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 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.
Explosive-laden Iranian boats reportedly attacked two fuel tankers in Iraqi waters on Wednesday, killing one crew member, after four other vessels ...
Start your day informed with AnewZ Morning Brief. Here are the t...
Norwegian police apprehe...
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 ...
Iran's Sports Minister Ahmad Donyamali has announced on state television that Iran will not participate in the FIFA tournament, calli...
Explosive-laden Iranian boats reportedly attacked two fuel tankers in Iraqi waters on Wednesday, killing one crew member, after four other vessels were hit in the Gulf. The attacks, targeting ships linked to the U.S. and Europe, raise the total struck in the region.
The economic consequences of war rarely remain confined to the battlefield. They ripple through markets, supply chains and investor confidence. For Türkiye, at the crossroads of Europe, the Middle East and Eurasia, the economic shockwaves from the latest Middle East crisis are already being felt.
Global oil prices reached a four year high on Monday (9 March), surpassing $119 a barrel, as conflict in the Middle East rumbled on. Meanwhile, the Turkish Military said NATO air defence systems destroyed a missile fired from Iran towards the country.
Bahrain’s state-owned oil company Bapco has declared force majeure after an attack set the country’s only refinery ablaze. The firm says domestic supplies remain secure, but operations are disrupted by the ongoing Middle East conflict, underscoring regional energy risks.
The 32 countries belonging to the Internatioanl Energy Agency agreed to release 400 million barrels of oil on Wednesday (11 March), in efforts aimed at bringing down the price of crude oil, which has soared since fighting between Iran, Israel and the U.S. started at the end of February.
A towering lava fountain from Kilauea shot about 400 metres into the air late on Tuesday (11 March) on Hawaii Island, prompting temporary closures at Hawaii Volcanoes National Park and part of a key highway as volcanic ash and debris fell over nearby areas.
Norwegian police apprehended three brothers suspected of carrying out Sunday's (8 March) bombing at the U.S. embassy in Oslo, in an attack investigators have branded an act of terrorism.
Azerbaijan is evacuating nearly 200 people from the Middle East on a special charter flight departing from Oman.
China has raised the retail prices of petrol and diesel after global oil prices climbed sharply. The country’s top economic planning body, the National Development and Reform Commission (NDRC), announced the move after reviewing international oil market trends.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 12th of March, covering the latest developments you need to know.
Norwegian police apprehended three brothers suspected of carrying out Sunday's (8 March) bombing at the U.S. embassy in Oslo, in an attack investigators have branded an act of terrorism.
Britain has deployed the Royal Navy destroyer HMS Dragon to the eastern Mediterranean to strengthen protection for its military assets in the Middle East after a drone strike targeted a key UK air base in Cyprus earlier this month.
Member countries of the International Energy Agency have unanimously agreed to release 400 million barrels of oil from emergency reserves to stabilise global markets disrupted by the war involving Iran.
The annual pro-Palestinian al-Quds Day march in London, scheduled to take place on Sunday, has been banned by Home Secretary Shabana Mahmood following warnings from the Metropolitan Police about the risk of “serious public disorder.”
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