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.  

Global oil prices fell sharply on Friday after the Strait of Hormuz was reopened to commercial shipping, easing fears of prolonged supply disruptions.  

Brent Crude Drops to $101 Amid US Withdrawal from Iran Oil prices slumped on Wednesday amid reports that the United States would be “out of Iran pretty quickly” and could return for “spot hits” if needed. President Donald Trump told Reuters on Wednesday about the planned...

Trump Denies Knowledge of Israel’s South Pars Strike as Oil Prices Surge The President of the United States, Donald Trump, has said the U.S had no prior knowledge of Israel’s strike on Iran’s South Pars gas field, while also distancing Qatar from the incident. Trump disclosed...

‎Oil Surges Near $110 as Israel, US Strike Iran’s South Pars Gas Field‎ ‎Global oil prices jumped sharply on Wednesday after Israel, in coordination with the United States, struck Iran’s South Pars gas field, the world’s largest natural gas reserve, marking a major escalation in...

Egypt has raised domestic fuel prices by up to 30%, citing “exceptional” global energy pressures caused by the ongoing Middle East war, which has disrupted oil supplies and shipping routes.