Energy
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Markets shudder as Strait of Hormuz starts resembling a combat zone. ‘We’re prepared to subject you to disabling fire’
Stock futures tumbled and oil prices jumped on Sunday after hopes that the Strait of Hormuz would fully reopen were deflated over the weekend by renewed gunfire. Futures tied to the Dow Jones industrial average fell 407 points, or 0.82%. S&P 500 futures were down 0.67%, and Nasdaq futures lost 0.57%. U.S. oil futures jumped 7.14% to $89.94 a…
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The jet-fuel surge is making global flight connections disappear
Airline passengers should brace for more aggravation in the next few months as carriers around the world deepen cancellations and ground planes to cope with stratospheric increases in jet-fuel prices. Dutch flag carrier KLM is the latest company to cut its schedule, saying Thursday it will scrap 80 return flights at Amsterdam’s Schiphol Airport in…
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U.S. extends waiver on Russian oil sanctions to ease Iran war shortages, just days after Treasury Secretary Scott Bessent ruled it out
The U.S. Treasury Department on Friday extended its pause on sanctions on Russian oil shipments to ease shortages from the Iran war, days after Secretary Scott Bessent ruled out such a move. The so-called general license means U.S. sanctions will not apply for 30 days on deliveries of Russian oil that has been loaded on…
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Air Canada suspends all summer flights to New York’s JFK airport on Iran-surging fuel price
Air Canada will suspend service to New York’s JFK International airport over the summer as the war in Iran creates jet fuel shortages that have sent prices soaring. Canada’s flag carrier said Friday that service from Toronto and Montreal to JFK will cease June 1 and resume Oct. 25. Service to the New York metropolitan…
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Oil is back to early war days, S&P 500 jumps to all-time high
Oil prices dropped back to where they were in the early days of the Iran war, and U.S. stocks raced to another record Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude from the Persian Gulf to customers worldwide. The S&P 500 leaped 1.2% to an all-time high…
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Iran and White House say the Strait of Hormuz is ‘completely open.’ But it definitely isn’t—at least for now
Iran and the White House both declared the valuable Strait of Hormuz chokepoint “completely open” on April 17, and benchmark crude oil prices plunged below $90 per barrel for the first time since early March. But Iran is still asserting its control over the strait and President Donald Trump maintained that the U.S. blockade on…
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Iran has reopened the Strait of Hormuz—but experts say it now holds a card that works ‘almost like a nuclear deterrent’
Iran’s foreign minister declared the Strait of Hormuz “completely open” for commercial shipping on Friday, sending Brent crude down roughly $10 to around $89 a barrel within minutes and U.S. stocks to a fresh record high. President Donald Trump quickly claimed credit on Truth Social, writing that the Strait is “COMPLETELY OPEN AND READY FOR…
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Trump says Iran to suspend nuclear program, won’t get funds
President Donald Trump said Iran agreed to suspend its nuclear program indefinitely, and will not receive any frozen funds from the US. Trump said in a phone interview on Friday that a deal to end the war, which the US and Israel began with Iran in late February, is mostly complete. Talks over a lasting…
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Iran says it fully reopens Strait of Hormuz as Trump says blockade will ‘remain in force’
Iran said Friday it fully reopened the Strait of Hormuz to commercial vessels, but President Donald Trump said the American blockade on Iranian ships and ports “will remain in full force” until Tehran reaches a deal with the U.S., including on its nuclear program. Iranian Foreign Minister Abbas Araghchi posted on X that the crucial…
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Trump’s war in the Middle East may end up a global boon for renewables, as think tank calls return-to-coal narrative ‘meaningless’
The global energy shock stemming from the conflict in the Middle East is rewriting the ways governments think about their power needs. Big Oil has predictably emerged as an early winner, benefiting from soaring oil and gas prices, but the long-term upshot could be faster dispersal of an altogether different energy source. Despite negotiation attempts…