It's not just oil and gas that are affected by the Iran war. All sorts of shortages and price spikes are starting to pop up that stand to affect people's daily lives.
Trump said the U.S. will postpone any strikes on Iranian energy infrastructure for five days, even as Israel continued hitting Tehran and Iran warned it could retaliate across the Gulf.
With the Iran war entering a third week, Israel said it plans for at least three more weeks of war, while President Trump demanded other countries help the U.S. secure the vital Strait of Hormuz.
Members of the International Energy Agency have announced a coordinated release of 400 million barrels of stockpiled oil in an attempt to counter the disruption in oil trade triggered by the Iran war.
Oil shot to its highest price since 2023 after surging again because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street's worst week since October.
The effective closure of the Strait of Hormuz is "about as wrong as things could go" for global oil markets. Iran achieved it not with a naval blockade, but with cheap drones.
Global oil prices are in the high $70s as traffic through Strait of Hormuz comes to a halt. Some analysts have warned they could top $100 a barrel if the stoppage is prolonged.
In nearly two dozen interviews, Houstonians expressed everything from admiration and relief to skepticism and dread following the seizure of leader Nicolás Maduro.
Mexican President Claudia Sheinbaum said the pause was part of general fluctuations in oil supplies and that it was a "sovereign decision" not made under pressure from the United States.
India gave Russia's leader a warm welcome in his first visit since his country invaded Ukraine. The visit in part signaled India's defiance of the U.S., which has punished New Delhi for buying Russian oil.
