All posts tagged: Oil and Gas

U.S. says it struck two Iran-flagged oil tankers trying to skirt blockade

U.S. says it struck two Iran-flagged oil tankers trying to skirt blockade

A screengrab from a video released by U.S. Central Command (CENTCOM), which accompanied a press release describing the operation dubbed “Epic Fury”, an attack by the United States and Israel on Iran, shows a flight deck crew member signaling an F‑35 jet on an aircraft carrier, in this image obtained from social media released on Feb. 28, 2026. CENTCOM Via X Via Reuters The U.S. military said it struck two Iran-flagged unladen oil tankers in the Gulf of Oman on Friday, preventing the vessels from entering an Iranian port in violation of a U.S. naval blockade. A U.S. fighter jet “disabled both tankers after firing precision munitions into their smokestacks,” U.S. Central Command said in a statement, which included unclassified video of both strikes. The attack was the latest in a number of military actions this week that have further undermined the U.S.’ tattered ceasefire with Iran, even as President Donald Trump insists the temporary truce remains in effect. The U.S. and Iran opened fire on each other in the Strait of Hormuz on Thursday, …

Iran reviewing U.S. proposal, Trump says war will end soon: Reports

Iran reviewing U.S. proposal, Trump says war will end soon: Reports

President Donald Trump speaks to reporters as he departs the White House in Washington, May 1, 2026. Kevin Lamarque | Reuters Iran is “currently reviewing” messages from the U.S. that it received via Pakistani mediators, but it has yet to reach a conclusion or deliver a reply, an Iranian official said Thursday, state media outlets reported. The comments attributed to Iran’s Ministry of Foreign Affairs spokesman Esmaeil Baqaei came one day after Axios and other outlets reported that the U.S. and Iran were nearing a 14-point memorandum of understanding to end the war and tee up further nuclear talks. President Donald Trump later said at the White House that the Iranians want to “make a deal very much, and we’ll see whether or not they can make a deal that’s satisfactory to us.” At an event Wednesday evening to support Georgia Republican gubernatorial candidate Burt Jones, Trump predicted the war will “be over quickly,” CBS News reported. The latest signals that the 2-plus-month-old war could be ending sent stocks higher and oil prices lower on …

What’s behind the secessionist movement in the Canadian province Alberta? | Politics News

What’s behind the secessionist movement in the Canadian province Alberta? | Politics News

Secessionists in the western Canadian province of Alberta recently announced that they have gathered enough signatures to launch a referendum on independence from the rest of the country. Leading secessionists said that they formally submitted about 300,000 signatures to election authorities earlier this week, far more than the 178,000 required for the province to consider a referendum. Recommended Stories list of 3 itemsend of list “This day is historic in Alberta history,” secessionist leader Mitch Sylvestre said. “It’s the first step to the next step — we’ve gotten by Round 3, and now we’re in the Stanley Cup final,” he added, referring to a hockey championship tournament. Even if a vote were in favour of independence, an uncertain and protracted process would follow, including possible legal challenges and negotiations with the federal government. But the possibility of a referendum has brought renewed attention to Alberta’s longstanding frustrations with federal power in Canada and calls for greater autonomy. What is driving Alberta’s secessionist movement? What are the prospects of success for the referendum, and what could …

What’s the significance of UAE’s Fujairah, hit on Monday? | Conflict News

What’s the significance of UAE’s Fujairah, hit on Monday? | Conflict News

EXPLAINER If confirmed, it would be Iran’s first attack on the UAE since the US-Iran ceasefire took effect on April 8. Published On 5 May 20265 May 2026 The United Arab Emirates (UAE) has accused Iran of launching “a barrage” of missiles and drones at the port of the eastern emirate of Fujairah, injuring three Indian nationals and setting an oil refinery at the Fujairah Petroleum Industries Zone ablaze. The UAE’s Ministry of Defence said its air defences had “engaged” 12 ballistic missiles, three cruise missiles and four drones launched from Iran over the course of the day on Monday. Iran’s state television reported that military officials laid the blame for the attacks on the “US military’s adventurism”. Where is Fujairah? Fujairah is one of the seven emirates of the UAE. It is home to a multipurpose deep-sea port, located on the Gulf of Oman. The port lies about 70 nautical miles (roughly 130km, or 80 miles) outside the Strait of Hormuz and about 130km east of Dubai. This is not the first time Fujairah …

Map of dominance: Why Iran can’t afford to give up Hormuz control | US-Israel war on Iran News

Map of dominance: Why Iran can’t afford to give up Hormuz control | US-Israel war on Iran News

A new map featuring two red lines stretching beyond the Strait of Hormuz has become the latest symbol of the escalating war of attrition between Iran and the US. Iran’s Revolutionary Guard Corps (IRGC) on Monday released a map marking an expanded maritime area of control to include lengthy sections of the United Arab Emirates’s coastline. In the west, a line stretches between the westernmost tip of Iran’s Qeshm Island to the UAE’s Umm al Quwain ‌emirate, while in the east, a second line joins Iran’s Mount Mobarak ⁠and the UAE’s Fujairah. Recommended Stories list of 3 itemsend of list The announcement came after US President Donald Trump launched a new effort to open the vital energy chokepoint – which has been largely closed since the US-Israel war on Iran began on February 28 – by sending the navy to escort stranded tankers through the strait, in a campaign dubbed “Project Freedom”. In a further escalation, the UAE on Monday reported drone and missile attacks, including one that caused a fire at a major energy hub in …

