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?

US President Donald Trump, in a social media post on Wednesday (Jun 24), announced that he has asked big oil companies to drop oil prices. Accusing major oil companies of overcharging consumers by failing to lower gasoline prices in line with the recent decline in crude oil prices, the POTUS said he had directed the Department of Justice (DOJ) to investigate the matter.Also read | <a href="https://www.wionews.com/india-news/us-supreme-court-makes-it-easier-to-deport-green-card-holders-what-does-it-mean-for-indians-wion-horizons-1782271724642">US Supreme Court makes it easier to deport Green Card holders: What does it mean for Indians? | WION Horizons</a><h2>Can Americans expect cheaper gasoline?</h2>In a post on his Truth Social platform, Trump claimed that oil prices had fallen sharply, but consumers were not seeing comparable relief at fuel stations. This, he said, meant that American customers were being "gouged" by "big Oil Companies"."The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock!" Trump wrote."In other words, customers are being 'gouged.' I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I'm seeing!" he added, signing off with his signature ‘President DJT’.The oil industry has yet to publicly respond to Trump's allegations.Also read | <a href="https://www.wionews.com/world/trump-asks-americans-if-ice-should-become-nice-in-unusual-rebranding-poll-says-media-would-go-totally-crazy-1782014525608">Trump asks Americans if ICE should become 'NICE' in unusual rebranding poll, says media would 'go totally crazy'</a><h2>Oil prices fall to lowest levels since start of Iran war</h2>Trump's remarks come as oil prices extended losses to sit around their lowest levels since the early days of the Middle East crisis. According to an AFP report, at 0230 GMT, Brent crude price fell by 0.7 per cent to $76.56 a barrel.Oil prices continue to fall as optimism persists about an eventual deal to end the war in West Asia.On Monday, traffic through the Strait of Hormuz reached its highest level since the war began on February 28.Global oil markets have experienced increased volatility in recent months amid geopolitical tensions in West Asia, supply disruptions, and concerns over global economic growth.&nbsp;

With oil prices falling to their lowest levels since the start of the Iran conflict, Donald Trump has accused major oil companies of overcharging consumers and ordered the DoJ to investigate whether Americans are being denied the benefits of cheaper crude. Can US citizens expect cheaper fuel?

US President Donald Trump, in a social media post on Wednesday (Jun 24), announced that he has asked big oil companies to drop oil prices. Accusing major oil companies of overcharging consumers by failing to lower gasoline prices in line with the recent decline in crude oil prices, the POTUS said he had directed the Department of Justice (DOJ) to investigate the matter. Also read | US Supreme Court makes it easier to deport Green Card holders: What does it mean for Indians? | WION Horizons Can Americans expect cheaper gasoline? In a post on his Truth Social platform, Trump claimed that oil prices had fallen sharply, but consumers were not seeing comparable relief at fuel stations. This, he said, meant that American customers were being "gouged" by "big Oil Companies". "The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock!" Trump wrote. "In other words, customers are being 'gouged.' I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I'm seeing!" he added, signing off with his signature ‘President DJT’. The oil industry has yet to publicly respond to Trump's allegations. Also read | Trump asks Americans if ICE should become 'NICE' in unusual rebranding poll, says media would 'go totally crazy' Oil prices fall to lowest levels since start of Iran war Trump's remarks come as oil prices extended losses to sit around their lowest levels since the early days of the Middle East crisis. According to an AFP report, at 0230 GMT, Brent crude price fell by 0.7 per cent to $76.56 a barrel. Oil prices continue to fall as optimism persists about an eventual deal to end the war in West Asia. On Monday, traffic through the Strait of Hormuz reached its highest level since the war began on February 28. Global oil markets have experienced increased volatility in recent months amid geopolitical tensions in West Asia, supply disruptions, and concerns over global economic growth.

With oil prices falling to their lowest levels since the start of the Iran conflict, Donald Trump has accused major oil companies of overcharging consumers and ordered the DoJ to investigate whether Americans are being denied the benefits of cheaper crude. Can US citizens expect cheaper fuel?

Trump accuses big oil companies of 'gouging' American customers, says 'gasoline prices better start going down a lot faster'

Oil prices slipped in early trading on Thursday (Jun 18) after the United States and Iran signed an interim deal to end the war in the Middle East. Shortly after the signing of the US-Iran memorandum of understanding, Pakistan’s Prime Minister Shehbaz Sharif announced that Tehran will reopen the Strait of Hormuz “instantly” and the American blockade of Iranian ports will end “immediately”. The development would mark the end of the largest energy disruption in history that rattled oil prices and global markets.As of 0005 GMT, Brent crude futures were down by 1.12 per cent, at $78.66 a barrel, while US West Texas Intermediate fell by 1.28 per cent to $75.81 a barrel.The benchmarks declined once again after briefly rising when US President Donald Trump on Wednesday (Jun 17) threatened Iran with a renewed bombing campaign if Iranians “don’t behave”.Also read | <a href="https://www.wionews.com/world/unfair-for-them-not-to-have-some-trump-says-iran-can-have-ballistic-missiles-as-peace-deal-takes-effect-1781755731618">‘Unfair for them not to have some’: Trump says Iran can have ballistic missiles as peace deal takes effect</a>“The sell-off extended as ​energy markets continued to aggressively price in a faster-than-expected return of Iranian barrels ​following the recent US-Iran memorandum of understanding,” IG market analyst Tony Sycamore said, as quoted by Reuters.The 14-point MoU has started a 60-day negotiation period during which Iran will allow maritime traffic to pass through the Strait of Hormuz toll-free. The deal also calls for the key shipping route to be restored to its full capacity within 30 days.The preliminary agreement leaves several contentious issues unresolved, most notably Iran’s nuclear programme. It also commits the United States and its partners to developing a $300 billion recovery package aimed at rebuilding Iran’s economy and infrastructure.Also read |<a href="https://www.wionews.com/world/very-difficult-guy-trump-says-netanyahu-nearly-derailed-us-iran-peace-deal-1781514228475"> ‘Very difficult guy’: Trump says Netanyahu nearly derailed US-Iran peace deal</a>Should the deal be fully implemented and the Strait of Hormuz reopened, the current supply crunch could eventually give way to a substantial oil surplus. In its monthly market report released on Wednesday, the International Energy Agency (IEA) stated that global oil supplies could exceed demand by 5.05 million barrels per day in 2027 as Middle Eastern exports return to international markets.Meanwhile, the US Federal Reserve is increasingly considering the possibility of raising interest rates later this year to curb inflationary pressures. Higher borrowing costs could slow economic activity and weigh on fuel consumption, potentially dampening oil demand.Nine of the Fed’s 19 policymakers now expect at least one rate hike this year – a notable shift from three months ago, when none anticipated tighter monetary policy.

Oil prices fell more than 1% after the US and Iran signed an interim deal to end their conflict, with Tehran set to reopen the Strait of Hormuz and restore disrupted energy flows.

Oil prices slipped in early trading on Thursday (Jun 18) after the United States and Iran signed an interim deal to end the war in the Middle East. Shortly after the signing of the US-Iran memorandum of understanding, Pakistan’s Prime Minister Shehbaz Sharif announced that Tehran will reopen the Strait of Hormuz “instantly” and the American blockade of Iranian ports will end “immediately”. The development would mark the end of the largest energy disruption in history that rattled oil prices and global markets. As of 0005 GMT, Brent crude futures were down by 1.12 per cent, at $78.66 a barrel, while US West Texas Intermediate fell by 1.28 per cent to $75.81 a barrel. The benchmarks declined once again after briefly rising when US President Donald Trump on Wednesday (Jun 17) threatened Iran with a renewed bombing campaign if Iranians “don’t behave”. Also read | ‘Unfair for them not to have some’: Trump says Iran can have ballistic missiles as peace deal takes effect “The sell-off extended as energy markets continued to aggressively price in a faster-than-expected return of Iranian barrels following the recent US-Iran memorandum of understanding,” IG market analyst Tony Sycamore said, as quoted by Reuters. The 14-point MoU has started a 60-day negotiation period during which Iran will allow maritime traffic to pass through the Strait of Hormuz toll-free. The deal also calls for the key shipping route to be restored to its full capacity within 30 days. The preliminary agreement leaves several contentious issues unresolved, most notably Iran’s nuclear programme. It also commits the United States and its partners to developing a $300 billion recovery package aimed at rebuilding Iran’s economy and infrastructure. Also read | ‘Very difficult guy’: Trump says Netanyahu nearly derailed US-Iran peace deal Should the deal be fully implemented and the Strait of Hormuz reopened, the current supply crunch could eventually give way to a substantial oil surplus. In its monthly market report released on Wednesday, the International Energy Agency (IEA) stated that global oil supplies could exceed demand by 5.05 million barrels per day in 2027 as Middle Eastern exports return to international markets. Meanwhile, the US Federal Reserve is increasingly considering the possibility of raising interest rates later this year to curb inflationary pressures. Higher borrowing costs could slow economic activity and weigh on fuel consumption, potentially dampening oil demand. Nine of the Fed’s 19 policymakers now expect at least one rate hike this year – a notable shift from three months ago, when none anticipated tighter monetary policy.

Oil prices fell more than 1% after the US and Iran signed an interim deal to end their conflict, with Tehran set to reopen the Strait of Hormuz and restore disrupted energy flows.

