With oil markets on edge and diplomacy stalled, US President Donald Trump has been weighing how to cushion the fallout from a potential months-long US blockade of Iran's ports, according to a White House official, while pressing Tehran to “get smart soon” and agree to a deal. The discussion with US oil executives yesterday came after several days of impasse in efforts to end the conflict, which has prompted the United States to squeeze Iran’s oil exports through a naval blockade in an attempt to force Tehran to reopen the…

The United Arab Emirates has announced it will withdraw from the OPEC and OPEC+ oil alliances, a dramatic move that lands a significant blow on the producers' bloc as an extraordinary energy crisis sparked by the US-Israeli war on Iran lays bare growing rifts across the Gulf. The departure of the UAE, a longtime OPEC member, threatens to erode the group's influence. OPEC has typically worked to project unity even when disputes over geopolitics and output targets have simmered beneath the surface. UAE Energy Minister Suhail…

By Maha El DahanTuesday April 28, 2026 Saudi Foreign Minister Faisal bin Farhan al Saud receives United Arab Emirates' Deputy Prime Minister and Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan ahead of an exceptional meeting of the Gulf Cooperation Council (GCC), the first in-person meeting of Gulf leaders since their states became a front in the Iran war two months ago, In Jeddah, Saudi Arabia, April 28, 2026. Saudi Press Agency/Handout via REUTERS Purchase Licensing Rights The United Arab Emirates said on…

Saturday April 25, 2026 Somali pirates have seized an oil tanker off the country’s northeastern coast, underscoring a renewed threat on a sea lane long watched by global naval forces. A maritime policeman guarded an oil tanker after its release. Somali pirates have hijacked four ships in the past month.Credit...Abdiqani Hassan/Reuters Mogadishu (AX) — Somali pirates hijacked an oil tanker carrying 18,500 barrels of fuel and 17 crew members off Somalia’s northeastern coast, officials said Friday. The vessel, named Honour 25,…

An oil tanker has been hijacked off Somalia’s coast and forced into the country’s territorial waters, according to the British maritime security agency UKMTO, in a fresh sign of mounting danger for vessels moving through the region. The incident underscores the growing hazards facing ships in the Red Sea corridor, an increasingly vital supply route as Iran’s grip on the Strait of Hormuz — the gateway to the Gulf on the opposite side of the Arabian Peninsula — tightens pressure on maritime traffic. UKMTO said the tanker was…

Pirates have seized an oil tanker carrying 17 crew members off Somalia’s coast, multiple security officials told the BBC, in a brazen reminder of a menace once thought to be fading in the region. The vessel, Honour 25, was taken over late on Wednesday by six armed men when it was about 30 nautical miles offshore, the officials said. For years, this stretch of the Indian Ocean was synonymous with pirate attacks, but until three years ago such incidents had largely vanished. Since then, however, piracy has returned, with…

Saturday April 25, 2026 An oil tanker was left under guard after being freed, a stark reminder of how quickly piracy can again unsettle the waters off Somalia. Somali pirates have hijacked four ships in the past month.Credit...Abdiqani Hassan/Reuters Mogadishu (AX) — Somali pirates seized an oil tanker carrying 18,500 barrels of fuel and 17 crew members off Somalia’s northeastern coast, officials said Friday. The ship, identified as Honour 25, was taken late Wednesday by at least six armed men roughly 30 nautical miles…

Oil prices climbed sharply today as fears of renewed conflict in the Middle East gripped markets after Iran released footage showing commandos boarding a cargo ship in the Strait of Hormuz, with little sign of progress toward reopening the crucial shipping lane. Traffic through the strait, which before the war handled roughly a fifth of global oil output, remains effectively shut down. Iran’s seizure of two cargo ships has also underscored the challenges Washington faces in trying to secure passage through the waterway.…

Russian oil has resumed flowing through the Ukrainian stretch of the Druzhba pipeline after a stoppage that lasted months, officials said, clearing the way for Hungary to drop its veto on a €90 billion EU loan Ukraine says it urgently needs. Since a Russian drone strike damaged the line in western Ukraine and cut off deliveries to Hungary and Slovakia, the Druzhba pipeline has stood at the centre of one of Europe’s most politically sensitive energy disputes. Hungarian oil group MOL said Ukraine had notified it that shipments…

By  STAN CHOEWednesday April 22, 2026 Wall Street and oil markets lurched back and forth Tuesday as investors tried to gauge what comes next after the ceasefire in the war with Iran, which was due to expire Wednesday. The S&P 500 surrendered an early gain and finished 0.6% lower after U.S. Vice President JD Vance canceled a planned trip to Pakistan, where he had been expected to lead American negotiators in talks with Iran aimed at extending the truce. The Dow Jones Industrial Average fell 293 points, or 0.6%, after at…