American warplanes hit Iranian missile and drone storage facilities on Friday after Iran launched drone attacks on a cargo ship…
Browsing: Strait of Hormuz
Iran declared the Strait of Hormuz closed Saturday, citing Israeli strikes in Lebanon as violations of the recent US-Iran peace agreement, but the US disputed the claim.
Energy experts say it could take months for oil supply through the Strait of Hormuz to normalise even after the US-Iran deal reopens the waterway to shipping.
Brent crude fell nearly 5% to $83 a barrel Monday as the US-Iran peace deal and the formal reopening of the Strait of Hormuz eased months of supply fears.
The United States and Iran will formally sign their peace agreement in Geneva on June 19, with Vice President JD Vance set to attend as the Strait of Hormuz reopens.
India is cautiously supporting the Iran-US peace process while maintaining a formal diplomatic complaint over the deaths of Indian sailors killed in US airstrikes on tankers near the Strait of Hormuz.
Britain and France have contacted more than 35 nations to form a naval coalition ready to demine the Strait of Hormuz the moment a US-Iran ceasefire takes effect.
The US and Iran are close to signing the Islamabad Declaration in Geneva, a framework deal brokered by Pakistan that would end the war and reopen the Strait of Hormuz.
Oil prices fell more than three percent on Friday as growing confidence in an imminent Iran-US peace deal raised expectations that the Strait of Hormuz will reopen soon.
Energy analysts warned Thursday that oil could reach $150 a barrel within weeks if the US-Iran war continues, as Brent crude has already hit $94 following Iran’s Strait of Hormuz restrictions.
India summoned the American ambassador Thursday and demanded a full explanation after three Indian sailors were killed in a US tanker strike near the Strait of Hormuz, the most significant diplomatic friction between the two countries over the Iran war.