U.S. missiles struck targets across Iran, reaching as far as its Caspian coast, on Friday after President Donald Trump vowed "major military punishment" for Tehran and its Houthi allies in Yemen for extending the Middle East war to a second major shipping chokepoint, the mouth of the Red Sea. Two weeks after the collapse of an interim truce meant to end the war, the Iranian armed forces responded by firing at U.S. bases in neighbouring Arab countries and warning people there that they may strike [Read more]

Danish-flagged oil products tanker Torm Innovation will sail to Asia via the Suez Canal with its cargo due to the security situation in the southern Red Sea, the vessel’s owner Torm said on Friday. The Iran-aligned Houthis on Monday declared a naval blockade against Saudi Arabia, opening a potential new front against the United States in its war with Iran and raising the threat to global energy supplies and trade beyond the Gulf. "Given the security situation in the southern part of the Red [Read more]

SLB beat expectations for second-quarter profit on Friday, as resilient demand across key markets helped the top U.S. oilfield services firm ride out weakness in the Middle East due to the Iran war, sending its shares up 2% before the bell. Frequent flare-ups in the war, now in its fifth month, have kept a crucial oil-producing region on edge, with Iran now seeking to shut the Bab el-Mandeb gateway ​to the Red Sea after choking off shipping through the Strait of Hormuz. The Middle East is [Read more]

U.S. President Donald Trump promised "major military punishment" for Iran and its Houthi allies after the Yemeni fighters struck two Saudi oil tankers in the Red Sea, extending the Middle East war to a second major shipping chokepoint. Fears that disruption could widen to block another sea route sent global oil prices surging in one of the steepest rises of the war. Brent crude rose more than 6%, piercing the level of $100 a barrel for the first time since May. Two weeks since the [Read more]

Oil headed for weekly gains on Friday, as Houthi attacks on tankers in the Red Sea sparked worries about the closure of a second shipping chokepoint, while Kazakhstan temporarily cut output after its main export route was forced to shut. Brent futures eased 72 cents, or 0.72%, to $99.97 a barrel as of 0126 GMT, but remained on course for a 13.5% advance this week. West Texas Intermediate (WTI) futures fell 70 cents, or 0.76%, to $91.49 a barrel, on track for a 10.9% weekly rise. Brent had [Read more]

U.S. President Donald Trump told Axios in an interview on Thursday that he is seriously considering restarting major combat operations in Iran, which could include larger strikes than those carried out during "Operaton Epic Fury," the news outlet reported. "They haven't received enough pain yet," Axios quoted Trump as saying, adding that Trump said he had not yet made a final decision. (Reporting by Ryan Patrick Jones in Toronto) [Read more]