Headlines

Saudi Arabia has set the official selling price of May Arab Light crude oil to Asia at a record premium of $19.50 a barrel above the Oman/Dubai average, an increase of $17 from the previous month, a pricing document reviewed by Reuters showed on Monday. The sharp jump comes at a time when Middle East oil has become the world's most expensive as the U.S.-Israel war on Iran limited shipping through the Strait of Hormuz, a key chokepoint for a fifth of the world's oil supplies. It remains [Read more]

U.S. President Donald Trump said his deadline for Iran to open the Strait of Hormuz or face attacks on critical infrastructure is Tuesday evening, according to an interview he gave to the Wall Street Journal on Sunday. "If they don’t do something by Tuesday evening, they won’t have any power plants and they won’t have any bridges standing,” Trump told the Journal. Trump later posted on social media, without mentioning Iran or any other details: "Tuesday, 8:00 P.M. Eastern Time!" [Read more]

An OPEC+ panel meeting on Sunday has expressed concern about attacks on energy assets during the U.S.-Israel war on Iran, saying they were expensive and time-consuming to repair and so have an impact on supply, a draft statement seen by Reuters showed. "The committee highlighted the critical importance of safeguarding international maritime routes to ensure the uninterrupted flow of energy," the statement said. "It also expressed concern regarding attacks on energy infrastructure, noting that [Read more]

U.S. President Donald Trump said in an expletive-laden social media post on Sunday that the United States will target Iran's power plants and bridges on Tuesday if the Strait of Hormuz is not reopened. "Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!" Trump said in a Truth Social post, referencing the key shipping lane that Tehran has effectively closed since the U.S. and Israel launched attacks on Iran more than a month [Read more]

Israel is preparing to attack Iranian energy facilities but is awaiting a green light from the United States, a senior Israeli defense official said on Saturday, adding that any such attacks would likely come within the next week. The comments came after U.S. President Donald Trump issued a 48-hour ultimatum, sharpening focus on whether Washington would back further Israeli military action against Iran. (Reporting by Jerusalem Bureau; Writing by Enas Alashray; Editing by Toby Chopra) [Read more]

Iran's Khatam al-Anbiya joint military command said Iraq would be exempt from any restrictions on transit through the Strait of Hormuz, Iranian media reported on Saturday, signaling preferential treatment for Baghdad as Tehran tightens control over the strategic waterway. (Reporting by Enas Alashray and Ahmed Tolba; Editing by Toby Chopra) [Read more]

Indian refiners have purchased Iranian oil amid the Middle East conflict that has disrupted supplies through the Strait of Hormuz, the oil ministry said on Saturday. The world's third-biggest oil importer and consumer, India has not received a cargo from Tehran since May 2019, following U.S. pressure not to buy Iranian crude, but supply disruptions from the U.S.-Israel war have hit the South Asian nation hard. "Amid Middle East supply disruptions, Indian refiners have secured their crude [Read more]

Five European Union countries are calling for a windfall tax on energy companies' profits in reaction to rising fuel prices due to the Iran war, according to a letter from finance ministers to the EU Commission seen by Reuters on Saturday. The finance ministers of Germany, Italy, Spain, Portugal and Austria made the joint call for an EU-wide tax in a letter dated Friday. Such a measure could help fund relief for consumers in the face of high energy prices and be a signal that "we stand united [Read more]

Iran has authorised the passage of vessels carrying essential goods to its ports through the Strait of Hormuz, according to a letter cited by Iran's Tasnim news agency on Saturday. The letter indicates that ships heading to Iranian ports, including those currently in the Gulf of Oman, must coordinate with authorities and comply with established protocols to transit the strait, Tasnim said. Iran has effectively shut the ​Strait of Hormuz, which normally carries about a fifth of the world's [Read more]