Guyana should claim most of oil windfall from war

Oil prices swing wildly amid mixed messages over Iran war | US-Israel war on Iran News | Al Jazeera ... An employee refuels a car at a gas station in Kuwait City, Kuwait, on March 10, 2026 [AFP] Oil prices are seeing dramatic swings as traders struggle to make sense of mixed messages about the impact of the United States and Israel’s war on Iran. Brent crude, the international benchmark, on Tuesday plunged 17 percent to fall below $80 a barrel, then rebounded to near $90 after US Secretary of Energy Chris Wright posted on the X platform – but then quickly deleted– a claim that the US Navy had escorted an oil tanker through the Strait of Hormuz. ## Recommended Stories - Trump’s Iran war: Why Democrats say classified briefings have them worried - An intercepted drone burns and falls over Erbil in Iraq - One Iranian football team member changes mind after Australia grants asylum - Iran launches wave of heavy, multi-warhead missiles White House Press Secretary Karoline Leavitt later told reporters that there had been no armed escort through the ... Oil prices fell sharply again early on Wednesday after The Wall Street Journal reported that the International Energy Agency was considering the largest release of oil reserves in its history to help keep global supplies stable. Brent crude futures were hovering below $85 a barrel as of 02:00 GMT following the news. After rising as much as 50 percent to nearly $120 a barrel before falling, oil prices still remain about 17 percent higher than they were before the US and Israel launched joint strikes on Iran on February 28. Global energy markets have been on tenterhooks amid the near halt of traffic through the Strait of Hormuz, through which about one-fifth of the global oil supply transits, as well as attacks on energy facilities across the Middle East. The effective closure of the waterway has forced Saudi Arabia, the United Arab Emirates, Kuwait and Iraq to cut oil ... A cargo ship sails off the coast of the city of Fujairah, the UAE, on February 25, 2026 [Giuseppe Cacace/AFP] ... A sustained rise in oil prices would have serious knock-on effects for the global economy, pushing up the cost of everyday goods and dragging down growth. According to an analysis by the International Monetary Fund, every 10 percent rise in oil prices corresponds with a 0.4 percent rise in inflation and a 0.15 percent reduction in economic growth. US petroleum prices have risen about 17 percent since the start of the war, while authorities in South Korea, Thailand, ... US President Donald Trump has repeatedly stated that the US Navy could be deployed to keep the strait open “if necessary”. Some analysts have cast doubt on the feasibility of such plans due to the massive backlog of ships in the region and the threat of drone and missile attacks from nearby Iranian shores. The US military said on Tuesday that it had attacked 16 Iranian mine-laying vessels near the strait after Trump had earlier warned Tehran against placing mines in the waterway. Trump and administration officials have also given conflicting accounts of how long the war might last, exacerbating unease in energy markets. On Tuesday, Trump said he expected the war to be over “very soon”, but he also said that US attacks on Iran would not ... “Analysts talk about geopolitical risk constantly, but most of the time, it remains hypothetical. What we saw this week was the market briefly treating that risk as real and repricing supply disruption in earnest,” Chad Norville, president of industry publication Rigzone, told Al Jazeera. “At the same

quotes, news & videos** * Livestream Watchlist SIGN IN ... PRO Join Pro Livestream Menu Oil Prices and News # Oil prices decline after nearly hitting $120 as Trump says U.S. considering taking over Strait of Hormuz Published Sun, Mar 8 20266:03 PM EDTUpdated Mon, Mar 9 20264:45 PM EDT thumbnail Spencer Kimball@spencekimball WATCH LIVE Key Points * President Donald Trump told CBS News that he is considering taking over the Strait of Hormuz, a chokepoint through which 20% of the world's oil is exported. * G7 energy ministers will hold a virtual meeting Tuesday morning to discuss a possible joint release of oil reserves from their stockpiles, sources told CNBC. * Oil prices shot above $100 per barrel earlier as Gulf Arab countries cut production because ships were not moving ... Oil prices fell Monday in extended trading after President Donald Trump said he was considering seizing control of the ... U.S. crude oil was down 6.19% to $85.27 per barrel at 3:37 p.m. ET. Global benchmark Brent traded 4.6% lower at $88.43 ... Trump is also considering reducing oil sanctions on Russia to help ease crude prices, three sources familiar with the ... 