Oil

Nations to discuss fossil fuel exit as Strait of Hormuz blockade drives up prices

The gathering of ministers and officials in Santa Marta, Colombia, which starts on Tuesday, will focus on practical steps to shift economies away from fossil fuels.

US FORCES patrol the Arabian Sea near M/V Touska on April 20, 2026, after firing upon the Iranian-flagged vessel that the US accused of attempting to violate the US naval blockade of Iranian ports near the Strait of Hormuz.
Vessels in the Strait of Hormuz, Musandam, Oman, April 27, 2026.

Russian superyacht crosses Strait of Hormuz as shipping traffic remains muted

An aerial view shows a petrochemical plant in operation by the Yangtze River in Nanjing, in eastern China's Jiangsu province November 26, 2025.

US imposes sanctions on Chinese 'teapot' refinery for buying Iranian oil

US Treasury Secretary Scott Bessent looks on as he speaks to the media after two days of meetings with a Chinese delegation, in Paris, France March 16, 2026

US will not renew Iranian, Russian oil waivers, Treasury Secretary tells Associated Press


Five tankers seen loading oil on Iran's Kharg Island, as US blockades Strait of Hormuz - report

Another five tankers, loaded with approximately 9 million barrels of oil, were spotted in the Gulf of Oman earlier this week and are no longer visible in the images.

An LPG gas tanker at anchor as traffic is down in the Strait of Hormuz, amid the US-Israeli conflict with Iran, in Shinas, Oman, March 11, 2026.

Shipping firms seek clarifications before crossing Hormuz as tankers move towards Strait

A group of around 20 ships, including container ships, bulk carriers, and tankers, was seen moving in the Gulf towards the exit via the Strait of Hormuz, according to ship tracking data.

Hapag-Lloyd sign on a container ship at the Valparaiso port, Chile, January 11, 2024.

US-Israel war with Iran reshapes global alliances, benefits Russia - opinion

If there are any winners during the war with Iran, one may be Vladimir Putin, the man Trump has frequently called his “good friend.”

US President Trump meets with Russian President Putin in Alaska, August 15, 2025

US sanctions Iranian oil shipping network run by son of Ali Shamkhani

Shamkhani’s network had previously been sanctioned by the Treasury in July of 2025. The US issued 115 sanctions against the group, according to a Treasury press release at the time.

A ship passes through the Strait of Hormuz.

Iran offers proposal allowing ships to exit Oman side of Hormuz free of attack, source says

The war with Iran has resulted in the largest-ever disruption of global oil and gas supplies due to Iran's interruption of traffic through the Strait of Hormuz.

A vessel in the Strait of Hormuz, off the coast of Oman’s Musandam province, April 12, 2026.

Qatar warns 'full-fledged' Iran war impact about to hit global economy

At an IMF discussion in Washington, Qatari Finance Minister Ali Ahmed Al-Kuwari warned that the world will soon face huge economic ramifications resulting from the war with Iran.

Qatar's Finance Minister Ali bin Ahmed Al Kuwari speaks during a session in the Qatar Economic Forum in Doha on May 20, 2025.

Iran’s economy could collapse within three months under naval blockade, experts warn

An expert on Iran's military noted that Iranian authorities have previously declared that if they are denied access to their ports, they will prevent other countries in the region from using theirs.

SCREENSHOT FROM a video released by Iranian media showing an encounter between the IRGC Navy and a US warship in the Strait of Hormuz, which they claim withdrew from the area after receiving a warning.

Iraq turns to Syria for oil exports after Hormuz disruptions from US blockade

Iraq is rerouting oil exports through Syria’s Baniyas terminal as its maritime oil shipments face disruptions due to the Iranian and US blockades of the Strait of Hormuz.

Luojiashan tanker sits anchored in Muscat, as Iran vows to close the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Muscat, Oman, March 7, 2026.

US will not renew waiver on Iranian oil as it mounts pressure on Tehran, sources say

The waiver, which the Treasury Department issued on March 20, allowed some 140 million barrels of oil to reach global markets and helped relieve pressure on energy supply during the war with Iran.

A general view of the Treasury Building on day two of a partial government shutdown in Washington, DC, US, February 1, 2026.

Saudi Arabia asks US to end Hormuz blockade amid worries of possible Houthi retaliation - WSJ

Saudi officials appear to be weighing not only the direct risks in the Gulf, but also the possibility that Iran could respond through allied forces elsewhere in the region.

US President Donald Trump and Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia interact during the US-Saudi Investment Forum in Washington, US, November 19, 2025.