Oil and gas

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Explainer

Iran-Oman deal spurs Hormuz hopes as Red Sea threats evolve

Iran has signaled that an agreement was reached with Oman establishing a Hormuz shipping route even as Houthi attacks in the Red Sea expand.

Iranian Foreign Minister Abbas Araghchi (L), Iranian parliament speaker Mohammad Bagher Ghalibaf (2nd L) and Omani Foreign Minister Badr bin Hamad Al Busaidi (R) attend a meeting in Muscat, Oman, on June 22, 2026.

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Iran-Oman Hormuz route talks near 'completion': What to know

The new framework would give Iran a greater role in managing one of the world’s most strategically important maritime choke points.

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Saudi Arabia's economy shrinks by 4.8% amid Iran war: What to know

The kingdom saw a 24.7% year-on-year decline in its oil sector for the April 1 to June 30 period due to the closure of the Strait of Hormuz.

A trader works on the floor of the New York Stock Exchange on July 24, 2026, in New York.

Oil jumps 8% as US-Iran war pressures Saudi Arabia, explosions hit Egypt

The price of benchmark Brent crude climbed past $90 per barrel on Wednesday after a renewed round of US-Iran hostilities shattered a days-long lull in fighting and the Houthis targeted Saudi oil exports.

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Tankers keep sailing Red Sea despite Houthi threats as Saudi oil lifeline faces strains

A commercial vessel passes through an international shipping lane off Yemen's Hanish Island in the Red Sea on July 27, 2026.

Aramco turns to Egypt as Houthis disrupt Saudi oil exports: What to know

Sailors from the navy of Yemen's Aden-based internationally recognized government stand at machine-gun positions aboard a vessel patrolling a shipping lane off Hanish Island in the Red Sea on July 27, 2026.

Zaidi to meet Erdogan as Turkey-Iraq ties take off, Kurds feel sidelined

Iraqi Prime Minister Ali al-Zaidi speaks during a meeting with US Secretary of Defense Pete Hegseth (not pictured) at the Pentagon on July 14, 2026 in Arlington, Virginia.

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Qatar launches diamond exchange as Hormuz crisis chokes LNG exports

diamonds

Amjad Kurdo / Middle East Images / AFP via Getty Images

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Syria’s energy push could soon get a major boost from Chevron: What to know

The country's leaders are seeking to translate a flurry of oil and gas agreements into concrete investments and rebuild an industry devastated by more than a decade of war, sanctions and isolation.

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Oil falls below $74 as Hormuz traffic recovers after Iran war

Brent crude, the international benchmark for oil prices, was trading at $73.81 a barrel at 10:40 a.m. EDT, down 4.2% from Tuesday's close.

AMIRHOSSEIN KHORGOOEI / ISNA / AFP via Getty Images

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Hormuz tolls, frozen funds pose early tests for US-Iran peace progress

Early cracks are beginning to show following last week’s US-Iran deal announcement even as both sides move ahead with steps toward ending the four-month conflict.

Qatar's Energy Minister and CEO of QatarEnergy Saad Sherida al-Kaabi speaks during a press conference in Doha on June 22, 2026.

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Qatar blast underscores challenges in race to restart Gulf energy flows

The deadly explosion marks an early test of Gulf efforts to revive oil and gas production following a historic energy supply shock caused by the US-Israel-Iran war.

Handout Photo by the US Navy via Getty Images

Explainer

What’s the status of Strait of Hormuz after US-Iran talks?

Oil tankers continued to transit the strait in both directions, but many turned off their transponders over the weekend after Iran's military declared Hormuz closed once again.

MUSCAT, OMAN - JUNE 21: Oil tankers and cargo vessels remain anchored off Port Sultan Qaboos around Qaboos Port on June 21, 2026 in Muscat, Oman. The Strait of Hormuz, a vital shipping route for the region's oil and gas, was effectively blockaded since the outbreak of war between the United States and Iran in late February. This week's provisional peace deal between the countries was meant to reopen the waterway to shipping traffic, but the pace of that reopening is unclear amid continued fighting in Lebano

Oil falls more than 3% after Iran, US signal progress in talks

International benchmark Brent crude fell to $78.68 as of 7:06 a.m. EDT.

A general view shows the Awad oil field in the eastern Qamishli countryside in northeastern Syria, on Feb. 9, 2026.

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Oil’s slide wavers as Trump warns US-Iran deal ‘not final’

Brent crude prices briefly jumped back above $80 per barrel on Wednesday as traders digested conflicting signals about efforts to end the war and reopen Hormuz.

Amirhossein KHORGOOEI / ISNA / AFP via Getty Images

3 Iranian tankers with 4.8M barrels of oil pass US blockade: What to know

At least three US-sanctioned Iranian-flagged tankers have exited the Gulf of Oman as the Trump administration eyes Tehran's moves ahead of sanctions waivers expected to begin Friday.

Jared Szuba

In Washington, DC, reporting on defense, national security, military

A general view shows the Awad oil field in the eastern Qamishli countryside in northeastern Syria, on February 9, 2026. (Photo by Amjad Kurdo / Middle East Images / AFP via Getty Images)

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US firm HKN Energy takes over 7 oil fields from Syria's Kurds

HKN Energy has begun operating seven oil fields under a 25-year agreement with Damascus, marking the first major production-sharing deal between Syria's new government and an international oil company.

Amberin Zaman

By Amberin Zaman

Reporting on geopolitics, minorities, human rights, culture

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US strategic oil stockpile nears four-decade low as Iran war drags on

The US Strategic Petroleum Reserve fell to 349.2 million barrels amid the global energy shock caused by the war in Iran.

A long convoys of Iraqi diesel-laden tanker trucks line up along the highway Tartus-Baniyas highway as they wait to unload their cargo at the Baniyas port refinery on the Mediterranean Sea, on April 15, 2026.

Syria says Iraqi oil shipments surge as Damascus courts foreign energy investment

Speaking at the Atlantic Council Global Energy Forum in Washington on Tuesday, Syrian Petroleum Company CEO Yousef Qiblawy said Iraq's overland oil exports through Syria have expanded rapidly in recent months.

https://www.al-monitor.com/originals/2026/06/will-pashinyans-victory-armenia-be-enough-unlock-peace-turkey-azerbaijan

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Venezuela’s Delcy Rodriguez meets Erdogan in surprise Turkey visit: What to know

Venezuelan acting President Delcy Rodriguez visited Turkey as part of Caracas' post-Maduro diplomatic outreach, seeking to deepen ties with Ankara in energy, trade and mining despite the continued constraints of remaining US sanctions.