IEA Cuts 2026 Oil Demand Forecast as Hormuz Stays Shut
By Oluwakemi Kindness The International Energy Agency has sharply cut its forecast for global oil demand this year, citing the continued closure of the Strait of Hormuz and high fuel prices. The IEA now expects oil demand to fall by 1.6 million barrels per day in 2026. That is significantly higher than its previous forecast […]
Strait of Hormuz Reopening Depends on US – Iran
By Zainab Bakare Iran says reopening the Strait of Hormuz now depends on the United States ending what it describes as a naval blockade and other hostile actions against Tehran. Foreign Ministry spokesman Esmaeil Baqaei said Iran and neighbouring Oman have agreed on a shipping route through the strategic waterway and are finalising plans for […]
Iran Turns Back Six Vessels in Strait of Hormuz
By Mardiyyah Abubakar Iran’s Revolutionary Guards Navy turned back six vessels that attempted to transit the Strait of Hormuz through routes not approved by Iranian authorities, state television reported on Monday. According to the report, the incident happened overnight when the vessels tried to use an unauthorised route through the strategic waterway. A state television […]
Iran Intensifies Retaliation as Middle East Tensions Escalate
By Oluwakemi Kindness Iran has intensified its retaliatory attacks across the Middle East after a 10th consecutive night of US bombing, widening the conflict and raising fears of further regional instability. The Islamic Revolutionary Guard Corps (IRGC) said it targeted US military assets in Jordan, Bahrain and Kuwait. The claims have not been independently verified. […]
Strait of Hormuz Stays Shut Until US Ends Aggression – Iran
By Oluwakemi Kindness Iran’s Revolutionary Guard Corps (IRGC) says the Strait of Hormuz will remain closed until the United States ends what it calls its “acts of aggression”, raising fears of further disruption to global oil supplies. In a statement on Wednesday, the IRGC warned that other regional oil and gas export routes serving US […]
Oil Surges 4% as US-Iran Conflict Escalates
By Mardiyyah Abubakar Global oil prices climbed more than four per cent on Monday after renewed military confrontation between the United States and Iran rattled financial markets and reignited fears over the security of the Strait of Hormuz, one of the world’s most critical oil shipping routes. The latest escalation came just days after both […]
Iran-US Talks End Without Breakthrough
By Zainab Bakare Iran and the United States have concluded another round of indirect negotiations in Doha without a major breakthrough, though both sides described the discussions as constructive. The two-day talks focused on implementing provisions of an interim agreement reached earlier, particularly maritime traffic through the Strait of Hormuz and the unfreezing of Iranian […]
Trump Orders Probe of Oil Firms Over High Gas Prices
By Oluwakemi Kindness U.S. President Donald Trump has ordered an investigation into major oil companies, accusing them of keeping gasoline prices artificially high despite a decline in crude oil costs. In a post on Truth Social on Wednesday, Trump alleged that oil companies were failing to pass lower crude prices on to consumers. “The big […]
India Raises Fuel Prices Amid Middle East War
By Oluwakemi Kindness India’s state-run fuel companies have increased petrol and diesel prices for the fourth time in 10 days as the ongoing Middle East war continues to disrupt global oil supplies. The latest adjustment, announced on Monday, comes amid mounting pressure on energy imports following Iran’s near-total blockade of the Strait of Hormuz, a […]