Explore

AP News AP News
Oil prices rise after the US says it would block Iranian ports starting Monday

Oil prices rise after the US says it would block Iranian ports starting Monday

Oil prices are rising in early market trading after the U.S. said it would blockade Iranian ports beginning Monday
Rapid Read Rapid Read
Oil Prices Surge as U.S. Announces Blockade of Iranian Ports

Oil Prices Surge as U.S. Announces Blockade of Iranian Ports

Oil prices have risen sharply following the U.S. announcement of a blockade on Iranian ports, set to begin on Monday. The price of U.S. crude oil increased by 8% to $104.24 per barrel, while Brent crude rose by 7% to $102.29. The blockade is a response to the failure of peace talks between the U.S. and Iran, with the U.S. aiming to pressure Iran over its nuclear program. The Strait of Hormuz, a critical passage for global oil shipping, is at the center of this development, as it is a key route for oil exports from major producers like Saudi Arabia and Iraq. The U.S. Central Command has stated that the blockade will be enforced impartially against vessels entering or departing Iranian ports.
Rapid Read Rapid Read
U.S. Announces Blockade of Iranian Ports, Oil Prices Surge

U.S. Announces Blockade of Iranian Ports, Oil Prices Surge

The United States has announced a blockade of Iranian ports starting Monday, leading to a significant rise in oil prices. U.S. crude oil prices increased by 8% to $104.24 per barrel, while Brent crude oil rose by 7% to $102.29. The blockade, enforced by U.S. Central Command, will apply to vessels of all nations entering or departing Iranian ports and coastal areas, including those on the Persian Gulf and Gulf of Oman. However, ships traveling between non-Iranian ports will still be allowed to transit the Strait of Hormuz, a crucial waterway for global oil shipping. The Strait of Hormuz sees around a fifth of the world's traded oil flow through it daily, with major exporters like Saudi Arabia, Iraq, the UAE, Kuwait, and Iran relying on this route. The blockade comes amid ongoing peace talks and follows a period of fluctuating oil prices due to the Iran war.
Reuters Reuters
Oil tankers steer clear of Hormuz ahead of US blockade

Oil tankers steer clear of Hormuz ahead of US blockade

By Florence Tan SINGAPORE, April 13 (Reuters) - Oil tankers are steering clear of the Strait of Hormuz ahead of a U.S. blockade later on Monday following failed peace talks between the U.S. and Iran over the weekend, shipping data showed.
Reuters Reuters
Oil jumps 8% to above $100 ahead of US blockade on Strait of Hormuz

Oil jumps 8% to above $100 ahead of US blockade on Strait of Hormuz

By Florence Tan SINGAPORE, April 13 (Reuters) - Oil prices jumped above $100 a barrel on Monday as the U.S. Navy prepared a blockade of the Strait of Hormuz that could restrict Iranian oil shipments after the U.S. and Iran https://www.reuters.com/world/iran/ failed to reach a deal to end the war.
Rapid Read Rapid Read
U.S. Navy to Blockade Iran's Ports, Oil Prices Surge Amid Middle East Tensions

U.S. Navy to Blockade Iran's Ports, Oil Prices Surge Amid Middle East Tensions

The U.S. Navy is set to impose a blockade on Iranian ports following unsuccessful peace talks with Iran. This decision, announced by U.S. Central Command, will take effect on Monday at 10 a.m. ET. The blockade aims to halt all maritime traffic entering and exiting Iranian ports, although vessels transiting to and from non-Iranian ports will not be impeded. This move comes after President Trump threatened to blockade the Strait of Hormuz, a critical passage for global oil supplies, following failed negotiations to end the ongoing conflict in the Middle East. The announcement has led to a significant surge in crude oil prices, with U.S. crude oil futures for May delivery rising nearly 8% to $104.20 per barrel.
Rapid Read Rapid Read
Energy Markets Remain Volatile Despite U.S.-Iran Ceasefire

