Oil prices jump as US-Iran talks stall Oil prices jumped almost three percent on Monday as peace talks between the US and Iran stalled and shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight. The Brent crude benchmark rose $3, or about 2. 9 percent, to $108.
Chinese refiner Hengli denies Iran ties after US sanctions hit shares Shares in Hengli Petrochemical fell by 10 percent after the United States imposed sanctions over alleged purchases of oil from Iran, Reuters reported. The US Treasury said the company is among Iran’s largest customers for crude and petroleum products. The company denied any dealings with Iran.
Iran loads 4. 6 million barrels despite US blockade, tracker says Maritime analytics firm TankerTrackers said Iran has loaded the equivalent of 4. 6 million barrels of crude oil at export terminals, suggesting continued activity despite a US naval blockade.
Brent crude holds above $107 as tensions persist Oil prices rose as hopes for renewed talks between the United States and Iran faded, with Brent crude climbing above $107 a barrel. The gains reflect ongoing uncertainty over supply disruptions linked to tensions around the Strait of Hormuz. Despite the diplomatic setback, Asian markets showed resilience, with Japan’s Nikkei 225 and South Korea’s KOSPI both opening higher as investors remained cautiously optimistic.
US turns back 38 ships as Iran port blockade continues The US Central Command (Centcom) said its forces have turned back 38 ships as part of an ongoing blockade of Iran’s ports, preventing vessels from entering or leaving Iranian waters. Centcom said US forces are continuing to enforce maritime restrictions, directing ships to return to port or change course as part of efforts to limit Iran’s shipping activity. A U.
Russian envoy urges Washington to drop ‘blackmail’ tactics Russia’s envoy to international organisations in Vienna, Mikhail Ulyanov, said the United States should abandon what he described as “ultimatums” and “blackmail” in negotiations with Iran if progress is to be made. “The US is accustomed to conduct negotiations from the position of strength, threatening to use military force or tighten sanctions. It is obvious that this scheme doesn’t work with Iran,” he wrote on X.
Oil jumps as Iran-US talks stall, Hormuz flows constrained Oil prices rose sharply as stalled negotiations between the United States and Iran and limited transit through the Strait of Hormuz tightened global supply. Brent crude climbed to about $107. 55 a barrel, while US West Texas Intermediate rose to around $96.
Iran loads 4. 6m barrels as more crude slips past US blockade A maritime analytics firm said Iran has loaded about 4. 6 million barrels of crude at export terminals despite the US naval blockade.
Russian official says oil market needs months to recover from Hormuz closure Russian Deputy Prime Minister Alexander Novak said he expects it will take several months for the oil market to recover to its previous level, even if the Strait of Hormuz is reopened. “The crisis is very deep – a very large number of barrels of oil did not reach the market during this period, and a large number of ships have accumulated in the Strait of Hormuz”, said Novak, speaking in an interview with VGTRK, a Russian state media company. “Therefore, of course, it will take some time to rebalance and recover to the previous level.
China's Hengli Petrochemical denies trade with Iran in response to US sanctions Hengli Petrochemical, one of China's largest independent refiners, denied trade dealings with Iran after the United States imposed sanctions on one of its subsidiaries for allegedly buying Iranian oil. Hengli "has never engaged in any trade with Iran," and all its crude oil suppliers "guaranteed that the origins of the crude oil supplied do not fall within the scope of US sanctions," the company said in a stock exchange filing on Sunday. The company has sufficient crude oil inventories to meet processing needs for more than three months, and its crude oil procurement activities have not been affected in any way, it said.
US intercepts vessel in Arabian Sea over Iran embargo The US Central Command (Centcom) said it intercepted a commercial vessel in the Arabian Sea that was attempting to breach an embargo related to Iran. The ship, identified as “Sevan,” was described as part of a network transporting Iranian oil and gas products. Centcom said a US Navy helicopter from the guided-missile destroyer USS Pinckney carried out the interception.
Iran markets hold steady despite sanctions, prices rise Markets in Iran remain stocked with basic goods nearly two weeks after a US naval blockade, but rising prices and concerns over future shortages are beginning to affect consumers. Officials say the country is still able to maintain supply through alternative trade routes. President Masoud Pezeshkian said the United States is trying to use economic pressure to fuel public dissatisfaction, while Tehran explores land and maritime alternatives to sustain imports and exports.
