Crude prices head toward a weekly gain of 4-5% after the US threatened an indefinite naval blockade of Iranian ports, tanker attacks in the Strait of Hormuz, an

President Trump urged Americans to accept higher gasoline prices as he escalated rhetoric against Iran amid the ongoing Strait of Hormuz blockade.

Vice President Vance declared cheap oil and gas the number one goal in the Iran war, signaling a policy pivot as pump prices pressure the administration.

Saudi Aramco's CEO estimated the US-Iran conflict has caused the loss of 2.6 billion barrels of oil supply, the most severe disruption in decades.

Reuters and other outlets question whether global oil inventories are sufficient to sustain another half-year of supply disruptions from the Iran conflict.

The UAE reported an attack on an ADNOC vessel in the Strait of Hormuz and pledged to defend maritime navigation rights amid escalating tensions.

North Asian and Indian state-owned refiners are panic-buying US crude as an alternative to Middle Eastern oil blocked by the Strait of Hormuz closure.

US crude inventories rose sharply by 17.4 million barrels for the week, even as oil demand outlooks show conflicting signals amid the war.

The International Energy Forum projects a 2.2 million barrel per day gap between global oil demand and supply for 2026.

The US rig count rose to 593 active drilling rigs, the highest level since March 2025, as higher oil prices incentivize domestic production.

Wall Street hit record highs as softer inflation data reduced the odds of another Fed rate hike, and a brief oil price decline lifted equities.

South Africa's Constitutional Court blocked Shell from renewing an exploration right off the country's Indian Ocean Wild Coast.

US gasoline and diesel prices are set for their highest August on record, driven by the Iran war and Hormuz supply disruptions.

The effective closure of the Strait of Hormuz has forced ships onto longer routes around Africa, and Somali pirates are exploiting the increased traffic.

Major oil companies posted combined first-half profits of $152.8 billion, with high energy costs fueling political pressure on the White House.

Valero Energy hit an all-time high as record refining margins amid the Hormuz crisis lifted refiner stocks onto top performer lists.

Several Russian regions face renewed fuel shortages after Ukraine resumed near-daily drone attacks on Russian oil refineries.

Iranians face soaring inflation and plunging purchasing power as the ongoing war with the US strains the country's economy.