The Latest Breaking News from Oil

The Strait of Hormuz carries 20% of global oil daily, but Iran's threats to close it amid 2025 tensions could push prices to £80 ($100) per barrel. Learn why this waterway is critical and what's at stake.

Occidental Petroleum Corp (NYSE:OXY), Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX) climbed 1.95%, 1.53% and 1.31% during Monday pre-market trading session after oil prices have skyrocketed to their highest point since January, sparking concerns about potential supply disruptions.

U.S. Secretary of State Marco Rubio has called on China to prevent Iran from shutting down the Strait of Hormuz, a crucial trade route for global crude oil. Rubio’s warning comes amid escalating tensions in the Middle East.

The Iranian parliament approved a measure to close the Strait of Hormuz, through which around 20 per cent of global oil and gas flows

In the wake of the U.S. dropping bunker buster bombs on Iran’s key nuclear sites, energy markets are preparing for potential disruptions and a further surge in oil prices.

Some experts have warned that the closure of the critical Strait of Hormuz waterway could see oil prices hit 100 US dollars (£74.43) a barrel.

Oil prices could rise if Iran goes ahead with threat to shut down shipping in the strait of Hormuz

The Iranian parliament has approved the closure of key shipping route the Strait of Hormuz, in a move that could further escalate the Israel/Iran war.

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