IEA member states approved the release of 400 million barrels from strategic oil reserves to mitigate the impact of a potential Iranian blockade of the Strait of Hormuz.
U.S. Pentagon chief said the U.S. 'has been eliminating inactive mine-laying vessels in the Strait of Hormuz, wiping them out with ruthless precision'; Trump threatened retaliation 'at a level never seen before' if Tehran targets the vital oil transit route
As South Korean and Japanese stocks plummeted due to concerns about supply disruptions in the Strait of Hormuz, Brent crude surged 26% to $116 per barrel on Monday.
As South Korean and Japanese stocks plummeted due to concerns about supply disruptions in the Strait of Hormuz, Brent crude surged 26% to $116 per barrel on Monday.
In a major threat to the world economy, Iran's legislative body voted to close the Strait of Hormuz. However, this would require approval from Iran's Supreme National Security Council