Iran's new supreme leader ordered the vital Strait of Hormuz oil shipping lane to remain closed on Thursday, while US President Donald Trump said stopping the Islamic Republic's "evil empire" was more important than crude prices. Ayatollah Mojtaba Khamenei, who was reportedly injured in an air strike, has yet to appear publicly since his nomination
A Malta-flagged oil tanker is among two vessels to be attacked by Iran on Thursday while sailing close to Iraq. The Greek-owned Malta-flagged oil tanker Zefyros was attacked as it was preparing to enter the port of Khor Al-Zoubair. The Zefyros was due to have taken on board an additional 30,000 tons of liquid naphtha — primarily used in petrochemicals
Iran launched a new wave of attacks against Gulf energy targets on Thursday, hours after two oil tankers were hit, sending crude prices soaring again despite record reserve releases. The renewed drone and missile attacks against Iran's Gulf neighbours and Israel followed a warning from Tehran that it could wage a prolonged war that would "destroy"
Unrelenting Iranian attacks on shipping traffic and energy infrastructure pushed oil above $100 a barrel Thursday, as American and Israeli strikes pounded the Islamic Republic with no sign of an end to the war in sight. Iran hit a container ship off the coast of Dubai, caused a blaze near Bahrain's international airport, targeted a major Saudi oil
The price of Brent crude oil, the international standard, spiked back over $100 as Iranian strikes hit ships in the regions waters and the ongoing American-Israeli war with Iran showed so signs of slowing. Thursday's major developments include Iranian attacks against commercial ships around the Strait of Hormuz and Iraq's port of Basra, escalating
Oil prices soared back above $100 Thursday as Iran's fresh attempts to hit supplies in the Middle East and threats to bring down the global economy overshadowed a record release of strategic crude by the International Energy Agency. As the US-Israel strikes on the Islamic republic approached their third week, the conflict showed no signs of letting
New attacks hit three commercial ships in the Gulf on Wednesday, setting at least one vessel on fire, as Iran pressed its campaign against its energy-exporting neighbours and forced world governments to dip into their strategic oil reserves. Oil prices surged higher by more that five percent in early trading and markets have see-sawed since the end
The ongoing Israeli-American war on Iran, for all its complexity and global effects, boils down to a single question: Who can take the pain the longest? A surge in oil prices points to what may be Iran's most effective weapon and the United States' biggest vulnerability in continuing the campaign: Damaging the world economy. Wednesday's major developments
Israel and Iran exchanged fire early Wednesday as Tehran kept up its pressure on the region's oil industry, apparently hitting a ship in the Strait of Hormuz and setting it ablaze while targeting infrastructure as concerns grew of a global energy crisis. Iran has effectively stopped cargo traffic in the narrow strait through which about a fifth of
Iran unleashed a wave of attacks against Israel and Gulf nations on Wednesday, including targeting a Saudi oilfield, as reports of a proposed record release of oil reserves helped calm markets and prices. The war sparked by US-Israeli strikes on Iran has spread across the region and beyond, causing spiking energy costs, fuel rationing, and even school