Topic
iran
Technology FBI Warns Iran-Linked Hackers Hit Water Systems in Seven US States
According to WIRED, the FBI warned that cyberattacks likely tied to Iran hit water utilities in no fewer than seven US states, expanding beyond Minnesota where more than 30 utilities were attacked. CISA said the attacks disabled digital controls and resulted in boil-water notices. The FBI advised utilities to secure programmable logic controllers and remove them from the internet.
Logistics Iran Remains Chief Suspect as Damietta Drone Strike Disrupts LNG Operations
A drone strike at Egypt's Damietta port hit the US-owned FSRU Energos Winter and adjacent LNG carrier GasLog Salem, disrupting LNG import operations. Iran remains the principal suspect, though no group has claimed responsibility and the investigation continues.
Technology Leaked Memo Links Iranian Hackers to Minnesota Water Utility Cyberattacks
A leaked memo obtained by WIRED from the Water Information Sharing and Analysis Center (WaterISAC) links a series of cyberattacks targeting dozens of Minnesota water and wastewater utilities to Iran. The attacks, which caused boil-water notices and manual operations, align with a hacking campaign previously attributed to Iran by CISA. The incident represents a rare case of state-sponsored targeting of civilian infrastructure outside of Russia's war on Ukraine.
Trade US Sanctions Iran’s Hormuz ‘Extortion Scheme’ and Eight Shadow Tankers
The US Treasury sanctioned Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority for running an IRGC-backed extortion scheme that forces commercial vessels to purchase maritime insurance before transiting the Strait of Hormuz. OFAC also designated eight tankers and their owning companies for transporting Iranian crude oil, bringing the total shadow fleet sanctions to over 100 ships since the start of the year.
Commodities Crude Oil Futures Jump After US-Saudi Strikes on Iran-Backed Targets in Iraq
Crude oil futures rallied on Wednesday following joint US-Saudi military strikes against Iran-aligned targets in Iraq. Brent and WTI prices jumped over 3.5% as supply risks escalated, with the Jazan refinery shutdown and Strait of Hormuz traffic halted.
Commodities Crude oil futures fall on Trump’s ‘good talks’ comment on Iran
Crude oil futures declined on Tuesday after US President Donald Trump said the US was engaged in 'good talks' with Iran. October Brent fell 1.08% to $84.94, and September WTI dropped 1.14% to $81.67. Meanwhile, the Caspian Pipeline Consortium resumed oil lifting at its Marine Terminal.
Commodities Global crude oil prices plunge around 7% after US and Iran pause military strikes over weekend
Global crude oil prices plunged around 7% on July 27, 2026, after the United States and Iran paused military strikes over the weekend. Brent crude traded 7.2% lower at $89.74 per barrel, while West Texas Intermediate fell 6.6% to $83.36 per barrel, according to News on AIR.
Commodities Oil price dives over 9% as US and Iran pause attacks, Brent drops below $88
The price of oil sank more than 9% on Monday, with Brent crude dipping below $88 a barrel, after the US and Iran paused attacks to give talks space. The fall follows last week's spike above $100 amid fears over the Strait of Hormuz and Houthi attacks in the Red Sea.
Logistics Weekend Lull Fails to Unlock Strait of Hormuz Shipping as Attacks Pause
A weekend lull in US-Iran attacks brought no relief to Strait of Hormuz shipping, with commercial traffic at around 12 daily passages and crude tanker transits at about one per day. The Pentagon halted its bombing campaign late Friday after 13 consecutive nights, but shipowners remain wary. Meanwhile, the Lloyd's Market Association published model wording (LMA5708) that could void hull cover for vessels paying transit fees, and US Central Command continued enforcement operations, including disabling a tanker in the Gulf of Oman.
Commodities Iran War Pushes Brent to $100, Oil Companies Fear Hit to Their Finances
Global benchmark Brent crude topped $100 per barrel for the first time in nine weeks amid renewed US-Iran conflict in West Asia. The disruption through the Strait of Hormuz and continued Houthi attacks on Bab el-Mandeb Strait have pushed prices up nearly 7% in a day. Indian oil marketing companies, already reeling from losses in the June quarter, face further financial strain as crude prices surge.
Commodities Crude Oil Futures Rise as US Strikes on Iran Continue for 11th Day
Crude oil futures climbed on Wednesday as US forces continued strikes on Iran for an 11th consecutive day. September Brent reached $92.15/barrel and September WTI $85.25/barrel, supported by geopolitical tensions affecting shipping lanes. Analysts at ING Think noted that risks to Saudi exports from the Red Sea and disruptions at Russia's CPC terminal may leave Brent undervalued.
