U.S. President Donald Trump has sent Congress formal notification that hostilities against Iran resumed on July 7, a letter his administration sees as opening a new 60-day window to use the military in the region without congressional approval. "I directed this military action consistent with my responsibility to protect Americans and United States' national security and foreign policy interests," Trump said in the letter, dated July 10, and seen by Reuters on Monday. The letter outlines [Read more]

President Donald Trump told reporters on Monday that the United States was attacking Iran's capabilities related to the Strait of Hormuz, amid renewed military action between the two countries. The U.S. military said on Monday it was launching fresh strikes against Iran but Trump told reporters at the Oval Office on Monday that he had not decided that a negotiated settlement could not be reached with Tehran. Trump also said that it could be that there are Iranian drones in Cuba. "If [Read more]

Iran and the U.S. have both announced rival blockades of the Strait of Hormuz once again, crippling an already fragile ceasefire deal. This should alarm oil traders who had been pricing in a rapid return to normal. But markets appear sanguine – and that may be a miscalculation. The global oil and gas market proved remarkably resilient during the 108-day conflict, thanks in large part to the ample global reserves present before the war began on February 28. But the energy market is no longer [Read more]

The U.N.'s shipping agency said on Monday that it opposes fees on ships passing through maritime waterways but would await more details after U.S. President Donald Trump said he would reinstate a naval blockade on Iran and charge 20% on all cargo shipped through the Strait of Hormuz. Trump said in a Truth Social post the process would begin immediately, but did not elaborate. "We are aware of the post and awaiting more details," a spokesperson with the U.N.'s International Maritime [Read more]

Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3 million barrels last week to 316.5 million barrels, the lowest level since April 1983, according to data from the Department of Energy. The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility. Since the U.S.-Israeli war on Iran began at the end of February, SPR inventories have fallen by 98.9 million barrels as of July 10. Overall U.S. inventories, including commercial and SPR [Read more]

More details are awaited after U.S. President Donald Trump said in a post that Washington was reinstating a naval blockade on Iran and would be reimbursed 20% on all cargo shipped through the Strait of Hormuz, the U.N.'s shipping agency said on Monday. "We are aware of the post and awaiting more details," a spokesperson with the U.N.'s International Maritime Organization said. "We have always been consistent on our stance on fees – IMO stands firmly against charging fees for passage through [Read more]

President Donald Trump said on Monday that the United States would probably take over the Strait of Hormuz and should be reimbursed for controlling the vital waterway. "We're going to keep the strait, and we'll probably run it. We'll become the guardian of the strait. Maybe we'll call it the guardian angel of the strait. And we should be reimbursed for that," he said in a phone interview on Fox News' "Fox & Friends" program. Control of the Strait of Hormuz, a vital route for global oil [Read more]