Persian Gulf

A fuel tanker attempting entry into the Persian Gulf made an erratic series of turns and halted near Qeshm Island, which is located in Iran. This event occurs as Iran steps up efforts to control the Strait of Hormuz.

Petrochemicals Maker Braskem SA reported better-than-expected results in the second quarter. These positive outcomes were attributed to war-related disruptions that impacted petrochemical supplies from both the Persian Gulf and Asia.

Oil declined as tankers carrying crude continued to exit the Persian Gulf amid persistent threats. Progress remains limited on a deal between Iran and Oman aimed at reopening the Strait of Hormuz. Rachel Ziemba spoke about regional conflict with Abeer Abu Omar on Bloomberg’s Horizons Middle East & Africa.

Europe is enduring its fifth heatwave, which is straining energy supplies. An E.On CEO stated that massive wholesale price increases linked to the Persian Gulf, along with extremely high gas prices, are stressing customers. Furthermore, a very hot summer is curtailing output, leading to short-term market distortions.

Donald Trump may need to compromise on a deal with Iran regarding control over the economically vital Strait of Hormuz, through which 20% of the world's oil normally flows. While the U.S. administration has rejected any arrangement that grants Tehran charging fees or cement permanent Iranian control, Iran insists on some measure of oversight. The conflict is complicated by discussions about the status of U.S. military weapons stockpiles.

Iran and Oman are negotiating a deal to reopen the Strait of Hormuz, with ships entering via an Iranian-controlled route and exiting through an Omani-controlled route, potentially linked to lifting the U.S. blockade on Iran’s ports. U.S. officials acknowledge progress but express concerns about Iran controlling the strait, while Iranian officials emphasize securing safe shipping lanes.

Thousands of civilian workers are stranded on ships in the Persian Gulf at risk of Iranian attacks. On one vessel, sailors have been detained by the Iranian navy for over three months.

Venezuela's oil exports declined in July as reduced demand from India followed a pause in the Iran war, which released Middle Eastern oil supplies in the Persian Gulf. The drop in exports is linked to weaker Indian demand due to increased regional oil availability.

The U.S. has rapidly depleted key weapon stocks, including two-thirds of Patriot missile interceptors and a third of THAAD and Tomahawk cruise missiles, in conflicts with Iran. Replenishment will take years, exacerbated by a shift toward cheaper drones forcing reliance on costly air-defense systems. Bipartisan neglect of the military-industrial base over decades has worsened the crisis.

Oil prices fell 5% after President Donald Trump ordered U.S. forces to pause new strikes against Iran, easing concerns over disrupted shipments in the Persian Gulf. The conflict's resolution could allow trapped tankers to resume operations, though prices remain 20% higher than pre-conflict levels.

Gasoline prices do not always align with crude oil price movements due to differing supply chains, refining constraints, and market dynamics. Crude oil accounts for over half of gasoline costs, but refining, transportation, and distribution factors also influence prices, which lag behind crude oil changes as physical supply chains operate over weeks or months.

Abu Dhabi National Oil Co. is continuing liquefied natural gas exports from its Persian Gulf plant despite renewed hostilities in the region, which have led producers to reduce visible traffic through the Strait of Hormuz.

President Donald Trump and Ukrainian President Volodymyr Zelenskyy discussed expanding Ukraine’s production of Patriot missile defense systems in a closed Oval Office meeting. The talks followed a NATO summit in Ankara where Trump announced a U.S. license for Ukraine to manufacture Patriot systems, a key request from Kyiv to counter Russian attacks. Zelenskyy also highlighted diplomatic efforts and cooperation with Lockheed Martin to enhance defense production.

The government increased petrol and HSD prices by Rs1.63 and Rs1.55 per litre, citing global oil price fluctuations and renewed hostilities in the Persian Gulf. Petrol now retails at Rs335.81 per litre and HSD at Rs388.38 per litre, with taxes remaining at Rs110 and Rs96 per litre respectively. The Petroleum Minister announced daily fuel pricing, which the All Pakistan Dealers Association opposes.

Oil prices declined after the U.S. and Iran avoided military strikes in the Persian Gulf for a second consecutive day. Brent crude fell 4.9% to $92.02, following a 3.9% drop on Friday, as concerns over shipping through the Strait of Hormuz eased temporarily. Attacks on Saudi oil tankers in the Red Sea and ongoing regional tensions, however, have kept pressure on alternative shipping routes.

Oil prices declined after the U.S. and Iran avoided military strikes in the Persian Gulf, with Brent crude falling 4.9% to $92.02. Tensions over shipping through the Strait of Hormuz and attacks on Saudi tankers in the Red Sea had driven prices higher, while concerns about inflation and potential Federal Reserve rate hikes added economic uncertainty.

Oil prices declined after the U.S. and Iran avoided military strikes in the Persian Gulf, with Brent crude falling 4.9% to $92.02. The drop followed heightened regional tensions and concerns over disrupted oil shipments through the Strait of Hormuz, though alternative routes like the Red Sea also face risks. Elevated oil prices have raised gasoline costs and inflation concerns, influencing bets on potential Federal Reserve interest rate hikes.

Over 60 commercial ships have been attacked in the Persian Gulf, Strait of Hormuz, and Gulf of Oman since March 1 as fighting escalates in the Red Sea, Hormuz, and Black Sea regions. The attacks are targeting oil shipments, disrupting critical maritime trade routes.

US President Donald Trump is shifting focus to tariff wars after an ineffective military campaign in Iran. The military adventure in Iran has become unpopular, even among his base, and Trump remains committed to using tariffs to 'make America great again.'

