Trump's Iran Blockade Plan Sends Global Oil Prices Higher
U.S. West Texas Intermediate crude rose above $80 per barrel, while Brent crude climbed past $87 after extending gains from the previous session.
U.S. West Texas Intermediate crude rose above $80 per barrel, while Brent crude climbed past $87 after extending gains from the previous session.
Saudi Arabia is diverting around four million barrels of crude per day through its East-West pipeline to the Red Sea, while the United Arab Emirates is reportedly planning a new port
The U.S. military said its latest five-hour operation targeted sites in Bushehr and Bandar Abbas to weaken Iran's ability to attack commercial shipping.
Trump made the announcement on Truth Social as tensions with Iran continue to dominate the administration's foreign policy agenda.
According to the report, the proposed blockade would apply to vessels entering or leaving Iranian ports, while commercial traffic from other nations would continue to have access to the strategic waterway.
U.S. Central Command announced the end of its latest round of strikes against Iran.
The latest escalation began after Iran attacked a commercial vessel near Oman
According to the report, senior U.S. officials want Tehran to provide assurances that ships transiting the strategic waterway will no longer face threats.
Qatar continues to shuttle messages between both sides as they seek to reduce tensions following renewed military clashes in and around the Strait of Hormuz.
Iranian authorities have not officially blamed any country, although an Iranian lawmaker accused the United Arab Emirates
President Donald Trump considers Iran's recent attacks on commercial vessels in the Strait of Hormuz to be acts of terrorism
Lt. Gen. H.R. McMaster said Iran has rebuilt roughly half of the missile stockpile it possessed before the US and Israel launched military operations 132 days ago
According to MarineTraffic.com data cited in the report, two of the vessels, the LPG tanker Solix and crude oil tanker Berg 1, are under U.S. sanctions for alleged links to Iran's illicit fuel trade.
Speaking aboard Air Force One, Trump said U.S. forces responded forcefully to Iranian actions and warned that any future attacks would be met with an even stronger military response
Markets are closely watching fresh economic indicators after the Federal Reserve's June meeting revealed differing views among policymakers on the path of interest rates
According to the report, the footage was made public on the same day as Khamenei's burial, drawing attention to the condition of the site following recent events.