Oil prices rose sharply on Monday (Aug 17) after US President Donald Trump ruled out extending an interim ceasefire arrangement with Iran, deepening uncertainty over the conflict and the future of shipping through the Strait of Hormuz.Brent crude, the international benchmark, settled at $90.87 a barrel, while U.S. West Texas Intermediate rose to $84.50. The gains reflected renewed concern that stalled diplomacy could prolong disruptions to global energy supplies.President Trump said Monday that he did not want to extend the memorandum of understanding reached with Iran in June. The agreement had been intended to create a path toward a broader settlement, but negotiations have struggled over several issues, including Iran’s nuclear program and control of the Strait of Hormuz.Iran has also hardened its position. A senior Iranian official warned that Tehran could shift toward a more offensive military posture if diplomatic efforts fail.Also read | <a href="https://www.wionews.com/world/uk-firm-joins-rescue-race-as-oil-spill-from-russian-shadow-fleet-tanker-spreads-along-oman-s-coast-1786690658895">'Extremely challenging situation': UK firm joins rescue race as oil spill from Russian shadow fleet tanker spreads along Oman's coast</a><h2>Why Hormuz matters</h2>The Strait of Hormuz remains the most important factor for oil markets. Before the conflict, around one-fifth of global oil supplies passed through the narrow waterway connecting the Persian Gulf to international markets.Traffic remains heavily disrupted. Only five commodity vessels crossed the strait on Saturday, compared with 31 the previous weekend, while no crossings were recorded on Sunday, according to shipping data cited by Reuters.Even without a complete shutdown, reduced tanker traffic can increase shipping and insurance costs and restrict supplies from major Gulf producers.Also read | <a href="https://www.wionews.com/world/iran-s-alleged-nuclear-arsenal-no-longer-top-concern-for-us-vance-says-cheap-oil-is-priority-no-1-in-iran-war-nuclear-threat-goal-number-two-1786669765626">Iran's alleged nuclear arsenal no longer top concern for US? Vance says cheap oil is priority No. 1 in Iran war, nuclear threat 'goal number two'</a><h2>What’s next?</h2>The immediate focus will be on whether Washington and Tehran can maintain diplomatic contacts despite increasingly confrontational rhetoric.Sustained increases in crude prices can feed into gasoline and transportation costs, making the conflict increasingly relevant to American consumers.For oil markets, Hormuz will remain the key indicator.Any agreement that restores significant tanker traffic could quickly ease some of the geopolitical premium built into crude prices. Further attacks or a deeper disruption of the strait could push prices higher.For now, markets are pricing in a conflict with no clear diplomatic exit and an energy supply route that remains vulnerable to the next political or military move.&nbsp;

Brent crude, the international benchmark, settled at $90.87 a barrel, while U.S. West Texas Intermediate rose to $84.50. The gains reflected renewed concern that stalled diplomacy could prolong disruptions to global energy supplies.

Oil prices rose sharply on Monday (Aug 17) after US President Donald Trump ruled out extending an interim ceasefire arrangement with Iran, deepening uncertainty over the conflict and the future of shipping through the Strait of Hormuz. Brent crude, the international benchmark, settled at $90.87 a barrel, while U.S. West Texas Intermediate rose to $84.50. The gains reflected renewed concern that stalled diplomacy could prolong disruptions to global energy supplies. President Trump said Monday that he did not want to extend the memorandum of understanding reached with Iran in June. The agreement had been intended to create a path toward a broader settlement, but negotiations have struggled over several issues, including Iran’s nuclear program and control of the Strait of Hormuz. Iran has also hardened its position. A senior Iranian official warned that Tehran could shift toward a more offensive military posture if diplomatic efforts fail. Also read | 'Extremely challenging situation': UK firm joins rescue race as oil spill from Russian shadow fleet tanker spreads along Oman's coast Why Hormuz matters The Strait of Hormuz remains the most important factor for oil markets. Before the conflict, around one-fifth of global oil supplies passed through the narrow waterway connecting the Persian Gulf to international markets. Traffic remains heavily disrupted. Only five commodity vessels crossed the strait on Saturday, compared with 31 the previous weekend, while no crossings were recorded on Sunday, according to shipping data cited by Reuters. Even without a complete shutdown, reduced tanker traffic can increase shipping and insurance costs and restrict supplies from major Gulf producers. Also read | Iran's alleged nuclear arsenal no longer top concern for US? Vance says cheap oil is priority No. 1 in Iran war, nuclear threat 'goal number two' What’s next? The immediate focus will be on whether Washington and Tehran can maintain diplomatic contacts despite increasingly confrontational rhetoric. Sustained increases in crude prices can feed into gasoline and transportation costs, making the conflict increasingly relevant to American consumers. For oil markets, Hormuz will remain the key indicator. Any agreement that restores significant tanker traffic could quickly ease some of the geopolitical premium built into crude prices. Further attacks or a deeper disruption of the strait could push prices higher. For now, markets are pricing in a conflict with no clear diplomatic exit and an energy supply route that remains vulnerable to the next political or military move.

Brent crude, the international benchmark, settled at $90.87 a barrel, while U.S. West Texas Intermediate rose to $84.50. The gains reflected renewed concern that stalled diplomacy could prolong disruptions to global energy supplies.

Oil prices jump as Trump rules out extending Iran ceasefire. What comes next?

Saudi Arabia's Red Sea oil shipments are increasingly disappearing from tracking systems as tanker operators reportedly switch off their Automatic Identification Systems amid growing fears of Houthi attacks.