Commodities Brent crude oil tops $90 as US and Iran intensify Middle East attacks
Oil prices surged on Monday, with Brent crude surpassing $90 a barrel, as the United States and Iran intensified attacks in the Middle East, disrupting energy shipments through the Strait of Hormuz. Brent climbed 3.05% to $90.79, its highest since June 11, after a 15.9% weekly gain. The conflict escalated with US naval blockades and Iranian strikes on shipping, reducing transit through the strategic waterway.
Logistics Iran Primes Houthis to Shut Bab el-Mandeb, Risking Global Shipping Disruption
Iran has reportedly asked Yemen's Houthi movement to prepare to close the Bab el-Mandeb Strait if the US attacks Iranian power infrastructure. Missiles and drones have been deployed near the strategic waterway, according to sources. The move threatens to choke a critical chokepoint for global trade, forcing further diversions around Africa and driving up freight costs.
Logistics US Forces Fire Hellfire Missiles to Disable Iran-Bound Tanker in Arabian Gulf
U.S. forces fired Hellfire missiles to disable the Curacao-flagged tanker M/T Belma attempting to violate a blockade toward Iran's Kharg Island terminal. The vessel ignored multiple warnings and is no longer transiting. The U.S. blockade began July 14 after the ceasefire collapsed. Crude oil futures stabilized at $78 per barrel with reduced Strait of Hormuz traffic.
Crude Oil Futures Edge Lower Despite US Strikes on Iran; Supply Disruptions Loom
Crude oil futures traded marginally lower on Thursday despite US airstrikes on Iranian facilities. September Brent was at $84.70, down 0.29%, while WTI fell 0.19% to $79.45. US EIA data showed a 1.7-million-barrel draw in commercial crude inventories. Analysts from ING Think flagged risks of renewed supply disruptions amid depressed tanker traffic through the Strait of Hormuz and the impending end of SPR releases.
Trade Oil, LNG, Fertilisers and Diamonds at Risk from Iran's Wider Blockade Threat Beyond Strait of Hormuz
Iran's Islamic Revolutionary Guard Corps (IRGC) has warned it could expand efforts to disrupt regional trade beyond the Strait of Hormuz, threatening oil, LNG, fertilisers and diamond supply chains. The Strait carries nearly 20 million barrels per day of crude and petroleum products, and over 90% of Qatar and UAE's LNG exports. Diamonds routed through India and UAE for cutting and polishing face disruption, along with petrochemicals and food shipments.
Commodities Crude Oil Futures Rise as Trump Threatens Strikes on Iran's Energy Targets
Crude oil futures traded higher on Wednesday after US President Donald Trump threatened to strike energy targets in Iran. September Brent rose 0.93% to $85.52 and August WTI gained 0.66% to $79.86 on geopolitical supply disruption fears. Trump's comments follow ongoing attacks between US and Iranian forces in West Asia.
Commodities Crude oil futures surge after Trump reinstates naval blockade of Iranian ports
Crude oil futures rose sharply on Tuesday after US President Donald Trump reinstated a naval blockade of Iranian ports. September Brent crude climbed 1.78% to $84.78/barrel, while WTI gained 2% to $79.70. The move includes a 20% fee on cargo passing through the Strait of Hormuz, which analysts estimate could add $16/barrel in costs. US Central Command also conducted airstrikes on Iranian military targets, deploying over 50,000 troops.
Trade US and Iran Trade Fire as Tensions Rise Over Strait of Hormuz
The US launched a new attack on Iran on Sunday evening, killing one person, according to Iranian state media. Iran's Islamic Revolutionary Guard Corps (IRGC) responded by striking US military bases in Kuwait, Jordan, and Bahrain. The Strait of Hormuz remains at the center of conflicting claims—Iran says it is closed, the US insists it is open. Oil prices jumped 4.3% in Asia on Monday, with Brent crude at $79.26 a barrel.
Logistics Container Ship Attacked in Strait of Hormuz as Iran Widens War, Disrupting Global Trade
Iran attacked the container ship GFS Galaxy in the Strait of Hormuz, setting it afire and forcing crew to abandon ship. Iran declared the strait closed to vessel traffic and expanded missile/drone attacks on several Gulf states. Energy prices surged, and Maersk's planned Suez restart is threatened.
