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Employees of Basra Oil Company, working at the Nahr Bin Umar Oil and Gas Field on the outskirts of the southern Iraqi city of Basra, on April 29, 2026. (Hussein Faleh/AFP)
April 29, 2026, 4:13 pm
Price of oil rises as Iran talks remain stalled and Strait of Hormuz closed
Financial expert says US blockade of Iranian ports strains oil system, with consequences for future prices, while Qatar warns of ‘frozen conflict’ if resolution is not found
By AFP and ToI Staff
People and media gather at the entrance of the building of the Organization Of The Petroleum Exporting Countries, OPEC, in Vienna, Austria, Oct. 5, 2022. (AP Photo/Philipp-Moritz Jenne)
April 28, 2026, 4:55 pm
UAE says it will withdraw from OPEC and OPEC+, in historic blow to global oil cartel
UAE energy minister says no direct consultations held on leaving cartels, including with Saudis; Gulf oil producers already struggling with exports due to Iran’s Hormuz blockade
By Agencies
The New York Stock Exchange during morning trading on April 08, 2026 in New York City. (Michael M. Santiago/Getty Images/AFP)
April 8, 2026, 7:25 pm
Oil prices plunge, stocks surge against backdrop of Iran ceasefire
Wall Street’s three main indexes jump more than two percent, but oil prices are still significantly higher than prewar rates, as threat remains of war resuming
By Agencies
The Liberia-flagged tanker Shenlong Suezmax, carrying crude oil from Saudi Arabia, that arrived clearing the Strait of Hormuz, is seen at the Mumbai Port in Mumbai, India, March 12, 2026. (AP Photo/Rafiq Maqbool)
April 2, 2026, 4:42 pm
Oil prices jump over 7% after Trump vows to continue strikes on Iran
Brent crude futures head for biggest daily gains in weeks, as markets fear Strait of Hormuz will remain closed
By Reuters and ToI Staff
US President Donald Trump speaks before signing an executive order on fraud in the Oval Office at the White House in Washington, DC, on March 16, 2026 as Vice President JD Vance (C) and Federal Trade Commission (FTC) Chairman Andrew Ferguson (R) look on. (Annabelle Gordon/AFP)
March 24, 2026, 2:07 pm
Daily Briefing Mar. 24: Trump shocks, and dismays, with news of Iran talks
US bureau chief Jacob Magid on the US president’s bombshell announcement, the mediators, reactions from the Gulf states, and predictions from a former IDF Iran researcher
By Jessica Steinberg and Jacob Magid
Footage shows the aftermath of an IDF strike on the South Pars gas field on the northern coast of the Persian Gulf, in Asaluyeh, Iran, on March 18, 2026. (Social media, used in accordance with Clause 27a of the Copyright Law)
March 18, 2026, 8:41 pm
Israel strikes major Iranian gas field; Tehran vows to hit Gulf energy sites in kind
Impact expected to be far-reaching, with Brent crude soaring to over $108 a barrel; Qatar, UAE condemn ‘irresponsible’ escalation as Iran warns it will take ‘an eye for an eye’
By Emanuel Fabian, Nava Freiberg, Lazar Berman, Jacob Magid, ToI Staff and Agencies
President Donald Trump speaks at a news conference, Monday, March 9, 2026, at Trump National Doral Miami in Doral, Fla. (AP Photo/Mark Schiefelbein)
March 10, 2026, 1:10 pm
Daily Briefing Mar. 10: Trump predicts conflict with Iran to end soon, but won’t commit to timeline
US bureau chief Jacob Magid on Trump’s thoughts about the war’s duration, the possible threat to oil exports, and the US leader’s disappointment with the choice of new Iranian leader
By Jessica Steinberg and Jacob Magid
A thick plume of smoke rises from an oil storage facility hit by a strike in Tehran, Iran, Sunday, March 8, 2026. (AP Photo/Vahid Salemi)
March 9, 2026, 9:58 am
Crude oil prices spike above $115 a barrel as Iran conflict disrupts production, shipping
Asian stock markets plunge as several nations cut oil production amid attacks by Iran and threat to export routes, including key Strait of Hormuz
By AP
Iran-backed Houthis in Yemen publish a video showing how the group hijacked an Israeli-linked shipping vessel in the Red Sea on November 20, 2023. (Screen capture/X)
December 18, 2023, 12:27 am
Houthi attacks on Israel-linked ships in Red Sea to raise prices of Far East imports
Due to threat, global freight giants have halted Red Sea routes, diverting ships on longer, costlier voyage; shift set to impact Israel’s trade with Asia, as well as global trade
By Sharon Wrobel
Illustrative: A seized oil tanker Niovi off the coast of Bandar Abbas, Iran, May 6, 2023. (Planet Labs PBC via AP)
May 7, 2023, 11:58 am
Satellite images show 2 oil tankers seized by Iran anchored near naval base
Ship flying flags of Marshall Islands and Panama seen at Iranian port Bandar Abbas; meanwhile, another thought to be carrying Iranian crude disappears from anchorage off Singapore
By Jon Gambrell
Energean's floating production system (FPSO) at the Karish gas field in the Mediterranean Sea. (Energean)
February 16, 2023, 1:59 am
Israel exports crude oil for first time, with shipment heading for Europe
Country joins ‘club of international oil exporters’ with first cargo load of hydrocarbon liquids extracted from offshore Karish natural gas field
By ToI Staff
Illustrative: Gas prices are shown on March 7, 2022, in Tumwater, Washington, as the cost of gasoline hit the highest price that American motorists have faced since July 2008. (AP Photo/Ted S. Warren)
March 8, 2022, 7:58 pm
In latest steps against Russia, US and Europe target oil and gas imports
Biden announces US ban on all oil imports, UK says it will phase out such imports by end of 2022; EU plans two-thirds cut in Russian gas purchases this year
By Agencies
The tanker Sun Arrows loads its cargo of liquefied natural gas from the Sakhalin-2 project in the port of Prigorodnoye, Russia, October 29, 2021. (AP Photo, File)
March 8, 2022, 2:42 am
What would a US ban on Russian oil imports accomplish?
With public outrage over the invasion of Ukraine rising, Biden administration is less able to resist measure, which could further increase inflation and prices at the pump
By John BIERS
Crewmen speak aboard the Iranian oil tanker Fortune during its arrival to El Palito refinery near Puerto Cabello, Venezuela, May 25, 2020. (AP Photo/Ernesto Vargas)
December 12, 2021, 9:58 pm
Iran to cut oil output, prioritize defense in 2022-23 budget
Reports say $5 billion will boost ‘defense capacities and strategic research,’ amid sanctions and threats to Tehran’s nuclear program
By AFP
Two men play backgammon while smoking a shisha water pipe at a restaurant overlooking the canal and the Dubai Marina neighborhood in Dubai, United Arab Emirates, on May 1, 2015. (AP Photo/Kamran Jebreili, File)
August 31, 2020, 11:01 pm
UAE and Israel deal opens doors to business
From coronavirus cooperation to oil sales: The key areas where the Jewish state and its new Arab partner share economic interests
By AFP
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