All posts tagged: Oil and Gas

Houthi attack kills six in first death in Red Sea since Iran war began

Houthi attack kills six in first death in Red Sea since Iran war began

The navigation bridge of a sunken vessel is all that is seen at the surface of the water in the Port of Mokha the day after an attack by the Houthis on the city Mokha, held by Yemen’s internationally recognised, Aden-based government on August 10, 2026. Khaled Ziad | Afp | Getty Images Iran-backed Houthi rebels killed six people aboard a cargo ship in the Bab el-Mandeb Strait on Tuesday, the first reported fatalities from attacks targeting Red Sea shipping in more than a year. Within hours, U.S. forces said they had fired missiles at a container ship that allegedly attempted to breach Washington’s blockade of Iranian ports in the Gulf of Oman. The twin incidents illustrate how the Iran war, now in its sixth month, is inflicting a widening toll on two of the world’s most critical shipping lanes. And even as diplomats offer vague signs of progress toward reopening the Strait of Hormuz, hostilities between the U.S. and Iran appear to be on the rise. President Donald Trump, in an aggressively hostile Truth …

Trump claims ‘100% control’ of Hormuz, demands Iran pay reparations

Trump claims ‘100% control’ of Hormuz, demands Iran pay reparations

US President Donald Trump speaks before signing an executive order calling for more research and flexibility on vaccines, in the Oval Office of the White House in Washington, DC, on August 10, 2026. Jim Watson | Afp | Getty Images The U.S. and Iran are close to “some sort of arrangement” over the Strait of Hormuz, a senior Pakistani minister said Tuesday, offering another glimmer of hope for a deal even as the warring powers appear to be hardening their negotiating stances. Pakistan’s defense minister, Khawaja Asif, told reporters that “things are shaping up again in favor of a peace arrangement or a deal,” according to Bloomberg News. “The signals in the last two to three days are that we are close to some sort of an arrangement,” he added, without providing further details. The Pakistani official’s comments came after a Qatari Foreign Ministry spokesperson told Al Jazeera that talks between Iran and Oman about opening a shipping channel through the Strait of Hormuz were at a “critical juncture.” Asked to respond to Asif’s remarks, …

Trump extends Jones Act waiver as Iran war roils oil market

Trump extends Jones Act waiver as Iran war roils oil market

President Donald Trump delivers remarks at Red Rock Casino Resort Spa in Las Vegas, Nevada, Aug. 5, 2026. Evelyn Hockstein | Reuters The Trump administration on Monday narrowed its waiver of the Jones Act while extending it for another 90 days, leaving in place fewer U.S. shipping restrictions in an effort to keep fuel flowing amid the Iran war. President Donald Trump’s second extension of the waiver comes as the war continues to create economic turmoil through the disruption of global oil markets, just a few months before inflation-weary Americans head to vote in the midterm elections. After the Trump administration’s latest signals of a deal to reopen the Strait of Hormuz failed to materialize, oil prices have resumed their climb while U.S. petroleum reserves have fallen to their lowest level in decades. Trump issued his first 60-day waiver of the Jones Act on March 17, less than three weeks after the U.S. and Israel started the war by launching heavy strikes on Iran. The Trump administration extended the waiver in mid-May for another 90 …

Oman trying to contain extensive oil spill from stricken tanker | Environment News

Oman trying to contain extensive oil spill from stricken tanker | Environment News

The Caroline Bezengi is believed to be part of Russia’s ‘shadow fleet’ that Moscow uses to circumvent Western sanctions on its oil exports. Published On 10 Aug 202610 Aug 2026 Oman says it is working to contain an oil spill off its southern coast that covers almost 400 square kilometres (150 square miles) from a stricken tanker stranded for more than a month inside a protected marine area. The Oman Environment Authority said on Monday that the ongoing spill was within an estimated 7km (4.4 miles) of the coast, according to its most recent analysis. Recommended Stories list of 3 itemsend of list Environmental group Greenpeace last week estimated the slick at around 600 square kilometres (230 square miles), citing analysis of satellite imagery. The Caroline Bezengi loaded at Russia’s Black Sea port of Novorossiysk in April and passed through the Suez Canal at the end of May, ship-tracking data shows. An investigation by the AFP news agency found that the tanker had been stranded since early June near Oman’s al-Qibliyyah Island after it was …

What’s behind Trump’s shift to economic pressure on Iran? Will it work? | US-Israel war on Iran News

What’s behind Trump’s shift to economic pressure on Iran? Will it work? | US-Israel war on Iran News

More than 23 weeks into the war on Iran, United States President Donald Trump has signalled he would rather rely on squeezing Tehran’s economy than returning to a military offensive, as he had warned he might last week. Shipping through the Strait of Hormuz, the critical waterway now central to negotiations aimed at ending the war, remains disrupted by Iranian forces as a US naval blockade tightens its grip on Iranian ports. While Iran and Oman have said they are close to reaching an agreement on the management of the Strait of Hormuz, Trump said the US is “only semi-negotiating” with Iran. Tehran has denied direct talks at all with Washington. So after months of expansive fighting, why is Trump turning to economic pressure over military force in this conflict? At the beginning of the month, US President Donald Trump had threatened attacks on Iran at levels ‘not seen since World War II’, but he has since cancelled them and reverted to economic tactics [File: Evelyn Hockstein/Reuters] What has Trump said about changing strategy? “We …

