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The United States has set clear expectations for Iran regarding maritime security in the Strait of Hormuz, demanding restoration of oil and gas flows to pre-conflict levels and safe passage for commercial shipping in one of the world's most critical energy chokepoints.
Royal Dutch Shell posted a 70% jump in first-half earnings to US$16.75 billion, driven by exceptional gains from oil trading during a period of acute market disruption caused by geopolitical tensions.
The OPEC+ cartel will hold a Joint Ministerial Monitoring Committee meeting on Sunday to determine September oil production targets. Seven member states are expected to raise output by 188,000 barrels daily.
Iran's top security official has threatened to shut the Strait of Hormuz and other critical shipping lanes if the United States continues its maritime blockade, escalating tensions that could disrupt global energy markets and regional trade.
Oil prices fell about 5% Tuesday to their lowest in two weeks as a temporary pause in US-Iran hostilities fuelled hopes for diplomatic talks. However, major supply chokepoints remain disrupted.