Brent Crude

April 13 (UPI) — The U.S. military said it will begin blocking all ships from leaving or entering Iran’s ports on Monday morning in line with a maritime blockade ordered by U.S. President Donald Trump to cut off Iranian oil exports.

U.S. Central Command said in a news release Sunday that the blockade would be enforced equitably against vessels of all nations sailing to or from Iranian ports, including all those on the Persian Gulf and Gulf of Oman, but stressed vessels serving ports in neighboring countries would be left alone.

“CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports,” said the news release, which instructs the masters of all ships to monitor “Notice to Mariners” broadcasts and make radio contact with U.S. naval forces on bridge-to-bridge channels in Gulf of Oman and Strait of Hormuz approaches.

The blockade would effectively cut off Iran’s international trade by preventing it from importing or exporting anything by sea, in particular its energy exports on which it is reliant for hard currency.

Further details would be communicated in a formal notice that would be provided to commercial ships and operators prior to the start of the blockade, due to come into force at 10 a.m. EDT, CENTCOM said.

The statement clarified comments by Trump early Sunday in which he appeared to announce a total blockade of the Strait of Hormuz in response to the failure of peace talks in Pakistan at the weekend.

Trump had said the U.S. Navy “will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz.”

On Saturday, CENTCOM announced that the U.S. Navy guided-missile destroyers USS Frank E. Peterson USS Michael Murphy had transited the Strait of Hormuz and operated in the Persian Gulf, preparatory to clearing Iranian mines and reopening the shipping route to commercial vessels.

Tehran responded to the development with unspecified threats against the ports of its neighbors and raised the specter of widening the conflict to the Red Sea, the other sea passage in the region that is critical to the global economy.

“Security in the Persian Gulf and the Sea of Oman is either for everyone or for NO ONE. If Iran’s ports are threatened, NO PORT in the region will be safe,” the Iranian military’s central command said in a statement carried by state-run broadcaster IRIB.

“Naval blockade of Iran? Bab al-mandeb Coming soon?!,” IRIB said earlier in a post referencing the narrow strait at the southern entrance to the Red Sea, which leads to the Suez Canal, where Iran-backed Houthi rebels attacked around 100 commercial ships November 2023 through September 2025.

Oil prices rose in response to the developments while stock markets retreated.

The benchmark Brent crude and West Texas Intermediate both climbed back above $100 a barrel with the Brent contract for June delivery changing hands at $102.31 per barrel in mid-morning trade in London while the WTI contract for May was trading at $104.44.

The FTSE 100 in London was down 0.33%, the DAX in Frankfurt fell almost 1.2% and France’s CAC 40 was off by almost 1%.

Former U.S. special envoy to the region David Satterfield expressed concerns over the blockade, warning that if shipping continued to be affected current supply disruption would widen beyond oil, with serious implications for Gulf countries’ exports of many other critical materials from aluminum and helium to polymers and fertilizer feed stocks.

“The Gulf is a critical global supply point, far beyond hydrocarbons — and the impact if this goes on for several more weeks is going to become quite profound, beyond just the cost of petrol and diesel at the pump,” Satterfield told the BBC.

April 9 (UPI) — Oil prices were on the rise again on Thursday amid concerns a “fragile” cease-fire between the United States, Iran and Israel could unravel over continued fighting in Lebanon and few signs the Strait of Hormuz was about to reopen to shipping.

The Brent crude and West Texas Intermediate international benchmarks were both trading around 4% higher at $98.62 and $99.94 a barrel respectively in early afternoon trade on Thursday, after prices plunged Wednesday on the announcement of a two-week cessation of hostilities.

Share prices in Asia also fell overnight with the Nikkei 225 in Tokyo giving up some of the gains made on Wednesday with European stocks following suit when exchanges opened Thursday morning.

The market reacted to warnings from both sides that they were prepared to resume military action if the other did not adhere to truce terms neither party accepts are the same, with Tehran saying Israeli strikes on Lebanon were a “grave violation” and Washington saying Iran must comply with the “real” agreement.

There was also growing concern over the reopening of the Hormuz Strait, a key term of the agreement which must be implemented to ease the disruption to global oil supply that has sent prices soaring.

Iranian Deputy Foreign Minister Saeed Khatibzadeh told BBC Radio on Thursday that Iran would “provide security for safe passage” through the sea lane via which around a fifth of the world’s oil and gas is exported, but only “after the United States withdraws this aggression” — an apparent reference to the Israeli strikes in Lebanon.

He stressed that while the 21-mile wide strait had been “open for millennia” prior to the war, it was not international waters and that shipping only transited on the goodwill of Iran and Oman” — the sovereign countries on either side of the channel.

Khatibzadeh dodged questioning over how safe vessels would be and whether they would be required to pay tolls, saying Tehran wanted a “peaceful” arrangement, but that it would not permit “misuse” of the Gulf by warships.

