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.
The U.S.-Israeli war with Iran loomed over U.S. President Donald Trump's visit to China, as signs emerged that...
Chinese President Xi Jinping and U.S. President Donald Trump are holding high-level talks in Beijing on Thursday, following a ceremonial welcome, w...
An article published in The Lancet...
U.S. President Donald Trump’s meeting with President Xi Jinping in Beijing com...
More than 100 people were killed ...
U.S. President Donald Trump is expected to ask China to help end the costly and unpopular Iran war in discussions with President Xi Jinping in Beijing on Thursday, with peace talks stalled and the global economic cost of the conflict increasing.
U.S. President Donald Trump said on Tuesday that Americans’ financial struggles are not a factor in his decision-making as he seeks to negotiate an end to the Iran war, saying that preventing Tehran from acquiring a nuclear weapon is his top priority.
President Donald Trump's swift rejection of Iran's response to a U.S. peace proposal sent oil prices surging higher on Monday amid concerns the 10-week-old conflict will drag on, keeping shipping through the Strait of Hormuz paralysed.
Stocks around the world climbed to fresh record highs on Wednesday (6 May), while oil prices fell sharply, after reports suggested the United States and Iran were nearing an agreement to end conflict.
Just one week after a similar move by Australia, Greece announced that it will ban access to social media for children under the age of 15 from January 1, 2027, as governments around the world weigh tougher rules amid growing concerns over mental health, safety and screen addiction.
U.S. President Donald Trump said he does not think he will need China's help to end the war with Iran as he left for a high-stakes summit in Beijing on Tuesday, as hopes for a lasting peace deal dwindled and Tehran tightened its grip over the Strait of Hormuz.
The 79th edition of the Cannes Film Festival has officially opened on the French Riviera, once again transforming Cannes into the global centre of cinema, fashion, and entertainment.
British Prime Minister Keir Starmer laid down the gauntlet to challengers on Tuesday (12 May), as he defied calls to resign at a meeting of Cabinet, telling ministers that there had been no official move to trigger a leadership contest.
The U.S.-Israeli war with Iran loomed over U.S. President Donald Trump's visit to China, as signs emerged that the conflict is causing a shift in alliances across the Middle East.
Deep in the ancient forests of southern China, researchers have discovered a small, shy snake with an extraordinary survival trick: when threatened, it creates the illusion that it has two heads.
Chinese President Xi Jinping and U.S. President Donald Trump are holding high-level talks in Beijing on Thursday, following a ceremonial welcome, with both leaders highlighting cooperation despite ongoing tensions.
U.S. President Donald Trump’s meeting with President Xi Jinping in Beijing comes as China enters a period of strategic consolidation aimed at building a parallel international system to Washington’s, a China specialist has said.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 14th of May, covering the latest developments you need to know.
Ukraine has stepped up attacks on Russian energy facilities in recent months, amid stalled progress in peace negotiations. The strikes have targeted refineries, processing plants, pipelines and export infrastructure, causing repeated disruptions across Russia’s energy sector.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment