Energy security, geopolitics, and the markets that move when global tensions rise.
US-Iran tensions have escalated sharply - Washington threatens military action against Tehran, while Iran says it has response plans and warns it could seal sea lanes and endanger global energy supplies. Oil prices have surged as a result, energy majors are profiting from high crude prices, and global markets are holding their breath.
Read Full Story →ExxonMobil reported a $14.5 billion quarterly profit, the strongest in its recent history, as the Iran war and the disruption of global oil supplies pushed crude prices higher. Fellow oil major Chevron also reported record earnings, with both companies confirming that high prices and tight supply are likely to persist for the rest of the year.
Read Full Story →Vessel transits through the Strait of Hormuz have plunged to five a day - down from 22 the day before - after Iran said the chokepoint could no longer operate normally amid US military action. The strait carries roughly a fifth of the world oil supply, and the drop is sending shockwaves through energy markets.
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