Iran’s response to days of aerial bombardment and long-range artillery strikes has proved more resilient than Trump administration officials anticipated.
Governments have stockpiled oil, and cars are more efficient but the supply shock is global, and there’s no sense of when it’ll end.
Four years after the Russian invasion of Ukraine sent energy prices soaring, the war in Iran is posing another challenge to efforts to revive European factories.
Treasury Secretary Scott Bessent said it was “unfortunate” that the move could benefit Russia, but maintained that it was only for the short term.
Iran’s new supreme leader delivered a forceful message in his first public statement since succeeding his slain father, as the Israeli military bombarded Tehran and the Lebanese capital with strikes.
India relies on huge quantities of cooking gas that is normally shipped from the Persian Gulf.
With attacks and threats, Tehran is using the world’s most important transit point for oil and gas as leverage against its enemies.
A fifth of the world’s oil passes through the strait, making it a critical choke point in global commerce.
Oil prices surged on Thursday after ships came under attack in the Persian Gulf, and Iran’s supreme leader vowed revenge for U.S. and Israeli airstrikes.
Mojtaba Khamenei struck a defiant tone and signaled that Iran would not back down in a war that has spread across the Middle East.