2022. The G7 energy ministers will hold a virtual meeting Tuesday morning to discuss a possible joint release of oil reserves from their stockpiles, sources told CNBC. Any action on releasing reserves would occur after the energy ministers meet, they said. G7 finance ministers held a virtual meeting Monday where they discussed the Iran war. "We stand ready to take necessary measures, including to support global supply of energy such as stockpile release," the ministers said in a joint statement. The G7 members are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. ### Biggest supply disruption The closure of the Strait has triggered the biggest oil supply disruption history, according to an analysis by consulting firm Rapidan Energy. About 20% of the world's oil consumption is exported through the Strait. Brent oil prices could surge to $135 per barrel if the current situation lasts four months, said Janiv Shah, Rystad Energy's vice president for oil markets, in a Monday note. Brent prices would rise above $110 if current conditions ... Shortly after oil blasted past $100 at the open of trading Sunday evening, President Donald Trump posted on Truth Social that a gain in "short term oil prices" was a "very small price to pay" for ... Gulf Arab states are cutting production because they are running out of storage space, as crude piles up with nowhere ... Energy Secretary Chris Wright said Sunday that traffic through the Strait will resume after the U.S. has destroyed ... ## Read more U.S.-Iran war news * U.S. forces sink 16 Iranian minelayers as reports say Tehran is mining the Strait of Hormuz * Iran sends millions of oil barrels to China through Strait of Hormuz even as war chokes the waterway ... * Why China can withstand oil's surge past $100 more easily than other countries * [Trump says oil price surge is a'small price to

Trump says war 'complete' as Iran rallies behind leader skip to main content Donald Trump said the US was'very far ⁠ahead' of initial timeframes on the war in Iran US President Donald Trump has predicted the war in the Middle East could be over soon, even as Iranians staged a show of loyalty to new Supreme Leader Mojtaba Khamenei in a sign that it was not prepared to back down any time soon. The conflicting signals sent markets on a rollercoaster, with oil prices surging and stock markets nosediving before swinging in the other direction after Mr Trump's comments and reports of a possible ease in sanctions on Russian energy. Mr Trump has said that the war against Iran would be a "short-term excursion", while insisting that the United States and Israel "haven't won enough" against Iran. His comments at a gathering of congressional Republicans at his golf club in Doral, Florida cast further uncertainty over his timeline after he said in a CBS News interview that the conflict was "very complete, pretty much". "We took a little excursion because we felt we had to do that to get rid of some people. And I think you'll see it's going to be a short-term excursion," Mr Trump said in a speech. The 79-year-old repeated his boasts about the destruction of the Iranian navy, air force and missile program. ... Earlier, Mr Trump has said he was "not happy" with the appointment of Ayatollah Mojtaba Khamenei to replace his slain ... Mr Trump added this morning that he was "nowhere near" deciding whether to send US troops into Iran to secure the stockpile of highly enriched uranium there. Without providing evidence, Mr Trump claimed last month that Iran was beginning to rebuild the nuclear program that he claimed had been "obliterated" by US strikes in June last year. Iran denies seeking a nuclear arsenal, saying its enrichment of uranium, a process that produces fuel for power plants ... --- Read more: Who is Mojtaba Khamenei, Iran's new supreme leader? --- 700,000 displaced in Lebanon as war enters second week Escalating hostilities have forced nearly 700,000 people to flee their homes in Lebanon, a UN agency has said, as the war between Israel and the Lebanese group Hezbollah entered a second week. Lebanon has been pulled deep into the war in the Middle East since Hezbollah opened fire to avenge the killing of ... It comes as Turkey confirmed a second ballistic missile was shot down by NATO defences in its airspace, as the US urged ... Israel's military again struck targets in central Iran, including internal security command centres and missile launch ... It said that the latest strikes were part of "deepening the damage to the core arrays and foundations of the Iranian ... This was the first wave of strikes Israel has announced since Tehran named Mojtaba Khamenei as the Islamic republic's ... Masoud Pezeshkian warned neighbouring nations not to attack Iran Gulf countries have borne much of Iran's response after the United States and Israel launched a massive air campaign against Iran on 28 