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The United States is "fine" with some Iranian, Indian and Chinese ships going through the Strait of Hormuz for now, Treasury Secretary Scott Bessent said on Monday, adding that any action to mitigate higher prices would depend on how long the Iran war lasts. "We are seeing more and more of the fuel ships start to go through. The Iranian ships have been getting out already, and we've let that happen to supply the rest of the world. We've seen Indian ships go out now... we believe some Chinese [Read more]

The United Arab Emirates' daily oil output is down by more than half as the Iran conflict and the effective closure of the Strait of Hormuz forced state oil giant ADNOC to implement widespread production shut-ins, two sources told Reuters. The halt of commercial navigation through the critical maritime chokepoint, which is normally used to transport about a fifth of the world's oil supply, has inflicted massive disruptions on global energy markets. Earlier on Monday, sources told Reuters [Read more]

Neutralizing Iran could make crude oil much cheaper because the threat posed by Tehran imposed a "terror premium" that inflated global oil prices for decades, a top White House adviser said in a report to be released on Monday. Peter Navarro, who leads the White House Office of Trade and Manufacturing Policy, has written in a 13-page report that tensions with Iran have added a $5 to $15 per barrel premium to crude prices, as markets price the risk of attacks or disruptions through the [Read more]

The U.S. is rapidly running out of shock absorbers to cushion the oil market from the loss of Middle Eastern crude supplies as the Iran war rages, raising the risk of a deeper global economic slowdown if demand destruction accelerates. As the U.S.-Israeli war on Iran enters its third week, at least 15% of the world’s oil supplies remain effectively trapped inside the Gulf following the closure of the Strait of Hormuz, the region’s vital maritime chokepoint, according to Reuters [Read more]

U.S. President Donald Trump called on allies over the weekend to help secure the Strait of Hormuz as Iranian forces continue attacks on the vital waterway amid the U.S.-Israeli war on Iran, now in its third week. Trump said his administration has already contacted seven countries, but declined to identify them. In an earlier social media post, he said that he hoped China, France, Japan, South Korea, Britain and others would participate. Iran has effectively shut the Strait, a narrow [Read more]

President Donald Trump said on Sunday that the United States could soon reach a deal with Cuba or take other action, signaling that developments in the long-strained relationship may come quickly. "Cuba also wants to make a deal, and I think we will pretty soon either make a deal or do whatever we have to do," Trump said. "We're talking to Cuba, but we're going to do Iran before Cuba." The comments come as tensions between Washington and Havana remain elevated following years of sanctions, [Read more]