Oil prices jumped on Monday as Iran expanded strikes on Gulf states following attacks by the United States, threatening energy shipments via the Strait of Hormuz. Brent crude futures climbed $2.34, or 3.08%, to $78.35 by 2311 GMT, while U.S. West Texas Intermediate crude rose $2.21, or 3.09%, to $73.62 a barrel. Over the weekend, Tehran extended strikes on Qatar and the United Arab Emirates while the U.S. launched further strikes on Iran, the latest in a cycle of attacks and counter-attacks [Read more]

Iraq's prime minister will visit Washington on Monday to deepen strategic ties with the United States, with oil and gas deals expected to be signed as part of a broader push for economic, trade and investment cooperation. Iraq has been seeking to balance its ties with neighbouring Iran and the U.S. as military escalation between the two rivals continues. "The agreements to be signed will include several memorandums of understanding in the oil and gas sector as Iraq prepares to bring in various [Read more]

The U.S. military said on Saturday it launched a new round of strikes against Iran after Islamic Revolutionary Guard Corps forces attacked a Cyprus-flagged container ship transiting the Strait of Hormuz. "A civilian crew member is missing and the vessel is unable to continue the journey due to an onboard fire and significant engineroom damage," the U.S. Central Command said in a statement on X. The U.S. Central Command said the strikes were carried out at the direction of President Donald [Read more]

Iran on Sunday said it closed the Strait of Hormuz after a vessel traveled on an unapproved route and was struck, warning that any retaliation over the incident would be met with a "severe response." "A vessel that had jeopardized maritime security by switching off its systems was struck and brought to a halt," the Navy of Iran's Islamic Revolutionary Guard Corps said in a statement, without giving any details about the ship. The statement said several ships attempted to move through the [Read more]

Iran's Revolutionary Guards navy said early on Sunday it had closed the Strait of Hormuz until further notice after firing a warning shot at a vessel it said had attempted to transit along an unapproved route, state media reported. (Reporting by Yomna Ehab; Editing by Chizu Nomiyama) [Read more]

A written statement from Iran's Supreme Leader Ayatollah Mojtaba Khamenei threatened vengeance for the death of his predecessor and father on Saturday, but added that it would depend not only on Iran but also on "free people around the world". In the supreme leader's first public message since funeral ceremonies for his father, Ayatollah Ali Khamenei, began a week ago, the statement read on state television said that vengeance was "the demand of the nation" and "must certainly" take [Read more]

President Donald Trump said the U.S. and Iran had agreed to continue talks despite an escalation of hostilities this week but he declared that the ceasefire reached between the two sides last month was over. The United States also stepped up demands on Friday that Iran stop attacks on ships in the Strait of Hormuz, where recent hostilities have pushed oil prices higher, a politically sensitive issue for Trump ahead of November congressional elections. Trump's comments came on a day of [Read more]

Shale producer Occidental Petroleum said in a filing on Friday its worldwide average realized oil prices rose 38.4% in the second quarter compared with the previous three months, driven by higher benchmark crude rates amid the Middle East conflict. The U.S.-Iran war has injected a hefty geopolitical risk premium into the energy markets and disrupted supplies through the Strait of Hormuz, which carries about a fifth of global oil flows. * Benchmark Brent crude saw an average closing price of [Read more]