Global oil prices dropped sharply on Monday after signs emerged that the United States and Iran were moving closer to a potential peace agreement that could eventually reopen the Strait of Hormuz, one of the world’s most critical energy routes. Brent crude futures fell $4.71, or 4.55%, to settle near $98.83 per barrel. US West […]
UAE Rushes New Oil Pipeline as Hormuz Crisis Deepens
Abu Dhabi National Oil Company said its new crude pipeline bypassing the Strait of Hormuz is nearly 50% complete. The United Arab Emirates accelerated construction after disruptions linked to the Iran war hit global oil supplies. ADNOC chief Sultan Al Jaber shared the update during a live streamed Atlantic Council event on Wednesday. “Today, it’s […]
Iran Declares Strait of Hormuz Open For Commercial Ships During Ceasefire Period
Iran has announced that the Strait of Hormuz is now “completely open” for commercial shipping, in a development that signals easing tensions in one of the world’s most critical energy chokepoints. In a statement on X, Iranian Foreign Minister Abbas Araghchi announced that, in line with the Lebanon ceasefire, all commercial shipping through the Strait […]