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…

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…

European Union energy ministers will meet today to weigh options for curbing energy costs, as Brussels drafts emergency plans to blunt the impact of surging oil and gas prices triggered by the Iran war and the closure of the Strait of Hormuz. The European Commission is preparing a package to shield households and businesses from soaring bills, according to EU officials familiar with the talks. Measures under consideration include targeted state support for energy-intensive industries, temporary cuts to national taxes and…

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…

Mogadishu Bajaj drivers block key corridor as fuel prices more than double MOGADISHU — Auto rickshaw drivers blocked sections of a major artery in Somalia’s capital on Wednesday, parking their Bajaj three-wheelers between the Taleh and KM4 junctions to protest a sharp jump in fuel prices they say is crushing their earnings and pushing up transport fares. The roadside demonstration, which drew dozens of operators, disrupted traffic along one of Mogadishu’s busiest corridors as drivers demanded swift government action to…

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…

Somalia fuel prices jump 77% in 72 hours as Middle East conflict disrupts supply MOGADISHU, Somalia — Fuel prices in Somalia’s capital have surged about 77% within three days, an abrupt spike tied to the escalating Middle East conflict that is rattling energy markets and shipping lanes through the Red Sea and the Gulf of Aden. Market observers in Mogadishu said the retail price of petrol jumped to about $1.15 per liter from roughly $0.65 earlier this week, with the steepest increases posted by Friday evening. The surge…

Oil prices steady as U.S., Israeli strikes on Iran snarl Hormuz shipping and force Iraq output cuts Oil prices were steady after sharp swings Wednesday as U.S. and Israeli strikes against Iran escalated the conflict and left shipping through the Strait of Hormuz effectively shut for a fifth day, disrupting vital Middle East oil and gas production and trade. Brent crude fell 0.3% to $81.13 a barrel around 4 p.m. GMT, while West Texas Intermediate slipped 0.4% to $74.30. Both benchmarks had closed Tuesday at recent highs—Brent…