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EXPLAINED: 6 - The Real Truth

One tycoon makes millions from 'dark' journeys on a dangerous oil route while others feared Hormuz

Amidst the Persian Gulf war, the UAE secretly navigated its oil exports through the Strait of Hormuz using 'dark' ship transits. Korean shipping tycoon Ga-Hyun Chung's Sinokor Group played a pivotal role, leasing a significant portion of vessels for these risky "shuttle runs." This covert operation allowed the UAE to…

The Economic Times

Oil Price Today (July 6): Crude oil extends fall, hovers below $72. Here are 2 major reasons for the decline

Brent crude futures slipped 24 cents, or 0.e33%, to $71.88 a barrel. U.S. West Texas Intermediate crude fell 11 cents, or 0.16%, to $68.58 a barrel. WTI did not settle on Friday as U.S. markets remained closed ahead of the Independence Day holiday on Saturday.

The Economic Times

Oil slips after OPEC+ agrees to raise output targets

Oil prices dipped as OPEC+ agreed to boost output from August, with key producers seeing recovering exports via the Strait of Hormuz. Despite the planned increase, actual output may be capped due to ongoing geopolitical tensions. Gulf oil exports are reviving but still lag pre-conflict levels, while Russia's crude shipments…

The Economic Times

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Khamenei Funeral Puts Iran-US Talks On Hold. Hormuz, Nuclear Program Hold Key To Peace

Slain supreme leader Ayatollah Ali Khamenei funeral has put in abeyance peace talks with the US to find a resolution to the Middle East conflict. Iran is also seen as increasingly pushing back on US demands in the negotiations.

International Business Times

OPEC+ Raises Output Target For August. Smooth Sailing Seen For Oil Price Trajectory

OPEC+ has agreed to a provide a significant boost to oil output by raising targets from August aimed to further add to global oil supplies after the Middle East conflict spurred prices to as high as $120 a barrel.

International Business Times

OPEC+ Agrees To Raise Output Even as Hormuz Shipping Security Remains Uncertain

OPEC+ members agreed to raise their collective oil‑production quotas from August even as crude shipments through the Strait of Hormuz remain uncertain.

Benzinga

15 vessels carrying urea, DAP and Sulphur cross Strait of Hormuz safely: Govt

India's fertilizer supply chain remains robust despite West Asian conflict, with most shipments safely navigating the Strait of Hormuz. The government's proactive planning, diversified import sources, and boosted domestic production have ensured uninterrupted availability for farmers.

The Economic Times

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Hormuz disruption, border wars choke Afghanistan's auto trade

Afghanistan's vital car parts trade in Spin Boldak has ground to a halt, crippled by escalating border conflicts with Pakistan and the recent Middle East war. Disruptions to key shipping routes, like the Strait of Hormuz, have sent import costs soaring and left businesses facing massive losses.

The Economic Times

Iran to impose new service fees in Hormuz, reserves special treatment for 'friendly' nations

Iran's ambassador to China announced new service fees for ships transiting the Strait of Hormuz, despite US objections. Ambassador Abdolreza Rahmani Fazli stated these fees would cover security, supervision, and environmental concerns, with "friendly" nations receiving special consideration. This comes after Iran lifted its blockade of the vital waterway following…

The Economic Times

Iran Starts Khamenei Funeral With Stark Warning. A Potential Hormuz Foray By UK-France Irks Tehran

Iran's warning assumes significance as it signals a hardline position on the Strait as backroom negotiations are on to end the conflict despite the shaky ceasefire talks with the US. Iran seeks complete control over the Strait of Hormuz and intends to levy a toll for transit.

International Business Times

TotalEnergies CEO: Energy Markets Will Take Months To Rebalance With Ongoing Hormuz Shipping Risks

Global energy markets may take as many as four months to rebalance, with gasoline and diesel inventories still constrained by shipping worries in the Strait of Hormuz, TotalEnergies SE Chief Executive Patrick Pouyanné said on Saturday.

