Strait of Hormuz

International Energy Agency executive director Fatih Birol says continued trade disruption risks pushing oil and petrol prices even higher.

Iran war undermines trust in Hormuz transit: IEA’s director Birol

The double blockade by the US and Iran of the waterway affects more than energy markets, from farm inputs to air travel

Addressing whether combat operations against Iran were over, US President Trump said on May 10: “They are defeated, but that doesn’t mean they’re done.”

Trump rejects Iran’s response to US peace proposal as ‘unacceptable’; oil prices jump

Iran proposed diluting some of its uranium and transferring the remainder to a third country: report

The sharp retreat provides a counterintuitive backdrop to warnings that the oil market is barrelling towards a crisis point, possibly in a matter of weeks.

Prices of physical oil cargo plunge, with some buyers holding back in anticipation of US-Iran deal

Traders warn that the calm may be short-lived, raising the risk that physical prices may soar again

The disruption has upended oil and gas markets, sending fuel prices soaring and putting pressure on consumers worldwide.

UK, France to host multinational meeting on mission to escort ships through Strait of Hormuz

Iran has effectively shut the waterway after war erupted with US-Israel strikes on Feb 28

The passage has remained largely empty of commercial vessels on Tuesday, traffic dropped off dramatically since the US and Israeli war against Iran began on Feb 28.

US unveiled plan to reopen Strait of Hormuz hours before Trump shelved it

The US president’s under increasing pressure to end a war that’s grown increasingly unpopular

The Trump administration says that it wants to ensure that Iran can never obtain a nuclear weapon.

Trump says reopening of Strait of Hormuz ‘paused’, even as ceasefire remains

About 1,600 ships remain stranded in dangerous conditions at the strait

The transformation of the US from a net importer of oil to a major global supplier was sparked by the shale revolution of the early 2000s.

US is oil supplier of last resort as Hormuz disruptions worsen

Record American exports are testing limits – and voters are sure to question why so much crude is going to other markets

The war has killed and displaced thousands of people across the Middle East, including Beirut in Lebanon.

Trump casts doubts on Iran peace proposal as details emerge

The plan reiterates Teheran’s earlier demands, including that US forces withdraw and a maritime blockade be lifted: Iranian news agency