Oil moved higher Thursday after Treasury Secretary Scott Bessent said the U.S. will impose the toughest sanctions in history against Iran. “We have the blockade and we are going to have the toughest sanctions in history,” Bessent told CNBC in an interview. “This will work. It worked in Venezuela once we put up the blockade….
Crude oil prices edged higher Monday as Iran ruled out talks to extend the memorandum of understanding with the U.S. A senior Iranian official told Reuters that Tehran would shift to offense rather than relying on defense if diplomacy with the U.S. fails. U.S. crude oil futures rose 10 cents to $82.50 per barrel. Brent…
Ships are anchored in the Strait of Hormuz on August 10, 2026 off the coast of Bandar Abbas, Iran. Ali Saeedi | Getty Images Shipping traffic through the Strait of Hormuz slowed to a halt over the weekend ahead of the expiry date of the 60-day ceasefire between the U.S. and Iran on Monday, with…
BANDAR ABBAS, IRAN – AUGUST 10: Two youths sit on the shoreline as ships are seen anchored in the Strait of Hormuz on August 10, 2026 off the coast of Bandar Abbas, Iran. (Photo by Ali Saeedi/Getty Images) Getty Images | Getty Images News | Getty Images Iran rebuffed U.S. President Donald Trump’s claim that…
Treasury Secretary Scott Bessent speaking with CNBC on Aug. 4th, 2026. CNBC The U.S. will be applying economic measures “that have never been seen on Iran,” according to Treasury Secretary Scott Bessent. “It will be a combination of economic isolation like the world has never seen before, and the continued blockade in the Strait of…
The Icelandic and Canadian consulates building, left, in the historic old district of Nuuk, Greenland, on Wednesday, June 24, 2026. Bloomberg | Bloomberg | Getty Images A Texas-based company with links to President Donald Trump has delayed plans to drill for oil in Greenland, after the Arctic island’s government issued a “strong warning” to its…
The ‘Al-Riqqa’ oil tanker (L) and ‘Al-Yarmouk’ oil tankers sail in the Arabian Gulf waters, off the coast of Kuwait City on June 27, 2026. Yasser Al-zayyat | Afp | Getty Images Oil prices fell Thursday as investors weighed waning global demand against the ongoing supply disruption in the Middle East. U.S. West Texas Intermediate…
Ships are anchored in the Strait of Hormuz on August 10, 2026 off the coast of Bandar Abbas, Iran. Ali Saeedi | Getty Images Iranian authorities have pushed back on U.S. President Donald Trump’s repeated claims that Washington has “total control” over the Strait of Hormuz. On Wednesday stateside, Iran’s Persian Gulf Strait Authority said…
The US Coast Guard seized advanced weapons and lethal aid from Iran, destined for Houthi-controlled areas of Yemen in the Red Sea on Jan. 28, the US Central Command (CENTCOM) said Thursday, on February 15, 2024 in Tampa, Florida, United States. The boarding team discovered over 200 packages that contained medium-range ballistic missile components, explosives,…
Oil prices rose Tuesday after an Iranian official said the Strait of Hormuz will not reopen until Tehran’s conditions are met. U.S. West Texas Intermediate futures were 1.4% higher at $83.27 per barrel by 11:53 a.m. ET. Brent crude, the international benchmark, was up 1.3% at $88.85 per barrel. The secretary of Iran’s Supreme National Security Council…
