Brent crude is trading near $120 a barrel after President Donald Trump said the US naval blockade of the Strait of Hormuz will stay in place until Iran signs a nuclear deal. The Strait of Hormuz is the world's busiest oil shipping lane, carrying roughly 20% of global crude supply, so any disruption there moves prices fast and sharply. Trump's comments remove near-term hope of a quick resolution, signaling the blockade is now a deliberate pressure tool tied to a specific diplomatic condition rather than a short-term military action. Higher crude at these levels feeds directly into fuel costs, freight rates, and inflation across oil-importing economies. For markets, the key question is how long Iran holds out and whether other producers can offset the supply squeeze. Watch for emergency OPEC responses and central bank commentary on the inflation pass-through in the sessions ahead.
Iranian armed forces attacked a cargo ship in the Strait of Hormuz on Thursday, briefly halting traffic through the waterway. The strike threatens a fragile US-Iran arrangement and could push shipping insurance costs and oil prices higher.
The US has struck Iran, with President Trump citing an Iranian attack on a ship in the Strait of Hormuz as justification. The action raises immediate risks for global oil flows through one of the world's most critical shipping chokepoints.
The US struck ten Iranian targets on the second consecutive day of military action, putting a fragile ceasefire under serious pressure. The escalation raises immediate risks for Gulf shipping, global oil supply, and regional stability.
Venezuela's twin earthquakes, magnitudes 7.2 and 7.5, have killed at least 164 people and injured 971, interim president Delcy Rodriguez confirmed Thursday. The quakes are the country's strongest since 1900, collapsing buildings across Caracas and prompting a state of emergency, with the death toll expected to rise as
