Strait Of Hormuz

The development triggered a fresh surge in crude prices, with Brent crude futures jumping $3.62, or 3.46 per cent, to $108.23 per barrel as of 2214 GMT, while US West Texas Intermediate (WTI) futures rose $3.15, or 3.15 per cent, to $103.20 per barrel.

Speaking during a discussion with Larry Kudlow at the G20 financial meetings in Asheville, North Carolina, Bessent said the strait would be bypassed within two years.

President Donald Trump threatens to bomb Oman if the Gulf nation obstructs U.S. efforts to secure unrestricted access to the Strait of Hormuz, despite Muscat being a longstanding American security partner and regional mediator. The warning comes as...

Brent crude slipped below $80 per barrel after renewed progress in US-Iran talks boosted hopes of reopening the Strait of Hormuz, easing concerns over global oil supply disruptions. Senior US officials said negotiations were advancing, prompting a sharp...

US launches massive retaliatory strikes: American forces hit multiple Iranian military targets after Tehran fired missiles at US bases in Jordan, with Washington describing the operation as a "powerful response" aimed at degrading Iran's military capabilities. Conflict spreads...

US and Iran suspend military attacks for a second straight day, offering the clearest sign yet that both sides may be ready to return to diplomacy after weeks of escalating conflict. Global oil prices tumble by more than...

• Brent crude climbed above $95 per barrel for the first time in six weeks as renewed conflict in the Middle East heightened fears of disruptions to global oil supplies. • The price rally is already affecting Nigeria, with petrol...

Trump issues stark ultimatum to Tehran, warning the U.S. will bomb one Iranian bridge or power plant every time Iran attacks a commercial ship transiting the Strait of Hormuz. Fresh American airstrikes hit targets across Iran as Tehran...

Nigerian crude grades strengthened after renewed US-Iran hostilities heightened fears of supply disruptions through the Strait of Hormuz, a vital global oil shipping route. European refiners are paying stronger premiums for Nigerian crude as Atlantic Basin supplies offer...

President Donald Trump announces that the Strait of Hormuz will remain open to all international commercial shipping, with only vessels travelling to and from Iranian ports subject to a U.S.-enforced blockade. U.S. abandons its proposed 20% reimbursement fee...