Washington, May 6 (IANS) Oil prices plunged as much as 10 per cent on Wednesday after reports suggested the United States and Iran were nearing a possible agreement to end the Gulf conflict, easing fears of prolonged disruption in the Strait of Hormuz.West Texas Intermediate (WTI), the US benchmark, dropped as much as 10 per cent in early trading before recovering slightly to trade around $94.32 a barrel, according to Business Insider. Brent crude, the international benchmark, fell 7 per cent to…
Latest Strait of Hormuz News & Updates
New Delhi, May 6 (IANS) More than 87.28 lakh domestic LPG cylinders were delivered against bookings of around 88.82 lakh cylinders in the last two days, with 95 per cent of the deliveries based on the authentication code sent to registered mobile numbers of consumers to prevent diversion at the distributor level, according to an update issued by the Ministry of Petroleum and Natural Gas on Wednesday.The supply of domestic LPG is normal with online bookings for cooking gas rising to 99 per cent a…
New Delhi, May 6 (IANS) The Association of Southeast Asian Nations (ASEAN) should accelerate energy diversification and deepen ties with reliable partners, including India, after the West Asia crisis exposed vulnerabilities in supply chains and energy security, a report said.According to a report by Malaysian media outlet Bernama, Associate Professor at the School of International Studies, Jawaharlal Nehru University (JNU), Rahul Mishra, said ASEAN countries should strengthen engagement with mid…
New Delhi, May 6 (IANS) Global oil inventories that can be tapped without disrupting supply chains could be exhausted within three weeks, raising the risk of ‘operational stress’ in markets by mid‑June, a report has said.The report from investment bank JP Morgan said that the global oil inventory stood at 8.4 billion barrels of oil in early 2026, but only a small portion is usable without pushing the system into strain in order to keep the circulation network working.”Of the 8.4 billion barrel…
Tehran, May 6 (IANS) Iran’s main military command, Khatam al-Anbiya Central Headquarters, said that the country’s armed forces have carried out no missile or drone operation against the United Arab Emirates (UAE) over the past days, the semi-official Fars news agency reported. Headquarters spokesman Ebrahim Zolfaghari made the announcement on Tuesday (local time), stressing that if Iran had taken such actions, “we would announce it decisively and explicitly.”He rejected a report by the UAE that …
Washington, May 6 (IANS) A group of US senators has accused the Trump administration of handing Russian President Vladimir Putin a financial windfall by pausing sanctions on Russian oil exports during a global energy crisis.In a letter to Treasury Secretary Scott Bessent, 13 top Democratic senators urged the Trump administration to immediately restore sanctions on Russian oil deliveries and intensify efforts to curb Moscow’s energy revenues amid the ongoing Ukraine war.“We urge the Trump Adm…
Washington, May 6 (IANS) US Secretary of State Marco Rubio warned that Iran’s actions could trigger broader economic instability as the increasing tensions in the Strait of Hormuz and fears of prolonged disruption to one of the world’s busiest energy corridors are increasing pressure on global oil markets.At the White House news conference , Rubio said Iran’s attempts to control shipping through the Strait of Hormuz threatened fuel supplies, global trade and international shipping lanes re…
Washington, May 5 (IANS) The current US-Iran standoff in the Strait of Hormuz has left thousands of commercial vessels stranded, disrupting global trade and threatening energy supplies, with potential ripple effects for import-dependent economies like India.US officials said more than 22,500 mariners aboard over 1,550 commercial vessels are currently unable to transit the region due to Iranian attacks and threats to shipping.The Strait of Hormuz, a narrow but critical waterway between Iran and O…
Washington, May 5 (IANS) The United States on Tuesday urged its allies to step up and share responsibility for securing the Strait of Hormuz, signalling a push towards a broader international role in safeguarding one of the world’s most critical shipping lanes.Secretary of War Pete Hegseth said Washington expects partner nations to contribute to maritime security even as US forces lead a new mission to protect commercial vessels from Iranian threats.“The world needs this waterway a lot more …
Washington, May 5 (IANS) The United States has launched a military mission to break what it calls Iran’s blockade of commercial shipping in the Strait of Hormuz, deploying warships and aircraft to escort vessels through one of the world’s most critical oil routes.US Secretary of War, Pete Hegseth said the operation, dubbed “Project Freedom”, was ordered by President Donald Trump to “restart the free flow of commerce through the Strait of Hormuz.”He described the mission as “defensi…