The International Energy Agency (IEA) on Wednesday sharply reduced its forecast for global oil demand this year, with supplies still crimped by the disruption of shipping through the Strait of Hormuz and high prices deterring buyers. Demand is expected to slump by 1.6 million barrels per day, compared with its forecast slump of one million…
World oil demand is set to fall further than previously expected this year, the International Energy Agency said Wednesday, as the impact of the closure of the Strait of Hormuz deepens. The IEA forecast demand will drop by 1.6 million barrels a day in 2026. That’s 510,000 barrels a day more than its last monthly…
Oil prices rose Monday as doubt grew that the U.S. and Iran will reach a deal to increase ship traffic through the Strait of Hormuz. U.S. West Texas Intermediate futures climbed 2.9% to $80.42 per barrel by 10:25 a.m. ET. Brent crude, the international benchmark, was up 2.8% to $85.87 a barrel. President Donald Trump told Axios…
Iranian Foreign Minister Abbas Araghchi speaks during a press conference held at the Ministry of Interior in Tehran, Iran, on Aug. 8, 2026, on the occasion of National Journalists’ Day. Anadolu | Anadolu | Getty Images Iranian Foreign Minister Abbas Araghchi said Tehran is not currently in direct talks with the U.S. to end the war with…
Oman has said positive talks have been taking place with Iran over an agreement to secure a shipping route through the Strait of Hormuz, as Tehran warned that any deal would not see an immediate reopening of the vital waterway. Both sides suggested on Saturday that discussions were progressing, but a timeline on any deal…
32m ago 2 Israeli soldiers killed in southern Lebanon, Israel says Two Israeli reserve soldiers were killed during combat in southern Lebanon, the Israeli military said Thursday local time, where Israel has been fighting the Iran-backed militant group Hezbollah. The army identified them as Maj. Harel Birenstock, 34, a company commander in the 2855th…
The U.S. and Iran could reach a deal on Tuesday or Wednesday to reopen the Strait of Hormuz with freedom of movement for commercial ships, Treasury Secretary Scott Bessent said in an interview. “We are in talks with the Iranians,” Bessent told CNBC’s “Squawk Box.” “There is a chance we may have a deal today…
Ukraine’s President Volodymyr Zelenskyy said Monday that he wants to avoid opening a “new front” after Ukraine’s military struck an Iranian commercial vessel in the Caspian Sea on Saturday. “We have to be careful. We have to do everything we can to not open a new front in any way,” Zelenskyy told Britain’s Sky News…
Oil tankers are increasingly coming under fire on several fronts as economic warfare is deployed as a weapon in the escalating conflicts in the Middle East and Europe. Iran has stepped up its attacks on tankers in and around the Strait of Hormuz this month as it tries to impose its control over the crucial…
Before the war in Iran, roughly 15 million barrels of Persian Gulf oil were shipped each day through the Strait of Hormuz. Within a few years, much of that oil could bypass the strait. As Iran’s chokehold on the strait drags on and oil prices surge — to over $100 per barrel for Brent Crude…