Commodities Crude Oil Futures Gain on Reports of Iranian Strikes on US Military Targets in West Asia
Crude oil futures gained on Friday morning following reports of Iranian armed forces launching attacks on US military infrastructure in West Asia. At 9:36 am, September Brent oil futures were at $76.64, up 0.45%, and August WTI crude oil futures at $72.40, up 0.44%. The escalation follows recent US strikes on Iranian targets, including approximately 90 military assets on July 8 and 80 on July 7, in response to attacks on commercial shipping in the Strait of Hormuz.
Commodities Brent crude surges to $78 per barrel on fresh US strikes on Iran and West Asia tensions
Brent crude surged to $78.68 per barrel on Thursday after the US launched fresh strikes on Iran and President Trump declared the ceasefire 'over'. West Texas Intermediate also climbed. The escalation in West Asia raised fears of supply disruptions, pushing oil prices higher after after-hours gains on Wednesday.
Commodities Crude oil futures rise as US continues attacks on Iran, Strait of Hormuz tanker crossings plunge
Crude oil futures advanced on Thursday after US forces conducted a second day of strikes against Iranian military targets, escalating tensions in the Strait of Hormuz. September Brent rose 1.12% to $78.89/barrel, while August WTI gained 1.14% to $74.36. ING Think strategists noted the ceasefire appears on life support, and vessel tracking data showed Strait of Hormuz tanker crossings fell to just seven, the lowest since June 21.
Commodities Crude Chaos: Oil Near $80 a Barrel After Trump Declares US-Iran Ceasefire ‘Over’
Oil prices surged toward $80 a barrel after US President Donald Trump declared the US-Iran ceasefire 'over' and launched fresh strikes. Brent crude rose 1.31% to $79.04, extending a 5% rally. Maritime authorities raised the Strait of Hormuz threat level to 'severe' following tanker attacks, reigniting inflation fears.
Commodities Oil Jumps Nearly 5% as Trump Declares Iran Ceasefire 'Over'; Wall Street Falls
Oil prices surged nearly 5% and US stocks fell on Wednesday after President Donald Trump declared the ceasefire with Iran effectively over, raising fears of renewed disruptions to global energy supplies. Brent crude rose 4.8% to $77.74 a barrel, while the S&P 500 dropped 0.5% and the Dow lost 550 points.
Logistics Container Rates Near $9,000 on Asia-US East Coast as Iran War Flares
Container rates on the Asia-US trans-Pacific trade lane surged to nearly $9,000 per FEU on the East Coast, up 8% week-over-week, as renewed hostilities between the US and Iran disrupt shipping and delay Maersk's planned return to the Suez Canal. General rate increases and peak season surcharges have added over $3,000 per FEU since late May. Congestion is building at major Asian ports including Shanghai, Ningbo, Yantian, Singapore, Busan, and Colombo.
Trade North Korean $1.5B Crypto Heist Traced to Iran Central Bank Wallets
The $1.5 billion crypto heist from Bybit, operated by North Korean hackers, has been traced through blockchain analysis to wallets linked to Iran's central bank, with funds moving through CoinEx exchange. The case underscores growing challenges in enforcing sanctions as cryptocurrency becomes integrated into Iran's financial networks.
Iran's Inflation Surges to 88.6% as War Deepens Economic Crisis, Times of India Reports
According to a Times of India article, Iran's inflation rate has reached 88.6% as the country's war deepens the economic crisis. No further details are provided in the original report.
Trade Iran-US Interim Peace Deal May Support India's Growth But Inflation and Fiscal Risks Remain: RBI
The Reserve Bank of India, in its bi-annual Financial Stability Report, stated that the interim peace deal between Iran and the United States could support India's economic growth by normalising supply chains and easing geopolitical tensions. However, it warned that elevated oil and commodity prices, along with weaker global growth, could weigh on domestic expansion in 2026-27, while inflation and fiscal deficit pressures remain key concerns.
Trade Iran rushes to sell oil to India after Trump sanctions waiver – all you need to know
Following a 60-day sanctions waiver from the Trump administration, Iran is rushing to sell crude to Asian buyers including India. Around 68 million barrels of oil are floating at sea, over 80% without confirmed destination. However, Asian refiners remain cautious due to policy uncertainty and sanctions complexities.
