Oil prices remained near their highest level in more than three weeks on Friday as the deadlock over the Strait of Hormuz and a sharp escalation in US economic pressure on Iran raised fresh concerns about global energy supplies.
Uncertainty over the future of the Strait of Hormuz deepened on Saturday as the United States and Iran traded conflicting claims over control of the strategic waterway, while commercial shipping remained severely disrupted and fresh attacks added to mounting concerns over the security of Gulf trade.
Iran called on the US to accept defeat while President Donald Trump blasted Tehran as 'very evil' and told Americans to brace for continued high fuel prices as progress toward peace talks and oil tanker traffic through the strategic Strait of Hormuz gateway remained halted, said a report.
United Solar has welcomed new US measures to strengthen domestic polysilicon production and solar supply chains, including a $21-per-kg minimum import price for polysilicon and a 15 per cent duty on downstream derivatives, effective December 4, 2026.
US marketed natural gas production is forecast to reach a record 122.5 billion cubic feet per day (Bcf/d) in 2026, surpassing the previous high of 118.5 Bcf/d set in 2025, according to the US Energy Information Administration’s (EIA) August Short-Term Energy Outlook.
The Strait of Hormuz is "under Iran's control and management", the recently appointed head of Iran's Basij paramilitary unit said on Thursday, a day after US President Donald Trump said the United States had "total control" of the strategic waterway.
Diesel prices in the US and Europe have risen sharply amid disruptions to supplies of refined oil products, including diesel fuel. US ultra-low sulfur diesel futures surged 7.4% to settle at $4.19 per gallon on Monday, while in Europe, the diesel refining margins witnessed a 10% drop.
The US and Israel are planning 'one of the harshest bombing campaigns to date' against energy infrastructure targets in Iran, multiple sources told CBS News, with strikes possible throughout the weekend in a move that would mark a further escalation of regional tensions.
The International Energy Agency (IEA) forecasts global natural gas demand will fall 0.5 per cent in 2026 as Middle East conflict-driven supply disruptions, higher prices and reduced LNG flows through the Strait of Hormuz weigh on consumption.
The United States launched a fresh wave of military strikes across Iran overnight, targeting more than 80 sites after Tehran resumed attacks on commercial shipping in the Strait of Hormuz, further destabilising a fragile ceasefire agreed less than three weeks ago.
