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Oil prices climbed slightly Wednesday as Middle East shipping attacks persisted, though gains remained modest after major forecasters lowered their 2026 demand projections amid faltering US-Iran ceasefire talks.
The US State Department has advised American citizens in West Asia to prepare for immediate departure as tensions with Iran escalate. Embassies across the region warn of potential airspace closures and military strikes, while recent incidents underscore the volatile security environment.
Oil prices fell 5% to their lowest levels in two weeks as fighting paused between the US and Iran, raising hopes for potential negotiations. However, the closure of key shipping routes and ongoing regional threats keep markets cautious.
Iranian President Masoud Pezeshkian has launched calls for international legal proceedings regarding extensive damage to the country's transport infrastructure, characterizing US military operations as war crimes.
The UN has raised alarm over 6,000 sailors stranded on approximately 400 vessels in the Strait of Hormuz due to escalating US-Iran hostilities, with some crews abandoned without food, water, or medical supplies.
Iran and Pakistan's foreign ministers pledged to work together for regional peace and stability during an SCO meeting, emphasising dialogue and diplomacy as US-Iran tensions intensify following the breakdown of a ceasefire agreement.
Oil prices jumped Friday as US-Iran hostilities intensified and Tehran signalled the Houthi movement to prepare for blocking the Red Sea, threatening global energy supplies and keeping geopolitical premiums embedded in crude benchmarks.