Shell to acquire Canada's ARC in output-boosting $16.4 billion deal.

US forces block Iranian oil tankers in the Strait of Hormuz, causing a sharp decline in regional maritime traffic.

US naval forces have reportedly blocked Iranian oil tankers from passing through the Strait of Hormuz, resulting in significantly reduced maritime traffic in the region.

Oil futures extend gains, Brent crude up $4 to three-week high on stalled US-Iran talks

Oil futures extended gains, with Brent crude rising $4 a barrel to a three-week high, driven by stalled US-Iran talks.

Iranian military adviser Mohsen Rezaei claims U.S. efforts to block oil exports are ineffective, even as U.S. forces continue to redirect dozens of vessels involved in the shipments.

Senior Iranian military adviser Mohsen Rezaei stated that the U.S. is unable to halt Iranian oil exports, despite reports that U.S. forces have redirected dozens of vessels as part of an ongoing blockade.

IEA says Middle East war causes biggest energy crisis in history. Morgan Stanley warns Strait of Hormuz closure could reshape global energy map, making China unexpected winner.

The International Energy Agency says the war in the Middle East has caused the largest energy crisis in history. Jitania Kandhari from Morgan Stanley told Reuters that closing the Strait of Hormuz could change the global energy landscape, and China could be the unexpected beneficiary.