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Iran has allowed two Indian-flagged liquefied petroleum gas carriers to sail through the Strait of Hormuz, four sources with direct knowledge of the matter said, a rare exception to the Iranian blockade that has disrupted global energy supplies. The Indian-flagged LPG tanker Shivalik crossed the Strait under escort from the Indian Navy, said two of the sources, and the second vessel, Nanda Devi, was expected to clear in the next few hours. Since the United States and Israel launched a [Read more]

Crude futures climbed higher on Friday as the Strait of Hormuz remained closed, but analysts were wary the weekend might bring surprise changes in the status of the war two weeks after it started. Brent futures for May were up $1.59, or 1.58%, to $102.05 a barrel at 11:35 a.m. CDT (1635 GMT), heading for a weekly increase. U.S. West Texas Intermediate (WTI) crude for April gained $1.15, or 1.2%, to $96.88 a barrel, and was also set for an uptick on the week. "We're getting hammered by the [Read more]

U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since early February, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by two to 553 in the week to March 13, its highest since November 2025. Despite this week's rig increase, Baker Hughes said the total count was still down 39 rigs, or 7% below this time last year. Baker Hughes said [Read more]

BARDUFOSS - Canada and its allies are prepared to defend the Arctic, Prime Minister Mark Carney said Friday in Bardufoss, Norway, after observing NATO’s Cold Response exercises. He held a news conference alongside Norwegian Prime Minister Jonas Gahr Store and German Chancellor Friedrich Merz. Asked by a German reporter whether the "conflict" over the Trump administration's demands for Greenland is settled, the leaders emphasized Greenland's independence. "It's up to the people in [Read more]

Long before the U.S. and Israel attacked Iran, the Islamic Republic had devised its own weapon: holding the world’s main oil lifeline hostage to offset its foes' military superiority, three regional sources familiar with Iranian planning said. For decades Iran has signalled that if pushed into a confrontation, it would restrict tanker traffic in the Strait of Hormuz, the chokepoint where its adversaries are most exposed because disruptions there reverberate instantly through global energy [Read more]

A handful of Greek shipowners have sent crude oil and dry bulk tankers through the Strait of Hormuz during the U.S.-Israeli war on Iran, risking destruction from mines, missiles and drones for a chance at millions of dollars in quick profits. The voyages reflect the financial allure of soaring crude oil prices and surging tanker rates since the start of the war, which has effectively sealed off a fifth of the world’s oil and liquefied natural gas supply from global markets. U.S. President [Read more]

Following through on an old threat, Iran has effectively closed the Strait of Hormuz, cutting off a vital waterway that normally carries about a fifth of global oil and liquefied natural gas supplies, in retaliation for U.S.-Israeli strikes. As oil markets worry about a global energy crisis, the United States has said it may consider escorting vessels through the strait, which could prove very hard to secure - something Yemen's Houthis proved in disrupting Red Sea shipping last year. About [Read more]