NEW YORK CITY, New York: Oil prices dropped sharply below US$100 a barrel on April 8 as signs of a temporary de-escalation in the Iran conflict prompted investors to unwind positions built on supply fears. Markets reacted after U. S.
Only a few vessels have crossed the strait since the US-Iran ceasefire deal, according to BBC Verify analysis.
Analysts say doubts over stability of the ceasefire and damage to production sites mean the energy crisis is far from over Middle East crisis – live updates If the US-Israeli ceasefire with Iran holds, it could offer the clearest hope of an end to the energy crisis since Iran’s Revolutionary Guards assumed control of the strait of Hormuz after the conflict began 40 days ago. But analysts fear that for hundreds of tankers stranded in the Gulf, any detente between the White House and Tehran will not be enough to return the flow of oil, gas, chemicals and other vital items to pre-crisis levels. Continue reading...
The American defense secretary warned President Trump could still order a commando raid to seize 970 pounds of enriched uranium buried in Isfahan if Iran does not agree.
Washington, DC [US], April 8 (ANI): United States President Donald Trump on Wednesday announced that Washington intends to demand a total cessation of uranium enrichment in Iran, while simultaneously initiating discussions regarding sanctions relief and tariff reductions. The President characterised the recently brokered ceasefire as the start of a 'very productive regime change' for the Islamic Republic.
A handful of vessels have crossed the crucial waterway since the U. S. -Iran truce began, but shipowners, insurers and others are wary of safe passage.
The BBC's Nick Marsh takes a look at whether fuel costs will get cheaper now the US and Iran have agreed a ceasefire.
Markets will take a long time to stabilize even if the Strait of Hormuz remains open, Kirill Dmitriev has warned Global energy markets will take months to recover from the shock caused by the USIsraeli war on Iran, Kremlin envoy Kirill Dmitriev has warned, noting that the reopening of the Strait of Hormuz is unlikely to have an immediate effect.
Mumbai (Maharashtra) [India], April 8 (ANI): The Reserve Bank of India (RBI) on Wednesday said it has assumed an average crude oil price of $85 per barrel for FY 2025-26, in line with its CPI inflation projection of 4. 6 per cent. RBI Governor Sanjay Malhotra shared the estimate during a press conference after the Monetary Policy Committee decided to keep the repo rate unchanged at 5.
New Delhi [India], April 8 (ANI): The ongoing conflict involving Iran and the United States in the West Asia region is pushing up costs for the steel industry, mainly due to rising freight and insurance rates, Tata Steel Managing Director T V Narendran said on Wednesday.
Madagascar is facing a deep crisis, particularly in areas where supplies usually come from the Middle East, the government has said Madagascar has declared a state of energy emergency for 15 days, citing a worsening fuel supply crisis and disrupted shipments caused by bad weather and the conflict in the Middle East.
Shipping remains halted in Hormuz despite Iran-US ceasefire Shipping through the Strait of Hormuz remains disrupted despite the ceasefire between the United States and Iran, with companies holding back operations amid ongoing security concerns. The Norwegian Shipowners’ Association said the situation in the Gulf remains uncertain, preventing vessels from resuming transit. "We note the signals of a ceasefire, but the situation in the Strait of Hormuz remains unresolved and unpredictable," CEO Knut Arild Hareide said.
Airlines warn jet fuel shortages may persist for months Global airlines have warned that jet fuel shortages could take months to ease even if the Strait of Hormuz reopens, as disruptions to Middle East refining capacity continue to strain supply. The International Air Transport Association (IATA) said fuel remains a major cost for carriers, accounting for roughly 27 percent of operating expenses. IATA Director General Willie Walsh said reopening the route would not immediately stabilise supply.
Oil drops below $100 as following ceasefire announcement Oil prices have fallen sharply after Donald Trump announced a two-week ceasefire with Iran tied to reopening the Strait of Hormuz. Brent crude dropped $15. 02, or 13.
Global markets reacted sharply after US President Donald Trump stepped back from imminent military action against Iran, instead tying a suspension of strikes to Tehran's agreement to a temporary ceasefire and the reopening of the Strait of Hormuz. Within minutes of the announcement, oil prices tumbled, falling by nearly 15 percent, while equities surged across Asia.
India to receive first Iranian oil shipment in seven years India is set to receive its first shipment of crude from Iran in seven years after the United States temporarily eased sanctions to address supply shortages. Ship-tracking data shows a cargo purchased by Indian Oil Corporation is en route to India’s east coast aboard the tanker Jaya, with arrival expected later this week. Another vessel, Jordan, is also signalling India as its destination.
New Delhi [India], April 8 (ANI): Indian benchmark indices opened with significant gains on Wednesday as global investor sentiment improved following the announcement of a ceasefire between the United States and Iran. BSE Sensex stood at 77,230. 04 points, marking an increase of 2,613.
Chris Bowen says Australians should ‘not get ahead of ourselves’ by expecting prices to fall Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast Track current petrol and diesel prices across Australia Petrol prices are rising again and diesel wholesale prices have hit new record highs as the government warns the US ceasefire with Iran will not make fuel cheaper. The average unleaded prices at service stations rose in some cities on Wednesday for the first time since late March, as fuel tankers hiked their charges. Continue reading...
AP: Iran, Oman to charge fees for Hormuz passage under ceasefire Iran and Oman will be allowed to charge fees on ships transiting the Strait of Hormuz as part of a two-week ceasefire deal mediated by Pakistan, The Associated Press reported, citing a regional official. The official, who was directly involved in the negotiations, spoke on condition of anonymity because they were not authorised to discuss internal deliberations. The official said Iran plans to use the revenue for reconstruction, while it was not immediately clear how Oman would use its share.
Crude prices tumbled by as much as 15% on the conditional pause but is higher than before the war.
