oil

A sudden policy shift from Washington is sending ripples through global energy markets, as the Trump administration moves to counter surging oil prices amid escalating conflict with Iran. The United States on Friday issued a 30-day waiver allowing the purchase of Iranian oil at sea, a step officials say is aimed at easing supply pressures driven by nearly three weeks of U.S. and Israeli strikes on Iran. Treasury Secretary Scott Bessent said the measure could release roughly 140 million barrels of oil into global…

The Conversation Africa reached out to five academic experts from Nigeria, South Africa, Senegal, Kenya, and Ethiopia to explore the pressing issue: Is the recent surge in oil prices negatively impacting your nation's economy? Across the board, their responses echoed a shared sentiment...

Oil prices climb past $106 as Hormuz standstill chokes global energy flows Oil prices extended gains at the start of the week as markets saw little prospect of a swift end to the effective closure of the Strait of Hormuz, a chokepoint that typically carries about one-fifth of the world’s oil. Brent crude, the global benchmark, rose as much as 3% on Sunday to top $106 a barrel before easing slightly. It traded at $104.63 as of 04:30 GMT Monday, up nearly 1.5%. Brent crude: $104.63 at 04:30 GMT, after briefly topping $106…

Fujairah resumes oil loading after drone interception and fire at key UAE export hub FUJAIRAH, United Arab Emirates — Oil loading operations at the United Arab Emirates’ Fujairah emirate have resumed after a drone attack and fire on Saturday, an industry source based in Fujairah said, restoring activity at one of the world’s most important energy logistics hubs. Fujairah’s media office said smoke seen rising over the oil industry zone was caused by debris after air defenses intercepted a drone. The incident unfolded amid…

President Donald Trump threatened new strikes on Iran’s Kharg Island oil hub unless Tehran halts attacks on vessels in the Strait of Hormuz, a warning that raised the stakes for global shipping and oil prices amid a war already disrupting energy supplies. Trump coupled the ultimatum with a social media post saying the United States had “totally obliterated” military targets on Kharg, which handles roughly 90% of Iran’s crude exports and sits about 483 kilometers northwest of the strait. He said U.S. strikes did not hit oil…

U.S. strikes hit military targets on Iran’s Kharg Island, President Donald Trump said, warning he will consider targeting the country’s oil infrastructure if Iran continues to threaten shipping through the Strait of Hormuz, the chokepoint for a fifth of the world’s crude. Trump said in a social media post the U.S. military “totally obliterated every MILITARY target” on Kharg Island while leaving oil facilities intact. He added that if Iran, or “anyone else,” interferes with the “Free and Safe Passage of Ships” in the strait,…

Friday March 13, 2026 Oil tankers and cargo ships line up in the Strait of Hormuz as seen from Khor Fakkan in the United Arab Emirates on March 11, 2026 The U.S. military is “not ready” to escort oil shipments through the Strait of Hormuz, Energy Secretary Chris Wright said Thursday, as Iran keeps the strategic waterway largely shut and global oil prices whipsaw. Wright told CNBC that the market shock is a “short-term disruption,” predicting the war would last “weeks, not months.” He cast the current squeeze as “short-term…

Domestic Petrol Prices Rise Amid Global Supply Concerns Initial hopes for a reduction in domestic petrol prices sparked by the International Energy Agency (IEA) announcing that oil-producing nations would ramp up production now appear to be short-lived. Just as expectations rose, the Iranian government's alarming statement regarding the potential closure of the Strait of Hormuz—a critical global supply route—sent international oil prices surging again. This unexpected turn of events followed assurances of price cuts from…

You are an elite, award-winning international journalist and a meticulous senior editor. Your job is to transform raw source material into a publish-ready article that meets the highest AP-standard editorial and technical requirements. PHASE 1 — ANALYSIS AND FORMAT DECISION Read the source text thoroughly. Identify the core themes, dominant purpose, crucial facts, data points, and human or structural angles. Based solely on this analysis, select exactly one article format from the list below. Always choose Football…

Iran-linked attacks set two fuel tankers ablaze in Iraqi waters as Tehran escalated strikes on oil and transport infrastructure across the Middle East, warning the world to be “ready for oil to be 200 dollars a barrel.” The flare-up, coming as the joint U.S.-Israeli air campaign in Iran neared its second week, further rattled energy markets already reeling from disrupted Gulf shipping and a looming record release of strategic oil reserves. Port officials and maritime security firms said explosive-laden boats appeared to have…