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strait of hormuz

US Treasury chief defends pivot to extend Russia oil sanctions relief

US Treasury chief defends pivot to extend Russia oil sanctions relief

US Treasury Secretary Scott Bessent on Wednesday defended the Trump administration's recent about-face to temporarily extend a sanctions waiver that allowed the sale of Russian oil already at sea. The month-long relief announced last Friday was meant to cool soaring energy prices. But it came just

War in the Middle East: latest developments

War in the Middle East: latest developments

The latest developments in the Middle East war: - Iran Guards say they have seized two ships - Iran's Revolutionary Guards said their naval forces stopped two ships attempting to pass through the Strait of Hormuz and directed them to Iranian territorial waters. Tehran has said vessels must seek permission

Strait of Hormuz blockade drives up costs at Panama Canal

Strait of Hormuz blockade drives up costs at Panama Canal

The war in the Middle East has boosted demand to move vital cargo through the Panama Canal to such an extent that one vessel carrying liquefied natural gas (LNG) paid $4 million to skip the line and avoid a wait that can take up to five days, according to an

Stocks fall, oil climbs amid uncertainty over US-Iran talks

Stocks fall, oil climbs amid uncertainty over US-Iran talks

Oil prices climbed and stocks slid Tuesday as uncertainty reigned over US-Iranian peace talks resuming, and the expiration of the two-week ceasefire in the Middle East loomed. Shortly after the US stock market closed, US President Donald Trump announced that he was extending the ceasefire, while keeping in

International Energy Agency leader says energy crisis worst in history

(The Center Square) – The conflict between Iran and the United States and Israel is creating the worst energy crisis ever faced by the world, the head of the International Energy Agency said on Tuesday. "This is indeed the biggest crisis in history," Birol told France Inter radio. The

America's motor fuel prices up, still below rest of the world

(The Center Square) – American prices for transportation fuels gasoline and diesel remained at four-year highs on Tuesday as the war with Iran moved into the 53rd day and the Strait of Hormuz remained mostly closed to vessel traffic. The national average price of a gallon of unleaded regular gasoline

US official says gas prices have peaked despite Iran war

US official says gas prices have peaked despite Iran war

US Energy Secretary Chris Wright said Tuesday that gasoline prices appeared to have peaked after a surge linked to the Iran war -- a marked shift in tone a day after President Donald Trump publicly rebuked his earlier, more cautious outlook. "I don't know the future of energy