Oil prices have surged after the US imposed a blockade on Iranian ports, triggering fears of a prolonged disruption to global crude supply. President Trump met with major oil companies to discuss ways to limit the impact on fuel supplies as the standoff escalated. Iran is a significant crude exporter, and any sustained cut to its output tightens global supply at a time when demand remains steady. Traders pushed prices higher on uncertainty about how long the blockade could last and whether other producers could fill the gap. The key question now is whether OPEC members or US shale producers can ramp up output fast enough to offset lost Iranian barrels. Higher oil prices feed directly into fuel costs, transport, and inflation more broadly. Markets will watch for any diplomatic signals that could ease the standoff, as well as any emergency response from major producers.
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
