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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Kazakhstan has restored oil production after an accident at the Tengiz oil field briefly disrupted output last week, while also signalling its readiness to increase crude shipments through the Baku–Tbilisi–Ceyhan (BTC) pipeline.
Uzbekistan recorded further declines in the production of key energy resources during the first four months of 2026, even as output of fuel products, electricity and construction materials increased, according to the latest data from the National Statistics Committee.
Two Chinese tankers laden with oil exited the Strait of Hormuz on Wednesday, shipping data showed, brightening hopes that the U.S.-Israeli conflict with Iran may soon be resolved after positive comments from the U.S. President and his Deputy.
Severe Tropical Storm Jangmi brought heavy rain, power cuts and transport disruption across Japan on Wednesday (3 June) as it tracked towards the greater Tokyo region.
Police officers were pelted with missiles during violent clashes at a protest near the Southampton, UK, home of convicted murderer Vickrum Digwa, as anger continued to grow over the handling of the fatal stabbing of 18-year-old Henry Nowak.
An Iranian drone and missile attack struck Kuwait International Airport early Wednesday, injuring several people, damaging Terminal 1 and forcing flight diversions, Kuwaiti authorities said.
Thousands of people have taken to the streets in Albania in recent days to protest against a luxury tourism project linked to Jared Kushner, the son-in-law of U.S. President Donald Trump, and his wife Ivanka Trump.
Armenia’s parliamentary election comes at a defining moment for the South Caucasus, a region reshaped by the Garabagh conflict and broader shifts in Russia-West relations. The outcome is increasingly seen as a signal of Armenia’s future foreign policy direction and the regional balance of power.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 4 June, covering the latest developments you need to know.
Three people have been killed and seven injured in Ukrainian strikes on Russia-annexed Crimea, according to Kremlin officials in the peninsula, as fighting between Russia and Ukraine continues.
Mass protests by teachers and retired judges, road closures and last-minute construction work caused chaos in Mexico's capital just eight days before the first World Cup match kicks off on 11 June.
China and Britain sat down for a major round of talks in Beijing on Tuesday and walked away with a clear message that the two countries want a better, closer relationship and that they are actively working to build one.
North Korean leader Kim Jong Un called for an "exponential" expansion of the country's atomic arsenal during a visit to a newly operational nuclear material production factory, state media agency KCNA said.
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