Trade US revokes Iranian oil sanctions waiver after three tankers hit in Strait of Hormuz
The United States revoked a sanctions waiver allowing Iranian oil sales after three tankers were hit by projectiles in the Strait of Hormuz. The license, issued under an interim US-Iran agreement, was lifted due to Tehran's 'unacceptable' actions. Iran condemned the move as a breach of the deal.
Commodities Crude Oil Surges Over 6% as Trump Declares Iran Ceasefire 'Over'
Oil prices surged more than 6% after US President Donald Trump declared the interim ceasefire with Iran 'over' following US strikes on Iran in response to attacks on three ships in the Strait of Hormuz. Brent crude rose 6.3% to $78.80 a barrel, and US benchmark crude jumped 6.4% to $75.00. The move raises uncertainties over inflation and coincides with concerns over AI stock valuations.
Commodities Crude Oil Futures Surge as US Strikes Iran and Revokes Oil Sales Waiver
Crude oil futures traded sharply higher on Wednesday following US military strikes on Iran and revocation of a waiver allowing Iranian oil sales. September Brent rose 2.56% to $76.06/barrel, while August WTI gained 2.51% to $72.21. The US struck over 80 targets in Iran after Iranian attacks on commercial vessels in the Strait of Hormuz, and revoked a temporary licence for Iranian oil exports, heightening geopolitical risk.
Commodities Gold wavers as investors weigh US strikes on Iran, await Fed minutes
Gold prices fluctuated on Wednesday as fresh US military strikes against Iran boosted oil and the dollar, stoking inflation fears. Investors awaited the release of the Federal Reserve's June meeting minutes for direction on interest rates. Spot gold rose 0.5% to $4,125.59 per ounce after earlier hitting its lowest since July 2.
Commodities Global oil output to return to pre-Iran war level by year's end, US EIA says
The U.S. Energy Information Administration (EIA) reported that global oil output and trade flows should rebound fully by the end of 2026 from disruptions caused by the Iran war. The agency cut its Brent crude price forecast to $74/barrel for Q3, down from $85 in June and a previous estimate of $101. The easing of the Strait of Hormuz blockade after a preliminary U.S.-Iran deal has enabled increased vessel movement, and the EIA expects most shut-in Middle East production to return by Q1 2027, lowering fuel prices.
Commodities Crude oil futures rise on cautious optimism over US-Iran peace talks
Crude oil futures edged higher on Friday as markets remained cautiously optimistic about US-Iran peace efforts, despite indirect talks in Doha concluding without an agreement. September Brent oil futures reached $72.29, up 0.68%, while August WTI crude rose to $69.06. Supply-side developments included a sharp increase in Kuwait's oil production and normalising flows through the Strait of Hormuz.
Logistics Hormuz dispute shifts from access to control as containership grounding highlights risks
Indirect US-Iran talks in Doha yielded only a seven-day quiet period on the Strait of Hormuz, with negotiations deadlocked over joint sovereignty and tolling proposals. A Comoros-flagged containership sanctioned under OFAC ran aground after deviating from Iran's approved corridor, exposing the operational risks for vessels transiting the waterway. The dispute has shifted from access to control, with Iran demanding passage fees and warning of 'irreversible incidents' for non-compliant ships.
Commodities Crude oil trades lower as US and Iran conclude indirect talks in Qatar
Crude oil futures fell on Thursday after the US and Iran concluded indirect talks in Qatar without a deal. The EIA reported a 3.8-million-barrel decline in US crude inventories. September Brent was at $70.83, down 1.03%, and August WTI at $67.84, down 1.08%.
Commodities India Plans 30-Day LPG Storage Buffer After Iran War Exposes Hormuz Supply Risk
State-run OMCs in India are developing a 30-day strategic LPG reserve to mitigate supply risks highlighted by the Iran conflict, with BPCL investing roughly Rs 5,000 crore to nearly double its storage capacity. The plan includes expanded onshore, underground, and floating storage, alongside import diversification from the US, Europe, and Russia. India imports nearly 60% of its LPG, with about 90% of those imports passing through the Strait of Hormuz.
Commodities Oil prices rise as Iran-US talks hit roadblock, supply fears return
Crude oil prices edged higher on Wednesday as stalled talks between Iran and the US over a final agreement renewed supply fears from the Middle East. Brent crude rose 33 cents to $73.28 per barrel, while WTI gained 34 cents to $69.84 per barrel. The Doha talks failed to deliver a breakthrough, with US envoys meeting mediators rather than Iranian officials directly.
