Donald Trump announced on Friday that he intends to declare the Strait of Hormuz a territory of the United States after what he described as the ongoing defeat of Iran, drawing an immediate and forceful rejection from Tehran. Speaking at an event in Nassau, New York, Trump told the crowd: “After we finish defeating Iran,…
Iran says it has agreed on a shipping route through the Strait of Hormuz with Oman, with its foreign ministry describing the deal as being in its final stages. Spokesman Esmaeil Baqaei confirmed that the geographical coordinates of the proposed route had been agreed, but stopped short of releasing specific details. He added a firm…
Oil prices jumped by 4% on Wednesday as the conflict between the United States and Iran intensified. Fresh overnight strikes by US forces raised fears of a bigger disruption to global oil supplies. Brent crude climbed above $94 per barrel, while US West Texas Intermediate traded close to $87. The latest increase also renewed concerns…
The conflict intensified as the US and Iran exchanged fresh attacks across the Middle East. The United States launched strikes on Iran for the seventh consecutive night, targeting military surveillance sites, logistics infrastructure, underground weapons storage facilities and maritime assets, according to US Central Command (Centcom). Iran said it retaliated by attacking US allies, including…
Iran has warned it could shut more regional trade routes as fresh US strikes target its military positions. Iran’s Revolutionary Guards have threatened to block additional oil and gas export routes after the United States launched a new wave of military strikes. The group said the Strait of Hormuz would remain closed until Washington ends…
Fresh military strikes and new shipping threats have raised fears over global oil supply and regional stability. The United States and Iran have exchanged fresh threats after deadly attacks on tankers in the Strait of Hormuz, one of the world’s busiest oil shipping routes. The United Arab Emirates accused Iran of targeting two of its…
The United Nations’ International Maritime Organization (IMO) has paused its evacuation plan for more than 11,000 sailors stranded in the Strait of Hormuz following an attack on a commercial cargo ship. IMO Secretary-General Arsenio Dominguez announced the decision on Thursday, saying the agency would not resume the operation until it receives stronger assurances that ships…
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…
Iran has announced the closure of the Strait of Hormuz, escalating tensions in the Middle East. Iranian state media reported on Saturday that the Strait of Hormuz has been closed, citing alleged violations of the memorandum of understanding signed between the United States and Iran. The announcement came shortly after US Vice President JD Vance…
Petrol price in Nigeria may fall to ₦900 per litre if the US-Iran truce succeeds and crude oil prices continue to decline— Oil Marketers The possibility of cheaper petrol is raising fresh excitement across Nigeria. Industry operators say petrol prices could drop to as low as ₦900 per litre if the proposed peace deal between…
