US secretary of state Marco Rubio claimed that some commercial vessels have managed to transit the Strait, though there were efforts to block their passage.

Progress made ​in talks for reopening Hormuz, says Rubio; oil prices plunge

Iranian official Mohammad Bagher Ghalibaf mocked US military strategy near the Strait of Hormuz, claiming it backfired by pushing global Brent crude prices past $100 amid regional energy conflict.

‘10/10 strategy’: Iran's Ghalibaf mocks US strategy after oil prices surge past $100

The conflict between the United States and Iran has entered its fifth consecutive day of military escalation, with fresh U.S. strikes targeting Iranian military infrastructure linked to threats against shipping in the Strait of Hormuz. Iranian state media reported explosions across multiple cities, while Tehran retaliated by launching attacks on U.S. military positions in Bahrain and Kuwait, further raising fears of a wider regional conflict. President Donald Trump has vowed to continue military operations unless Iran returns to negotiations, while Vice President JD Vance has publicly argued that diplomacy—not prolonged military intervention or ground troops—offers the only sustainable path to ending the crisis. Meanwhile, Iranian officials have questioned the future of previous diplomatic understandings, signaling that the prospects for renewed negotiations remain uncertain.

U.S.-Iran war: Trump threatens more strikes while Iran targets U.S. bases across the Gulf region

Global oil markets show marginal gains as investors await the Federal Reserve's interest rate decision and assess the impact of new sanctions on Russia.

 



Oil prices inch higher amid Federal Reserve deliberations

Oil prices experienced a modest uptick on Wednesday, with investors maintaining a cautious stance ahead of the anticipated Federal Reserve interest rate decision and ongoing geopolitical developments affecting global energy markets.

Whether you like it or not, global oil price fluctuations affect you. You feel the pinch in your pocket when they're up. But what causes the rise and fall of oil prices?

What makes global oil prices go up and down?

Oil prices rose about 2 per cent on Monday as markets tightened ahead of Washington's new sanctions against Iran, with some traders forecasting a spike in crude to $100 per barrel.

Ahead of Iran sanctions, crude oil prices jump

The barometer had lost 407.59 points in the previous three sessions.

Karnataka effect: Sensex closes 300 points down

Tehran had earlier refused to join OPEC and non-members like Russia in their attempt to stabilise oil production levels

Iran backs calibration of global oil market