India to exit Chabahar port stake amid sanctions pressure India is planning to sell its stake in the Chabahar Port to an Iranian company due to the expiry of a US sanctions exemption, according to a report by Business Standard. The report said India is also considering an interim arrangement in which an Iranian operator would manage the port during the sanctions period, with the possibility of India resuming operations later. Russian Navy frigate “Yaroslav Mudry” moored at Chabahar during Iran-Russia-China joint naval drills, in the Gulf of Oman, 27 December 2019.
Hormuz blockade drives Panama Canal fees up to $4m Shipping companies are paying up to $4 million for last-minute transit through the Panama Canal as the effective closure of the Strait of Hormuz disrupts global routes, according to Associated Press. The canal typically charges fixed rates, but auction prices for priority access have surged. With vessels rerouting to avoid the Gulf, demand for fast-track slots has spiked, allowing companies to skip multi-day delays.
EU airlines may use 'mixed fuel' amid shortages, agency says The European Union Aviation Safety Agency (EASA) is developing guidance to help airlines use US-grade Jet-A fuel as Europe faces shortages linked to disruptions in the Strait of Hormuz, a spokesperson said. EASA said most commercial aircraft engines are certified to use both fuel types, noting that European airlines already operate with mixed fuel loads on transatlantic routes. The move, which comes as Europe increases fuel imports from the United States to ease supply pressures, would allow greater flexibility for carriers that typically rely on Jet A-1 fuel.
Washington rules out oil waivers, freezes $344m in Iran-linked assets The United States has frozen $344 million in digital assets linked to Iran as part of efforts to increase economic pressure, Treasury Secretary Scott Bessent said. Bessent said the US Treasury Department had sanctioned several digital wallets, adding it would “continue to work systematically to undermine Iran’s ability to generate and transfer funds. ” Bisent also ruled out renewing the waivers Washington granted to Iranian and Russian oil, in an interview with the Associated Press.
Trump administration pitching US companies to rebuild Gulf infrastructure hit by Iran The Trump administration has told several Gulf states that they should use American companies to rebuild their infrastructure damaged by Iran's retaliatory strikes amid the US-Israeli war on the Islamic Republic, US and Arab officials familiar with the discussions told Middle East Eye. Kuwait , Bahrain and the UAE are among the countries the US has tapped as potential customers for US engineering, manufacturing and construction firms, given the extent of damage in their countries, the officials told MEE. Saudi Arabia and Oman have been less impacted by Iranian air strikes.
Trump administration pitching US companies to rebuild Gulf infrastructure hit by Iran Submitted by Sean Mathews on Fri, 04/24/2026 - 20:11 US is lobbying to ensure American companies have front row in Gulf reconstruction, with one Arab official saying the push appeared 'a little tone-deaf' Smoke rises following a strike on the Bapco Oil Refinery, amid the US-Israeli war on Iran, on Sitra Island, Bahrain, on 9 March 2026 (Reuters/Stringer) Off The Trump administration has told several Gulf states that they should use American companies to rebuild their infrastructure damaged by Iran's retaliatory strikes amid the US-Israeli war on the Islamic Republic, US and Arab officials familiar with the discussions told Middle East Eye. Kuwait , Bahrain and the UAE are among the countries the US has tapped as potential customers for US engineering, manufacturing and construction firms, given the extent of damage in their countries, the officials told MEE. Saudi Arabia and Oman have been less impacted by Iranian air strikes.
US sanctions Chinese refinery over Iranian oil purchases The Trump administration has imposed fresh sanctions on a Chinese refinery accused of buying large volumes of Iranian oil, as Washington and Tehran prepare for another round of talks. The US Treasury said it targeted Hengli Petrochemical (Dalian), describing it as a major buyer of Iranian crude and petroleum products. Officials also sanctioned around 40 shipping companies and vessels linked to what they described as Iran’s “shadow fleet”, used to move oil despite restrictions.
Iran calls US seizure of ship ‘flagrant breach of international law’ Iran’s mission to the United Nations has condemned the US's interception of a commercial vessel, describing it as a serious violation of international law. The ship, identified as Touska, was seized as part of Washington’s naval blockade on Iranian ports. US President Donald Trump said the vessel was stopped after failing to respond to warnings, while Secretary of War Pete Hegseth also referenced the operation.
