The U.S. Central Command said on Tuesday it completed a new round of strikes on Iran and that it had struck over 80 targets during its latest attacks. Along with unleashing a new wave of strikes against Iran, Washington had also revoked a license allowing the country to sell oil after three tankers were hit by projectiles in the Strait of Hormuz. "U.S. forces struck Iranian air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 [Read more]

Iran's top joint military command, Khatam al-Anbiya Central Headquarters, said on Wednesday that Iranian armed forces would deliver a "crushing response" after accusing the U.S. military of targeting parts of southern Iran in what it called a "blatant act of aggression", and warned that Tehran would not allow U.S. interference in the management of the Strait of Hormuz. It said that the only safe passage for commercial vessels and oil tankers through the waterway was the route determined by [Read more]

U.S. oil prices jumped nearly 3% in early trade on Wednesday, extending the previous session's gains, after the U.S. military launched a series of strikes against Iran, heightening concerns that a fragile truce was faltering. The strikes against Iran were in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz, U.S. Central Command said on Tuesday. U.S. West Texas Intermediate crude was up $1.95, or 2.8%, at $72.39 a barrel as of 2215 GMT. WTI [Read more]

Iran's foreign ministry condemned a U.S. Treasury move to revoke the temporary suspension of sanctions on Iranian oil sales, saying the decision breached the Islamabad memorandum on ending the war and holding Washington responsible for the consequences. The ministry said Iran would take any measure it deemed necessary to safeguard its interests and national security. The United States on Tuesday re-imposed sanctions on Iranian oil, as a U.S. official warned that Iran's attacks on vessels [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Tuesday. WCS for August delivery in Hardisty, Alberta, settled at $14.95 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $15.15 on Monday. * The discount has unwound most of the tightening that took place in June. This month's widening trend is due to increased volumes of oil transiting through the Strait of Hormuz and the ongoing [Read more]

The United States is revoking a general license that authorized the sale of Iranian oil, a U.S. official said on Tuesday, warning that Iran's actions in the Strait of Hormuz were "wholly unacceptable" and would be met with consequences after attacks on tankers in the strategic waterway. Oil prices rose more than 3% following the announcement. The U.S. official said negotiators continued to work in good faith toward a final agreement with Iran despite the latest escalation. The U.S. move came [Read more]

Global oil output and trade flows should rebound fully by the end of this year from the disruptions caused by the Iran war, the U.S. Energy Information Administration said on Tuesday. Global benchmark Brent crude oil prices will average around $74 a barrel in the spot market during the third quarter of this year, down from an average of $85 in June, the EIA said. The agency had last month forecast Brent prices would average over $101 a barrel in the third quarter. The months-long blockade [Read more]

U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, driven by AI-hungry data centers and electrification, the Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours (kWh) in 2025 to 4,269 billion kWh in 2026 and 4,399 billion kWh in 2027. Demand is surging in large part due to data centers dedicated [Read more]