Crude oil prices fall more than 1% as Hormuz set to reopen after US-Iran peace deal

For the first time since the start of the war in West Asia, oil prices have slipped below the $80-a-barrel mark. This comes after the United States and Iran announced that they have reached an agreement to end the war. International benchmark Brent crude settled at $78.96 a barrel on Tuesday, down 5.1 per cent, while US benchmark West Texas Intermediate fell 5.8 per cent to $76.05. The sharp decline came as markets grew increasingly confident that the Strait of Hormuz, one of the world's most important oil shipping routes, may soon return to normal operations.Also read | <a href="https://www.wionews.com/world/let-the-oil-flow-crude-prices-down-to-81-15-as-us-iran-announce-immediate-end-to-hostilities-truce-trump-mojtaba-khamenei-1781483972835">'Let the oil flow': Crude prices down to $81.15 as US, Iran announce 'immediate end' to hostilities</a><h2>US to ease sanctions on Iranian oil?</h2>The oil price slide accelerated to over five per cent after the Wall Street Journal reported that Washington could ease sanctions on Iranian oil exports as part of the broader agreement to end the conflict. Such a move would allow Tehran to resume large-scale sales of crude and refined petroleum products, potentially increasing global supplies at a time when traders had been bracing for prolonged disruption.The Strait of Hormuz is at the centre of the crisis. After the war started on February 28, Iran moved to restrict maritime traffic in the waterway which handles roughly a fifth of the world's oil trade.While a formal peace agreement has yet to be signed, early signs of normalisation are already emerging. Iranian media reported that three oil tankers and two cargo vessels had successfully transited the strait, a development that helped calm markets.Also read | <a href="https://www.wionews.com/world/g7-hot-mic-moment-catches-us-ally-s-difficult-trump-confession-here-s-what-happened-macron-zelensky-russia-war-1781663838986">G7 Summit hot-mic moment catches US ally's 'difficult' Trump confession. Here's what happened | WATCH</a>That does not mean the crisis is over. Shipping companies and energy analysts continue to warn that restoring full operations will take time. Insurance costs remain elevated, vessel traffic has not returned to pre-war levels and questions remain about the long-term implementation of the ceasefire.<h2>Inflation expected to fall</h2>The easing of oil prices has also boosted hopes that inflation pressures could begin to moderate. European stock markets closed higher on Tuesday, while the Dow Jones Industrial Average notched another record close in the United States.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Oil prices have fallen below $80 a barrel for the first time since the war began after the US and Iran announced a peace agreement. Markets were further encouraged by reports that Washington could ease sanctions on Iranian oil exports, boosting hopes of increased global supply.

For the first time since the start of the war in West Asia, oil prices have slipped below the $80-a-barrel mark. This comes after the United States and Iran announced that they have reached an agreement to end the war. International benchmark Brent crude settled at $78.96 a barrel on Tuesday, down 5.1 per cent, while US benchmark West Texas Intermediate fell 5.8 per cent to $76.05. The sharp decline came as markets grew increasingly confident that the Strait of Hormuz, one of the world's most important oil shipping routes, may soon return to normal operations. Also read | 'Let the oil flow': Crude prices down to $81.15 as US, Iran announce 'immediate end' to hostilities US to ease sanctions on Iranian oil? The oil price slide accelerated to over five per cent after the Wall Street Journal reported that Washington could ease sanctions on Iranian oil exports as part of the broader agreement to end the conflict. Such a move would allow Tehran to resume large-scale sales of crude and refined petroleum products, potentially increasing global supplies at a time when traders had been bracing for prolonged disruption. The Strait of Hormuz is at the centre of the crisis. After the war started on February 28, Iran moved to restrict maritime traffic in the waterway which handles roughly a fifth of the world's oil trade. While a formal peace agreement has yet to be signed, early signs of normalisation are already emerging. Iranian media reported that three oil tankers and two cargo vessels had successfully transited the strait, a development that helped calm markets. Also read | G7 Summit hot-mic moment catches US ally's 'difficult' Trump confession. Here's what happened | WATCH That does not mean the crisis is over. Shipping companies and energy analysts continue to warn that restoring full operations will take time. Insurance costs remain elevated, vessel traffic has not returned to pre-war levels and questions remain about the long-term implementation of the ceasefire. Inflation expected to fall The easing of oil prices has also boosted hopes that inflation pressures could begin to moderate. European stock markets closed higher on Tuesday, while the Dow Jones Industrial Average notched another record close in the United States. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Oil prices have fallen below $80 a barrel for the first time since the war began after the US and Iran announced a peace agreement. Markets were further encouraged by reports that Washington could ease sanctions on Iranian oil exports, boosting hopes of increased global supply.

Oil drops below $80 for first time since war began as US-Iran peace hopes grow

Oil prices tumbled on Monday (Jun 15) after the United States and Iran announced a peace agreement that could bring an end to months of conflict and restore the flow of energy supplies through one of the world's most important maritime routes.Also read | <a href="https://www.wionews.com/world/enemy-had-no-choice-but-surrender-iran-claims-victory-as-us-agrees-to-permanently-end-war-1781482980593">'Enemy had no choice but surrender': Iran claims victory as US agrees to 'permanently' end war</a><h2>Markets feel relief, oil prices down 4%</h2>US benchmark West Texas Intermediate (WTI) crude fell more than four per cent (4%) in early Asian trading, dropping to $81.15 a barrel as traders reacted to news that Washington and Tehran had agreed to halt military operations.The breakthrough came after Pakistan, which has been mediating between the two sides, announced that an agreement had been reached to bring an "immediate and permanent" end to hostilities across the region, including in Lebanon.US President Donald Trump quickly confirmed the development, declaring that a deal with Iran was complete and announcing the reopening of the Strait of Hormuz, the narrow waterway through which roughly one-fifth of the world's crude oil supply passes."I hereby fully authorise the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorise the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!" Trump said in a statement.

<h2>Iran confirms "immediate end" to war</h2>Iran said that the newly announced agreement had brought an immediate end to the war between the two countries.The prospect of oil tankers once again moving freely through the Strait of Hormuz was enough to send energy markets sharply lower. Since the conflict began, fears of supply disruptions in the Gulf had driven oil prices higher and fuelled concerns about inflation, shipping costs and global economic growth.Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.&nbsp;

'Let the oil flow': Crude prices down to $81.15 as US, Iran announce 'immediate end' to hostilities

Oil prices tumbled on Monday (Jun 15) after the United States and Iran announced a peace agreement that could bring an end to months of conflict and restore the flow of energy supplies through one of the world's most important maritime routes. Also read | 'Enemy had no choice but surrender': Iran claims victory as US agrees to 'permanently' end war Markets feel relief, oil prices down 4% US benchmark West Texas Intermediate (WTI) crude fell more than four per cent (4%) in early Asian trading, dropping to $81.15 a barrel as traders reacted to news that Washington and Tehran had agreed to halt military operations. The breakthrough came after Pakistan, which has been mediating between the two sides, announced that an agreement had been reached to bring an "immediate and permanent" end to hostilities across the region, including in Lebanon. US President Donald Trump quickly confirmed the development, declaring that a deal with Iran was complete and announcing the reopening of the Strait of Hormuz, the narrow waterway through which roughly one-fifth of the world's crude oil supply passes. "I hereby fully authorise the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorise the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!" Trump said in a statement.

'Let the oil flow': Crude prices down to $81.15 as US, Iran announce 'immediate end' to hostilities

Oil prices fell sharply on Friday (Jun 12) as renewed hopes of a peace agreement between Iran and the United States raised expectations that disruptions to global energy supplies could soon ease. Global benchmark Brent crude dropped below $86 a barrel, its lowest level since the early stages of the Iran conflict, before recovering some losses to trade above $87. The decline came after Iranian and US officials signalled that negotiations to end the war were making significant progress.Also read | <a href="https://www.wionews.com/photos/world-s-safest-countries-in-2026-did-india-make-it-to-the-top-10-global-peace-index-2026-1781246718561">World's Safest Countries in 2026: Did India make it to the top 10? Here's where it ranks</a><h2>How the price of Brent crude surged since February</h2>The conflict between the US, Israel and Iran has rattled global energy markets for months. Brent crude had surged from around $72 a barrel before the outbreak of hostilities to as high as $126 in April, as fears grew over the security of oil and gas shipments from the Middle East. The spike in energy costs has weighed on economic growth worldwide while fuelling inflationary pressures.<h2>Positive market reactions follow latest diplomatic news</h2>Markets responded positively to the latest diplomatic developments. Britain's FTSE 100 climbed 1.6 per cent, while Germany's DAX and France's CAC 40 both gained nearly 2 per cent. US stocks also moved higher as investors bet that a breakthrough could reduce one of the biggest sources of uncertainty facing the global economy.Also read | <a href="https://www.wionews.com/world/iran-delays-ali-khamenei-funeral-when-will-the-slain-supreme-leader-be-laid-to-rest-1781227414587">Iran again delays Ali Khamenei's funeral: Why the slain supreme leader remains unburied after 100 days</a>Government bond markets also rallied. Yields on 10-year UK government bonds, known as gilts, fell below 4.8 per cent, their lowest level since April 20, reflecting expectations that lower energy prices could help cool inflation.The optimism followed remarks from officials on both sides suggesting that an agreement may be within reach. Iranian Foreign Minister Abbas Araghchi said the proposed "Islamabad Memorandum of Understanding", named after the Pakistani capital that hosted earlier talks, was closer than ever to being finalised.Pakistan, which has been acting as a mediator, also expressed confidence that a deal could be achieved.

Global oil prices fell sharply after Iranian and US officials signalled progress in negotiations to end the conflict that has disrupted energy markets for months. Brent crude briefly dropped below $86 a barrel as investors bet that risks to Middle Eastern oil supplies could soon ease.