February. Iran's President Masoud Pezeshkian has warned the country "will be forced to respond" against its neighbours if their territory is used to attack it. As Iran retaliates against its oil-rich Gulf Arab neighbours, the benchmark price for a barrel of crude soared beyond $100 for the first time since Russia's invasion of Ukraine four years ago, before it fell below $100 again in later trading. Mr Trump dismissed the price spike, a politically sensitive issue in the United States, as a "small price to pay" for removing the alleged threat of Iran's nuclear programme. But markets in Japan and South Korea, both heavily dependent on energy imports, opened the week sharply lower. In a sign that the United States does not expect a quick end to the war, the State Department ordered non-emergency ... We need your consent to load this rte-player contentWe use rte-player to manage extra content that can

After Global Economy Shudders, Trump Zigzags on Whether War Is Nearing End - The New York Times SKIP ADVERTISEMENT ... ## Here’s the latest. After a day of conflicting signals about when the war against Iran might end, President Trump struck a belligerent tone Monday evening, warning of even more aggressive action if Iranian leaders tried to cut off the world’s energy supply. “We will hit them so hard that it will not be possible for them or anybody else helping them to ever recover that ... Earlier in the day, the president suggested that the U.S.-Israeli war against Iran could be near an end. The war “is ... Those comments appeared to ease market fears of a prolonged war. Oil prices dropped and stocks rose. But after markets ... The international benchmark oil price, priced below $70 last month, briefly jumped to almost $120 late Sunday night, ... fell again after Mr. Trump’s remarks to CBS, ending the day below $90. The war has all but halted ship traffic through the Strait of Hormuz, the conduit for about one-fifth of the world’s oil. Mr. Trump claimed to CBS that the strait had reopened to shipping, though international monitors say otherwise, ... Israel and the United States continued to pummel Iran — Mr. Trump said U.S. forces had carried out 3,000 airstrikes ... As the conflict raged into its 10th day, U.S. and Israeli strikes in Iran had killed about 1,300 people, according to Iranian officials, while Iranian attacks across the Middle East killed more than 30. The Israeli military said it had killed more than 1,900 Iranians. In Lebanon, Israeli strikes have killed almost 500 people, state media reported, and more than 600,000 people have been displaced, according to President Joseph Aoun. In response to rocket fire by Iranian-backed Hezbollah militants, ... ministry said. It was the second such incident announced in six days. Officials said the previous Iranian attack, on March 4, had been aimed at the Incirlik Air Base in southern Turkey. ... School hit: A newly released video adds to the evidence that an American missile likely hit an Iranian elementary ... Christiaan Triebert Malachy Browne and John Ismay Visual Investigations ## Fragments of a U.S.-made missile are seen in photos taken by Iran near a deadly school strike. Image ... elementary school, where a precision strike reportedly killed 175 people, mostly children, on Feb. 28. The remnants ... Shawn McCreesh contributed reporting. Luke Broadwater Reporting from Washington ## Trump seeks to calm energy markets but says the war will go on for now. Image Oil tankers sat anchored in Muscat, Oman, on Saturday as Iran vowed to block the Strait of Hormuz amid the conflict.Credit...Benoit Tessier/Reuters President Trump said on Monday the war in Iran would go on for at least another week and, facing pressure from a surge in energy prices, he suggested that the United States could begin accompanying oil tankers through the Strait of Hormuz to help keep oil flowing from the Middle East. “We’ve already won in many ways, but we haven’t won enough,” he told a gathering of Republican lawmakers in Florida. ... Asked later at a news conference if the war with Iran would be over this week, Mr. Trump said, “No.” He added, “Soon, very soon.” With oil prices having risen above $100 a barrel on Monday before falling back, Mr. Trump issued a warning to Iran. He said that if Iran were to attack ships under U.S. protection transiting the Strait of Hormuz — a potential choke point ... “It’s the beginning of building a new country,” Mr. Trump said, claiming that Iran had no navy and no air force. ... But repeatedly, the president made clear the oil markets were on his mind, ahead of midterm elections in which his party could be punished if prices stay high. He said he would waive “certain oil related sanctions to reduce prices,” ... “The Strait of Hormuz is going to remain safe,” Mr. Trump said. “We’re putting an