DEVELOPING: Iranian lawmakers are drafting a new legal framework for the Strait of Hormuz, according to Foad Izadi. The proposal suggests that non-UNCLOS members may lawfully charge fees for passage through the strategic waterway.

U.S. UN Representative says Iran faces oil storage capacity shortages that may force the regime to shut down oil wells.

The U.S. Representative to the United Nations stated that the Iranian regime is facing a shortage in oil storage capacity and may soon be forced to shut down oil wells.

ANALYSIS: Prolonged Persian Gulf closure threatens to disrupt global energy flows for months or years. The supply chain bottleneck creates long-term uncertainty for international markets.

The ongoing closure of the Persian Gulf is expected to disrupt energy supply chains for months or years.

Global summit on fossil fuel phase-out begins in Colombia as nations navigate an acute energy crisis.

The first global summit focused on phasing out fossil fuels has commenced in Colombia, as participating nations address an ongoing energy crisis.

Cuba receives 100,000-metric-ton oil shipment from Russia to address ongoing power blackouts. Energy Minister Vicente de la O Levy warns the relief will be short-lived.

Cuba has received a 100,000-metric-ton oil shipment from Russia, providing temporary relief from power blackouts. Energy Minister Vicente de la O Levy stated that the relief provided by the shipment will be short-lived.