Dubai, United Arab Emirates — US President Donald Trump said on Monday that the United States is “re-imposing” a blockade on Iran in the Strait of Hormuz and, in an apparent policy shift, will impose fees on other ships for safe passage. Iran insists on its control of the vital waterway, as another exchange of … Read more
A “mini-tsunami” of oil is flooding the global market after the Strait of Hormuz opened and trapped tankers were finally freed, sending prices down to almost pre-war levels – but the relief may not last long. August oil futures – contracts to buy at a later date – fell to about $70 a barrel on … Read more
A tanker ship passed through the Strait of Hormuz bound for China on Monday, the first shipment of natural gas to successfully exit the Persian Gulf since the start of the war with Iran. The LNG tanker Al Mubarraz, loaded with more than 130,000 cubic meters of gas from the United Arab Emirates, was idling … Read more
Iran closed the Strait of Hormuz again on April 18, briefly reopening the vital sea lane after the United States refused to lift its blockade of Iranian ports. On Saturday, the Iranian military authorities confirmed that the strait had been restored to what they described as its “previous status,” placing it under strict supervision by … Read more
US stocks fell on Monday morning as oil prices rose above $100 a barrel after President Trump announced a new closure of the Strait of Hormuz during a fragile ceasefire with Iran. The Dow Jones Industrial Average was down 354 points, or 0.7%, as of 9:35 a.m. EST, while the S&P 500 and Nasdaq were … Read more
President Abdel Fattah El-Sisi to caution On Sunday, March 1, any closure of the Strait of Hormuz would disrupt global oil flows, lead to higher energy prices, and further impact the Egyptian economy, including Suez Canal revenues, he said during the annual Iftar of the Armed Forces on the occasion of the anniversary of the … Read more