Commodities Crude Oil Futures Rise as Iran Declines Direct Talks with US in Doha
Crude oil futures rose on Wednesday after reports that Iran declined direct talks with US representatives in Doha. Brent crude climbed to $73.22 per barrel and WTI to $69.74. The move comes amid limited tanker traffic in the Strait of Hormuz, while US crude production hit a record 13.93 million bpd in April, according to EIA data.
Logistics Strait of Hormuz Operations at Risk as Iran-Oman Toll Plan Threatens Global Oil and LNG Flows
Iran and Oman are considering charging ships for transit through the Strait of Hormuz, a vital chokepoint for about one-fifth of global oil and LNG trade. The move follows a months-long blockade triggered by conflict, and despite a June 17 MoU that reopened the strait, attacks on vessels continue. The legal status of such tolls is disputed, with the US warning of 'total chaos'.
Commodities China Speeds Up Sulphur Futures Plans as Iran Conflict Triggers Price Volatility
China is accelerating plans to launch its first sulphur futures contracts this year as the Iran conflict has intensified price volatility. The Dalian Commodity Exchange is likely to launch in Q4 2026. Spot sulphur prices in eastern China hit a record 11,850 yuan per metric tonne before easing to 9,043.5 yuan per tonne as shipments resumed through the Strait of Hormuz, but remain 292% higher year-on-year.
Logistics Strait of Hormuz Security Collapses as US and Iran Trade Fresh Military Strikes
The 14-point ceasefire for the Strait of Hormuz collapsed over the weekend as US and Iranian forces exchanged strikes following drone attacks on two commercial vessels. The Panama-flagged tanker Kiku and containership Ever Lovely were hit, with Iran threatening stricter routing enforcement. Oman has proposed an alternative corridor, but shipping through the strait is unlikely to return to pre-conflict arrangements.
Commodities Crude Oil Falls to Four-Month Low as Strait of Hormuz Traffic Improves and Iran Supply Outlook Weighs
Crude oil prices fell to four-month lows on Wednesday, with Brent crude dropping 1.8% to $75.71 per barrel and WTI falling 1.5% to $72.13, as improved tanker movement through the Strait of Hormuz and expectations of increased Iranian exports eased supply disruption concerns. The physical market also weakened, with Middle Eastern grades like Dubai, Oman, and Murban slipping into discounts. Despite the decline, analysts caution that geopolitical risks remain unresolved.
Commodities Iran peace deal sends oil and gas prices lower, but relief at the pump may be slow
The Iran-US peace deal signed on 18 June 2026 ends the war that began in February, reopening the Strait of Hormuz. UK petrol and diesel prices remain elevated but have started to fall, while UK gas prices have dropped to 98p/therm from a war peak of 157p. Jet fuel prices, which soared to $1,838 per tonne, are declining. However, household energy bills are set to rise 13% in July due to Ofgem's pre-set cap, and air fares may stay high due to lingering customer hesitancy.
Trade US Grants 60-Day Sanctions Waiver for Iranian Crude Oil; India Eyes Lower Prices
The United States granted Iran a 60-day sanctions waiver for crude oil exports following peace talks in Switzerland. The exemption, valid until August 21, 2026, allows Tehran to sell oil and receive payments. For India, lower global crude prices are expected, but analysts caution against expecting immediate import deals due to policy uncertainty.
Commodities Asian Refiners Shun Iranian Oil After US Waiver, Leaving China as Primary Buyer
A temporary US sanctions waiver on Iranian oil sales through August 21 has not drawn orders from well-stocked Asian refiners, leaving independent Chinese refineries as the main buyer. Brent crude has declined about 16% in June, and Iranian crude on water has surged by 6 million barrels in 48 hours to 126 million barrels.
UK petrol and diesel prices fall after US-Iran deal, further drops expected
UK fuel prices have fallen sharply after the US and Iran reached a framework deal to end their war, sending Brent crude to around $76 a barrel. The RAC reports petrol at 154.7p and diesel at 174.3p, with further declines expected as wholesale costs drop.
Trade US Temporarily Suspends Iranian Oil Sanctions After Nuclear Inspections Agreement
The United States on Monday temporarily suspended sanctions on Iranian oil after Vice President JD Vance said Tehran agreed to allow UN nuclear inspectors back. The US Treasury issued a 60-day general licence authorising Iranian crude oil transactions through August 21, citing commitments on Strait of Hormuz access and IAEA inspections.