Oil prices fell sharply on Friday (Jun 12) as renewed hopes of a peace agreement between Iran and the United States raised expectations that disruptions to global energy supplies could soon ease. Global benchmark Brent crude dropped below $86 a barrel, its lowest level since the early stages of the Iran conflict, before recovering some losses to trade above $87. The decline came after Iranian and US officials signalled that negotiations to end the war were making significant progress. Also read | World's Safest Countries in 2026: Did India make it to the top 10? Here's where it ranks How the price of Brent crude surged since February The conflict between the US, Israel and Iran has rattled global energy markets for months. Brent crude had surged from around $72 a barrel before the outbreak of hostilities to as high as $126 in April, as fears grew over the security of oil and gas shipments from the Middle East. The spike in energy costs has weighed on economic growth worldwide while fuelling inflationary pressures. Positive market reactions follow latest diplomatic news Markets responded positively to the latest diplomatic developments. Britain's FTSE 100 climbed 1.6 per cent, while Germany's DAX and France's CAC 40 both gained nearly 2 per cent. US stocks also moved higher as investors bet that a breakthrough could reduce one of the biggest sources of uncertainty facing the global economy. Also read | Iran again delays Ali Khamenei's funeral: Why the slain supreme leader remains unburied after 100 days Government bond markets also rallied. Yields on 10-year UK government bonds, known as gilts, fell below 4.8 per cent, their lowest level since April 20, reflecting expectations that lower energy prices could help cool inflation. The optimism followed remarks from officials on both sides suggesting that an agreement may be within reach. Iranian Foreign Minister Abbas Araghchi said the proposed "Islamabad Memorandum of Understanding", named after the Pakistani capital that hosted earlier talks, was closer than ever to being finalised. Pakistan, which has been acting as a mediator, also expressed confidence that a deal could be achieved.

Global oil prices fell sharply after Iranian and US officials signalled progress in negotiations to end the conflict that has disrupted energy markets for months. Brent crude briefly dropped below $86 a barrel as investors bet that risks to Middle Eastern oil supplies could soon ease.

Oil prices tumble as Iran, US signal breakthrough in war-ending talks

Oil prices have fallen, but the risk of a rebound remains as global market volatility continues. In the US, inflation is accelerating while real incomes are declining, putting pressure on household purchasing power. Meanwhile, the eurozone is also experiencing rising inflation, prompting the European Central Bank to consider tighter monetary policy to stabilize prices. At the same time, the European Union is responding to increasing competitive pressure from China across key industries. In East Asia, artificial intelligence is emerging as a major driver of economic growth, boosting productivity and reshaping regional economic momentum.


Global Economic Health: Market Moves in June 1 Week

US President Donald Trump has said that gas prices will fall sharply once the Iran war comes to an end, expressing confidence that energy costs will stabilise quickly. Trump dismissed concerns over prolonged high fuel prices, insisting they would “drop like a rock” after the conflict ends.

US-Iran War: Donald Trump Predicts Rapid Drop in Gas Prices Post-Iran War

Why is the USS Gerald R. Ford heading home after a record 309 days at sea, right in the middle of the US blockade of Iran? Hint: It's not because the US blockade is ending. All you need to know.

Why is the USS Gerald R. Ford heading home after a record 309 days at sea, right in the middle of the US blockade of Iran? Hint: It's not because the US blockade is ending. All you need to know.

USS Gerald R. Ford to leave Mideast; Why is US Navy’s most advanced carrier abandoning Iran blockade and coming home? | In Pics

The Speaker of the Iranian Parliament has directly pushed back against recent comments made by Donald Trump, rejecting claims that Iran’s oil infrastructure was at risk of imminent explosions. Mohammad Bagher Ghalibaf dismissed the remarks as inaccurate and politically motivated, insisting that conditions on the ground contradict the warnings. “Three days have passed, and no oil well has exploded. We can extend this period to 30 days and even broadcast live footage of the wells.”He further criticised the economic reasoning behind US policy guidance, arguing that sanctions-based strategies have backfired.&nbsp;“These kinds of recommendations come from individuals who promote ideas like economic blockades—approaches that have only driven oil prices higher, even toward $140.” Ghalibaf added a broader critique of decision-making in Washington: “The issue is not just flawed ideas, but a flawed mindset.” The exchange comes amid a broader dispute over the US handling of Iranian oil exports. Washington recently moved to temporarily lift sanctions on an estimated 140 million barrels of Iranian crude already stored on tankers at sea.&nbsp;Also Read: <a href="https://www.wionews.com/world/starmer-vows-action-after-london-terrorist-incident-stabbing-of-two-jewish-men-suspect-arrested-1777496331791">Starmer vows action after London 'terrorist incident' stabbing of two Jewish men; suspect identified as British national</a>

<blockquote class="twitter-tweet">3 days in, no well exploded.We could extend to 30 and livestream the well here. That was the kind of junk advice the US admin gets from people like Bessent who also push the blockade theory and cranked oil up to $120+. Next stop:140. The issue isn&#39;t the theory, it&#39;s the mindset.&mdash; محمدباقر قالیباف | MB Ghalibaf (@mb_ghalibaf) <a href="https://twitter.com/mb_ghalibaf/status/2049592312997535754?ref_src=twsrc%5Etfw">April 29, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

US officials framed the move as a strategic tool. Treasury Secretary Scott Bessent said the administration intended to use the Iranian barrels against the Iranians to keep the price down, while limiting authorization strictly to existing shipments and not allowing new production or purchases. Three days earlier, Trump claimed in a Fox News interview that Iran’s oil infrastructure was nearing failure due to storage pressures and blockade-related constraints. That timeframe has now passed without any reported incidents. Iranian oil officials, however, had already stated that both land and sea storage capacity remained sufficient, allowing continued management of exports and production despite sanctions pressure.&nbsp;<a href="https://www.wionews.com/videos/us-plans-strikes-to-break-deadlock-in-talks-with-iran-1777489191933/embed">https://www.wionews.com/videos/us-plans-strikes-to-break-deadlock-in-talks-with-iran-1777489191933/embed</a>&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

Iran’s Parliament Speaker rejects Donald Trump’s claims about imminent oil infrastructure explosions, escalating a dispute over sanctions, oil markets, and global energy policy.

The Speaker of the Iranian Parliament has directly pushed back against recent comments made by Donald Trump, rejecting claims that Iran’s oil infrastructure was at risk of imminent explosions. Mohammad Bagher Ghalibaf dismissed the remarks as inaccurate and politically motivated, insisting that conditions on the ground contradict the warnings. “Three days have passed, and no oil well has exploded. We can extend this period to 30 days and even broadcast live footage of the wells.” He further criticised the economic reasoning behind US policy guidance, arguing that sanctions-based strategies have backfired. “These kinds of recommendations come from individuals who promote ideas like economic blockades—approaches that have only driven oil prices higher, even toward $140.” Ghalibaf added a broader critique of decision-making in Washington: “The issue is not just flawed ideas, but a flawed mindset.” The exchange comes amid a broader dispute over the US handling of Iranian oil exports. Washington recently moved to temporarily lift sanctions on an estimated 140 million barrels of Iranian crude already stored on tankers at sea. Also Read: Starmer vows action after London 'terrorist incident' stabbing of two Jewish men; suspect identified as British national

Iranian parliament speaker Ghalibaf criticises US pressure tactics on Iran, warns that sanctions and blockades could push global oil prices toward $140

'Next stop $140': Ghalibaf fires back at Trump’s oil 'explosion' claims, says 'no oil well has exploded'

Oil prices stayed above $100 a barrel for the second straight day as the Hormuz deadlock weighed on sentiment despite an extension to the truce. Traffic through Hormuz is at a near standstill after the waterway’s brief and confused reopening, driving wild swings in crude markets.

Oil Price Tracker: Crude Tests $100 Per Barrel Mark

The oil war in the Gulf is now being fought on a quieter front—insurance. Even as movement resumes through the Strait of Hormuz, the cost of transporting crude has surged sharply.


