The ongoing conflict in the Strait of Hormuz has taken a new turn as Iran rejects a ceasefire proposal, prompting warnings from the U.S. and regional instability.
The UK government is preparing for potential fuel shortages by reviewing emergency rationing plans. This comes as diesel supply is expected to dwindle soon.
Marco Rubio, the U.S. Secretary of State, is pushing for G7 allies to support the ongoing Iran war, highlighting the global implications of energy security.
The Brent crude price has fallen sharply to around $99 per barrel, a significant drop from its previous high of $112. This decline comes amid ongoing geopolitical tensions in the Middle East.
The IEA has announced measures to address the severe disruptions in the global oil market caused by the conflict in the Middle East, particularly affecting the Strait of Hormuz.