However, London-headquartered shipping brokerage SSY Global said the Iranian navy had issued a warning to ships in the Persian Gulf that any vessels attempting to transit the Strait of Hormuz without permission “will be targeted and destroyed.”

Announcing the cease-fire on Tuesday, U.S. President Donald Trump said the deal hinged on the “complete, immediate, and safe opening” of the strait, a point pressed home on Wednesday by U.S. Vice President JD Vance, who said while there were signs the process was starting Iran was required to fully open the strait.

“The president is very, very clear the deal is a cease-fire, a negotiation. That’s what we give, and what they give is that straits are going to be reopened. If we don’t see that happening, the president is not going to abide by our terms if the Iranians are not abiding by their terms.”

The White House announced Wednesday that Vance would lead the U.S. negotiating team at talks due to get underway in Islamabad, Pakistan, on Saturday.

Khatibzadeh said Mohammad Bagher Ghalibaf, speaker of the Iranian parliament, would head up the Iranian side.

The talks will try to reconcile two very different visions of the way forward — a 15-point U.S. plan and a 10-point Iranian plan — with Iran’s nuclear program which the Americans want totally scrapped but Iran insists on retaining for civilian energy purposes — topping the agenda.

April 8 (UPI) — Global oil prices tumbled after the United States, Israel and Iran agreed to a Pakistan-brokered two-week cease-fire deal that included reopening the Strait of Hormuz to international shipping.

The Brent crude and West Texas Intermediate benchmarks saw double-digit percentage falls following U.S. President Donald Trump‘s announcement of the breakthrough Tuesday evening, and have since stabilized, changing hands at $95.51 and $96.48 a barrel in early trade on Wednesday.

The market reacted to the prospect that oil tankers trapped in the Persian Gulf would be finally be able to transit the 21-mile-wide body of water between Iran and the UAE and Oman, easing major disruption to global supply caused by Iran’s effective blockade of the strait.

However, oil remained well above its $72 a barrel level on Feb. 27, the day before the United States and Israel unleashed their airborne offensive against Iran, amid uncertainty over the mechanism for the resumption of maritime traffic in the strait and the ongoing impact of war damage to energy infrastructure in Gulf countries.

There was also confusion over whether the cease-fire extended to Israel’s military offensive against Hezbollah in Lebanon. Pakistan said it did, but Israel said it did not and that its operations would continue.

Financial markets in Europe rallied Wednesday morning, following very significant gains in Asia, where the Nikkei 225 in Tokyo ended up 5.42%, Korea’s KOSPI surged almost 7% higher and Hong Kong’s Hang Seng Index closed up more than 3%.

Out-of-hours futures transactions in the United States suggested equities would also rally very strongly there when stock exchanges open in a few hours.

Jay Woods, chief market strategist at Freedom Capital Markets in New York, expressed skepticism.

“It wasn’t much of a surprise that there was an announced reprieve in the Iranian conflict. The concern now is if this all too familiar ‘two-week’ timeframe is going to lead to a resolution,” said Woods.

A statement from Iran’s Supreme National Security Council posted on X by the Iranian foreign minister said safe passage of ships through Hormuz Strait would be possible for the duration of the cease-fire, but that it would have to be “via coordination with Iran’s Armed Forces.”

In a post on his Truth Social platform in the early hours of Wednesday hailing the cease-fire, Trump pledged U.S. assistance with the logistical problems.

“The United States will be helping with the traffic buildup in the Strait of Hormuz. There will be lots of positive action! Big money will be made. Iran can start the reconstruction process. We’ll be loading up with supplies of all kinds, and just ‘hangin around’ in order to make sure that everything goes well. I feel confident that it will. Just like we are experiencing in the U.S., this could be the Golden Age of the Middle East!!!” Trump wrote.

MST Marquee analyst Saul Kavonic told the BBC that while the number of ships getting through the Hormuz Strait would increase from a trickle, a return to normal levels of energy production in the region was unlikely without a permanent end to the conflict and warning that repairs to damaged infrastructure could take many months.

March 19 (UPI) — Senate Republicans have blocked a Democrat-led effort to curb President Donald Trump‘s powers to wage war against Iran, as the nearly three-week-old conflict escalates and rattles global energy markets.

The Senate voted 53-47 mostly along party lines Wednesday night to reject a resolution that would withdraw U.S. armed forces from conflict with Iran absent congressional approval.

Sen. Rand Paul of Kentucky was the only Republican to join his Democratic colleagues and vote in favor of the motion, while Democratic Sen. John Fetterman of Pennsylvania was the only member of his caucus to vote against it.

“We do not have a king. We are a democratic republic with a constitution and no one is above the law,” Sen. Cory Booker, D-N.Y., said Wednesday from the Senate floor before the vote.