Oil Crisis: Insurance Costs Surge in Gulf Oil Routes 

The Trump administration quietly reversed course on Friday (Apr 17), issuing a second month-long sanctions waiver allowing the purchase of Russian crude oil and petroleum products currently at sea. This comes just two days after Treasury Secretary Scott Bessent told reporters the US would not be extending the measure. How would this waiver benefit India, which imports around 38 and 40 per cent of its total crude imports from Moscow? All you need to know.<h2>US extends sanction waiver on Russian oil</h2>The Treasury Department has issued a month-long sanctions waiver for Russian oil. It covers oil already loaded onto vessels as of April 17 and permits purchases through 12:01 AM on May 16. This waiver is the second of its kind in recent days. It mirrors a previous waiver that expired on April 11, which was designed to cushion global energy markets from the supply shock caused by Iran's effective closure of the Strait of Hormuz following the US-Israel military campaign that began on February 28.Also read | <a href="https://www.wionews.com/world/india-calls-out-unacceptable-attacks-on-ships-in-strait-of-hormuz-flags-lost-precious-lives-of-indian-seafarers-1776387875954">India calls out 'unacceptable' attacks on ships in Strait of Hormuz, shares 3-point plan for regional stability</a><h2>Didn't Bessent say no more waivers on Russian oil?</h2>United States' reversal is notable both for its timing and its political awkwardness. Bessent had been unambiguous on Wednesday (Apr 15), saying Washington would not renew the waiver for either Russian or Iranian oil. "We ​will not be renewing the general license on Russian oil, and we will not be renewing the general license ​on Iranian oil. That was oil that ​was on the water prior to March 11. So all ‌that ⁠has been used," Bessent said at a White House briefing. The administration's U-turn two days later suggests that energy market pressures, and their domestic political consequences ultimately overrode the harder line. US gasoline prices have risen sharply since the conflict began, adding pressure on households ahead of the midterm elections later this year.<h2>Waiver only for oil already at sea</h2>Notably, the waiver applies only to oil already in transit and is not intended to encourage new transactions.Also read | <a href="https://www.wionews.com/photos/ukraine-s-robot-army-how-kyiv-used-ground-based-robots-to-carry-out-over-100-combat-operations-against-russia-all-you-need-to-know-in-pics-1776323150157">Ukraine's robot army: How Kyiv used ground-based robots to execute 100+ combat operations against Russia | In Pics</a><h2>What it means for India</h2>For India, the waiver's extension provides short-term relief, though New Delhi previously made clear it doesn't consider US sanctions policy determinative of its own energy decisions.Russia currently supplies between 38 and 40 per cent of India's total crude imports, averaging roughly 1.57 to 1.98 million barrels per day in early 2026. India depends on imports to meet over 88 per cent of its energy requirements, and with Iranian oil effectively off the table due to longstanding sanctions, Russia and the broader West Asian region are its primary alternatives, both of which have been disrupted by the current conflict.When the first waiver expired on April 11, Indian refineries signalled they would continue purchasing Russian crude regardless of the US position. An official cited by Mint said, "Efforts are on for further LPG purchases from Russia. Also, import of both crude and LPG is likely to continue from non-sanctioned entities." The official described India's energy import strategy as a sovereign decision that does not hinge on US sanctions policy.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

The United States has extended a one-month sanctions waiver for Russian crude that was already on ships. And for India, that matters more than it might look at first glance. All you need to know.

The Trump administration quietly reversed course on Friday (Apr 17), issuing a second month-long sanctions waiver allowing the purchase of Russian crude oil and petroleum products currently at sea. This comes just two days after Treasury Secretary Scott Bessent told reporters the US would not be extending the measure. How would this waiver benefit India, which imports around 38 and 40 per cent of its total crude imports from Moscow? All you need to know. US extends sanction waiver on Russian oil The Treasury Department has issued a month-long sanctions waiver for Russian oil. It covers oil already loaded onto vessels as of April 17 and permits purchases through 12:01 AM on May 16. This waiver is the second of its kind in recent days. It mirrors a previous waiver that expired on April 11, which was designed to cushion global energy markets from the supply shock caused by Iran's effective closure of the Strait of Hormuz following the US-Israel military campaign that began on February 28. Also read | India calls out 'unacceptable' attacks on ships in Strait of Hormuz, shares 3-point plan for regional stability Didn't Bessent say no more waivers on Russian oil? United States' reversal is notable both for its timing and its political awkwardness. Bessent had been unambiguous on Wednesday (Apr 15), saying Washington would not renew the waiver for either Russian or Iranian oil. "We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil. That was oil that was on the water prior to March 11. So all ‌that ⁠has been used," Bessent said at a White House briefing. The administration's U-turn two days later suggests that energy market pressures, and their domestic political consequences ultimately overrode the harder line. US gasoline prices have risen sharply since the conflict began, adding pressure on households ahead of the midterm elections later this year. Waiver only for oil already at sea Notably, the waiver applies only to oil already in transit and is not intended to encourage new transactions. Also read | Ukraine's robot army: How Kyiv used ground-based robots to execute 100+ combat operations against Russia | In Pics What it means for India For India, the waiver's extension provides short-term relief, though New Delhi previously made clear it doesn't consider US sanctions policy determinative of its own energy decisions. Russia currently supplies between 38 and 40 per cent of India's total crude imports, averaging roughly 1.57 to 1.98 million barrels per day in early 2026. India depends on imports to meet over 88 per cent of its energy requirements, and with Iranian oil effectively off the table due to longstanding sanctions, Russia and the broader West Asian region are its primary alternatives, both of which have been disrupted by the current conflict. When the first waiver expired on April 11, Indian refineries signalled they would continue purchasing Russian crude regardless of the US position. An official cited by Mint said, "Efforts are on for further LPG purchases from Russia. Also, import of both crude and LPG is likely to continue from non-sanctioned entities." The official described India's energy import strategy as a sovereign decision that does not hinge on US sanctions policy. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

The United States has extended a one-month sanctions waiver for Russian crude that was already on ships. And for India, that matters more than it might look at first glance. All you need to know.

US extends Russian oil sanctions waiver despite Scott Bessent's pledge not to. What does it mean for India?

Asian stocks fell sharply, and oil prices surged on Tuesday (Mar 31) morning as the conflict in the Middle East took another sharp turn, as US President Donald Trump threatened to obliterate one of Iran's most critical economic assets if a deal isn't reached soon. The price of West Texas Intermediate (WTI), the main US benchmark for oil, went up 3.30 per cent to $106.28 a barrel. Brent Crude also climbed by 2.23 per cent to $109.78.Also read | <a href="https://www.wionews.com/world/as-death-rumours-swirl-netanyahu-sits-down-for-interview-claiming-iran-war-past-halfway-but-refuses-to-give-end-date-1774909870850">As death rumours swirl, Netanyahu sits down for interview claiming Iran war past halfway; but refuses to give end date</a><h2>Asian stocks tumble after Trump's threat</h2>South Korea's Kospi index shed more than four per cent in early trading, while Japan's Nikkei dropped 2.24 per cent, before both recovered slightly. The moves reflect growing unease among investors about where this conflict is headed and what it means for the global economy.Oil markets told an equally stark story. West Texas Intermediate, the main US benchmark, climbed 3.30 per cent to $106.28 a barrel, a day after crossing $100 for the first time since the war began. Brent Crude, the international standard, rose 2.23 per cent to $109.78 in early Tuesday trade.Also read | <a href="https://www.wionews.com/world/fbi-confirms-michigan-jewish-temple-synagogue-ramming-a-hezbollah-inspired-terror-attack-1774915926247">FBI confirms Michigan Jewish temple ramming a ‘Hezbollah-inspired terror attack’</a><h2>What triggered the turbulence, the oil price rise?</h2>The trigger for the latest market turbulence was a threat from Trump on Monday directed squarely at Iran's Kharg Island, the country's primary oil export terminal. Kharg Island handles the vast majority of Tehran's crude shipments. Trump warned that unless Tehran moved quickly toward a deal, US forces would take out the island along with power stations and desalination facilities. As he put it bluntly in a Truth Social post, US troops would destroy "all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!)."Even as he issued the threat, Trump suggested diplomatic talks were gaining traction, a mixed signal that has become something of a pattern throughout this conflict.Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Asian stocks slid while oil surged past $100 after Donald Trump threatened Iran’s key oil hub. With investors rattled, how serious is this latest warning?

Scroll down to read more.

Asian stocks fell sharply, and oil prices surged on Tuesday (Mar 31) morning as the conflict in the Middle East took another sharp turn, as US President Donald Trump threatened to obliterate one of Iran's most critical economic assets if a deal isn't reached soon. The price of West Texas Intermediate (WTI), the main US benchmark for oil, went up 3.30 per cent to $106.28 a barrel. Brent Crude also climbed by 2.23 per cent to $109.78. Also read | As death rumours swirl, Netanyahu sits down for interview claiming Iran war past halfway; but refuses to give end date Asian stocks tumble after Trump's threat South Korea's Kospi index shed more than four per cent in early trading, while Japan's Nikkei dropped 2.24 per cent, before both recovered slightly. The moves reflect growing unease among investors about where this conflict is headed and what it means for the global economy. Oil markets told an equally stark story. West Texas Intermediate, the main US benchmark, climbed 3.30 per cent to $106.28 a barrel, a day after crossing $100 for the first time since the war began. Brent Crude, the international standard, rose 2.23 per cent to $109.78 in early Tuesday trade. Also read | FBI confirms Michigan Jewish temple ramming a ‘Hezbollah-inspired terror attack’ What triggered the turbulence, the oil price rise? The trigger for the latest market turbulence was a threat from Trump on Monday directed squarely at Iran's Kharg Island, the country's primary oil export terminal. Kharg Island handles the vast majority of Tehran's crude shipments. Trump warned that unless Tehran moved quickly toward a deal, US forces would take out the island along with power stations and desalination facilities. As he put it bluntly in a Truth Social post, US troops would destroy "all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!)." Even as he issued the threat, Trump suggested diplomatic talks were gaining traction, a mixed signal that has become something of a pattern throughout this conflict. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Asian stocks slid while oil surged past $100 after Donald Trump threatened Iran’s key oil hub. With investors rattled, how serious is this latest warning?Scroll down to read more.

Markets rattled, oil prices up as Trump threatens to destroy Kharg Island amid Iran war

The French government has pledged targeted support for industries hit by surging fuel prices linked to tensions in the Middle East, while warning that broad, across-the-board financial relief is no longer sustainable. This comes as truck and bus drivers drivers staged a "go slow" protest in Paris.


