US and Israel weigh strikes on Iran's power grid and a land blockadeHamas confirms Gaza disarmament deal as sequence stays disputedCongo's Ebola outbreak becomes second-largest on recordIran declares Hormuz closed after striking escorted tankersOil climbs as US-Iran fighting disrupts Hormuz tanker trafficNearly all migrants return to Morocco after mass crossing into CeutaVenezuela state puts number missing after earthquake at 1,338Russian ballistic missiles kill at least nine in KyivOpenAI cuts GPT prices by up to 80% as Chinese labs release new modelsKumamoto quake toll rises to 35 as search of wrecked mall continuesAmazon completes $50bn investment in OpenAIUS Treasury joins Japan in buying yenTrump threatens harder strikes as US envoys keep talking to IranBig Tech earnings split investors over AI spendingItaly moves to suspend Schengen travel with Spain over Ceuta arrivalsUkrainian drones hit Volgograd refinery and Wildberries warehousesSaudi Arabia plans Red Sea naval coalition as Houthis tighten blockadeRussia claims 32 captured settlements as Zelensky warns of difficult frontWildfires ease in France and Spain after mass evacuationsTrump casts doubt on letting Ukraine build Patriot missilesIran says it attacked US forces in Kuwait with dronesNATO said to weigh wider nuclear deterrence in EuropeAI hedge fund collapses in tech stock routAnthropic says Claude models broke into three companies during testsUN warns strengthening El Niño will intensify global heatUkrainian strike on Iranian ship raises fear of converging warsChina's factories and construction slumpPentagon seeks $18.2 billion for interceptors after Iran warChina rejects Philippine baselines at Scarborough Shoal and stages drillsFunding cuts block access to long-acting HIV prevention drugPakistani forces kill dozens in Kashmir crackdownChina acknowledges nuclear missile silo build-outXi orders faster military adoption of drones and AIIsraeli strikes continue in Gaza after Hamas disarmament pledgeFed officials dissent as inflation debate sharpensUS adds dozens of Chinese firms to forced-labour blacklistUS and China prepare ground for Xi's Washington visitSolar set to pass coal in China as nuclear projects clearHackers hit US water utilities in wave of attacksMethane blast kills at least 34 miners in PakistanSouth Korea asks US for uranium enrichment rightsEU to make AI labels compulsory as Google pulls Earth toolUkraine presses on with drone and robot warfare amid turmoilUS economy grew 1.5 percent in second quarterGerman unemployment climbs above three millionTaiwan's economy grows nearly 13 percent on AI demandPoland protests to Russian ambassador over missile incursionFIFA scraps World Cup investment plan after backlashJapan opens intelligence bureau as Beijing and Pyongyang objectCongress may block Russia sanctions bill as Medvedev dismisses threatsUS and Israel weigh strikes on Iran's power grid and a land blockadeHamas confirms Gaza disarmament deal as sequence stays disputedCongo's Ebola outbreak becomes second-largest on recordIran declares Hormuz closed after striking escorted tankersOil climbs as US-Iran fighting disrupts Hormuz tanker trafficNearly all migrants return to Morocco after mass crossing into CeutaVenezuela state puts number missing after earthquake at 1,338Russian ballistic missiles kill at least nine in KyivOpenAI cuts GPT prices by up to 80% as Chinese labs release new modelsKumamoto quake toll rises to 35 as search of wrecked mall continuesAmazon completes $50bn investment in OpenAIUS Treasury joins Japan in buying yenTrump threatens harder strikes as US envoys keep talking to IranBig Tech earnings split investors over AI spendingItaly moves to suspend Schengen travel with Spain over Ceuta arrivalsUkrainian drones hit Volgograd refinery and Wildberries warehousesSaudi Arabia plans Red Sea naval coalition as Houthis tighten blockadeRussia claims 32 captured settlements as Zelensky warns of difficult frontWildfires ease in France and Spain after mass evacuationsTrump casts doubt on letting Ukraine build Patriot missilesIran says it attacked US forces in Kuwait with dronesNATO said to weigh wider nuclear deterrence in EuropeAI hedge fund collapses in tech stock routAnthropic says Claude models broke into three companies during testsUN warns strengthening El Niño will intensify global heatUkrainian strike on Iranian ship raises fear of converging warsChina's factories and construction slumpPentagon seeks $18.2 billion for interceptors after Iran warChina rejects Philippine baselines at Scarborough Shoal and stages drillsFunding cuts block access to long-acting HIV prevention drugPakistani forces kill dozens in Kashmir crackdownChina acknowledges nuclear missile silo build-outXi orders faster military adoption of drones and AIIsraeli strikes continue in Gaza after Hamas disarmament pledgeFed officials dissent as inflation debate sharpensUS adds dozens of Chinese firms to forced-labour blacklistUS and China prepare ground for Xi's Washington visitSolar set to pass coal in China as nuclear projects clearHackers hit US water utilities in wave of attacksMethane blast kills at least 34 miners in PakistanSouth Korea asks US for uranium enrichment rightsEU to make AI labels compulsory as Google pulls Earth toolUkraine presses on with drone and robot warfare amid turmoilUS economy grew 1.5 percent in second quarterGerman unemployment climbs above three millionTaiwan's economy grows nearly 13 percent on AI demandPoland protests to Russian ambassador over missile incursionFIFA scraps World Cup investment plan after backlashJapan opens intelligence bureau as Beijing and Pyongyang objectCongress may block Russia sanctions bill as Medvedev dismisses threats
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Symbolic image: Oil climbs as US-Iran fighting disrupts Hormuz tanker trafficSymbolic image

Oil climbs as US-Iran fighting disrupts Hormuz tanker traffic

3 sources

Crude rose sharply on Friday as fighting between the United States and Iran disrupted tanker traffic through the Strait of Hormuz, with WTI near $85 and Brent above $88 a barrel. Bloomberg reports oil is heading for a monthly gain of about 21 percent.

What happened

  • Iran's Fars agency says the Revolutionary Guard halted two tankers at the strait; four more changed course.
  • Kpler ship-tracking data show two very large crude carriers loaded in the Gulf passed Hormuz on Friday.
  • Fighting intensified during July after a temporary truce between Washington and Tehran collapsed.
  • Yemen's Houthis became more actively involved; Saudi forces joined US operations against Iran-backed groups in Iraq.
  • Falling US crude stocks and a Ukrainian strike on the Volgograd refinery added pressure, per Trading Economics.

The view from outside

US outlets frame the month through corporate winners: Bloomberg reports a record quarterly profit at Chevron and the company's expectation that large fuel margins persist, while the New York Times reports oil profits at their highest in years.

What could happen next

  • Unclear how far shipping is actually blocked: Tehran's account and Kpler tracking data diverge.
  • No sign of a restored US-Iran truce since the temporary one collapsed this month.
  • Saudi participation in US operations in Iraq could widen the theatres affecting shipping and prices.
  • Whether Europe refills its lagging gas stores before winter is open, according to the New York Times.
How the camps see it

  • Iran: Tehran asserts control over passage through Hormuz, with the Revolutionary Guard stopping tankers according to the Iranian agency Fars.

  • United States: Washington continues military operations against Iran and Iran-backed groups after the temporary ceasefire collapsed.

Also involved

Regional participantsEuropean consumers

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