The government increased petrol and diesel prices by Rs4.40 and Rs3.62 per litre, citing global oil price fluctuations and renewed hostilities in the Persian Gulf. New prices take effect July 24, with fuel pricing now decided daily by the Oil and Gas Regulatory Authority (Ogra) due to market volatility. The All Pakistan Dealers Association opposes the daily pricing and plans protests.

U.S. Secretary of State Marco Rubio met Russian Foreign Minister Sergey Lavrov in Manila during an ASEAN foreign ministers' gathering to discuss prospects for U.S. involvement in ending the Russia-Ukraine war. The talks also addressed Gulf tensions, NASA-Roscosmos relations, and embassy operations, while Lavrov emphasized Russia's stance against arming Ukraine and called for political resolution.

The government increased petrol prices by Rs6.39 and diesel by Rs7.83 per litre, effective July 23, citing global price fluctuations and renewed Persian Gulf hostilities. The All Pakistan Petroleum Pump Owners Association deferred a strike after negotiations, and the Petroleum Minister announced daily fuel pricing to address market volatility.

Iran launched a fresh wave of missile and drone attacks on Kuwait, targeting US-linked facilities and key locations. The strikes occurred hours after American forces conducted their 10th consecutive night of attacks inside Iran, escalating regional tensions.

A second explosion was reported in Bandar Lengeh, a port city in Iran's Hormozgan province on the Persian Gulf, according to Iran's Tasnim news agency.

The government reduced petrol prices by Rs0.35 per litre and increased diesel prices by Rs5.71 per litre, effective July 21, citing global price fluctuations due to Persian Gulf tensions. Fuel pricing is now determined daily by Ogra based on international markets, a move opposed by the All Pakistan Dealers Association.

Two U.S. service members were killed in Jordan during Iranian ballistic missile and drone attacks on a U.S. base. Four others were medically evacuated but later discharged. This marks the first U.S. deaths in the Iran conflict since fighting resumed in June, with 16 total U.S. service members killed since February.

The government will fix fuel prices daily due to fluctuations in international markets caused by renewed US-Iran hostilities in the Persian Gulf. Petroleum Minister Ali Pervaiz Malik stated that Ogra will determine prices based on a seven-day international market average and publish factors influencing them, aiming to increase transparency.

Latin America is emerging as a central player in a destabilized global order, influenced by a Persian Gulf war, stalled inflation-fighting efforts, and a three-way contest among major powers. The region is no longer a passive observer but a pivotal force in shaping international dynamics.

Iran and the U.S. continue military actions in the Persian Gulf despite claims of conflict resolution, with U.S. strikes targeting Iranian infrastructure and killing civilians. Residents of Bandar Abbas and other cities report severe damage and suffering, while Iranian ultra-hard-liners are blamed for escalating hostilities by violating a June 17 agreement.

The United States declared it is 'taking over' the Strait of Hormuz and will be paid for protecting it, escalating tensions with Iran over the strategic waterway. The Strait, a critical oil transportation route, remains a focal point of conflict between Washington and Tehran.

A bill aimed at ensuring the security of the Strait of Hormuz was introduced in Iran's parliament. Ebrahim Azizi, head of the National Security Committee, stated the bill was introduced coinciding with the downing of U.S. drones. The bill, titled 'Strategic Action for the Security and Sustainable Progress of the Strait of Hormuz and the Persian Gulf,' emphasizes Iran's commitment to defending its strategic interests in the region.

The US conducted new strikes on Iran, with CENTCOM stating the aim was to degrade Iran's ability to attack ships in the Persian Gulf. President Trump previously described the strikes as 'bombed the hell' out of the country.

The United States launched strikes on Iran, resulting in explosions reported along the Strait of Hormuz, Persian Gulf, and Gulf of Oman, including cities like Bushehr, Asaluyeh, Chabahar, Bandar Abbas, Sirik, and Qeshm Island. Iranian media, including Mehr news and IRIB, reported the blasts.

The US-Iran ceasefire is at risk, causing oil prices to rise and fueling concerns about higher fuel costs. Tanker traffic through the Strait of Hormuz has stalled, and U.S. gasoline prices have increased slightly, though they remain below recent peaks. Experts warn that depleted emergency oil reserves limit options to stabilize prices.

The potential collapse of a US-Iran ceasefire has increased anxiety over rising fuel prices as oil prices hit a multi-week high following attacks on commercial ships and military sites. Tanker traffic through the Strait of Hormuz has halted, amplifying geopolitical risk, while gasoline prices edged higher amid concerns over disrupted oil flows.

The potential collapse of a US-Iran ceasefire has caused oil prices to rise, fueling concerns about increased fuel costs. Tanker traffic through the Strait of Hormuz has halted, and the US Strategic Petroleum Reserve is at its lowest level since 1983, reducing options to stabilize prices.

Funeral prayers for Iran’s late Supreme Leader Ayatollah Ali Khamenei began in Najaf, Iraq, with thousands of mourners. His body arrived in Najaf alongside Iranian officials and will later move to Karbala before returning to Iran. Tensions between the U.S. and Iran persist amid ongoing strikes in the Persian Gulf.

Japan’s Inpex has signed a 15-year deal to purchase LNG from the Persian Gulf. Abu Dhabu National Oil Co. plans to start shipping LNG from the Ruwais plant in 2028.

The U.S. Navy has ended the search for a missing crew member following a helicopter crash in the Arabian Sea. The military suspended the search for the crashed MH-60 Seahawk helicopter in the Persian Gulf.

Iran's UN mission and deputy foreign minister accused the United States of fostering a 'culture of impunity' by failing to accept responsibility for the 1988 downing of Iran Air Flight 655, which killed 290 civilians including 66 children. The mission criticized the U.S. for decorating the crew responsible and refusing to apologize, linking this to ongoing U.S. actions like the Minab missile strike that killed 168 schoolchildren.