Oil prices drop to levels seen before the recent Iran conflict, giving global markets a reason to relax. Brent crude, the global oil benchmark, fell to $72.24 per barrel on Thursday. That is slightly below the price recorded before the US and Israel launched missile strikes on Tehran. Oil prices have now dropped by more…
A luxury yacht linked to a Russian billionaire has crossed the Strait of Hormuz despite ongoing restrictions in the vital shipping route. The 142-metre superyacht Nord, linked to sanctioned Russian billionaire Alexei Mordashov, travelled from Dubai to Muscat, Oman, over the weekend. The vessel was one of the few private boats to pass through the…
The United Arab Emirates has announced it will leave OPEC, shaking global oil markets during a regional crisis. United Arab Emirates said on Tuesday that it will exit OPEC next month. The decision comes as the Iran war continues to disrupt energy markets and create uncertainty for the global economy. OPEC producers have faced growing…
Donald Trump says the United States is not rushing to strike a deal with Iran. Donald Trump said on Thursday that he is under no time pressure to secure an agreement with Iran. Speaking to reporters in the Oval Office, Trump dismissed claims that he is racing to reach a settlement. “Don’t rush me,” he…
The global economy has lost more than $50 billion worth of oil since the Iran war began nearly 50 days ago. A new report says over 500 million barrels of crude oil and condensate have been removed from the global market since the conflict started in late February, making it one of the biggest energy…
