US and Iranian negotiators have reportedly reached a draft 60-day memorandum of understanding to end the three-month conflict, though the proposed agreement still requires approval from Donald Trump.
Hopes rise for reopening of Strait of Hormuz trade route
The Strait of Hormuz could reopen to commercial shipping within a month under a draft framework agreement reported by Iranian state media on Wednesday, potentially easing one of the largest
Fewer than 20 tankers pass through Hormuz since March
A limited number of shipowners are continuing to transport oil through the Strait of Hormuz despite the ongoing conflict that has severely disrupted shipping activity across the region.
UK petrol prices near highest level since 2022
Petrol prices in the UK have climbed to within 1p of their highest level since December 2022 as tensions in the Middle East continue to drive oil prices higher.
US investigates $2.6bn of suspicious oil trades linked to Iran conflict
The US Department of Justice is investigating around $2.6 billion (£1.9 billion) of suspicious oil trades allegedly linked to developments in the Iran conflict.
Strait of Hormuz Blockade Breached as Western Shipping Lines Resume Operations
The Strait of Hormuz has witnessed its first successful transit by a vessel operated by a major Western shipping line, marking a significant development amid an increasingly critical global supply
Labour ramps up heat pump support with £9,000 grant scheme
The UK Government has announced a substantial increase in financial incentives for households transitioning away from heating oil and liquefied petroleum gas (LPG) systems. Energy Secretary Ed Miliband has confirmed
Petrol prices falling slower than wholesale costs, says RAC
Fuel prices at the pump are not declining as quickly as expected despite a recent pullback in oil prices, according to the RAC.
Iran has reimposed restrictions on the Strait of Hormuz
Iran has reimposed restrictions on the Strait of Hormuz, citing the continued US naval blockade of its ports, according to state media.
Iran has reopened the Strait of Hormuz to commercial shipping
Iran has reopened the Strait of Hormuz to commercial shipping, according to Foreign Minister Abbas Araghchi, easing concerns about a key global oil transit route.
Europe warned to brace for flight cancellations, IEA says
Europe could face flight cancellations “soon” as fuel shortages intensify, according to Fatih Birol, head of the International Energy Agency.
Trump warns Iranian vessels near Hormuz blockade will be ‘eliminated’
Donald Trump has warned that any Iranian naval vessels approaching the U.S. blockade in the Strait of Hormuz will be “immediately eliminated,” marking a further escalation in tensions.