“This president cannot take us to war without coming through this body. He is not able to do that unless this body supplicates itself before that man and surrenders its responsibilities.”

Senate Democrats forced the vote on the resolution that Booker sponsored as the conflict escalated on Wednesday, with Iran attacking Persian Gulf energy facilities in retaliation for Israel striking its South Pars gas field.

Thirteen American service members have been killed, and another 200 have been wounded so far in the conflict, which is threatening to become a regional war as Iran has retaliated by attacking U.S. bases and its allies in the Middle East.

Democrats of both chambers of Congress have been attempting to rein in Trump’s war powers through resolutions since the war with Iran began late last month. They argue the United States’ ongoing war with Iran violates the Constitution, which mandates that only Congress has the power to declare war.

The conflict has also seen the cost of oil surge. On Thursday, Brent crude reached nearly $110 a barrel, up from an average $71 before the war began on Feb. 28.

Wednesday’s vote is the third time — and the second by the Senate — that the majority Republicans have blocked war powers motions.

From the floor, Senate Minority Leader Chuck Schumer said, “Enough is enough.”

“To my Republican colleagues: The American people are watching. They oppose this war. They expect us to do our jobs,” he said.

“No more senseless wars in the Middle East. No more gas prices shooting through the roof. No more U.S. service members fighting and dying for in endless wars.”

Though the war has exposed fissures in the Republican Party, its members still mostly stand behind the president, who campaigned on ending conflicts and warning Americans that the Democrats would wage war with Iran if they won the White House.

Sen. Lindsey Graham, a staunch Trump ally, argued on the Senate floor that the war is intended to prevent Iran from securing a nuclear weapon.

He said during the prior negotiations the United States offered Iran what he called “a lifetime fuel supply for free” if the Islamic regime agreed to hand over its cache of highly enriched uranium. It is believed that Iran had enriched uranium to 60%, according to a recent International Atomic Energy Agency report, which is below weapons grade enrichment at 90%.

Graham compared the Islamic regime of Iran to Nazi Germany.

“If you do not see this as an imminent threat, then you’re blind from your hatred of Trump,” he said.

“There are people on the left and people in my own party that are more afraid of Trump being successful than the Ayatollah having a nuclear weapon. That’s sick.”

South Korean stocks surged more than 5 percent Wednesday, on a semiconductor rally boosted by the ongoing U.S. chip giant Nvidia’s global artificial intelligence (AI) conference. The Korean won strengthened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) closed up 284.55 points, or 5.04 percent, to 5,925.03.

The index came under strong buying pressure from foreigners and institutional investors, triggering the Korea Exchange (KRX), the country’s main bourse operator, to issue a buy-side sidecar near the closing bell.

Program trading for the KOSPI was suspended for five minutes at 2:34 p.m., according to the KRX.

Offshore and institutional investors snapped up a combined net 4 trillion won (US$2.7 billion) worth of equities. Retail investors, on the other hand, offloaded 3.9 trillion won.

Trade volume was heavy at 1.1 billion shares worth 26.1 trillion won, with winners far outnumbering losers 614 to 278.

Investors’ appetite for semiconductors increased, following remarks from Nvidia’s Chief Executive Officer (CEO) Jensen Huang on Samsung Electronics, Lee Kyoung-min, an analyst at Daishin Securities, said.

During the ongoing four-day event in California, Huang said on Monday he wants to “thank Samsung, who manufactures the Groq LP30 chip” for the company, adding that the chips are in production and would be shipped in the second half of this year.

“The stock market’s sensitivity to geopolitical issues in the Middle East is markedly declining,” Lee added.

Most large cap shares ended bullish.

Top-cap Samsung Electronics jumped 7.53 percent to 208,500 won, while its chipmaking rival SK hynix climbed 8.87 percent to 1,056,000 won.

Nuclear power plant builder Doosan Enerbility rose 2.78 percent to 107,300 won, on anticipations alternative energy sources would benefit from the recent spike in oil prices.

Brent crude, the international oil benchmark, has remained at the US$100 per barrel level for the past five sessions.

In contrast, defense shares lost ground as investors went to lock in profits. Hanwha Aerospace inched down 0.43 percent to 1,390,000 won, and LIG Nex1 retreated 2.27 percent to 689,000 won.

The Korean won was quoted at 1,483.1 won against the U.S. dollar as of 3:30 p.m., up 10.5 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 6.3 basis points to 3.261 percent, and the return on the benchmark five-year government bonds retreated 6.7 basis points to 3.511 percent.

Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.

March 17 (UPI) — U.S. gasoline prices have surged by 27% and diesel by 34% since the start of U.S. attacks on Iran last month, fuel costs reported Tuesday indicate.

