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 says the Strait of Hormuz will remain closed until the United States meets seven conditions agreed under a June memorandum, as President Donald Trump signals he may soon decide whether to resume military operations against Tehran.
Here's your AnewZ Daily Brief for 5 October 2026. These are the top five elections making headlines around the world.
The United States has withdrawn all 12 of its B-1 bombers from RAF Fairford in Britain, just a week after several people were arrested over an alleged plot targeting the air base.
Australian counterterrorism authorities are examining the links of the co-pilot accused of attacking the captain and attempting to take control of a flydubai flight bound for Israel. Authorities in New Zealand have also said they are investigating reports the suspect had spent time in that country.
Spain's Prime Minister Pedro Sánchez on Monday called a snap election for 29 November in a bid to strengthen his mandate after a fragmented parliament rejected the government's key housing decrees last week amid widespread protests.
King Charles’ younger brother, Andrew Mountbatten-Windsor, has launched legal action against Thames Valley Police over his arrest in connection with an investigation into documents allegedly passed to late sex offender Jeffrey Epstein, the Telegraph reported on Sunday.
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