Oil prices have tumbled back toward $60 per barrel. This is a dramatic reversal from the crisis-driven surge that gripped ...

In May 2019, four vessels - including two Saudi oil tankers - were attacked off the UAE coast, outside the Strait of Hormuz. For more news like this visit The Economic Times.

If Iran blocked the strait, oil prices could shoot as high as $120-$130 per barrel, at least temporarily, said Homayoun Falakshahi, head of crude oil analyst at Kpler, in an online webinar Sunday.

U.S. use of force to reopen the strait would likely be supported by Europe and “even unofficially by China,” he said. “Iran’s navy would probably get destroyed in a matter of hours or days.” Tags: U.S ...

The Ministry of Investment, Trade and Industry (MITI) said the recent Iran-Israel armed conflict led to a surge in global oil prices, which in turn increased the cost of raw materials and logistics.

“The Strait of Hormuz is very important to Iranian allies such as China, because most of Iran's oil goes to China. Closing the Strait would also turn relations between Iran and the GCC [Gulf ...