Energy Markets Remain Volatile Despite U.S.-Iran Ceasefire

The recent U.S.-Iran ceasefire has failed to stabilize global energy markets, with oil prices remaining volatile. Despite the ceasefire, traders are betting on price declines, indicating ongoing uncertainty in the market. The risk of closure around the Strait of Hormuz continues to affect Middle Eastern producers, with damage to Saudi infrastructure highlighting the challenges of bypassing this chokepoint. European and African crude benchmarks have hit record levels due to persistent supply tightness, and Exxon has reported a 6% drop in output linked to Gulf disruptions. Chevron anticipates a significant earnings boost from stronger prices, while Occidental has announced a new discovery in the U.S. Gulf. Energy leaders from the IEA, IMF, and World Bank are set to meet to address the crisis, with governments pushing for both traditional and clean energy solutions.
Rapid Read Rapid Read
President Trump Announces U.S. Blockade of Remaining Traffic in Strait of Hormuz

President Trump Announces U.S. Blockade of Remaining Traffic in Strait of Hormuz

President Trump announced that the U.S. Navy would blockade the Strait of Hormuz, doubling the impact of the current Iranian closure. He accused Iran of 'world extortion' for its previous efforts to close the strait and pledged to follow suit with similar measures. The U.S. Navy's posture appears to be changing to exert more control over the waterway, building up a surface warfare presence in and around the strait. The blockade would also have an impact on oil prices, already elevated due to the Iranian blockade.
Rapid Read Rapid Read
JP Morgan Predicts Oil Price Surge if Hormuz Stalemate Persists

JP Morgan Predicts Oil Price Surge if Hormuz Stalemate Persists

JP Morgan has warned that oil prices could reach $120 per barrel if the current stalemate in the Strait of Hormuz continues into July. Despite a recent ceasefire, vessel traffic through this critical oil chokepoint remains heavily restricted, controlled by Iran's Islamic Revolutionary Guard Corps. The market is hopeful that upcoming Iran-U.S. negotiations might ease the situation, but significant risks remain. Analysts expect a gradual restoration of normal oil flows, with full recovery potentially delayed until July, which could drive prices up by $15 to $20 per barrel. Currently, oil prices are trading between $95 and $97 per barrel.
Reuters Reuters
Morning Bid: 'That is not the agreement we have!'

Morning Bid: 'That is not the agreement we have!'

A look at the day ahead in European and global markets from Gregor Stuart Hunter The U.S.-Iran ceasefire agreed this week looks increasingly strained as Israeli attacks on Lebanon brought retaliation from Hezbollah, while the lack of ships resuming passage through the Strait of Hormuz prompted a
Rapid Read Rapid Read
Hormuz Shipping Traffic Remains Low Despite U.S.-Iran Ceasefire, Iran Asserts Control

Hormuz Shipping Traffic Remains Low Despite U.S.-Iran Ceasefire, Iran Asserts Control

Shipping traffic through the Strait of Hormuz remains significantly below normal levels despite a ceasefire between the U.S. and Iran. Iran's Islamic Revolutionary Guard Corps (IRGC) has instructed vessels to navigate through Iranian waters around Larak Island to avoid naval mines. The IRGC's directive has led to confusion among shipping firms, including Mitsui O.S.K. Lines, as they assess the impact of the ceasefire. Ship-tracking data shows only a fraction of the usual number of ships passing through the strait, with some vessels taking alternative routes. Iran has suggested imposing tolls for passage, a move opposed by Western leaders. The situation has contributed to rising oil prices, with global supply disruptions affecting markets.
Rapid Read Rapid Read
European and African Crude Oil Prices Surge Amid Supply Disruptions Despite Ceasefire

European and African Crude Oil Prices Surge Amid Supply Disruptions Despite Ceasefire

European and African crude oil prices have reached record highs due to ongoing supply disruptions, despite a recent U.S.-Iran ceasefire. The announcement of the ceasefire initially led to a significant drop in oil futures, with Brent and WTI contracts falling by 13% and 16% respectively. However, the physical market prices have continued to rise, driven by the near-closure of the Strait of Hormuz and attacks on regional energy infrastructure. The premiums for crude oil cargoes have hit all-time highs, with North Sea Forties crude reaching $146.43 per barrel. The divergence between futures and physical market prices highlights the persistent supply challenges.