France's Transport Industry Stages Go-slow Protest in Paris

A massive explosion at the Valero Port Arthur Refinery sent shockwaves through the US energy sector on Monday (Mar 23). As the nation grapples with an oil spike due to the West Asia war, one of America's largest fuel hubs—capable of processing 435,000 barrels per day—is now under emergency lockdown. Local authorities have ordered residents in the surrounding area to stay indoors as thick black smoke billows over East Texas. The blast threatens to knock 435,000 barrels of refining capacity offline at a moment when US President Donald Trump is attempting to negotiate with Tehran amid the Iran war. It comes as Brent crude went up 3.7 per cent to $103.60 per barrel as the Strait of Hormuz remains under an effective 90 per cent blockade by the IRGC—wiping out 8 million barrels of daily global supply.Also read | <a href="https://www.wionews.com/photos/us-s-oil-gambit-how-trump-is-using-iranian-crude-to-bankrupt-tehran-amid-strait-of-hormuz-blockade-in-pics-1774056598032">US's oil gambit: How Trump is using Iranian crude to bankrupt Tehran amid Strait of Hormuz blockade | In Pics</a><h2>Shelter-in-place alert issued</h2>The explosion occurred at Valero’s Port Arthur Refinery, located roughly 90 miles east of Houston. Local emergency management officials issued a shelter-in-place alert shortly after the blast, urging people in nearby areas to remain inside as a precaution."To ensure the safety of all residents in the vicinity and in light of the recent explosion at the Valero refinery, an immediate shelter in place is ordered," officials said in a public alert. The advisory covered a wide area around the refinery. Visuals from the scene show tall flames and a plume of black smoke rising from the refinery. Watch here:

<blockquote class="twitter-tweet" data-media-max-width="560">🚨 BREAKING: Massive explosion at Valero’s Port Arthur refinery. One of the largest in the U.S. (335,000+ barrels/day). Black smoke. Active fire. Cause unknown. All happening as global oil supply is already under pressure from the Iran war — with major disruptions hitting… <a href="https://t.co/NU7VmLci6t">pic.twitter.com/NU7VmLci6t</a>&mdash; Brian Allen (@allenanalysis) <a href="https://twitter.com/allenanalysis/status/2036244596900909227?ref_src=twsrc%5Etfw">March 24, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Valero confirmed that a fire had broken out in one of the refinery’s processing units. "Currently, there is a fire in a unit at Valero's Port Arthur, Texas refinery. All personnel have been accounted for," the company said in a statement, adding that worker safety remains its top priority.Also read | <a href="https://www.wionews.com/world/mission-accomplished-trump-reveals-5-iran-war-goals-announces-surprise-exit-strategy-as-us-nears-victory-what-are-they-and-is-the-war-ending-soon-1774045708559">Trump announces surprise exit strategy, reveals 5 Iran war goals US 'very close to meeting' — what are they, and is the war ending soon?</a><h2>Death toll of Texas oil refinery explosion</h2>At the time of this report's publication, there were no official statements on any deaths or injuries. Local media footage showed large flames rising from the site, accompanied by thick black smoke billowing into the sky. Residents in nearby neighbourhoods reported hearing a loud explosion that shook windows and buildings.The cause of the blast has not yet been determined, and authorities have not said how long the shelter-in-place order will remain in effect.<h2>How important is the Port Arthur refinery?</h2>The Texas-based Port Arthur refinery is one of the largest in the United States. According to Valero, the facility processes "heavy sour crude oil and other feedstocks into gasoline, diesel and jet fuel". It has a capacity of about 435,000 barrels per day and employs nearly 800 workers.

Explosion rocks one of America’s largest oil refineries - Valero Port Arthur Refinery, as global prices surge amid the Iran war. With 435,000 barrels at risk and black smoke over Texas, fears of a supply shock grow. What does this mean for energy markets? Scroll down.

A massive explosion at the Valero Port Arthur Refinery sent shockwaves through the US energy sector on Monday (Mar 23). As the nation grapples with an oil spike due to the West Asia war, one of America's largest fuel hubs—capable of processing 435,000 barrels per day—is now under emergency lockdown. Local authorities have ordered residents in the surrounding area to stay indoors as thick black smoke billows over East Texas. The blast threatens to knock 435,000 barrels of refining capacity offline at a moment when US President Donald Trump is attempting to negotiate with Tehran amid the Iran war. It comes as Brent crude went up 3.7 per cent to $103.60 per barrel as the Strait of Hormuz remains under an effective 90 per cent blockade by the IRGC—wiping out 8 million barrels of daily global supply. Also read | US's oil gambit: How Trump is using Iranian crude to bankrupt Tehran amid Strait of Hormuz blockade | In Pics Shelter-in-place alert issued The explosion occurred at Valero’s Port Arthur Refinery, located roughly 90 miles east of Houston. Local emergency management officials issued a shelter-in-place alert shortly after the blast, urging people in nearby areas to remain inside as a precaution. "To ensure the safety of all residents in the vicinity and in light of the recent explosion at the Valero refinery, an immediate shelter in place is ordered," officials said in a public alert. The advisory covered a wide area around the refinery. Visuals from the scene show tall flames and a plume of black smoke rising from the refinery. Watch here:

Explosion rocks one of America’s largest oil refineries - Valero Port Arthur Refinery, as global prices surge amid the Iran war. With 435,000 barrels at risk and black smoke over Texas, fears of a supply shock grow. What does this mean for energy markets? Scroll down.

Massive blast rocks Valero’s Port Arthur refinery amid Iran blockade of Strait of Hormuz—is the US energy hub under attack?

The US has allowed the sale of Iranian oil at sea in its latest effort to counter rising oil prices due to the escalating West Asia war. The treasury department waived sanctions on Iranian oil that have already been loaded onto tankers through to April 19th. This measure follows similar decision on Russian oil on the water.


Can Iranian Oil Offset the Oil Supply Deficit?

The developing world is feeling the effects of the West Asia war. The historic energy crisis is likely to cause few emerging economies to seek further assistance, or tweak the existing bailout programs from the international monetary fund.


Energy Crisis: Vulnerable Countries Face Funding Risk

As the gulf fallout sends shockwaves through global energy markets, governments across the world are scrambling to protect their economies from severe fuel shortages. Here’s your visual guide to how the world is responding to the global energy crisis.
Take a look.


How Nations Are Shielding Fuel Supply

Iran war day 21: US President Donald Trump declares a 30-day waiver on Iranian oil. With 140 million barrels of oil unlocked, does this mean the end of the global energy crisis? How will this bankrupt Tehran? All you need to know.

Iran war day 21: US President Donald Trump declares a 30-day waiver on Iranian oil. With 140 million barrels of oil unlocked, does this mean the end of the global energy crisis? How will this bankrupt Tehran? All you need to know.

US's oil gambit: How Trump is using Iranian crude to bankrupt Tehran amid Strait of Hormuz blockade | In Pics

In a high-stakes gambit to break the global energy crisis, the Donald Trump administration has issued a shock 30-day sanctions waiver, seeking to flood the market with 140 million barrels of stranded Iranian oil. Treasury Secretary Scott Bessent confirmed the move on Friday (Mar 20), stating that the US will effectively "use Iranian barrels against Tehran" to drive down prices as the Iran War enters its 22nd day. By unlocking oil currently, allegedly being "hoarded by China on the cheap," Washington aims to provide a massive 440-million-barrel cushion to the global market, undercutting Iran’s leverage over the Strait of Hormuz while ensuring the "head of the snake" remains financially strangled.Also read | <a href="https://www.wionews.com/world/mission-accomplished-trump-reveals-5-iran-war-goals-announces-surprise-exit-strategy-as-us-nears-victory-what-are-they-and-is-the-war-ending-soon-1774045708559">'Winding down': Trump sets 5 goals—what are they and is Iran war ending soon?</a><h2>The 140 Million Barrel Surge: How the US is Using Iranian Oil to Bankrupt Tehran</h2>Taking to X, Trump's treasury secretary confirmed that the US was issuing a "narrowly tailored, short-term authorisation permitting the sale of Iranian oil currently stranded at sea."Calling Iran the "head of the snake for global terrorism," he claimed Operation Epic Fury was closer to winning the critical fight than previously anticipated. Scott Bessent revealed that America plans to use "Iranian barrels against Tehran to keep the price down".By his estimates, this move will flood the global crude market with approximately 140 million barrels of oil. This, he said, would relieve the "temporary pressures on supply caused by Iran". Since the start of the US-Israel-Iran war, Iran has effectively closed the shipping channel through which over one-fifth of global oil and one-quarter of liquefied natural gas (LNG) pass daily. This has led to the price of a barrel of North Sea Brent crude to skyrocket to $112.19 on Friday, up 3.26 per cent.The Trump aide noted Iran will not be able to access any revenue generated from this oil, effectively emptying Tehran's oil coffers, while denying it any money in return. "The United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system," he added.Also read | <a href="https://www.wionews.com/world/-we-don-t-use-it-trump-demands-other-nations-need-to-guard-strait-of-hormuz-says-us-considering-winding-down-military-operations-in-iran-1774043538465">‘US does not!’ Trump refuses to guard Strait of Hormuz amid Iran war</a><h2>Targeting the 'China Discount': Why Trump is Ending Beijing’s Cheap Energy Monopoly</h2>According to Beesent's X post, as the global markets battle soaring oil prices, China has been hoarding Iranian oil "on the cheap". By waiving off the sanctions on Iranian oil, the US is effectively flooding the market with millions of barrels of oil, temporarily bringing down the oil prices.He noted that the waiver is strictly applicable "to oil that is already in transit and does not allow new purchases or production".&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

US announced a 30-day "waiver" allowing the sale of Iranian crude already loaded on vessels (as of March 20). The goal? Release 140 million barrels immediately to stabilise a market rattled by Strait of Hormuz closure. The Catch: Iran is blocked from accessing the revenue.