Markets on edge as fresh U.S.-Iran attacks dent optimism over a peace deal

Markets on edge as fresh U.S.-Iran attacks dent optimism over a peace deal

Veiled pro-government supporters stand in a line under a banner depicting portraits of Iran’s late Supreme Leader Ayatollah Ali Khamenei and Ayatollah Mojtaba Khamenei, as they wait to receive donated meals during a state-run religious rally in downtown Tehran, Iran, on April 29, 2026. Nurphoto | Nurphoto | Getty Images Up until the weekend, global markets had been betting on a fragile ceasefire between the U.S. and Iran turning into a longer-term peace deal. But escalatory rhetoric, action over the Strait of Hormuz, and fresh Iranian attacks on the United Arab Emirates over the past 48 hours, have led experts to warn war could be back. Market analysts said the latest developments could mark an inflection point in the war and a critical moment for financial markets and global energy supplies, which are dwindling as the Strait of Hormuz remains largely closed. “It’s an incredibly delicate moment,” Ben Powell, chief investment strategist for APAC at BlackRock, told CNBC Tuesday. “It’s very unsettling to have our first missile warnings here in Abu Dhabi for several weeks. …

‘What comes next?’: Fear grips Pakistani families of Somali piracy victims | Crime

‘What comes next?’: Fear grips Pakistani families of Somali piracy victims | Crime

Islamabad, Pakistan – When Ayesha Ameen was leaving her house last week for a chore, her three-year-old daughter Zimal tugged at her sleeve and asked if she was finally going to the airport to pick up her father. “How do you tell a three-year-old that her father is held captive and cannot come home?” Ayesha, 26, told Al Jazeera. “How can anybody answer that?” Recommended Stories list of 4 itemsend of list Zimal’s father, Ameen bin Shams, 29, has been held hostage on board an oil tanker off the coast of Somalia for nearly two weeks. He is among 10 Pakistani sailors in the 17-member crew of the MT Honour 25, seized by Somali pirates on April 21. Besides the Pakistani nationals, the ship’s crew consists of four Indonesians – including the MT Honour’s captain – as well as one each from Sri Lanka, Myanmar and India. Ameen’s daughter asks about him every day. His four-month-old son, Rahim, born on December 24, two weeks after Ameen left on his first merchant navy contract, has never met …

Oil prices surge as violence flares in Strait of Hormuz | Oil and Gas News

Oil prices surge as violence flares in Strait of Hormuz | Oil and Gas News

Oil prices have risen sharply as violence in the Strait of Hormuz cast doubt over the fragile ceasefire between the United States and Iran. Brent crude, the primary benchmark for oil prices worldwide, rose by nearly 6 percent on Monday to $114.44 a barrel. Recommended Stories list of 4 itemsend of list Brent futures eased somewhat on Tuesday morning, trading at $113.54 as of 02:00 GMT. The latest surge in prices came after the US military said it had destroyed six of Iran’s small boats in response to Iranian attacks on commercial vessels in the waterway, and the United Arab Emirates reported coming under attack from Iranian missiles and drones. An Iranian military source cited by the official IRNA news agency denied that US forces had sunk several Iranian boats, branding the US claim “false”. The market is pricing oil higher as it factors in the risk of “more oil infrastructure damage and the likelihood that the Strait of Hormuz will be shut beyond the timeline that the Trump administration has laid out,” said June …

Tackling methane emissions key for climate change and energy security: IEA | Climate Crisis News

Tackling methane emissions key for climate change and energy security: IEA | Climate Crisis News

Dealing with emissions could help alleviate effects of Iran crisis on global energy supply, says report. Published On 4 May 20264 May 2026 Tackling methane emissions in the fossil fuel sector would help efforts to hold back climate change and increase energy security, especially as the Iran crisis threatens global supplies, according to a report by the International Energy Agency (IEA). The oil, gas and coal industries account for about 35 percent of all methane emissions from human activity, notes the IEA’s Global Methane Tracker 2026, released on Monday. However, there is little progress in reducing them, the report points out. Recommended Stories list of 4 itemsend of list “There is still no sign that methane emissions from fossil fuel operations are falling, despite well-known and proven mitigation pathways,” the IEA said. Methane, the second-biggest contributor to climate change, stays in the atmosphere for far less time than carbon dioxide, but its warming effect is roughly 80 times more potent over a 20-year period. The IEA estimates that methane emissions from oil, gas and coal …

Iran war: What’s happening on day 66 as Trump announces Hormuz mission? | US-Israel war on Iran News

Iran war: What’s happening on day 66 as Trump announces Hormuz mission? | US-Israel war on Iran News

EXPLAINER Trump orders new Hormuz mission after Iran says it receives US response to its peace proposal. Published On 4 May 20264 May 2026 United States President Donald Trump has announced a naval mission called Project Freedom to help navigate stranded ships through the Strait of Hormuz, which remains under a de facto Iranian blockade. The operation will start on Monday, the US president says. Iran took control of the Strait of Hormuz, through which one-fifth of global oil and liquefied natural gas supplies pass, days after the US and Israel launched attacks on Iran on February 28. Despite Trump’s announcement, oil prices have failed to ease as the international benchmark Brent crude was essentially flat on Monday morning. In response to Trump, top Iranian lawmaker Ebrahim Azizi said any US interference in the strait would be considered a violation of the ceasefire. Here is what we know as the conflict enters day 66: In Iran Responding to Trump’s new naval operation, Iran’s military said on Monday: “Any foreign armed force, especially the aggressive US …