BBC: Iran will continue blocking the Strait of Hormuz, the world’s busiest oil shipping channel, according to a statement attributed to Iran’s new Supreme Leader Mojtaba Khamenei…
CNN: The Islamic Revolutionary Guard Corps has threatened to set the region’s oil and gas infrastructure “on fire” if Iranian energy sites are attacked. Khamenei’s purported statement called for the vital Strait of Hormuz to remain closed as a “tool of pressure,” as the global oil market faces historic levels of disruption…
The Guardian: ‘We make a lot of money’: Trump downplays rise in gas prices during Iran war
The president’s comment came as the American Automobile Association reports that the average price for a gallon of gas hit $3.60, a week after the beginning of the US-Israel military operation against Iran prompted the largest price spike since the opening days of Russia’s invasion of Ukraine in 2022…
CNBC: The U.S. Navy will begin escorting ships through the Strait of Hormuz as soon as “militarily possible,” Treasury Secretary Scott Bessent told Sky News on Thursday.
“That was always in our planning, that there’s the chance that the U.S. Navy or perhaps an international coalition will be escorting oil tankers through,” Bessent said in that interview.
“My belief, that as soon as it is militarily possible, the U.S. Navy and perhaps with an international coalition, will be escorting vessels through,” he said…
New York Times: Nearly two weeks after the United States and Israel attacked Iran with an extraordinary display of firepower, Iran has found a way to inflict pain back on its enemies by strangling one of the world’s most vital waterways.
By threatening shipping traffic through the Strait of Hormuz, attacking tankers in an Iraqi port and beginning to lay mines in the strait, Iran has sent oil prices surging and slowed global trade. It has also made clear that it is intent on using what advantages it has to sap the will of the United States to sustain the war…
Reuters: The United States issued a 30-day license for countries to buy Russian oil and petroleum products currently stranded at sea in what Treasury Secretary Scott Bessent said was a step to stabilize global energy markets roiled by the Iran war…
The Guardian: Russia has received €6bn (£5bn) from selling its fossil fuels in the fortnight since the start of the US-Israel war with Iran, data suggests.
The revenues imply Russia made an extra €672m in oil, gas and coal sales during March, as combined average daily prices have surged by 14% from February…
Wall Street Journal: Arab diplomats trying to find a diplomatic path out of the war now being waged by the U.S. and Israel against Iran say Tehran, emboldened by its ability to rattle the global economy by choking oil shipments, has laid out steep preconditions for any return to talks…
New York Times: “This really is the big one,” David Goldwyn, a former U.S. diplomat and U.S. Energy Department official, said of the shutdown of the Strait of Hormuz, the world’s most important choke point for oil. It is the emergency scenario everyone feared, he said.
Cargo deliveries have been stranded, shipping charges have increased and insurance premiums have skyrocketed. Yes, the price of gas at the pump is affected. But so is the price of food, medicine, airplane tickets, electricity, cooking oil, semiconductors and more…
Politico: The U.S.-Israeli war with Iran has triggered the largest supply disruption in global oil market history, according to a Thursday report from the International Energy Agency, as tensions escalate along a critical waterway for international trade…
Bloomberg: President Donald Trump and Iran’s new supreme leader both struck defiant tones on the 13th day of the war, offering little relief to energy markets despite fresh US efforts to curb oil prices…
More:
Trump administration underestimated Iran war’s impact on Strait of Hormuz
Why Is Iran Blocking the Strait of Hormuz?
Why Oil Prices Surged Even After the Release of Strategic Reserves
Could oil prices really reach $200 a barrel as claimed by Iran?
Oil Markets Brace for Lasting Turmoil in the Gulf
How the Strait of Hormuz closure affects global oil supply
What on earth is going on with the oil price?
Could the Iran War Catalyze Canadian Oil and Gas?
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How Iran war laid bare the world’s reliance on Gulf oil and gas