Oil fell sharply on signs Washington and Tehran are seeking to arrange a second round of peace talks.
Frustrated by Iran’s unwillingness to give up its stranglehold over the Strait of Hormuz, the US is trying to force the issue with its own blockade. Alex Longley breaks down what to know
Saudi Arabia’s crude sales to top importer China are set to halve next month as the war in the Middle East upends flows and lifts prices, according to traders familiar with the matter.
Oil prices should be much higher than current levels if the US goes ahead with a planned naval blockade of the Strait of Hormuz, according to a veteran oil market executive.
Pipes next to the Irving Oil Refinery in Saint John, New Brunswick, Canada, on Wednesday, May 7, 2025. The city is the most vulnerable in Canada to trade friction with the US because of its reliance on the American market for oil, lumber and seafood exports, according to data released in February by the Canadian Chamber of Commerce, CTV news reports. Photographer: Graham Hughes/Bloomberg
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