The development comes as the Houthis intensify threats against Saudi-linked shipping and oil infrastructure, putting a key route for global energy supplies under mounting pressure.

Recent Houthi attacks have targeted commercial shipping in the Bab al-Mandab Strait, while the group has also claimed attacks involving Saudi oil infrastructure, including the Yanbu oil hub and Aramco facilities in Jazan.

The disruption is making it harder for traders and energy agencies to determine how much Saudi crude is actually being shipped. Estimates of recent Yanbu loadings have reportedly varied significantly between shipping-data providers.

At the same time, Saudi Arabia appears to be moving more crude north through the Red Sea, while risks around the Suez Canal, Bab al-Mandab and Strait of Hormuz continue to complicate global energy flows.

Saudi Oil Tankers Go Dark Amid Houthi Attacks | Houthi Attacks Shake Red Sea Energy Route

US Vice President JD Vance has said keeping oil and gasoline prices low for Americans is now Washington's top priority in the Iran war, while the prevention of a nuclear-armed Iran comes second.The comments mark a notable shift from President Donald Trump's repeated description of the conflict as a campaign aimed primarily at stopping Tehran from obtaining a nuclear weapon.Speaking to Fox News on Thursday (Aug 13), Vance pointed to the sharp rise in oil prices during the early stages of the conflict before adding that keeping energy costs down had become the administration's first goal. "That's goal number one," Vance said, referring to keeping oil and gas affordable for Americans. He then identified preventing Iran from acquiring a nuclear weapon as "goal number two.""I know that oil is down today and it's way down from the highs in the early days of the conflict," Vance said on Fox News. "That's goal number one -- keep oil and gas cheap for Americans all over our country.""And then obviously goal number two is ensure that Iran never gets a nuclear weapon," he added.<h2>Strait of Hormuz now at the centre</h2>Vance's remarks come as the Strait of Hormuz has become one of the biggest pressure points in the conflict. Iran has made the reopening of the strategic waterway part of the wider confrontation, while Washington and Tehran remain divided over the conditions needed to ease the standoff.The strait is crucial to global energy markets, making any prolonged disruption a direct concern for oil prices and American consumers.Vance said the administration was balancing several priorities at once, including energy prices, military considerations and Iran's nuclear programme. "Sometimes we're focused on the energy piece of it because we want Americans to be able to afford the price of oil and gas," he said.<h2>Trump faces pressure to avoid deeper escalation</h2>Vance has previously been among the administration's more cautious voices on the military campaign launched against Iran. His latest comments suggest that economic pressure and negotiations could now play a bigger role as Washington weighs its next steps ahead of the mid-term elections.Vance also said Trump had a wide range of options available, describing the president as being "at the height of his authority" with diplomatic, military and economic tools at his disposal.This comes as US media reports have raised questions about the availability of some American missiles and drones, potentially adding another constraint to Trump's military options.&nbsp;

JD Vance has put a different priority on the table as the Iran war continues, raising fresh questions about what is driving Washington's strategy. The VP said keeping oil and gasoline affordable is now the US priority in the Iran war. 

US Vice President JD Vance has said keeping oil and gasoline prices low for Americans is now Washington's top priority in the Iran war, while the prevention of a nuclear-armed Iran comes second. The comments mark a notable shift from President Donald Trump's repeated description of the conflict as a campaign aimed primarily at stopping Tehran from obtaining a nuclear weapon. Speaking to Fox News on Thursday (Aug 13), Vance pointed to the sharp rise in oil prices during the early stages of the conflict before adding that keeping energy costs down had become the administration's first goal. "That's goal number one," Vance said, referring to keeping oil and gas affordable for Americans. He then identified preventing Iran from acquiring a nuclear weapon as "goal number two." "I know that oil is down today and it's way down from the highs in the early days of the conflict," Vance said on Fox News. "That's goal number one -- keep oil and gas cheap for Americans all over our country." "And then obviously goal number two is ensure that Iran never gets a nuclear weapon," he added. Strait of Hormuz now at the centre Vance's remarks come as the Strait of Hormuz has become one of the biggest pressure points in the conflict. Iran has made the reopening of the strategic waterway part of the wider confrontation, while Washington and Tehran remain divided over the conditions needed to ease the standoff. The strait is crucial to global energy markets, making any prolonged disruption a direct concern for oil prices and American consumers. Vance said the administration was balancing several priorities at once, including energy prices, military considerations and Iran's nuclear programme. "Sometimes we're focused on the energy piece of it because we want Americans to be able to afford the price of oil and gas," he said. Trump faces pressure to avoid deeper escalation Vance has previously been among the administration's more cautious voices on the military campaign launched against Iran. His latest comments suggest that economic pressure and negotiations could now play a bigger role as Washington weighs its next steps ahead of the mid-term elections. Vance also said Trump had a wide range of options available, describing the president as being "at the height of his authority" with diplomatic, military and economic tools at his disposal. This comes as US media reports have raised questions about the availability of some American missiles and drones, potentially adding another constraint to Trump's military options.

JD Vance has put a different priority on the table as the Iran war continues, raising fresh questions about what is driving Washington's strategy. The VP said keeping oil and gasoline affordable is now the US priority in the Iran war.&nbsp;

Iran's alleged nuclear arsenal no longer top concern for US? Vance says cheap oil is priority No. 1 in Iran war, nuclear threat 'goal number two'

On the surface, the latest US inflation report looks reassuring. Prices barely moved in July, helped by falling gasoline costs, while underlying price pressures remained relatively contained.


