Oil Prices Ease as Shipping Resumes in Hormuz Strait   While the United States and Iran have yet to agree on terms to reopen the strategic Strait of Hormuz, about 30 Chinese ships reportedly transited the waterway on Wednesday. The semi-official Fars news agency in Iran reported...

Global oil prices surged to $104 per barrel on Monday after peace talks between the United States and Iran collapsed, raising fears of renewed hostilities in the Middle East.

Iran Slashes Oil Output as Storage Hits Capacity Limit The United States and Iran are edging towards a temporary agreement to halt their war as Tehran grapples with an escalating oil storage crisis caused by stalled crude exports and falling production. Sources and officials told Reuters...

Iran has established the Persian Gulf Strait Authority to regulate maritime traffic through the Strait of Hormuz, one of the world’s most critical oil shipping routes.  

Oil Surges to $105 Amid Fresh Middle East Tensions   Oil prices rose from around $100 per barrel on Wednesday to over $105 as of Thursday following the failure of Iran and the United States to agree on a ceasefire deal to reopen the Strait of...

Tensions in the Middle East escalated on Saturday as Iran announced the closure of the Strait of Hormuz, accusing the United States of violating prior agreements amid a continuing naval blockade.