Oil Price Jumps to Nearly $117 on Reports of Extended Iran Blockade
Brent crude oil surged to approximately $117 per barrel amid reports that the US is preparing to extend its naval blockade of Iranian ports.
Strait of Hormuz
Iran Proposes Strait of Hormuz Deal, Defers Nuclear Talks to Later Stage
Iranian Foreign Minister Araghchi conducts a 72-hour diplomatic sprint across three countries, proposing a plan to reopen the Strait of Hormuz while deferring nuclear negotiations with the US to a later stage.
UAE Announces Withdrawal from OPEC and OPEC+ Amid Hormuz Crisis
The UAE officially announces its withdrawal from OPEC and OPEC+, dealing a major blow to the oil cartel amid escalating regional tensions.
Trump Skeptical of Iran's Strait of Hormuz Proposal as Peace Talks Stall
President Trump expresses skepticism toward Iran’s proposal to reopen the Strait of Hormuz in exchange for lifting the blockade, dimming prospects for a near-term end to the conflict.
Trump Considers Iran Peace Proposal as Europe's Patience Wanes; Hormuz Strait Blockade Escalates
Trump is considering an Iran peace proposal as US-Iran talks hit an impasse. German Chancellor Merz says the US is ‘being humiliated by Iran’ as European patience wears thin. Meanwhile, a Russia-linked superyacht sails through the Hormuz blockade.
UAE Announces Exit from OPEC on May 1, Ending Nearly 60 Years of Membership Amid Hormuz Crisis
The UAE will formally exit OPEC on May 1, ending nearly six decades of membership. The energy minister said the move aims to gain greater freedom to expand production capacity, targeting 5 million barrels per day by 2027.
Iran Offers to Reopen Strait of Hormuz in Exchange for US Lifting Blockade; Trump 'Not Satisfied'
Iran proposes reopening the Strait of Hormuz if the US lifts its blockade, while deferring nuclear negotiations. Trump and his national security team are skeptical of the offer.
Oil Prices Surge on UAE OPEC Exit, Wall Street Markets Split
International crude prices rallied sharply on the UAE’s OPEC withdrawal announcement, boosting energy stocks on Wall Street while tech giants face investor scrutiny over AI spending returns.
Rubio Dismisses Iran's Strait of Hormuz Proposal, Nuclear Deadlock Persists
US Secretary of State Rubio formally rejects Iran’s proposal to reopen the Strait of Hormuz, insisting nuclear issues must be resolved first, leaving negotiations at a standstill.
Rubio Rejects Iran's New Proposal to Reopen Strait of Hormuz, Talks in Limbo
US Secretary of State Rubio formally rejected Iran’s proposal to reopen the Strait of Hormuz while postponing nuclear talks, leaving US-Iran peace negotiations in limbo and oil markets under pressure.