US inflation cools but oil risk builds

West Asia remains on edge as Iran and Oman move closer to finalizing a Strait of Hormuz shipping agreement while tensions continue to rise across the region. Israel has launched fresh strikes on southern Lebanon, with the IDF citing Hezbollah ceasefire violations. At the same time, Iran has reportedly warned Gulf nations that their energy infrastructure could become targets if they fail to persuade the United States to halt military action.

Saudi Crown Prince Mohammed bin Salman has reportedly urged U.S. President Donald Trump to delay military action and prioritize diplomacy. Meanwhile, Washington continues to express frustration over stalled talks with Tehran, even as negotiations over maritime security in the Strait of Hormuz continue through Oman.

Iran Warns Gulf States | Israel Strikes Lebanon as Hormuz Talks Continue | West Asia Crisis

West Asia is witnessing another dangerous escalation despite reports that Iran and Oman are close to finalizing a framework for commercial shipping through the Strait of Hormuz. Fresh Israeli airstrikes in southern Lebanon have heightened tensions, even as diplomatic efforts continue between Israel and Lebanon.

Meanwhile, Iran has reportedly warned Gulf nations that any fresh U.S. military action could trigger retaliation against critical infrastructure, including oil fields, refineries, electricity grids, water facilities, and transport networks. The developments come as Washington continues to pursue negotiations with Tehran while expressing concerns over divisions within Iran's leadership.

As uncertainty grows over the future of the Hormuz shipping route and the fragile Israel-Lebanon ceasefire, fears of a broader regional conflict continue to mount.

Iran Warns Gulf States of Retaliation | Israel Launches Fresh Strikes on Lebanon | GRAVITAS 

The Iran crisis has reshaped global energy markets, sending crude oil prices soaring and delivering massive profits to the world's biggest oil companies. As disruptions in the Strait of Hormuz pushed oil above $126 per barrel, energy giants including Saudi Aramco, ExxonMobil, Chevron, Shell, BP, and TotalEnergies reported record quarterly earnings.

Combined profits reached nearly $93 billion between April and June, while consumers worldwide struggled with soaring fuel and energy costs. The windfall has sparked political criticism and renewed calls for stronger taxes on excess profits and greater investment in clean energy.

Iran War Fuels Oil Profits: Energy Giants Earn $93 Billion in Just 3 Months

Rising oil prices triggered by escalating tensions in West Asia are putting pressure on South Asia's most vulnerable economies. Pakistan and Bangladesh, both heavily dependent on imported energy, face risks of higher inflation, weaker currencies, and mounting fiscal challenges. This edition of This Week in Asia explores how a potential oil shock could impact millions across the region.

Pakistan, Bangladesh brace for oil shock

President Donald Trump said on Monday that ExxonMobil and Chevron made “too much money” following the sharp spurt in crude oil prices since the Iran war began five months ago.“They’re making too much money based on a shortage,” Trump told reporters at the White House, and added, “I don’t like it.”&nbsp;Trump does not seem to be wrong here, as Exxon and Chevron on Friday reported windfall profits for the second quarter. Chevron’s earnings soared nearly 400% to $12 billion compared to $2.5 billion in the same period last year. Similarly, Exxon’s profits more than doubled to $14.5 billion compared to $7.1 billion in the year-ago period.&nbsp;Also Read: <a href="https://www.wionews.com/world/talks-on-right-now-trump-says-he-wants-to-give-iran-every-last-chance-before-decapitation-1785783992389">‘Talks on right now’: Trump says he wants to give Iran ‘every last chance before decapitation’</a>&nbsp;“Chevron, too much money. ExxonMobil, too much money,” Trump said. “They’re going to give some of that back to the public, and they better cut the retail price, the consumer price.”&nbsp;US crude oil prices have gained about 20% since the US and Israel attacked Iran on Feb. 28. Besides retaliating militarily, Tehran choked oil exports through the Strait of Hormuz, triggering the largest supply disruption in history.&nbsp;Also Read: <a href="https://www.wionews.com/world/deal-or-total-surrender-trump-says-iran-s-leadership-dishonest-and-unbelievably-duplicitous-1785772683657">‘Deal or total surrender’: Trump says Iran’s leadership dishonest and ‘unbelievably duplicitous’</a>&nbsp;US oil futures had an average closing price of around $92 per barrel from April through June, about 27% higher than the first quarter.&nbsp;Meanwhile, gasoline prices in the US averaged about $4.10 per gallon on Monday, nearly 40% higher compared to the $2.98 per gallon on Feb. 27 before the war started.&nbsp;Also Read: <a href="https://www.wionews.com/world/us-signs-deal-to-boost-production-of-patriot-thaad-missile-interceptor-systems-1785769944181">US signs deal to boost production of Patriot, THAAD missile interceptor systems</a>&nbsp;Chevron’s shares were down more than 2%, while Exxon traded about 1% lower after Trump’s comments. Oil stocks were already under pressure on Monday as crude prices fell about 5% on hopes that US-Iran talks might prevent further escalation.

Exxon and Chevron on Friday reported windfall profits for the second quarter. Chevron’s earnings soared nearly 400% to $12 billion compared to $2.5 billion in the same period last year. Exxon’s profits more than doubled to $14.5 billion compared to $7.1 billion in the year-ago period.

