The US-Iran war has entered a dangerous new phase in the Gulf, with American forces destroying five Iranian oil tankers and Tehran retaliating with missile strikes on a US-linked military base in Jordan and attacks on vessels in the Strait of Hormuz.
Iran has warned that any further US attack will trigger a “faster, heavier and more painful” response, as Tehran said it will impose tighter control over shipping around the Strait of Hormuz following the latest US strikes on Iranian oil tankers.
The United States has sharply escalated its confrontation with Iran, striking three Iranian crude oil tankers after the Islamic Revolutionary Guard Corps (IRGC) launched ballistic missiles towards two US Navy warships in regional waters, in the latest tit-for-tat exchange.
Oil prices were heading for their strongest weekly gain since mid-July on Friday as renewed fighting between the United States and Iran heightened concerns over disruptions to Middle East energy supplies.
The US military escorted 40 commercial vessels carrying about 18 million barrels of oil through the Strait of Hormuz on Tuesday, a wartime record, as Washington and Tehran traded their heaviest blows in weeks, CNN reported, citing two US officials familiar with the operation.
The United States carried out a fresh wave of strikes against Iranian military targets on Tuesday, while Iran retaliated with missile attacks targeting US-linked positions and activating air defences across several Gulf states.
Shell has agreed to increase its stake in US convenience store operator and fuel distributor Tri Star Energy from 33 per cent to 100 per cent, strengthening its company-owned retail presence in the southeastern US, particularly around Nashville.
US inventories of crude oil, gasoline and distillates increased in the week ending September 11, according to data from the American Petroleum Institute. Crude stocks rose by 7.1 million barrels, while gasoline inventories increased by 1.5 million barrels and distillates climbed by 1.6 million barrels week-on-week.
The OECD Nuclear Energy Agency (NEA) and the US will co-host the Roadmaps to New Nuclear 2026 conference in Paris on September 17–18, bringing together government officials, industry leaders, investors and nuclear energy experts.
US crude oil production is expected to hit a record 13.8 million barrels per day (b/d) in 2026, surpassing the previous high of 13.7 million b/d set in 2025, according to the US Energy Information Administration’s (EIA) latest Short-Term Energy Outlook.