Trade US Eases Sanctions on Iranian Oil Exports as Talks Move Towards Final Peace Agreement
The US Treasury Department has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian crude oil, petroleum products, and petrochemicals, marking a significant sanctions relief measure. The move fulfills a commitment under a framework agreement reached last week as Washington and Tehran continue talks in Switzerland toward a final peace agreement.
Trade Washington and Tehran Issue Conflicting Messages on Strait of Hormuz Transits
The United States and Iran issued contradictory statements over the weekend on the status of the Strait of Hormuz. US Central Command reported 55 merchant ships transited on Saturday, while Iran maintained the waterway was closed. Vessel-tracking data from Kpler showed only five ships passed on Sunday, down from 26 a day earlier, deepening confusion for shippers.
Commodities Crude oil futures decline after US and Iran conclude first round of talks in Switzerland
Crude oil futures traded lower on Monday after the first round of US-Iran talks concluded in Switzerland. September Brent fell 1.49% to $78.86 and August WTI dropped 0.40% to $75.55. Iran's Foreign Minister Abbas Araqchi stated that oil and petrochemical exports are waived and blockade lifted, while US President Donald Trump warned Iran over its proxies. ING strategists noted that a permanent deal remains challenging with risks of a flare-up during the 60-day ceasefire.
Commodities Crude Comeback: 20 Million Barrels Leave Iran Port After Peace Breakthrough
A wave of 11 tankers carrying 20 million barrels of crude oil departed from Iran's Chabahar port after a peace breakthrough between Tehran and Washington, according to shipping data cited by Bloomberg. The vessels had been blocked by a US military blockade, and the move signals a potential easing of oil supply constraints. Uncertainty remains as peace negotiations are delayed.
Trade Iran Peace Deal to Reopen Strait of Hormuz: Oil, Jet Fuel, and Energy Prices Begin to Stabilize
The Iran-US peace deal signed on 18 June 2026 is set to reopen the Strait of Hormuz, lowering energy prices after months of war-driven inflation. UK petrol remains at 154.72p/litre, diesel 174.30p, while jet fuel prices have halved from war peaks but remain above pre-war levels. Deferred nuclear talks create uncertainty.
Commodities Iran-US Peace Deal Reopens Hormuz: 62 Million Barrels Set to Flood Market, Asia Braces for Oil Glut
The US-Iran peace deal has ended the blockade of the Strait of Hormuz, releasing 62 million barrels of crude stranded in supertankers. Asian refiners, who secured alternative supplies during the conflict, now face a potential oil glut. The forward curve for Middle Eastern grades has shifted into contango, signaling bearish sentiment.
Commodities Crude Oil Futures Plunge After Reports of US-Iran Interim Peace Deal Digitally Signed
Crude oil futures declined sharply on Thursday morning following reports that the US and Iran had digitally signed an interim peace deal to end the war in West Asia. The deal is expected to reopen the Strait of Hormuz and waive US sanctions on Iranian oil, easing global supply. IEA data showed a potential surge in oil supply, while US EIA reported a decline in crude inventories.
Trade From Oman to Tanzania: How the Iran War Is Redrawing India's Trade Map
The Iran conflict and Strait of Hormuz disruptions are redrawing India's trade map. Oman jumped from 30th to 10th import source (imports up 3.8x to $3.4 billion), while Tanzania became the 8th-largest export destination (up from 25th, shipments rising to $2.2 billion). Commerce Secretary Rajesh Agrawal cited free trade agreements and alternative port access as key enablers.
Commodities Iran War Disrupts Middle East Oil Supply, Driving Volatility in Crude and Refined Product Prices
The US-Israel war with Iran has disrupted Middle East oil production and transportation, leading to volatile wholesale crude prices. Petrol hit an Iran-war peak of 159.53p/litre in May, while diesel peaked at 191.54p/litre in April. RAC data shows current prices slightly lower, with further falls expected. The war's impact on oil flows through the Strait of Hormuz remains a key risk.
Commodities Middle East Peace Deal: Iran to Resume Oil Exports as Brent Crude Plunges Below $78
The US and Iran are set to sign an interim memorandum of understanding, allowing Iran to immediately resume oil exports and access a $300 billion economic development programme. Brent crude dropped below $78/barrel, falling 15% over four sessions, as markets price in increased supply from the reopening of the Strait of Hormuz.