The last time the world faced a sudden surge in inflationary pressures from a severe supply shock and spiking energy prices, in 2021-22, major central banks responded in unison. That's unlikely to happen this time around. Five years ago, pandemic-related supply disruptions kicked off a unified - if belated - interest rate-hiking cycle among the world's biggest central banks that sped up in the face of sky-rocketing energy prices triggered by Russia's invasion of Ukraine in February, [Read more]

More vessels are flowing through the Strait of Hormuz, U.S. Defense Secretary Pete Hegseth told a briefing on Tuesday. "There are countries around the world who ought to be prepared to step up on this critical waterway as well," he told reporters. (Reporting by Phil Stewart, writing by Michelle Nichols, editing by David Ljunggren) [Read more]

President Donald Trump on Tuesday urged countries that did not help in the U.S.-Israeli strikes on Iran to buy American oil and go to the Strait of Hormuz and "just TAKE it." Trump singled out Britain and France as unhelpful in the month-long war that has roiled global markets, driven up energy prices and seen Iran effectively close oil tanker traffic through the Strait. "All of those countries that can’t get jet fuel because of the Strait of Hormuz, like the United Kingdom, which refused [Read more]

European Union governments should prepare for a "prolonged disruption" to energy markets as a result of the Iran war, the bloc's energy chief has told countries' ministers ahead of an emergency meeting on Tuesday. In a letter to energy ministers, dated March 30 and seen by Reuters, EU Energy Commissioner Dan Jorgensen said governments were "encouraged to make timely preparations in anticipation of a potentially prolonged disruption". Europe's heavy reliance on imported fuel means the [Read more]

Kuwait Petroleum Corporation said a giant Kuwaiti crude oil tanker, Al Salmi, was directly targeted in what it described as an Iranian attack while anchored at Dubai port in the United Arab Emirates, causing damage to the vessel and a fire onboard, the state news agency KUNA said on Tuesday. The corporation said the tanker was fully loaded at the time of the incident and warned of a possible oil spill in surrounding waters, adding no casualties were reported and an assessment of the damage was [Read more]

A tanker ship caught fire near the Strait of Hormuz after a strike by an unknown projectile, United Kingdom Maritime Trade Operations said on Monday. The tanker was 31 nautical miles (57.4 km) northwest of Dubai when the projectile hit the tanker on its starboard side, UKMTO said, citing a report at 2020 UTC from the vessel's company security officer. The crew was safe and accounted for and no environmental impact was reported, UKMTO said. Commercial vessels have come under attack from [Read more]

Japan called on the Group of Seven wealthy nations and the International Energy Agency to be ready to take further flexible measures to stabilise energy markets if the Iran war drags on, its industry minister said on Monday. Those actions could include additional coordinated oil stockpile releases at an appropriate time, Ryosei Akazawa told reporters after attending an online meeting with G7 finance ministers, energy ministers and central bank governors. "In Asia, soaring (energy) prices and [Read more]