Three supertankers from Saudi Arabia loaded with 6 million barrels of oil have crossed the Strait of Hormuz, according to data from the global trade intelligence firm Kpler. The Saudi tankers switched their transponders on Thursday in the Gulf of Oman after hiding their location for more than two months. The crossings come after President…
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, June 15, 2026. Stringer | Reuters It will take weeks to clear the backlog of ships in the Strait of Hormuz, industry executives and shipping experts have warned, as the critical waterway is set to reopen. Oil prices initially dipped below $80 per barrel…
Imen Ben Youssef | Afp | Getty Images Oil prices declined Thursday after President Donald Trump reportedly signed ​a deal ​with his Iranian counterpart Masoud Pezeshkian to end the ​war in the Middle East, while the International Energy Agency flagged a supply glut next year. International benchmark Brent crude futures for August dropped 1.13% to $78.65 a barrel. U.S. West…
The oil supply shock caused by the Iran war has eroded global demand for crude — but a lasting resolution to the conflict could drive a surge in supply volumes and trigger a major oil overhang next year, the International Energy Agency said on Wednesday. In its latest monthly oil market report, the IEA slashed…
In this screen grab from a video released by U.S. Central Command, U.S. forces operating in the Arabian Sea enforced naval blockade measures against an Iranian-flagged cargo vessel attempting to sail toward an Iranian port on April 19, 2026 in the Arabian Sea. U.S. Central Command | Getty Images At least three Iranian tankers carrying…
The U.S. Strategic Petroleum Reserve has fallen to the lowest level in more than 40 years as emergency stocks are released to help ease the supply disruption triggered by the Iran war. The SPR stood at 340.3 million barrels as of June 12, the lowest level since the summer of 1983, according to data released…
Ship traffic through the Strait of Hormuz could rise to nearly 50% of prewar levels within a month if the U.S.-Iran deal is implemented without any major setbacks, analysts at the trade data firm Kpler said Monday. Washington and Tehran are expected to sign a deal Friday in Switzerland that will open Hormuz and lift…
A motorist gets gas at a Shell station in Miami on April 13, 2026. Joe Raedle | Getty Images Investors cheered the prospect of a U.S.-Iran peace deal on Monday, but oil price volatility is likely to continue in the near term, as analysts warned that energy markets now face a “geopolitical risk premium” after…
The Ateela 2 Oil Tanker boat navigates the sea on April 28, 2026 on Qeshm Island, Iran in the Strait of Hormuz. Asghar Besharati | Getty Images Oil prices tumbled after President Donald Trump said the U.S. has completed a deal with Iran to reopen the Strait of Hormuz. U.S. crude oil futures for July…
A woman walks past a billboard displaying Iran’s national flag at Enghelab Square in Tehran on June 14, 2026. – | Afp | Getty Images Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter. U.S. President Donald Trump had a number of reasons to celebrate…
