Oil

Syria relies on Russia's oil despite pivot to the West

Oil shipments from Russia have jumped 75% to about 60,000 barrels per day this year, making Moscow the country's dominant crude supplier following the fall of Assad in December 2024.

Russian President Vladimir Putin and Syria's President Ahmed al-Sharaa shake hands during a meeting at the Kremlin in Moscow on January 28, 2026.
Sheikh Hamdan bin Mohamed Al Maktoum, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defence and Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and UAE National Security Adviser, arrive at Doha International Airport, in Doha, Qatar, September 10, 2025

Fractures rock Gulf alliance as UAE quits OPEC during Iran war - analysis

 US military forces boarded the crude oil tanker Aquila II in the Indian Ocean after pursuing it from the Caribbean. The vessel was accused of breaching Washington's blockade on sanctioned vessels traveling to or from Venezuela. February 9, 2026.

Iran may run out of oil storage within weeks under US blockade pressure

An illustrative image of a cargo ship by the Strait of Hormuz.

Darkness at noon: Iran's control of the Strait of Hormuz is more devastating than nukes - opinion


Iran-linked ships drive traffic through Strait of Hormuz, ship tracking data shows

Despite a two-week ceasefire between Iran and the US, most vessels sailing through the Strait of Hormuz in the past day are linked to Iran, according to ship tracking data.

Cargo ships in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the US-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026.

US consumer inflation expected to have surged in March amid Iran war

March's US Consumer Price Index is expected to show a sharp increase due to soaring oil prices from the Iran conflict, dampening hopes for a rate cut this year.

An illustration of rising prices following US-Iran conflict.

Meloni warns Iran's plan to charge for passage through Strait of Hormuz could disrupt global trade

Italian Deputy Prime Minister Matteo ⁠Salvini said on Wednesday that Italy would not deploy naval vessels to patrol the area without authorization from the United Nations. 

Italian Prime Minister Giorgia Meloni speaks during a joint statement with President of Cyprus Nikos Christodoulides, at Chigi Palace, in Rome, Italy, February 26, 2026.

Trump, Starmer discuss reopening of Strait of Hormuz

The reopening of the Strait, which carries about a fifth of the world's oil consumption, is an important component of the US-Iran ceasefire deal.

The Callisto tanker sits anchored as the traffic is down in the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Muscat, Oman, March 10, 2026.

Hormuz at near standstill as Iran warns ships to keep to its waters

Mitsui O.S.K. Lines, one of Japan’s big three shipping firms, is among those caught up in the confusion as firms try to work out what impact the US-Iran two-week ceasefire is having.

A ship passes through the Strait of Hormuz.

US and Iran reach temporary ceasefire

“The temporary U.S.-Iran ceasefire has eased tensions and boosted markets, but lasting stability remains uncertain.”

Global markets rally, oil drops below $100 after US-Iran ceasefire

The main oil barrel indexes show a 15% average fall, while most markets worldwide, especially Asian markets, are opening up during early trading hours.

Oil barrels and several hundred dollars; Illustrative.

Heat, costs, shortages: US faces limits in deciding next actions in Iran - report

Iran could achieve USD 70-90 billion in annual revenue if the Islamic regime is allowed to charge a toll in the Strait of Hormuz, according to a J.P. Morgan paper.

An illustration of oil barrels, pipelines, and drills, over the backdrop of US and Iranian flags.

South Korea envoy to visit Kazakhstan, Oman, Saudi Arabia to secure oil supplies

South Korea is also working with international partners to ensure the safe passage of 26 South Korean-flagged vessels currently waiting inside the Strait of Hormuz, the envoy said.

Birds fly near the Jag Vasant vessel transferring LPG at a port after transiting the Strait of Hormuz amid supply disruptions linked to the US-Israeli conflict with Iran, in Mumbai, India, April 1, 2026.

Strait of Hormuz closure has raised oil prices, but not without precedent - analysis

Even as gas prices have risen in recent weeks, another set of numbers has remained relatively contained: the markets.

A map showing the Strait of Hormuz, also known as Madiq Hurmuz, and 3D printed oil barrels are seen in this illustration taken March 26, 2026.