Trump teased Iran deal, markets soared. Why it keeps happening

Trump teased Iran deal, markets soared. Why it keeps happening

U.S. President Donald Trump speaks during an event in the Oval Office of the White House on Aug. 6, 2026 in Washington, DC. Alex Wong | Getty Images The Trump administration this week sparked enthusiasm that the U.S. and Iran could soon strike a deal on the Strait of Hormuz, driving down oil prices and sending stocks soaring — only for no deal to emerge. If that sounds familiar, it may be because President Donald Trump has claimed dozens of times that the U.S. is close to an agreement that will end the war it began more than five months ago. Investors have reacted to many of those claims with bursts of buying on hopes a breakthrough is near, even as the war instead appears to be widening and progress on Trump’s chief stated goal — containing Iran’s nuclear ambitions — is at a standstill. “There’s tremendous optimism bias in the market,” Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC. Markets continue to assume incentives for both the U.S. and …

Top Democrat proposes killing tax breaks for overseas oil production

Top Democrat proposes killing tax breaks for overseas oil production

U.S. Sen. Martin Heinrich (D-NM) speaks to reporters after a roundtable on rising energy costs on Capitol Hill on March 17, 2026 in Washington, DC. Anna Moneymaker | Getty Images Sen. Martin Heinrich will introduce a bill, shared exclusively with CNBC, to end tax breaks for U.S. oil and gas companies that operate overseas while the industry reaps massive profits as the war with Iran spikes oil prices. The bill comes days after President Donald Trump ripped major U.S. oil and gas producers for making “too much money” amid the conflict that has raised gasoline prices, and warned that companies like ExxonMobil and Chevron are going to have to “give some of that back to the public, and they better cut the retail price, the consumer price.” Trump has, at the same time, pushed U.S. oil and gas companies to invest in Venezuela after he ousted the country’s former president, Nicolás Maduro. Heinrich, D-N.M., who is the top Democrat on the Senate Energy and Natural Resources Committee, said the bill would “help put American energy …

Iran’s chief negotiator accuses Trump of ‘theater diplomacy’

Iran’s chief negotiator accuses Trump of ‘theater diplomacy’

Iranian Parliament Speaker Mohammad Bagher Ghalibaf speaks at a press conference in Tehran, Iran, Dec. 2, 2025. Shadati | Xinhua News Agency | Getty Images Iran’s chief negotiator has accused U.S. President Donald Trump of staging “theater diplomacy,” as Washington and Tehran offer conflicting accounts of bilateral engagement aimed at ending their monthslong hostilities. “‘Massive attack coming … wait, never mind, they want to negotiate.’ That’s theater diplomacy on loop,” Mohammad Bagher Ghalibaf, Iran’s parliament speaker and top negotiator, wrote in a post on X on Thursday in an apparent gibe at Trump. The remarks came days after Trump called off planned strikes and said the outlines of a deal had already been settled with Tehran. Iranian officials have rejected the claim, saying no talks were underway. The conflict is meanwhile broadening across the region, with Gulf energy infrastructure and key shipping choke points under renewed threat. Saudi Arabia is bracing for “multiple coordinated attacks” by Iraqi militia factions working with Iran-backed Houthis, a Saudi official told CNN. Intelligence reports from Saudi Arabia and regional …

Iran, Oman in final Strait of Hormuz talks; Trump claims deal near

Iran, Oman in final Strait of Hormuz talks; Trump claims deal near

This frame grab taken from AFPTV video footage on July 12, 2026 shows cargo ships anchoring near the Strait of Hormuz off the eastern coast of the United Arab Emirates at Khor Fakkan. AFPTV | Getty Images Iran and Oman are in the final stages of drafting an agreement on how to handle commercial shipping in the Strait of Hormuz, Tehran’s Foreign Ministry spokesman, Esmail Baghaei, said Wednesday. That proposed deal would give Tehran more control over vessels passing through the vital oil shipping route, Reuters later reported, citing a senior Iranian source and two regional officials. Baghaei’s remarks at a news conference came hours after President Donald Trump claimed a U.S. deal with Iran to reopen the strait “could happen” as soon as Wednesday or Thursday. “A lot of progress has been made,” Trump told reporters late Tuesday while traveling to Las Vegas. He again claimed Iran is in negotiations with the U.S., despite Tehran’s denials. Trump’s predicted time frame for a deal slightly extended the one floated earlier Tuesday by Treasury Scott Bessent, …

Rubio’s bypass plan: Can the world escape the Strait of Hormuz chokepoint? | US-Israel war on Iran News

Rubio’s bypass plan: Can the world escape the Strait of Hormuz chokepoint? | US-Israel war on Iran News

United States Secretary of State Marco Rubio’s latest remarks about the Strait of Hormuz have ignited a fierce debate over the future of global energy transit. Speaking to Fox News in an interview that aired on Saturday, Rubio projected the idea of a permanent geopolitical shift outside of the Strait of Hormuz, through which about one fifth of global seaborne oil trade passed before the start of the US-Israel war on Iran. He argued that regional states now understand that Iran, which insists it will not give up control the strategic waterway, is an active threat, necessitating a massive realignment of how energy commodities flow to markets across the world. However, economic experts and geopolitical analysts warn that redrawing the Middle East’s energy map is fraught with insurmountable logistical and security hurdles. (Al Jazeera) A strategic vision, not a quick fix To understand the magnitude of Rubio’s vision, one must look at the sheer volume of trade passing through the waterway. According to data from the US Energy Information Administration (EIA), the narrow 39-kilometre (24-mile) …