AAA reported that the national average cost for a gallon of gas in the United States was $3.79 Tuesday morning. Diesel was $5.044 per gallon, topping the $5 threshold for the first time in three years, CNBC reported.

A year ago, those prices were $3.078 and $3.592, respectively. A month ago, they were $2.917 and $3.651.

Fuel prices have been on the rise globally since the United States and Israel launched attacks on Iran on Feb. 28 amid negotiations over Iran’s nuclear program. The attacks, which killed Iran’s supreme leader, Ayatollah Ali Khamenei, prompted Tehran to effectively close down the Strait of Hormuz by banning ships linked to the United States or Israel. About 20% of the world’s oil runs through the waterway that separates Iran and Oman.

Brent Crude, the benchmark price for oil worldwide, rose about 2% to $102 a barrel Tuesday, The New York Times reported. The West Texas Intermediate, the U.S. benchmark, rose to $95 a barrel.

Diesel prices are particularly tied to the U.S. economy, which depends on it for the transportation of goods via trucks, trains and barges. Recent surges in prices could have a cascading effect.

Andy Lipow, president of Lipow Oil Associates, said Tuesday that trucking and rail companies have begun increasing their fuel surcharges in response to the fuel hikes.

“One should really be worried about higher diesel prices,” he said in a note published by CNBC.

President Donald Trump this week put pressure on other nations that rely on oil shipped through the Strait of Hormuz to join a coalition to police the transit route and reopen traffic.

Speaking aboard Air Force One on Sunday, Trump said the United States doesn’t need to be involved in reopening the Strait of Hormuz because little of its oil passes through the waterway. About 7% of the United States’ crude oil and condensate imports passed through the strait in the first half of last year, the U.S. Energy Information Administration said.

He said the United States was protecting it “almost like we do it for habit” and to help “some very good allies that we have in the Middle East.”

Patrick De Haan, head of petroleum analysis at GasBuddy, said Monday, “until we see a meaningful resumption of oil flows through the Strait of Hormuz, upward pressure on fuel prices is likely to persist.”

March 16 (UPI) — Emergency services in the United Arab Emirates were battling a major blaze at the country’s strategically key Fujairah oil export hub on Monday morning after the second drone strike on the facility in two days.

Emirate of Fujairah authorities said in a post on X that no one had been hurt in the attack on the Fujairah Industrial Petroleum Zone and that efforts were ongoing to bring the fire under control. They appealed to people to refrain from spreading misinformation.

“Civil defense teams in the Emirate immediately responded to the incident and are continuing their efforts to control it. The competent authorities call on the public not to circulate rumours and to obtain information only from official sources,” wrote the Fujairah Media Office.

The facility is strategically important because it is the only oil export terminal on the UAE’s eastern coast, located on the Gulf of Oman, the “good” end of the Strait of Hormuz.

Critically, it means oil tankers servicing the port do not need to run the gauntlet of the 21-mile-wide sea lane that Iran has effectively closed.

An approximately 250-mile-long cross-country oil pipeline from Habshan, a key onshore field 80 miles southwest of Abu Dhabi, feeds as much as 1.8 million barrels per day of crude into Fujairah.

However, Iran’s Islamic Revolutionary Guard Corps threatened ports, docks, military facilities and other “legitimate” U.S. targets in the UAE while the state media uged workers and residents in and around Fujairah, Jebel Ali and Khalifa ports to evacuate due to the presence of U.S. military forces.

Monday’s incident, following on from a separate strike and fire on Saturday, highlighted how exposed Fujairah — one of the world’s key crude oil and fuel storage hubs — was to Iranian threats.

The UAE has been repeatedly targeted by Iranian drones and missiles since the United States launched its airborne offensive against Iran on Feb. 28.

A drone attack earlier Monday that forced the temporary grounding of all flights at Dubai International Airport after a fire erupted in a fuel tank close by and an announcement by Israel that it was nowhere near done with hitting Iran indicated the war was likely headed into a third week.

Israel also announced plans for an expansion of its ground offensive in Lebanon against Hezbollah operatives and strongholds after the Iranian proxy group attacked Israel with rockets and missiles on March 2, two days into the war.

An Israeli bombing campaign and targeted actions by ground forces has already forced hundreds of thousands of civilians in the country to flee their homes and killed more than 850, more than 170 of them women and children, according to the Lebanon Health Ministry.

European Union foreign ministers were set to meet on Monday in Brussels to discuss the situation in the region as oil prices continued their upward trajectory with the benchmark Brent crude futures briefly hitting $106 per barrel during trade on Monday.

Shipping of oil, gas and all cargo through the Strait of Hormuz remains stalled despite calls by U.S. President Donald Trump at the weekend for countries that get their oil from Gulf producers to step up and help restart movement of ships in and out of the Persian Gulf.