President Donald Trump said on Monday that ExxonMobil and Chevron made “too much money” following the sharp spurt in crude oil prices since the Iran war began five months ago. “They’re making too much money based on a shortage,” Trump told reporters at the White House, and added, “I don’t like it.” Trump does not seem to be wrong here, as Exxon and Chevron on Friday reported windfall profits for the second quarter. Chevron’s earnings soared nearly 400% to $12 billion compared to $2.5 billion in the same period last year. Similarly, Exxon’s profits more than doubled to $14.5 billion compared to $7.1 billion in the year-ago period. Also Read: ‘Talks on right now’: Trump says he wants to give Iran ‘every last chance before decapitation’ “Chevron, too much money. ExxonMobil, too much money,” Trump said. “They’re going to give some of that back to the public, and they better cut the retail price, the consumer price.” US crude oil prices have gained about 20% since the US and Israel attacked Iran on Feb. 28. Besides retaliating militarily, Tehran choked oil exports through the Strait of Hormuz, triggering the largest supply disruption in history. Also Read: ‘Deal or total surrender’: Trump says Iran’s leadership dishonest and ‘unbelievably duplicitous’ US oil futures had an average closing price of around $92 per barrel from April through June, about 27% higher than the first quarter. Meanwhile, gasoline prices in the US averaged about $4.10 per gallon on Monday, nearly 40% higher compared to the $2.98 per gallon on Feb. 27 before the war started. Also Read: US signs deal to boost production of Patriot, THAAD missile interceptor systems Chevron’s shares were down more than 2%, while Exxon traded about 1% lower after Trump’s comments. Oil stocks were already under pressure on Monday as crude prices fell about 5% on hopes that US-Iran talks might prevent further escalation.

Exxon and Chevron on Friday reported windfall profits for the second quarter. Chevron’s earnings soared nearly 400% to $12 billion compared to $2.5 billion in the same period last year. Exxon’s profits more than doubled to $14.5 billion compared to $7.1 billion in the year-ago period.

Trump says US oil firms made ‘too much money’ off high prices during Iran conflict

U.S. President Donald Trump has once again postponed planned military strikes on Iran, claiming that the outlines of a peace deal are taking shape. However, Tehran has categorically denied asking Washington to halt the strikes, calling the allegations false. As tensions continue to simmer, Gulf nations including Saudi Arabia are reportedly urging de-escalation, fearing the devastating consequences of a wider regional conflict.

In this exclusive interview, Chris Doyle, Director of the Council for Arab-British Understanding (CAABU), analyzes the evolving crisis, Trump's repeated reversals, Iran's military strategy, the strategic importance of the Strait of Hormuz, and the growing role of Gulf countries in preventing a full-scale regional war.

Can diplomacy still succeed, or is another military confrontation inevitable?

Watch the full analysis for the latest developments from the Middle East.

Iran-U.S. War: Trump Losing Credibility as Conflict Drags On, Expert Warns

U.S. President Donald Trump has once again called off planned military strikes on Iran, saying he received requests from Iran and Gulf nations to avoid further escalation.

According to Trump, the temporary understanding includes the immediate reopening of the Strait of Hormuz and an end to Iran's nuclear threat. Reports suggest Saudi Crown Prince Mohammed bin Salman urged Trump to de-escalate the conflict, while the U.S. and Israel had reportedly been preparing one of the largest bombing campaigns against Iran.

Meanwhile, Iran has warned that any new American attack would trigger a powerful response targeting energy infrastructure across the Gulf region. U.S. embassies throughout the Middle East have also issued security alerts amid fears of a wider regional conflict.

Trump Halts Iran Attack After Gulf Pressure | Middle East Crisis Deepens

Tensions in West Asia have surged again after Iran launched a surprise strike on a U.S. military base in Jordan, ending days of relative calm and signaling what analysts believe is a major shift in Tehran's military strategy.

Unlike previous exchanges, Iran struck first instead of waiting for another U.S. attack. Experts suggest Tehran may now prefer a controlled, low-intensity conflict over a prolonged ceasefire that leaves sanctions and economic isolation unchanged.

The conflict is also reshaping global energy markets, with rising oil prices potentially benefiting countries like Russia, while China continues to strengthen its position in global energy and diplomacy.

Meanwhile, the human cost continues to rise. Reports indicate that 16 Indian nationals, including several seafarers, have lost their lives amid the ongoing regional conflict.

Iran Launches Surprise Strike on U.S. Base in Jordan | West Asia War Escalates | US- Iran War 

Saudi Arabia's economy has contracted 4.8% year-on-year in the second quarter, according to flash estimates, highlighting the kingdom's continued dependence on oil revenues despite years of economic diversification efforts.

The decline was driven primarily by a 24.7% drop in oil-related activities, while non-oil sectors provided only limited support. The latest figures come as geopolitical tensions across West Asia continue to influence oil production, energy markets, and global supply chains.

Although Saudi Arabia's Vision 2030 aims to reduce reliance on hydrocarbons, the latest GDP data underscores the challenges of transforming an economy still heavily tied to crude oil exports.

Saudi Arabia's Economy Shrinks 4.8% as Oil Slump and West Asia Tensions Weigh on Growth

The conflict in West Asia has intensified after joint US-Saudi airstrikes in Iraq reportedly killed at least 20 members of a former paramilitary alliance linked to pro-Iran groups. The strikes came as Iran launched ballistic missiles targeting US military positions, while the US military claimed all incoming missiles were successfully intercepted.

Meanwhile, Iran says it struck oil tankers near the Strait of Hormuz and has proposed a temporary maritime arrangement with Oman to manage shipping routes through the strategic waterway. Saudi Arabia also reported intercepting drones targeting key oil facilities, while Yemen's Houthi rebels claimed responsibility for attacks on a Saudi oil tanker in the Red Sea.

