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Oil prices inched higher on Thursday after suffering their steepest single-day fall since April 2020, as uncertainty around the Strait of Hormuz and renewed tensions in the Middle East kept markets on edge. Brent crude moved back towards $97 a barrel, rebounding from a 13% on Wednesday, while West Texas Intermediate also traded close to…
For decades, the US and its allies poured billions into cyberattacks, assassinations of scientists, economy-destroying sanctions and grueling diplomacy to block Iran’s nuclear ambitions.Yet after a brutal month-long war with joint US-Israeli forces, Tehran may have gained something deadlier than any atomic bomb from President Donald Trump: Dominance over the Strait of Hormuz.On Wednesday, the…
Iran is seeking to tighten its grip over the Strait of Hormuz during the fragile two-week ceasefire, proposing an unusual system that would require oil tankers to pay transit tolls in cryptocurrency while undergoing strict scrutiny.Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, said Tehran intends to monitor every vessel moving…
Iranians react after a ceasefire announcement NEW DELHI: The ministry of external affairs (MEA) on Wednesday welcomed the ceasefire agreement between Iran and the United States, expressing hope that it would pave the way for lasting peace in West Asia while emphasising the need for uninterrupted navigation through the Strait of Hormuz.“We welcome the ceasefire…
Representative image (AI-generated) As the Iran-US ceasefire kicks in, global markets are witnessing a sharp shift across multiple sectors.US President Donald Trump announced a temporary two-week suspension of planned military strikes on Iran, linking the move to Iran’s willingness to reopen the Strait of Hormuz and engage in negotiations.Crude prices, which had surged above $100…
Tracking data from LSEG showed that the vessel had earlier moved into Southeast Asian waters. (AI image) Amid the Middle East conflict, India is all set to get its first shipment of Iran crude oil in over seven years. The decision to buy comes as the Donald Trump administration has waived off sanctions on Iran…
Strait of Hormuz (File photo) As the United States and Iran announced a temporary two-week ceasefire, a new flashpoint is now emerging. Tehran is seeking to levy toll fees on ships transiting the Strait of Hormuz, a proposal that could disrupt global trade flows and push energy markets into fresh uncertainty. Why does the Strait…
US President Donald Trump has announced a two-week suspension of planned bombing and military strikes on Iran, subject to the immediate opening of the Strait of Hormuz. The announcement, made hours ahead of a previously indicated escalation timeline, signals a temporary de-escalation in tensions and opens a window for negotiations.Trump said the pause would be…
Image used for representative purposes Russia and China on Tuesday vetoed a United Nations Security Council resolution aimed at reopening the Strait of Hormuz, dealing a blow to Gulf-backed efforts to restore navigation through one of the world’s most critical oil routes.The resolution, introduced by Bahrain, failed despite securing 11 votes in favour, with Pakistan…
The Middle East conflict, now in its sixth week, continues to send shockwaves across the world. From energy supply disruptions to rising fuel prices, several countries are being forced into emergency measures such as work-from-home policies and cost hikes. Meanwhile, the Gulf region is witnessing a split oil reality! While for some producers, soaring crude…
