8/1/2026 9:13:53 AM (Volume: 43 / Issue: 8)
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Tag: Strait of Hormuz

Energy, Oil & Gas

US-Saudi Mera Oil advances final site selection for $5bn refinery project

US-Saudi consortium Mera Oil has entered the final stage of selecting a host location for its planned $5 billion integrated refinery and energy export corridor. Following three years of evaluation, three GCC sites outside the Strait of Hormuz have been shortlisted. ...

Energy, Oil & Gas

Oil prices rebound; new voluntary Hormuz fee proposed

Oil prices climbed sharply on Wednesday as renewed military clashes between the United States, Saudi Arabia and Iran kept traders on edge about supply disruptions, even as Oman unveiled a Gulf-backed proposal aimed at safeguarding shipping through the Strait of Hormuz....

Energy, Oil & Gas

Oil prices tumble as US-Iran hostilities remain on hold

Oil prices extended their sharp decline in early Asian trading on Tuesday as markets welcomed a fourth consecutive night without military strikes between the United States and Iran, easing immediate fears of a wider disruption to Middle East energy supplies....

Energy, Oil & Gas

Oil prices tumble as US-Iran pause raises hopes for talks

Oil prices fell sharply on Monday after the United States and Iran halted hostilities over the weekend, raising hopes that a diplomatic breakthrough could ease tensions in the Middle East. However, shipping through the region's two critical maritime chokepoints – the Strait of Hormuz and the Bab al-Mandeb Strait – remains severely disrupted, keeping concerns over global energy supplies alive....

Energy, Oil & Gas

Escalating Mideast tensions raise O&G supply risks: IEA

The International Energy Agency (IEA) has warned that escalating conflict in the Middle East is increasing risks to global energy security, with threats to the Strait of Hormuz and Bab el-Mandeb Strait fuelling uncertainty over global oil and natural gas supplies....

Energy, Oil & Gas

Oil tops $85 as Iran hits tankers, US blockade fuels battle for Hormuz

Oil prices surged on Tuesday, with Brent crude climbing above $85 a barrel for the first time in a month, as Iran's missile strike on two oil tankers and the United States' decision to reinstate a sweeping naval blockade of Iranian ports intensified a confrontation for control of the strategic Strait of Hormuz....

Energy, Oil & Gas

Trump declares US 'Guardian of Hormuz', unveils 20% cargo levy

The Gulf faced a fresh escalation on Monday as US President Donald Trump announced the immediate reinstatement of a blockade targeting Iranian shipping in the Strait of Hormuz and proposed a 20 per cent charge on all cargo transiting the strategic waterway, intensifying a growing war of nerves between Washington and Tehran over one of the world's most critical energy chokepoints....

Energy, Oil & Gas

Global oil demand recovery underway as consumption rises: IEA

A recovery in world oil demand is underway, with consumption set to rise from its May nadir on seasonal trends and as pent-up demand is released in line with a rebound in product supplies, says an International Energy Agency (IEA) report....

Energy, Oil & Gas

IEA forecasts 0.5pc drop in global natural gas demand in 2026

The International Energy Agency (IEA) forecasts global natural gas demand will fall 0.5 per cent in 2026 as Middle East conflict-driven supply disruptions, higher prices and reduced LNG flows through the Strait of Hormuz weigh on consumption. ...

Energy, Oil & Gas

Why isn't oil at $90? Markets under-pricing Hormuz risk: deVere CEO

Global oil markets are sending the wrong signal by treating the latest attacks on commercial shipping in the Strait of Hormuz as a contained geopolitical incident rather than a potentially significant threat to energy supplies, warns the CEO of financial advisory giant deVere Group....

Energy, Oil & Gas

Strait of Hormuz crisis reshapes global oil markets: IEA

Global energy markets faced their worst supply shock after the near-closure of the Strait of Hormuz cut flows from 20 million to 2.7 million barrels per day, driving record price spikes and prompting emergency stock releases and global supply adjustments, according to International Energy Agency (IEA). ...

Energy, Oil & Gas

Oil prices rise as Trump threatens action on Iran

Oil prices surged on Monday after US President Donald Trump threatened renewed military action against Iran and warned that Washington could "take over" the Strait of Hormuz if ongoing negotiations with Tehran fail, reigniting concerns over global energy supplies....

Energy, Oil & Gas

Iraq moves to export oil via Syria as Gulf routes disrupted

Iraq is preparing to expand crude oil and naphtha exports through Syrian ports as it moves to diversify trade routes after the Iran war disrupted its main Gulf shipping channels and effectively closed the Strait of Hormuz....

Energy, Oil & Gas

Iraq aims to restore oil output above 3 million bpd

Iraq expects to return oil production from its southern fields to levels ​exceeding three million barrels per day within one to two ‌months, Iraq's state news agency reported....

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