US-Saudi Strikes Kill 20 in Iraq | Iran Fires Missiles, Targets Oil Tankers | Hormuz Crisis Deepens

Oil prices surged more than 3 per cent in early Asian trading on Wednesday (Jul 29) after the United States military said it had intercepted multiple ballistic missiles launched by Iran. At around 0015 GMT, US benchmark West Texas Intermediate (WTI) rose 3.67 per cent to $82.17 a barrel, while Brent crude climbed 3.39 per cent to $86.94 a barrel.The sharp gains came after US Central Command (CENTCOM) said Iran's Islamic Revolutionary Guard Corps (IRGC) had launched multiple ballistic missiles targeting US forces in the Middle East.Also read | <a href="https://www.wionews.com/india-news/india-avoids-higher-us-tariff-secures-lower-10-rate-here-s-how-1784854529326">India avoids higher US tariff, secures lower 10% rate. Here's how</a><h2>US intercepts Iranian missiles</h2>"At 5:45 pm ET today, Islamic Revolutionary Guard Corps forces launched multiple ballistic missiles from Iran in an attempted surprise attack on US forces based in the Middle East," CENTCOM said in a post on X.It added that all of the missiles were successfully intercepted, without disclosing the locations that were targeted.The latest exchange shattered a days-long pause in direct attacks between Washington and Tehran. The two sides had largely held fire over the weekend after nearly two weeks of nightly US strikes on Iran and repeated Iranian missile and drone attacks targeting American allies across the Gulf.The current escalation began in mid-July after Iran attacked several ships transiting the Strait of Hormuz, a key global oil shipping route.Also read | <a href="https://www.wionews.com/world/trump-says-iran-has-evil-intentions-vows-it-will-never-get-nuclear-weapons-rubio-warns-iran-will-continue-to-pay-a-very-heavy-price-1784857820016">Trump warns Iran has 'evil intentions', vows it will 'never' get nuclear weapons</a><h2>Fears of wider regional conflict resurface</h2>Oil prices had fallen sharply during the weekend lull as markets grew hopeful that tensions were easing. Investor sentiment was further supported after US President Donald Trump said there was a "good chance" of progress in negotiations aimed at ending the conflict.However, Tuesday's missile launch reignited fears of a wider regional conflict that could disrupt crude supplies from the Middle East, prompting traders to push oil prices sharply higher.

Global oil prices rose more than 3% after the US military said it intercepted multiple ballistic missiles launched by Iran at American forces in the Middle East, reigniting fears of a wider regional conflict and potential disruptions to crude supplies.

Oil prices surged more than 3 per cent in early Asian trading on Wednesday (Jul 29) after the United States military said it had intercepted multiple ballistic missiles launched by Iran. At around 0015 GMT, US benchmark West Texas Intermediate (WTI) rose 3.67 per cent to $82.17 a barrel, while Brent crude climbed 3.39 per cent to $86.94 a barrel. The sharp gains came after US Central Command (CENTCOM) said Iran's Islamic Revolutionary Guard Corps (IRGC) had launched multiple ballistic missiles targeting US forces in the Middle East. Also read | India avoids higher US tariff, secures lower 10% rate. Here's how US intercepts Iranian missiles "At 5:45 pm ET today, Islamic Revolutionary Guard Corps forces launched multiple ballistic missiles from Iran in an attempted surprise attack on US forces based in the Middle East," CENTCOM said in a post on X. It added that all of the missiles were successfully intercepted, without disclosing the locations that were targeted. The latest exchange shattered a days-long pause in direct attacks between Washington and Tehran. The two sides had largely held fire over the weekend after nearly two weeks of nightly US strikes on Iran and repeated Iranian missile and drone attacks targeting American allies across the Gulf. The current escalation began in mid-July after Iran attacked several ships transiting the Strait of Hormuz, a key global oil shipping route. Also read | Trump warns Iran has 'evil intentions', vows it will 'never' get nuclear weapons Fears of wider regional conflict resurface Oil prices had fallen sharply during the weekend lull as markets grew hopeful that tensions were easing. Investor sentiment was further supported after US President Donald Trump said there was a "good chance" of progress in negotiations aimed at ending the conflict. However, Tuesday's missile launch reignited fears of a wider regional conflict that could disrupt crude supplies from the Middle East, prompting traders to push oil prices sharply higher.

Global oil prices rose more than 3% after the US military said it intercepted multiple ballistic missiles launched by Iran at American forces in the Middle East, reigniting fears of a wider regional conflict and potential disruptions to crude supplies.

Oil prices jump over 3% after US says it intercepted Iranian missile attack

Iran has warned that any renewed US military strikes, especially alongside Israel, could trigger a wider regional conflict across West Asia. The warning comes ahead of Israeli Prime Minister Benjamin Netanyahu's visit to Washington, as tensions continue to rise. Meanwhile, Yemen's Houthi rebels launched missile and drone attacks on Saudi Aramco facilities in Jazan and Yanbu, threatening key global energy routes. The conflict has raised concerns over the security of the Bab el-Mandeb Strait and global oil supplies, while Iran insists that diplomacy—not military escalation is the only path forward.

Iran Warns of Wider West Asia War | Houthi Strikes Saudi Aramco |US, Israel, Saudi Tensions Escalate

The Middle East conflict is entering a dangerous new phase as Yemen's Houthi rebels intensify attacks on Saudi-linked shipping in the Red Sea. After announcing a naval blockade targeting Saudi Arabia, the Houthis claim they have struck Saudi oil tankers, raising fears of a wider regional war and renewed disruption to global energy supplies.
The escalation comes as shipping through the Strait of Hormuz remains heavily disrupted, placing immense pressure on another vital maritime chokepoint—the Bab el-Mandeb Strait. Saudi Arabia, which has relied on Red Sea ports to bypass Hormuz, now faces fresh threats to its oil exports.