In a high-stakes gambit to break the global energy crisis, the Donald Trump administration has issued a shock 30-day sanctions waiver, seeking to flood the market with 140 million barrels of stranded Iranian oil. Treasury Secretary Scott Bessent confirmed the move on Friday (Mar 20), stating that the US will effectively "use Iranian barrels against Tehran" to drive down prices as the Iran War enters its 22nd day. By unlocking oil currently, allegedly being "hoarded by China on the cheap," Washington aims to provide a massive 440-million-barrel cushion to the global market, undercutting Iran’s leverage over the Strait of Hormuz while ensuring the "head of the snake" remains financially strangled. Also read | 'Winding down': Trump sets 5 goals—what are they and is Iran war ending soon? The 140 Million Barrel Surge: How the US is Using Iranian Oil to Bankrupt Tehran Taking to X, Trump's treasury secretary confirmed that the US was issuing a "narrowly tailored, short-term authorisation permitting the sale of Iranian oil currently stranded at sea." Calling Iran the "head of the snake for global terrorism," he claimed Operation Epic Fury was closer to winning the critical fight than previously anticipated. Scott Bessent revealed that America plans to use "Iranian barrels against Tehran to keep the price down". By his estimates, this move will flood the global crude market with approximately 140 million barrels of oil. This, he said, would relieve the "temporary pressures on supply caused by Iran". Since the start of the US-Israel-Iran war, Iran has effectively closed the shipping channel through which over one-fifth of global oil and one-quarter of liquefied natural gas (LNG) pass daily. This has led to the price of a barrel of North Sea Brent crude to skyrocket to $112.19 on Friday, up 3.26 per cent. The Trump aide noted Iran will not be able to access any revenue generated from this oil, effectively emptying Tehran's oil coffers, while denying it any money in return. "The United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system," he added. Also read | ‘US does not!’ Trump refuses to guard Strait of Hormuz amid Iran war Targeting the 'China Discount': Why Trump is Ending Beijing’s Cheap Energy Monopoly According to Beesent's X post, as the global markets battle soaring oil prices, China has been hoarding Iranian oil "on the cheap". By waiving off the sanctions on Iranian oil, the US is effectively flooding the market with millions of barrels of oil, temporarily bringing down the oil prices. He noted that the waiver is strictly applicable "to oil that is already in transit and does not allow new purchases or production". Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

US announced a 30-day "waiver" allowing the sale of Iranian crude already loaded on vessels (as of March 20). The goal? Release 140 million barrels immediately to stabilise a market rattled by Strait of Hormuz closure. The Catch: Iran is blocked from accessing the revenue.

'Using their barrels against them': Trump floods market with Iranian oil to crash global prices, issues 30-day sanctions waiver

A new report warns that global oil prices could surge to $180 per barrel if disruptions in the Gulf persist amid the ongoing US-Iran conflict. The warning comes as supply risks intensify around the Strait of Hormuz, a critical global oil chokepoint. In response, Saudi Arabia is ramping up exports through the Red Sea route, aiming to bypass vulnerable Gulf shipping lanes and stabilise supply.


Report: Saudi Flags $180 Oil if Disruption Extends; Saudi Boosts Exports Via Red Sea Route 

A massive global energy shock is rippling across economies after Iran’s move to shut down the Strait of Hormuz, a route that carries nearly 20% of the world’s oil and LNG supply. With crude prices surging past 100 dollars a barrel, governments are now scrambling to rethink energy security, diversify supplies, and accelerate the shift away from fossil fuels.


Hormuz Crisis Triggers Global Energy Shock 

Global benchmark for oil, Brent Crude prices on Sunday crossed $106.12 a barrel before settling on $105.9 on Monday as the US-Israel war on Iran enters its third week. At the time of writing, WTI Crude is trading at $100.4 per barrel, up by $1.68 per cent, and Murban Crude is trading at $117.5 per barrel, up by 3.09 per cent from March 15. Oil Prices tend to be more volatile in after-hours trading; last Sunday, it reached $120 per barrel, before settling at $100 during the Monday.&nbsp;The last time oil traded above $100 when Russia attacked Ukraine in March 2022, and it stayed there till July, 2022. The International Energy Agency member countries have agreed on the largest collective action on Wednesday to release 400 million barrels of emergency oil. However, experts suggest this is just a drop in the bucket compared to global oil needs.&nbsp;This comes after the US attacked Kharg Island, Iran's most important oil export terminal in the Persian Gulf. Iran threatened to retaliate against the region. A drone attack had already disrupted a United Arab Emirates energy hub, and the US embassy in Baghdad warned US citizens to leave Iraq. It said that the US attack on oil infrastructure will open up a new dimension of the war, &nbsp;as Iran will also target Gulf energy terminals in the region. Trump said that the US may carry out more strikes on Kharg Island 'just for fun'.Also Read: <a href="https://www.wionews.com/world/israeli-forces-kill-family-four-children-west-bank-tammun-1773642883818">'We killed dogs': Israeli forces kill Palestinian family of four, including two children, in West Bank’s Tammun</a>As pressure increases on the global trade choke point Strait of Hormuz, the shockwaves are being felt across the global market. The oil disruption has led to a 24 per cent rise in US gas prices to $3.70 a gallon since the start of the war. The closure of Hormuz has also triggered a crisis of Liquified Natural Gas supply in the south-east asia. Both Saudi Arabia and the United Arab Emirates are now cut off from the global oil market.&nbsp;The US is scrambling to build a coalition of its allies to secure the Strait of Hormuz. However, its traditional allies either seem cautious or uninterested in any joint operation. The Trump administration has conceded that it would take weeks before the US Navy is prepared to take on the task of securing the Strait of Hormuz.&nbsp;&nbsp;

Global oil prices surged past $100 per barrel as the US-Israel war with Iran entered its third week, raising fears of supply disruption through the Strait of Hormuz and triggering volatility in energy markets.

Global benchmark for oil, Brent Crude prices on Sunday crossed $106.12 a barrel before settling on $105.9 on Monday as the US-Israel war on Iran enters its third week. At the time of writing, WTI Crude is trading at $100.4 per barrel, up by $1.68 per cent, and Murban Crude is trading at $117.5 per barrel, up by 3.09 per cent from March 15. Oil Prices tend to be more volatile in after-hours trading; last Sunday, it reached $120 per barrel, before settling at $100 during the Monday. The last time oil traded above $100 when Russia attacked Ukraine in March 2022, and it stayed there till July, 2022. The International Energy Agency member countries have agreed on the largest collective action on Wednesday to release 400 million barrels of emergency oil. However, experts suggest this is just a drop in the bucket compared to global oil needs. This comes after the US attacked Kharg Island, Iran's most important oil export terminal in the Persian Gulf. Iran threatened to retaliate against the region. A drone attack had already disrupted a United Arab Emirates energy hub, and the US embassy in Baghdad warned US citizens to leave Iraq. It said that the US attack on oil infrastructure will open up a new dimension of the war, as Iran will also target Gulf energy terminals in the region. Trump said that the US may carry out more strikes on Kharg Island 'just for fun'. Also Read: 'We killed dogs': Israeli forces kill Palestinian family of four, including two children, in West Bank’s Tammun As pressure increases on the global trade choke point Strait of Hormuz, the shockwaves are being felt across the global market. The oil disruption has led to a 24 per cent rise in US gas prices to $3.70 a gallon since the start of the war. The closure of Hormuz has also triggered a crisis of Liquified Natural Gas supply in the south-east asia. Both Saudi Arabia and the United Arab Emirates are now cut off from the global oil market. The US is scrambling to build a coalition of its allies to secure the Strait of Hormuz. However, its traditional allies either seem cautious or uninterested in any joint operation. The Trump administration has conceded that it would take weeks before the US Navy is prepared to take on the task of securing the Strait of Hormuz.

Global oil prices surged past $100 per barrel as the US-Israel war with Iran entered its third week, raising fears of supply disruption through the Strait of Hormuz and triggering volatility in energy markets.

Oil prices cross $105 per barrel first time since Russia's Ukraine invasion

India has developed multiple strategies to manage global oil price shocks while keeping petrol and diesel prices relatively stable for consumers. The Government of India uses a mix of diversified crude imports, strategic reserves, tax adjustments, and coordination with public sector oil companies to cushion the impact of volatile global markets.


How India Balances Oil Shocks While Keeping Fuel Prices Steady

Iran's Supreme National Security Council Secretary Ali Larijani warned the entire Middle East will "go dark" if the United State try to destroy the power generation capacity of Iran. He confirmed that the darkness creates favourable conditions for "hunting American soldiers." "Trump has said, 'We can take apart Iran's electric capacity within one hour, but we have not done it.' Well, if they do that, the whole region will go dark in less than half an hour, and darkness provides ample opportunity to hunt down US servicemen running for safety," Ali said in a post on X.

