Oil prices continue to fluctuate as a result of the conflict in the Middle East with Iran and the insecurity of ships sailing through the key Strait of Hormuz route. Iran has said it will target any ship linked to the U.S., Israel or their allies.
Current prices are around $100, according to the Intercontinental Exchange (ICE) market, after suspected attacks by Iran on multiple vessels in the critical Strait of Hormuz.
All 32 members of the International Energy Agency's (IEA) agreed the extraordinary move to release 400 million barrels of Brent crude oil in reponse, to try and bring the price down. Earlier this week, the price rose to almost $120.
Iran's Islamic Revolutionary Guard Corps (IRGC) is warning prices could rise to $200 a barrel. A spokesperson said any ship from the U.S., Israel or allies will be targeted in the Strait of Hormuz, a vital shipping lane between Iran and Oman.
"You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel," the spokesperson said. "The price of oil depends on regional security, and you are the main source of insecurity in the region."
As the conflict pushes petrol prices up across the world, countries scramble to mitigate its domestic impact, with the American Automobile Association saying a gallon of petrol is now above $3.50.
Schools in Pakistan are being forced to close for a fortnight from next week and government departments will operate only on a four-day week, similar to the Philipines and Bangladesh.
South Korea introduced a price cap for the first time in 30 years on Monday as others like China, raise prices.
The prices are also flucuating due to what appears to be mixed signalling from U.S. President Donald Trump around the length of the war in Iran.
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Iran's Islamic Revolutionary Guards Corps (IRGC) said in a Saturday statement that the Strait of Hormuz has returned to its "previous state" under the control of its "armed forces," citing the ongoing U.S. blockade on Iranian ports.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 17th of April, covering the latest developments you need to know.
France and Britain will chair a meeting on Friday (17 April) of around 40 countries aimed at signalling to the United States that some of its closest allies are ready to play a role in restoring freedom of navigation in the Strait of Hormuz once conditions allow.
South Korea will import 18 million barrels of Kazakh oil via routes bypassing the Strait of Hormuz, as it seeks to shield its energy supply from mounting instability in the Middle East.
The past 24 hours of the Russia-Ukraine war have seen a drastic escalation in both aerial bombardment and frontline losses.
Iran reopened the Strait of Hormuz to commercial shipping on Friday (17 April) for the first time since the U.S. and Israel killed Iran's ex-Supreme Leader in air strikes, triggering the Middle East conflict, at the end of February. A U.S. blockade on Iranian ports, however, remains in force.
Russia published addresses of manufacturers allegedly producing drones or components for Ukraine on Wednesday (15 April), warning European countries against plans to step up UAV supplies to Kyiv.
Iran's Islamic Revolutionary Guards Corps (IRGC) said in a Saturday statement that the Strait of Hormuz has returned to its "previous state" under the control of its "armed forces," citing the ongoing U.S. blockade on Iranian ports.
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The Trump administration extended a sanctions exemption on some Russian oil as prices continue to skyrocket in the wake of the U.S.- Israeli war against Iran on Friday (17 April).
Australia and Japan signed contracts on Saturday (18 April) launching their landmark A$10 billion ($7 billion) deal to supply Australia with warships, Tokyo's most consequential military sale since ending a military export ban in 2014.
Leaders from across Europe and beyond gathered in Paris on Friday for a summit aimed at managing the global impact of the Middle East conflict.
European leaders have set out plans for a coordinated defensive mission to restore freedom of navigation in the Strait of Hormuz, once security conditions allow, following talks involving more than 40 countries.
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