Benzinga

Tankers make U-turns in Hormuz, with some taking Iran route instead

Tensions are high in the Persian Gulf as at least eight ships, including oil tankers, reversed course near the Omani coast, signaling Iran's continued assertion of control over the Strait of Hormuz. Despite a US-Iran deal to reopen the waterway, vessels report warnings from Iranian forces. While traffic has increased,…

The Economic Times

'Crisis-makers to be accountable': Iran warns UK, France against military presence in Strait of Hormuz

"The Strait of Hormuz is not a theater for the military display of extra-regional powers. Iran, as the responsible power and guarantor of the Strait's security, warns with sensitivity to any military movement in this waterway. The security of Hormuz lies with the coastal states; the crisis-makers will be held…

The Times of India

Oil prices little changed as US-Iran peace efforts hold

Oil prices saw minimal change as peace talks between the U.S. and Iran offered hope for the Strait of Hormuz's reopening. Despite recent skirmishes, a potential deal is expected to hold, boosting Middle Eastern supply. Gulf producers, including Kuwait and Saudi Arabia, are increasing output, leading to a near-term oil…

The Economic Times

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The Economic Times

June: 10 mbpd, May: 3 mbpd: Gulf oil exports up, but 40% below pre-war level

Gulf oil exports surged past 10 million barrels daily in June, a significant jump from May, thanks to US military efforts securing the Strait of Hormuz. The UAE spearheaded this recovery, enabling millions of barrels to reach global markets and helping to stabilize oil prices. Despite this rebound, exports remain…

Benzinga

Brent Crude Could Sink to $60 a Barrel by Year-End Despite 'Temporary Flare-Ups' Between US and Iran, Citi Analysts Say

Analysts from Citi predict a significant drop in Brent crude prices to $60 a barrel by year-end, banking on the U.S.-Iran truce to hold.

The Economic Times

Citi sees brent crude sliding to $60/bbl as supply fears ease

Geopolitical tensions easing around the Strait of Hormuz are expected to drive Brent crude prices down to $60 a barrel by year-end, according to Citi. Global energy markets are normalizing, with shipping resuming and Gulf producers increasing output. Despite this, Chinese buyers remain absent, and inventories are lower than anticipated,…

The Guardian - UK

UK service sector shrinks amid Iran war disruption and heatwave; FTSE 100 hits four-month closing high – business live

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The Economic Times

Oil Price Today (July 3): Crude oil heads for 4th weekly loss on Hormuz traffic, US-Iran talks. Where is liquid gold headed?

Brent crude hovered near the $71-a-barrel mark after briefly dipping below that level in the previous session, while US benchmark West Texas Intermediate (WTI) traded around $68 a barrel.

The Economic Times

We blew up Iran's radar: Trump says US carried out strikes on Iran for 3 consecutive days

US President Donald Trump revealed American forces conducted strikes on Iran for three consecutive nights, targeting radar systems in response to attacks on commercial shipping. He asserted the US Navy's blockade effectively prevented any ships from reaching Iran, severely weakening its economy. Trump also detailed how the US quietly escorted…

Latin Times

U.S., Iran Pause Peace Talks Until Mid-July as Hormuz, Lebanon Disputes Stall Progress

The United States and Iran have suspended indirect peace negotiations until mid-July after a new round of talks in Doha ended without a breakthrough on some of the most contentious issues left unresolved by the recent conflict, including the future of the Strait of Hormuz and Iran's role in Lebanon.

Euronews

Iran renews Hormuz threats as Doha talks end with cautious progress

Tehran threatened a "forceful response" against vessels straying from its approved Hormuz routes, even as mediators said indirect US-Iran talks in Doha concluded with "positive progress". The next round of talks will wait until after Ayatollah Ali Khamenei's funeral, which begins on Saturday.

The Independent UK

Trump’s Iran gamble is descending into chaos

IN FULL

International Business Times

U.S. Reportedly Trying To Convince Iran Not To Continue With One Of Its Main Goals After The War

The U.S. is reportedly trying to convince Iran to refrain from charging tolls for passage through the Strait of Hormuz.

Benzinga

Trump Faces Fresh Iran Challenge as Tehran Says Strait of Hormuz Is Under 'Iranian Command'

Iran’s Deputy Foreign Minister for Legal and International Affairs, Kazem Gharibabadi, said on Thursday that the Strait of Hormuz is under Tehran’s command following a U.S. Central Command (CENTCOM) security summit in Bahrain.

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