<blockquote class="twitter-tweet">Trump has said &quot;we can take apart Iran&#39;s electric capacity within one hour, but we have not done it.&quot; Well, if they do that, the whole region will go dark in less than half an hour and darkness provides ample opportunity to hunt down US servicemen running for safety.&mdash; Ali Larijani | علی لاریجانی (@alilarijani_ir) <a href="https://twitter.com/alilarijani_ir/status/2032077584809292183?ref_src=twsrc%5Etfw">March 12, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The statement of Ali Larijani came days after the American leader threatened to destroy the power generation capacity of Iran within an hour, but expressed hope that this would not be necessary.<h3>Iran's supreme leader says Strait of Hormuz must remain closed</h3>Meanwhile, Iran's supreme leader, Mojtaba Khamenei, stated that the Strait of Hormuz must remain closed, disobeying the order of President Donald Trump and calls from global markets to reopen the important oil trade route. “Certainly, the lever of blocking the Strait of Hormuz should still be used,” Khamenei said, based on a quote from his first message to the public, the semiofficial Tasnim news agency reported. Iran has also vowed to target any US, Israeli or allied ship that attempts to cross the Strait of Hormuz, which is considered one-fifth of the world’s oil passage annually. The disruption due to war and the blockade of the strait led to an upsurge in oil prices.&nbsp;Oil prices surged by more than 7 per cent on Thursday after the International Energy Agency warned that the US–Israel war on Iran was “creating the largest supply disruption in the history of the global oil market.”&nbsp;After remarks by Ali Khamenei, the price of international Brent crude oil climbed above $100 per barrel, while West Texas Intermediate rose past $95. The shockwaves from the oil market disruption also hit equities, sending stocks lower. At the opening bell, the S&amp;P 500 dropped more than 1 per cent, the Nasdaq Composite fell 1.3 per cent, and the Dow Jones Industrial Average slid by about 570 points.&nbsp;US crude prices have now climbed over 40 per cent since the war began, pushing retail fuel costs higher. Since March 1, gasoline prices have increased by nearly 70 cents to reach $3.59 per gallon on Thursday, according to GasBuddy. &nbsp;Also read:<a href="https://www.wionews.com/world/-strait-of-hormuz-should-be-continued-as-a-tool-to-pressure-enemy-iran-s-supreme-leader-mojtaba-khamenei-s-first-statement-1773321492482"> 'Strait of Hormuz closure should be continued as a tool to pressure enemy': Iran's Supreme leader Mojtaba Khamenei's first statement</a>

Ali Larijani's statement came days after the American leader threatened to destroy the power generation capacity of Iran within an hour, but expressed hope that this would not be necessary.

Iran's Supreme National Security Council Secretary Ali Larijani warned the entire Middle East will "go dark" if the United State try to destroy the power generation capacity of Iran. He confirmed that the darkness creates favourable conditions for "hunting American soldiers." "Trump has said, 'We can take apart Iran's electric capacity within one hour, but we have not done it.' Well, if they do that, the whole region will go dark in less than half an hour, and darkness provides ample opportunity to hunt down US servicemen running for safety," Ali said in a post on X.

Ali Larijani's statement came days after the American leader threatened to destroy the power generation capacity of Iran within an hour, but expressed hope that this would not be necessary.

'Middle East will go dark': Iran warns US over threat to destroy power grid

Iran war is causing the largest ever disruption of global oil supplies, the International Energy Agency (IEA) warned on Thursday (Mar 12). The IEA's dire projections came in its monthly Oil Market Report (OMR), which provides data on supply, demand, stocks, prices and refinery activity. The otherwise routine report is being watched closely this month, amid the unprecedented crisis in global oil markets. The ominous predictions came a day after the largest-ever release of global emergency oil stocks.<h2>What was the International Energy Agency warning on oil supply?</h2>In the report, the IEA cut its daily oil supply growth forecast sharply. It said the supply is likely to plunge by 8 million barrels a day in March. The Paris-based organisation, which includes several Western nations, now expects global supply to grow by 1.1 million barrels a day this year, the Wall Street Journal reported. This is a dramatic reduction from the earlier forecast of 2.4 million barrels a day.All supply growth is expected to come from outside the OPEC+ alliance, as the conflict forces major Gulf producers to curb output.Also read: <a href="https://www.wionews.com/world/world-s-largest-oil-company-ceo-warns-of-catastrophic-consequences-of-iran-war-as-nations-impose-emergency-measures-1773141477127">World’s largest oil company CEO warns of 'catastrophic consequences' of Iran war as nations impose emergency measures</a><h2>Oil prices surge after wild swings as war disrupts global flows</h2>After several wild swings, Brent crude has breached the $100 mark. Earlier, it had touched $120 a barrel.Further attacks on shipping and energy facilities, along with uncertainty over when the war will end, could push prices even higher.Oil trade flows have been severely affected since the February 28 US–Israel strike on Iran triggered the ongoing war, which is now entering its second week.Iran’s missile and drone attacks on oil sites in Saudi Arabia and Kuwait, along with its threats to block tankers passing through the Strait of Hormuz, have dirsupted traffic through one of the world’s most critical energy routes.The Strait of Hormuz is a key chokepoint for around 20 per cent of global oil supply and significant volumes of liquefied natural gas. Attacks on ships, closures by major shipping companies, and reduced regional production and export capacity are creating shortages.Flows through the strait have fallen to less than 10 per cent of normal levels, amounting to a disruption of roughly 15 million barrels per day.<a href="https://www.wionews.com/videos/energy-crisis-india-first-approach-guides-decision-to-keep-oil-reserves-intact-1773138558351/embed">https://www.wionews.com/videos/energy-crisis-india-first-approach-guides-decision-to-keep-oil-reserves-intact-1773138558351/embed</a><h2>IEA's report came hours after largest ever emergency oil stock release</h2>Just before the IEA report was released, its 32 member nations unanimously agreed on Wednesday (Mar 11) to release 400 million barrels from their emergency stockpiles.This marked the largest coordinated release in IEA history—more than double the 182 million barrels released in 2022 following the Russia–Ukraine war.The move is aimed at curbing oil price spikes and stabilising markets in the near term.Also read: <a href="https://www.wionews.com/world/with-hormuz-in-its-grip-iran-ships-more-oil-even-as-war-halts-others-1773255260129">With Hormuz in its grip, Iran ships more oil even as war halts others</a>&nbsp;<h2>But strategic stock release may not be enough</h2>However, the IEA warned that the strategic reserve release may not be sufficient if the war continues.The emergency stocks could cover only about 20 days of lost supply. If the conflict continues to disrupt production and the Strait of Hormuz is not fully reopened, the reserves could quickly prove inadequate.The war has already triggered one of the most severe oil market shocks in decades. Some industry observers have described it as the biggest disruption ever, while others say it could rank among the worst since the oil shocks of the 1970s.<h2>March IEA report more ominous than February</h2>IEA's March OMR paints a far darker picture than the February 12 report. The earlier report projected global oil demand growth of 850,000 barrels per day in 2026. It also forecast supply growth of around 2.4 million barrels per day and a surplus of roughly 3.73 million barrels per day.

In its latest monthly report, the International Energy Agency warned global oil supply could go down by 8 million barrels a day in March as the Iran war disrupts flows through the Strait of Hormuz. Brent crude is above $100 despite a record 400-million-barrel emergency release by IAE members.

Iran war is causing the largest ever disruption of global oil supplies, the International Energy Agency (IEA) warned on Thursday (Mar 12). The IEA's dire projections came in its monthly Oil Market Report (OMR), which provides data on supply, demand, stocks, prices and refinery activity. The otherwise routine report is being watched closely this month, amid the unprecedented crisis in global oil markets. The ominous predictions came a day after the largest-ever release of global emergency oil stocks. What was the International Energy Agency warning on oil supply? In the report, the IEA cut its daily oil supply growth forecast sharply. It said the supply is likely to plunge by 8 million barrels a day in March. The Paris-based organisation, which includes several Western nations, now expects global supply to grow by 1.1 million barrels a day this year, the Wall Street Journal reported. This is a dramatic reduction from the earlier forecast of 2.4 million barrels a day. All supply growth is expected to come from outside the OPEC+ alliance, as the conflict forces major Gulf producers to curb output. Also read: World’s largest oil company CEO warns of 'catastrophic consequences' of Iran war as nations impose emergency measures Oil prices surge after wild swings as war disrupts global flows After several wild swings, Brent crude has breached the $100 mark. Earlier, it had touched $120 a barrel. Further attacks on shipping and energy facilities, along with uncertainty over when the war will end, could push prices even higher. Oil trade flows have been severely affected since the February 28 US–Israel strike on Iran triggered the ongoing war, which is now entering its second week. Iran’s missile and drone attacks on oil sites in Saudi Arabia and Kuwait, along with its threats to block tankers passing through the Strait of Hormuz, have dirsupted traffic through one of the world’s most critical energy routes. The Strait of Hormuz is a key chokepoint for around 20 per cent of global oil supply and significant volumes of liquefied natural gas. Attacks on ships, closures by major shipping companies, and reduced regional production and export capacity are creating shortages. Flows through the strait have fallen to less than 10 per cent of normal levels, amounting to a disruption of roughly 15 million barrels per day. https://www.wionews.com/videos/energy-crisis-india-first-approach-guides-decision-to-keep-oil-reserves-intact-1773138558351/embed IEA's report came hours after largest ever emergency oil stock release Just before the IEA report was released, its 32 member nations unanimously agreed on Wednesday (Mar 11) to release 400 million barrels from their emergency stockpiles. This marked the largest coordinated release in IEA history—more than double the 182 million barrels released in 2022 following the Russia–Ukraine war. The move is aimed at curbing oil price spikes and stabilising markets in the near term. Also read: With Hormuz in its grip, Iran ships more oil even as war halts others But strategic stock release may not be enough However, the IEA warned that the strategic reserve release may not be sufficient if the war continues. The emergency stocks could cover only about 20 days of lost supply. If the conflict continues to disrupt production and the Strait of Hormuz is not fully reopened, the reserves could quickly prove inadequate. The war has already triggered one of the most severe oil market shocks in decades. Some industry observers have described it as the biggest disruption ever, while others say it could rank among the worst since the oil shocks of the 1970s. March IEA report more ominous than February IEA's March OMR paints a far darker picture than the February 12 report. The earlier report projected global oil demand growth of 850,000 barrels per day in 2026. It also forecast supply growth of around 2.4 million barrels per day and a surplus of roughly 3.73 million barrels per day.

