Oil prices rise approximately 7% after President Donald Trump rejects an Iranian proposal concerning the Strait of Hormuz. Brent and WTI crude benchmarks both saw significant gains following the announcement.

Oil prices climb above 126 dollars per barrel as Iran continues to enforce shipping restrictions in the Strait of Hormuz affecting the United States and its allies.

Oil prices have risen to over 126 dollars per barrel as Iran maintains shipping restrictions in the Strait of Hormuz affecting the United States and its allies.

Oil prices surge above $125 per barrel, the highest level since 2022, as President Donald Trump considers extending the blockade on Iran.

Oil prices have risen above $125 per barrel, reaching their highest point since 2022, amid reports that President Donald Trump is considering an extension of the blockade on Iran.

The United Arab Emirates announces it will withdraw from OPEC on May 1. The Gulf nation plans to expand its oil production capacity following regional shipping disruptions in the Strait of Hormuz.

The United Arab Emirates has announced its intention to withdraw from OPEC effective May 1, citing a desire to increase oil production capacity amid ongoing regional instability.

Iran's Supreme Leader says Tehran will secure the Gulf region and eliminate the enemy's abuses of the waterway. The statement signals a potential shift in regional maritime security posture.

Iran's Supreme Leader stated that Tehran intends to secure the Gulf region and eliminate what he described as the enemy's abuses of the waterway.