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Shipping traffic through the Strait of Hormuz, one of the world's most critical oil chokepoints, slowed further after Washington threatened additional economic pressure on Iran. The pullback is the latest sign of how regional tensions are weighing on global energy flows.
Russia struck the area around Ukraine's largest Danube port of Izmail overnight, causing damage and setting off a fire, regional authorities said. Moscow said it downed 362 Ukrainian drones overnight as a separate attack in Russia's Salavat area triggered a blaze at an oil refinery.
The world's two most closely watched oil forecasters published sharply conflicting outlooks for 2026 this week, with the IEA deepening its call for the first annual demand decline since the pandemic while OPEC still projects growth. The split comes as the Strait of Hormuz closure continues to disrupt global shipping.
A dump site collapse in South Africa killed 14 people suspected of illegal mining. Authorities are searching for anyone who may still be trapped under the rubble.
New Zealand-based rural business group PGG Wrightson reported a nearly 50% jump in full-year profit, crossing the billion-dollar revenue mark for the first time in six years. The results point to a notable recovery in the country's rural sector.
Libyan authorities are battling a major blaze at the Zawiya oil refinery after it was struck for the third time in two days. The repeated attacks on the country's energy infrastructure have raised concern among officials and market observers.
US President Donald Trump claimed total control of the Strait of Hormuz on Monday and demanded Iran pay reparations, as the diplomatic standoff over the vital oil-shipping route deepened. The dueling positions from Washington and Tehran showed how far apart the two sides remain even as both sides talked of winding down regional hostilities.
U.S. crude oil prices climbed above $80 a barrel as traders weighed mixed signals from Washington and Tehran over a potential deal to keep the Strait of Hormuz open. Concerns that talks between the United States and Iran could stall pushed prices higher, with analysts noting the strait remains a critical corridor for global oil shipments. Markets are watching for further signals from both governments in the coming days.
The Trump administration has signaled a shift toward economic pressure on Iran, favoring sanctions and a naval presence over further military strikes, Al Jazeera reported. Officials cite stabilizing oil prices as easing the strain on American consumers even as tensions with Tehran continue. The shift follows a recent period of heightened military activity in the region.