In its latest monthly report, the International Energy Agency warned global oil supply could go down by 8 million barrels a day in March as the Iran war disrupts flows through the Strait of Hormuz. Brent crude is above $100 despite a record 400-million-barrel emergency release by IAE members.

Down by 8 million barrels a day: IEA issues ominous warning on oil supplies amid Iran war, hours after largest ever stock release

For several years, the US economy has showed resilience, managing to endure pandemic-era inflation, gasoline prices that once reached $5 a gallon, a slowdown in hiring, and the Federal Reserve’s aggressive fight against inflation.Now it faces a new challenge: A real war. The conflict with Iran has triggered one of the largest disruptions to global oil supplies ever recorded. The resulting spike in prices is pushing up the cost of gasoline, diesel, jet fuel and other energy products, raising concerns about broader economic impacts.&nbsp;Economists warn that the crisis could heighten the risk of a recession, especially if the disruption persists. The US economy already appeared somewhat fragile before tensions escalated in the Middle East. &nbsp;Despite those concerns, many economists still believe a recession is not the most likely outcome. While stock markets have slipped, the decline has not been severe enough to signal that investors are expecting a near-term downturn. Analysts also say that if the Strait of Hormuz reopens quickly, oil prices could retreat closer to their pre-war levels.&nbsp;Even so, recession fears have climbed. According to prediction market Kalshi, the probability of a recession this year rose to about 35% early on Monday (March 9) when US oil prices briefly touched $119 per barrel. That’s significantly higher than the roughly 20% chance estimated in early February before the US started building up military forces in the Middle East.<h2>Pressure on consumer spending</h2>Gasoline prices have already risen sharply, increasing by about 50 cents, from $2.98 per gallon before the conflict began to $3.48 on Monday. According to Moody’s Analytics chief economist Mark Zandi, every sustained $10 increase in oil prices could add roughly $450 per year to the typical American household’s expenses. That matters because the US economy relies heavily on consumer spending. If households begin cutting back on shopping, travel and dining out, businesses could see declining revenues and may respond by reducing staff. Job losses can then trigger further spending cuts, creating a downward economic spiral.&nbsp;Also Read: <a href="https://www.wionews.com/world/-be-careful-not-to-get-eliminated-yourself-iranian-official-responds-to-trump-s-twenty-times-harder-threat-1773149066142">'Be careful not to...': Iranian official responds to Trump's 'TWENTY TIMES HARDER' threat</a>&nbsp;The labour market is already weaker than it was during the oil shock triggered by Russia’s invasion of Ukraine in 2022. At that time, employers were adding hundreds of thousands of jobs each month. In contrast, the US added just 116,000 jobs during all of 2025, the lowest annual total outside a recession since 2002. The economy has also recorded job losses in five of the past nine months after years without negative job growth.&nbsp;The combination of rising fuel prices and job losses is worrying. “The job losses and surging gas prices are ‘a very nasty one-two punch to the economy,’” said David Kelly, chief global strategist at JPMorgan Asset Management. “But I still bet that the economy will muddle its way through this.”<h2>Markets and business confidence at risk</h2>Another possible route to a recession would be a major stock market decline. If US equities fall 20% from their recent highs, threshold for a bear market, it could discourage consumer spending, particularly among wealthier households that drive a large share of economic activity. Business confidence is another concern. Companies that were already cautious about hiring or expanding operations may become even more hesitant if energy prices remain elevated.&nbsp;<a href="https://www.wionews.com/videos/us-iran-war-us-secretary-of-defense-pete-hegseth-briefs-media-on-10-days-of-operation-epic-fury-1773151188427/embed">https://www.wionews.com/videos/us-iran-war-us-secretary-of-defense-pete-hegseth-briefs-media-on-10-days-of-operation-epic-fury-1773151188427/embed</a><h2>Why this oil shock is different?</h2>Still, there are factors that could limit the damage compared with past oil crises. In 2022, when gasoline prices surged to $5 per gallon after Russia invaded Ukraine, the United States had little influence over how quickly the conflict would end. In contrast, the US now has greater control over the course of events in the Persian Gulf.&nbsp;Donald Trump suggested the conflict may already be nearing an end, telling CBS News that the war is “very complete.” However, even if the fighting stops, the disruption in the Strait of Hormuz may take time to resolve. Trump’s comments appeared to calm markets somewhat. After briefly spiking to $119 per barrel late on Sunday and early on Monday, US oil prices later dropped to around $92 per barrel.&nbsp;Another key difference from past crises is that the United States is now a net energy exporter. That means while high energy prices strain household budgets, some sectors of the US economy benefit, particularly oil and natural gas producers and investors in fossil fuel companies. Although oil still trades in a global market, the US economy today is far less dependent on imported energy than it was in previous decades.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Could the Iran war’s oil shock trigger a recession in the US economy?

For several years, the US economy has showed resilience, managing to endure pandemic-era inflation, gasoline prices that once reached $5 a gallon, a slowdown in hiring, and the Federal Reserve’s aggressive fight against inflation. Now it faces a new challenge: A real war. The conflict with Iran has triggered one of the largest disruptions to global oil supplies ever recorded. The resulting spike in prices is pushing up the cost of gasoline, diesel, jet fuel and other energy products, raising concerns about broader economic impacts. Economists warn that the crisis could heighten the risk of a recession, especially if the disruption persists. The US economy already appeared somewhat fragile before tensions escalated in the Middle East. Despite those concerns, many economists still believe a recession is not the most likely outcome. While stock markets have slipped, the decline has not been severe enough to signal that investors are expecting a near-term downturn. Analysts also say that if the Strait of Hormuz reopens quickly, oil prices could retreat closer to their pre-war levels. Even so, recession fears have climbed. According to prediction market Kalshi, the probability of a recession this year rose to about 35% early on Monday (March 9) when US oil prices briefly touched $119 per barrel. That’s significantly higher than the roughly 20% chance estimated in early February before the US started building up military forces in the Middle East. Pressure on consumer spending Gasoline prices have already risen sharply, increasing by about 50 cents, from $2.98 per gallon before the conflict began to $3.48 on Monday. According to Moody’s Analytics chief economist Mark Zandi, every sustained $10 increase in oil prices could add roughly $450 per year to the typical American household’s expenses. That matters because the US economy relies heavily on consumer spending. If households begin cutting back on shopping, travel and dining out, businesses could see declining revenues and may respond by reducing staff. Job losses can then trigger further spending cuts, creating a downward economic spiral. Also Read: 'Be careful not to...': Iranian official responds to Trump's 'TWENTY TIMES HARDER' threat The labour market is already weaker than it was during the oil shock triggered by Russia’s invasion of Ukraine in 2022. At that time, employers were adding hundreds of thousands of jobs each month. In contrast, the US added just 116,000 jobs during all of 2025, the lowest annual total outside a recession since 2002. The economy has also recorded job losses in five of the past nine months after years without negative job growth. The combination of rising fuel prices and job losses is worrying. “The job losses and surging gas prices are ‘a very nasty one-two punch to the economy,’” said David Kelly, chief global strategist at JPMorgan Asset Management. “But I still bet that the economy will muddle its way through this.” Markets and business confidence at risk Another possible route to a recession would be a major stock market decline. If US equities fall 20% from their recent highs, threshold for a bear market, it could discourage consumer spending, particularly among wealthier households that drive a large share of economic activity. Business confidence is another concern. Companies that were already cautious about hiring or expanding operations may become even more hesitant if energy prices remain elevated. https://www.wionews.com/videos/us-iran-war-us-secretary-of-defense-pete-hegseth-briefs-media-on-10-days-of-operation-epic-fury-1773151188427/embed Why this oil shock is different? Still, there are factors that could limit the damage compared with past oil crises. In 2022, when gasoline prices surged to $5 per gallon after Russia invaded Ukraine, the United States had little influence over how quickly the conflict would end. In contrast, the US now has greater control over the course of events in the Persian Gulf. Donald Trump suggested the conflict may already be nearing an end, telling CBS News that the war is “very complete.” However, even if the fighting stops, the disruption in the Strait of Hormuz may take time to resolve. Trump’s comments appeared to calm markets somewhat. After briefly spiking to $119 per barrel late on Sunday and early on Monday, US oil prices later dropped to around $92 per barrel. Another key difference from past crises is that the United States is now a net energy exporter. That means while high energy prices strain household budgets, some sectors of the US economy benefit, particularly oil and natural gas producers and investors in fossil fuel companies. Although oil still trades in a global market, the US economy today is far less dependent on imported energy than it was in previous decades. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

The Iran war’s oil shock is raising recession fears in the US, but economists say the resilient $30 trillion economy may still absorb the energy-driven pressure

The threat doing the rounds as war escalates in the gulf revolves around a scenario markets have never face. 200 dollars a barrel oil. With nearly one-fifth of the world’s crude passing through the strait of Hormuz, any prolonged disruption could send prices sharply higher.


Israel-Iran War: $200 Oil: What It Means For Your Wallet

The war in the gulf is rapidly turning into an economic crisis, with oil markets at the centre of the shock. Markets are now bracing for a prolonged disruption to supplies from the gulf, pushing energy prices sharply higher and forcing governments to respond. But before we get to the responses, let’s look at the economic cost so far. 


Israel-Iran War: Will Oil Markets Shape the Course of War?

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