Houthis Target Saudi Oil Tankers | Red Sea Blockade Escalates | US Faces New Middle East Crisis

The European Central Bank has kept interest rates unchanged, as widely expected. But while the decision itself was uneventful, the message from ECB President Christine Lagarde was notably more cautious.

Oil shock back for Global Central Banks | World Business Watch 

US President Donald Trump has revealed that he is close to deciding on a massive new attack against Iran, signaling a major escalation in the ongoing conflict. The United States has now carried out strikes on Iranian military targets for the 13th consecutive night, while Iran continues retaliatory attacks across the Gulf region.

As tensions rise, oil prices have crossed $100 per barrel, raising fears of a global energy shock. Trump also warned that the US would use frozen Iranian assets to compensate for damage caused to ships and cargo in the Gulf, while directly blaming Iran for Houthi attacks on Saudi oil tankers in the Red Sea.

Trump preparing massive Iran strike? | Gulf war escalates, oil prices hit new highs | US- Iran War 

Iran is intensifying pressure in West Asia through its Houthi allies, who have launched fresh attacks on Saudi oil tankers in the Red Sea, raising fears of a major global energy crisis. With the Strait of Hormuz already under pressure, the Bab el-Mandeb Strait has emerged as a second strategic choke point, threatening global oil and gas supplies.

The Houthis claim responsibility for missile and drone strikes on Saudi-linked vessels, while Saudi Arabia has confirmed damage to one of its oil tankers. Analysts warn that if both the Strait of Hormuz and the Bab el-Mandeb are disrupted simultaneously, nearly one-quarter of the world's oil and gas supply could be affected.


Red Sea Crisis deepens | Houthi Missile attacks on Saudi ships escalate Iran-US regional conflict

Global energy markets are facing renewed uncertainty as Brent crude oil prices surge above $94 per barrel amid rising US-Iran tensions. Analysts warn that crude prices could approach $100 per barrel soon, while a worst-case scenario could push Brent back toward $120 if oil flows through the Strait of Hormuz are severely disrupted.

The Strait of Hormuz remains one of the world's most important energy routes, carrying millions of barrels of oil every day. Any escalation in the Middle East could trigger a fresh oil shock, impacting fuel prices, inflation, and global economies.

Goldman warns: Brent could top $120 again | Wion News  | World Business Watch 

West Asia tensions continue to intensify as Iran claims control over the Strait of Hormuz and halts multiple oil tankers while a Saudi-linked tanker catches fire after an attack in the Red Sea. US President Donald Trump says Iran is not yet ready for a deal but believes Tehran will eventually agree to negotiations. Meanwhile, the United States and Saudi Arabia sign a landmark civilian nuclear cooperation agreement with safeguards against proliferation.

In Europe, Ukrainian President Volodymyr Zelensky discusses renewed peace efforts with US officials. In Africa, at least 21 people are killed in fresh attacks in Nigeria's Zamfara State. In business, Alphabet surpasses market expectations as Google Cloud and AI drive strong revenue growth, prompting a significant increase in capital spending for 2026.

Stay tuned for the latest international news, geopolitics, business updates, and breaking developments from around the world.

Iran Blocks Strait of Hormuz | Saudi Tanker hit in Red Sea | Trump says Iran will agree to deal 

The continued tensions in the Middle East have pushed oil prices to rise more than 1.5 per cent, the highest in more than six weeks, on Thursday (Jul 23). This comes as the United States launched fresh strikes on Iran and Yemen’s Houthis targeting oil tankers in the Red Sea. Brent crude surged about 2 per cent to touch $96 a barrel in early trading, extending gains from the previous session, while US West Texas Intermediate (WTI) crude rose nearly 1.7 per cent to above $88 a barrel.The US military carried out a 12th consecutive strike on Iran overnight. The attack came hours after US President Donald Trump threatened to bomb a bridge or power plant in retaliation for any Iranian attack in the Strait of Hormuz.Also read | <a href="https://www.wionews.com/world/did-iran-secretly-ship-70-million-barrels-of-oil-to-china-report-claims-6-billion-crude-exported-before-blockade-restored-1784435146287">Did Iran secretly ship 70 million barrels of oil to China? Report claims $6 billion crude exported before blockade restored</a><h2>Trump threatens to bomb Iranian infrastructure</h2>In a post on his Truth Social platform, Trump said, “From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran.”<h2>Iran stops oil tankers</h2>Iran’s Revolutionary Guards said that they stopped three oil tankers from passing through the Strait of Hormuz. It did not say where the incident happened.Also read | <a href="https://www.wionews.com/world/iran-targets-us-bases-in-bahrain-kuwait-and-jordan-as-conflict-in-middle-east-escalates-1784372546894">Iran targets US bases in Bahrain, Kuwait and Jordan as conflict in Middle East escalates</a>“Three oil tankers, provoked and tempted by the child-killing American army, were trying to pass through the mine-laid route south of the Strait of Hormuz, but after one of them exploded and caught fire, the other two quickly turned around and turned back,” the Guards said in a statement.“The powerful IRGC Navy emphasises that the Strait of Hormuz is under our control... and any ship that is deceived by the US and intends to pass without coordination with the Islamic Republic of Iran will suffer the same fate,” it added.&nbsp;

Oil prices climbed to a six-week high as fresh US strikes on Iran, Trump's warning of retaliation, and Iran's tanker restrictions in the Strait of Hormuz raised fears of major supply disruptions.

