The U.S. Navy is not ready to escort oil tankers through the Strait of Hormuz, Energy Secretary Chris Wright told CNBC in an interview Thursday. “It’ll happen relatively soon but it can’t happen now,” Wright said. “We’re simply not ready. All of our military assets right now are focused on destroying Iran’s offensive capabilities and…
The energy price shock that followed Russia’s invasion of Ukraine four years ago is fresh in the minds of European policymakers as the conflict in Iran once again drives oil and gas prices higher. Experts, however, think this time could be different. Fears of a full-blown energy crisis on that scale — which saw oil…
Naval units from Iran and Russia carry out to simulation of rescue a hijacked vessel during the joint naval drills held at the Port of Bandar Abbas near the Strait of Hormuz in Hormozgan, Iran on February 19, 2026. Anadolu | Anadolu | Getty Images A cargo ship in the Strait of Hormuz has been…
In this handout photo obtained from the U.S. Defence Department, Nimitz-class aircraft carrier USS Abraham Lincoln (CVN 72) sails alongside Arleigh Burke-class guided-missile destroyer USS Frank E. Petersen Jr. (DDG 121) and Lewis and Clark-class dry cargo ship USNS Carl Brashear (T-AKE 7) in the Arabian Sea, Feb. 6, 2026. Mass Communication Specialist 1st Class…
Rotterdam hopper dredger vessel operated by Van Oord sits anchored, as Iran vows to close the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Muscat, Oman, March 9, 2026. Benoit Tessier | Reuters Iran has continued to send large amounts of crude oil via the Strait of Hormuz to China even as the…
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Stocks rebounded from early declines and oil tumbled to the low $80s after the International Energy Agency said it met with G7 Energy Ministers in Paris to…
Defense Secretary Pete Hegseth on Tuesday said, “Today will be, yet again, our most intense day of strikes inside Iran.” “Iran stands alone, and they are badly losing on Day 10 of Operation Epic Fury,” Hegseth said at a press conference at the Pentagon with Gen. Dan Caine, the chairman of the Joint Chiefs of…
A support vessel maneuvers near the crude oil tanker ‘Devon’ as it sails through the Persian Gulf towards Kharq Island oil terminal to transport crude oil to export markets in Bandar Abbas, Iran, on Mar. 23, 2018. Ali Mohammadi | Bloomberg | Getty Images Iran’s Kharg Island, a small but strategically vital strip of land…
U.S. Sen. Ruben Gallego (D–AZ) speaks during the “People’s State of the Union” event ahead of U.S. President Trump’s State of the Union address in Washington, D.C., U.S., Feb. 24, 2026. Elizabeth Frantz | Reuters Congressional Democrats are demanding that the Trump administration immediately reverse a sanctions waiver allowing Indian refiners to purchase Russian oil…
A drone view of an Evergreen container ship docked at the port of Umm Qasr during nighttime operations in Basra, Iraq, March 5, 2026. Mohammed Aty | Reuters BEIJING — Surging oil prices following the Iran war are expected to impact China less than in past years as the country has built large crude stockpiles…
