Oil gains on Middle East supply concerns amid impasse in US-Iran war

Live updates

1. 20d ago

   Oil prices drop as Iran and Qatar pursue talks to open Strait of Hormuz

   Oil prices fell Thursday, extending a multi-day loss streak as markets anticipate talks between Iran and Qatar to reopen the Strait of Hormuz and mitigate supply shocks. This shift comes as the US-Iran war enters its sixth month. The International Maritime Organization has confirmed 68 incidents near the waterway, resulting in at least 20 deaths. While US President Donald Trump claims economic sanctions have caused massive inflation and a collapsing economy in Iran, Tehran has petitioned the UN Security Council to condemn US economic terrorism.

   Why it matters

   The Strait of Hormuz is a critical conduit for global oil and gas shipments. Control over this waterway is a primary negotiating point in the ongoing conflict involving the US, Israel, and Iran. Stability in this region directly impacts global energy pricing and supply security.

   What is confirmed

   • The International Maritime Organization confirmed 68 incidents and at least 20 deaths near the Strait of Hormuz.
   • The US-Iran war has lasted six months.
   • Oil prices fell on Thursday, continuing a multi-day loss streak.

   Still unconfirmed

   • Russian and Egyptian foreign ministers stressed the need for a Middle East settlement regarding the Palestinian issue.

   What to watch next

   • Outcome of the talks between Iran and Qatar regarding the Strait of Hormuz
   • UN Security Council response to Iran's letter regarding US sanctions
   Sources used for this update (7)

   1. oilprice.com — Exxon Eyes Shell’s $8 Billion U.S. Chemicals Business
   2. oilprice.com — Iran Unveils Huge New Gas Discovery Amid U.S. Economic Pressure
   3. www.livemint.com — US-Iran war LIVE: As US-Iran war enters sixth month, IMO says at least 20 dead in 68 incidents near Hormuz
   4. tass.com — Trump says combination of strikes against Iran and economic war effective — TV
   5. tass.com — Lavrov, Egyptian foreign minister stress need for Middle East settlement
   6. www.cnbc.com — Oil prices extend losses on expectations talks to ease Middle East supply woes
   7. tass.com — Iran sends letter to UN Security Council regarding US 'economic terrorism' — agency
   confidence 90%
2. 26d ago

   Oil gains on Middle East supply concerns amid US-Iran war impasse

   Oil prices are rising due to uncertainty over exports through the Strait of Hormuz, a critical waterway for global oil supplies. The gains come amid an impasse in the US-Iran war and lingering Middle East tensions. The situation is causing concern about potential disruptions to oil supplies, leading to price increases.

   Why it matters

   The Strait of Hormuz is a vital passage for global oil exports, with around 20% of the world's oil passing through it. The US-Iran conflict has been a source of tension in the region, with concerns about the potential for disruptions to oil supplies. Any disruption to oil supplies through the Strait of Hormuz could have significant impacts on global energy markets.

   What is confirmed

   • Oil edges up on uncertainty over exports through Hormuz
   • The Strait of Hormuz is a critical waterway for global oil supplies

   Still unconfirmed

   • The Iran war energy crisis is just getting started

   What to watch next

   • Developments in US-Iran negotiations
   • Decisions on oil exports through the Strait of Hormuz
   • Changes in global oil supplies and prices
   Sources used for this update (5)

   1. CNBC — Oil edges up on uncertainty over exports through Hormuz
   2. Reuters — Oil gains on Middle East supply concerns amid impasse in US-Iran war
   3. Reuters — The Iran war energy crisis is just getting started
   4. WSJ — Oil Edges Higher Amid Lingering Middle East Tensions
   5. Semafor — View / Hormuz limbo is now global oil’s top risk
   confidence 70%