The continued tensions in the Middle East have pushed oil prices to rise more than 1.5 per cent, the highest in more than six weeks, on Thursday (Jul 23). This comes as the United States launched fresh strikes on Iran and Yemen’s Houthis targeting oil tankers in the Red Sea. Brent crude surged about 2 per cent to touch $96 a barrel in early trading, extending gains from the previous session, while US West Texas Intermediate (WTI) crude rose nearly 1.7 per cent to above $88 a barrel. The US military carried out a 12th consecutive strike on Iran overnight. The attack came hours after US President Donald Trump threatened to bomb a bridge or power plant in retaliation for any Iranian attack in the Strait of Hormuz. Also read | Did Iran secretly ship 70 million barrels of oil to China? Report claims $6 billion crude exported before blockade restored Trump threatens to bomb Iranian infrastructure In a post on his Truth Social platform, Trump said, “From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran.” Iran stops oil tankers Iran’s Revolutionary Guards said that they stopped three oil tankers from passing through the Strait of Hormuz. It did not say where the incident happened. Also read | Iran targets US bases in Bahrain, Kuwait and Jordan as conflict in Middle East escalates “Three oil tankers, provoked and tempted by the child-killing American army, were trying to pass through the mine-laid route south of the Strait of Hormuz, but after one of them exploded and caught fire, the other two quickly turned around and turned back,” the Guards said in a statement. “The powerful IRGC Navy emphasises that the Strait of Hormuz is under our control... and any ship that is deceived by the US and intends to pass without coordination with the Islamic Republic of Iran will suffer the same fate,” it added.

Oil prices climbed to a six-week high as fresh US strikes on Iran, Trump's warning of retaliation, and Iran's tanker restrictions in the Strait of Hormuz raised fears of major supply disruptions.

‘Will bomb and destroy...’: Trump’s latest Iran warning sends oil prices soaring

The Middle East conflict has entered another dangerous phase as the United States launched its 12th consecutive night of strikes targeting Iranian military infrastructure. President Donald Trump declared that Iran is "not ready to make a deal," while insisting Tehran will eventually agree under mounting military pressure.

Meanwhile, Yemen's Houthi rebels claimed responsibility for attacks on Saudi oil tankers in the Red Sea, intensifying fears over global shipping routes and energy security. Kuwait reported intercepting hostile drones, while the US House approved a $95 billion budget package supporting operations linked to the Iran conflict. The United States and Saudi Arabia also signed a landmark civil nuclear cooperation agreement. In South America, mass protests erupted in Argentina against President Javier Milei's austerity measures, while Tesla missed Wall Street expectations despite billion-dollar profits.

US hits Iran for 12th night | Trump says Iran not ready for deal | Houthis strike Saudi tankers

The US-Iran conflict has entered a dangerous new phase as American forces carried out their 11th consecutive night of strikes on Iranian military targets. Iran responded with fresh regional attacks while tensions spread across Jordan, Kuwait, Bahrain, and the Strait of Hormuz. US President Donald Trump warned that Washington is "not finished" with Iran and threatened further strikes on fortified nuclear facilities. Meanwhile, the Houthis' blockade threats and disruptions to global shipping continue raising fears of a wider regional war and an energy crisis.


US-Iran war escalates: Trump warns more strikes as Hormuz Crisis deepens | West Asia War

As conflict in the Gulf pushes oil prices higher, consumers are paying more at the fuel pump, but oil companies are cashing in. A new analysis by Global Witness claims the world's top 100 oil and gas firms earned nearly 30 million dollars every hour in windfall profits during the early days of the Iran conflict.


Iran war fuels oil windfall

Oil prices soared once again on Friday (Jul 17) amid renewed military escalation between the United States and Iran, triggering concerns over disruption of gOil prices jump as US-Iran conflict raises fears over Hormuz and Red Sea supplieslobal energy supply in the Gulf region. Brent crude futures rose to around $85.3 a barrel, while US West Texas Intermediate (WTI) crude traded near $80 a barrel, recovering from losses in the previous session. The gains capped a strong week for both benchmarks, with Brent and WTI posting double-digit weekly increases amid mounting geopolitical tensions.The market reacted after Washington launched another round of airstrikes on Iran, extending its military campaign for a sixth consecutive night. US Central Command said the strikes targeted Iranian military sites, describing the operation as part of efforts to degrade Tehran’s military capabilities.Iran has answered with missile and drone attacks on US military facilities across the region, including an air base in Jordan, keeping investors focused on the risk of a wider conflict.Supply concerns deepened after Tehran asked Yemen’s Houthi movement to be ready to close the Red Sea oil route if US strikes hit Iranian power infrastructure, Reuters reported. Any disruption in the Red Sea or the Strait of Hormuz would threaten one of the world’s busiest energy corridors, through which a significant share of global crude exports moves.The prospect of tighter supplies has added a geopolitical premium to oil prices, reversing losses seen in the previous session.<h2>‘We should be worried’</h2>Speaking in Washington on Thursday, International Energy Agency Executive Director Fatih Birol said the conflict remained a risk for global energy markets.“We should be worried, and I am worried, if the situation does not improve in the next few weeks,” Birol said.Analysts have said prices could remain supported as long as the conflict shows no sign of easing, with traders closely tracking developments around the Gulf's key oil shipping routes. &nbsp;

Oil prices climbed after fresh US-Iran attacks heightened fears of supply disruptions through the Strait of Hormuz and the Red Sea. Brent rose above $85 a barrel, extending strong weekly gains.


