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…

Oil prices leap past $100 as Iran conflict chokes Hormuz, stoking global food inflation risk LONDON — Oil prices surged above $100 a barrel this week, the highest since Russia’s 2022 invasion of Ukraine, as escalating conflict involving U.S.-Israeli forces and Iran on Feb. 28 rattled energy markets and raised the specter of renewed food inflation worldwide. The Strait of Hormuz — the narrow chokepoint between the Persian Gulf and the Gulf of Oman through which roughly 20% of global oil supply moves — has seen marine traffic…

G7 weighs release of strategic oil reserves as IEA signals no immediate action G7 finance ministers are expected to discuss a possible coordinated release of strategic oil reserves as the war in the Middle East rattles energy markets, a French government source said today. The International Energy Agency, which coordinates emergency actions among major importers, said there is “plenty of oil in the market” and no collective action is planned for now, even as it keeps “all options” open. The debate comes as U.S. benchmark…

Oil surges past $90 as war in Middle East chokes Strait of Hormuz, rattling fuel costs worldwide Oil prices spiked and showed no signs of easing a week after the United States and Israel launched major attacks on Iran, tipping the Middle East into war and choking off one of the world’s most vital energy arteries, the Strait of Hormuz. Commercial tankers carrying roughly 20 million barrels of oil a day are stranded in the Persian Gulf, unable to safely pass through the narrow waterway bordered by Iran, as missile and drone…

MOGADISHU, Somalia — Fuel prices in Somalia’s capital surged nearly 77% overnight on Sunday, intensifying pressure on households and businesses already strained by rising living costs and supply disruptions across the region. The price of gasoline jumped from about $0.65 to $1.15 per liter late Friday, according to traders and drivers. By rush hour, cars queued at multiple Mogadishu stations as motorists scrambled to fill up, while taxi and three-wheeler (Bajaj) operators warned they may have to raise fares to stay afloat.…

Stocks in the U.K. and U.S. rose while Asian indexes tumbled Wednesday as oil and gas prices whipsawed on fears the U.S.-Israel conflict with Iran will drag on and keep choking traffic through the Strait of Hormuz, a vital energy artery. The FTSE 100 and major U.S. and European benchmarks rebounded after two days of declines; several Asian markets fell sharply for a third straight session. Brent crude is up about 12 percent since Saturday, when U.S. and Israeli forces began bombing Iran and Tehran retaliated with strikes on…