for refusing the request. German chancellor Friedrich Merz said Berlin lacked the mandate from the United…
President Donald Trump recently urged nations worldwide to dispatch warships to seize control of the Strait of Hormuz, declaring it a collective duty to break Iran’s blockade amid soaring global oil prices. Speaking on March 13, Trump called for contributions from allies like the UK, France, Japan, and even China to bolster his “beautiful armada”,…
Retail diesel prices in the United States soared past $5 a gallon, reaching a milestone seen only once before, according to GasBuddy, the fuel markets tracker. Economists warn that the surge could slow global economic activity. Diesel is essential for freight and manufacturing, and rising fuel costs are likely to push up the price of…
NEW DELHI: As the world grapples with the Strait of Hormuz crisis, Congress leader Jairam Ramesh on Tuesday drew parallels with the 1956 Suez Canal crisis, highlighting how India’s then-UN envoy, VK Krishna Menon, played a central role in the diplomatic efforts to resolve it.Menon later served as India’s defence minister but resigned after the…
As the Middle East conflict enters its third week, rising tensions are pushing global oil prices higher. Crude from the Middle East has seen the sharpest spike, becoming the world’s most expensive oil as disruptions to key supply routes continue. According to a Reuters report, S&P Global Platts assessed cash Dubai crude at $153.25 per…
Oil prices extended their gains as the Middle East conflict intensifies and Strait of Hormuz continues to see disruption, fueling fears of supply disruptions in global markets. On Tuesday, Brent crude futures rose by $2.48, or 2.5%, to $102.69 per barrel at 0058 GMT, while US West Texas Intermediate (WTI) crude advanced by $2.42, or…
US President Donald Trump on Monday claimed that the United States has “literally obliterated” Iran’s military capabilities, saying American forces have struck more than 7,000 targets across the country since the start of the conflict, even as he urged other nations to join efforts to secure shipping through the Strait of Hormuz.Speaking ahead of a…
NEW DELHI: A central government source on Monday dismissed as “baseless” a report claiming that India and Iran had discussed the release of three ships seized by New Delhi in exchange for ensuring safe passage of vessels through the Strait of Hormuz. The source also rejected assertions that the vessels were owned by Iran.“This report…
File photo: British PM Keir Starmer UK Prime Minister Keir Starmer said on Monday that Britain “will not be drawn into the wider war” in the Middle East, even as it works with the US, European partners and Gulf allies on a “viable collective plan” to reopen the Strait of Hormuz, the critical energy chokepoint…