Oil prices soared once again on Friday (Jul 17) amid renewed military escalation between the United States and Iran, triggering concerns over disruption of gOil prices jump as US-Iran conflict raises fears over Hormuz and Red Sea supplieslobal energy supply in the Gulf region. Brent crude futures rose to around $85.3 a barrel, while US West Texas Intermediate (WTI) crude traded near $80 a barrel, recovering from losses in the previous session. The gains capped a strong week for both benchmarks, with Brent and WTI posting double-digit weekly increases amid mounting geopolitical tensions. The market reacted after Washington launched another round of airstrikes on Iran, extending its military campaign for a sixth consecutive night. US Central Command said the strikes targeted Iranian military sites, describing the operation as part of efforts to degrade Tehran’s military capabilities. Iran has answered with missile and drone attacks on US military facilities across the region, including an air base in Jordan, keeping investors focused on the risk of a wider conflict. Supply concerns deepened after Tehran asked Yemen’s Houthi movement to be ready to close the Red Sea oil route if US strikes hit Iranian power infrastructure, Reuters reported. Any disruption in the Red Sea or the Strait of Hormuz would threaten one of the world’s busiest energy corridors, through which a significant share of global crude exports moves. The prospect of tighter supplies has added a geopolitical premium to oil prices, reversing losses seen in the previous session. ‘We should be worried’ Speaking in Washington on Thursday, International Energy Agency Executive Director Fatih Birol said the conflict remained a risk for global energy markets. “We should be worried, and I am worried, if the situation does not improve in the next few weeks,” Birol said. Analysts have said prices could remain supported as long as the conflict shows no sign of easing, with traders closely tracking developments around the Gulf's key oil shipping routes.

Oil prices climbed after fresh US-Iran attacks heightened fears of supply disruptions through the Strait of Hormuz and the Red Sea. Brent rose above $85 a barrel, extending strong weekly gains.

‘We should be worried’: Oil prices surge as renewed US-Iran attacks threaten Hormuz and Red Sea shipping routes

The conflict between the United States and Iran has entered its fifth consecutive day as U.S. forces launched another wave of strikes targeting Iranian military capabilities that Washington says threaten shipping through the Strait of Hormuz. Iranian state media reported explosions in several cities, including Bandar Abbas, Rask, Chabahar, Qeshm, Bandar Imam Khomeini, and areas near Bushehr, where Iran's only civilian nuclear power plant is located. The U.S. Central Command also confirmed that it targeted a vessel accused of attempting to violate the renewed naval blockade on Iranian ports, while Iran reportedly responded by launching attacks against U.S. military positions in Bahrain and Kuwait.

U.S.-Iran war intensifies | Fresh American strikes hit Iran as Trump issues new warning to Tehran

The conflict between the United States and Iran has entered its fifth consecutive day as U.S. forces launched a fresh wave of strikes targeting Iranian military capabilities linked to threats against shipping in the Strait of Hormuz. According to U.S. Central Command, the military operation focused on strategic Iranian military infrastructure, while Iranian state media reported explosions in several cities, including Bandar Abbas, Chabahar, Rask, and areas near Bushehr.
The U.S. military also confirmed that it disabled a vessel attempting to reach an Iranian port after it allegedly violated the renewed naval blockade, further intensifying tensions in the region. Meanwhile, Iran reportedly launched attacks against U.S. military positions in Bahrain and Kuwait, while Iraqi Kurdish security forces intercepted and destroyed eight explosive-laden drones near coalition facilities.

U.S.-Iran war escalates: U.S. Launches fresh strikes on Iran as Trump warns 'better behave' 

Top Speed News:
A. West Asia & US-Iran Conflict

US continues fresh airstrikes on Iran for the fourth consecutive day.
Trump warns Iran of wider strikes on power plants and bridges.
Iran claims drone attacks on US bases across the Gulf.
Bahrain says Iranian attacks targeted US Fifth Fleet facilities.
Strait of Hormuz crisis fuels global oil market fears.

B. Russia-Ukraine War

Russia attacks merchant ships in Ukraine's Black Sea corridor.

C. FIFA World Cup 2026

Spain defeat France 2-0 to reach the FIFA World Cup Final.
England face Argentina for the final spot in the World Cup.

D. United States

US House passes bill to make Daylight Saving Time permanent.
San Francisco boat fire leaves one dead and two missing.

E. Latin America

Cuba suffers a third nationwide blackout in less than 10 days.
Colombia rescues 39 hostages from ELN rebels.
Spanish man arrested with cocaine at a Colombia airport.

F. Health

WHO launches the first Ebola antiviral exposure trial in DR Congo.

G. Technology

UK study links social media limits to better teen mental health.
Switzerland probes Google over Android search engine changes.
White House launches AI cybersecurity coordination initiative.

H. Business & Economy

Asian markets rise as US inflation eases.

Trump expands Iran strikes | Hormuz crisis | Bahrain attack | Russia-Ukraine war | World Cup final

Oil prices have eased, but airline ticket prices remain stubbornly high. So what's keeping airfares from falling? Airlines say strong travel demand, limited aircraft availability, and a focus on maximizing capacity utilization are outweighing the benefits of cheaper fuel. As millions continue to fly for business and leisure, carriers are prioritizing full flights over fare reductions. 


Oil Prices Are Down, So Why Are Airfares Still So High?

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