The Iran–US–Israel conflict is driving the worst global energy crisis, IEA head Fatih Birol said, calling it the biggest in history, worsened by Russia-related energy shocks and supply pressures global.
Oil prices jumped more than 5 per cent on Monday (April 20), on fears that the ceasefire between the US and Iran could collapse after the US seized an Iranian cargo ship, while traffic through the Strait of Hormuz stayed largely halted.
US President Donald Trump said the American military campaign against Iran is “nearing completion,” while warning that Washington is prepared to intensify strikes over the next two to three weeks if necessary.
The European Union (EU) will urge members to cut their dependence on Middle Eastern jet fuel and look into increasing imports from the US, in new guidelines expected next week, an official source told Reuters, as the Iran war disrupts global supply.
The US remained the largest Travel & Tourism market in the world in 2025 but is losing market share according to the World Travel & Tourism Council’s (WTTC) latest Economic Impact Research.
The US has authorised operations involving the sale, delivery, or offloading of crude oil and petroleum products of Russian origin loaded onto tankers, according to a general license published on the website of the Office of Foreign Assets Control (OFAC) of the US Treasury Department.
Iran has announced that commercial shipping through the strategically vital Strait of Hormuz will remain fully open for the duration of the current ceasefire, signalling a potential easing of tensions in one of the world’s most critical energy corridors.
Qatar may extend force majeure on gas supplies beyond mid-June, Italian importer Edison said, after cancellations linked to the Middle East war, with Edison replacing lost LNG cargoes by increasing purchases from the US.
The US nearly became a net crude exporter for the first time since World War Two, as exports surged toward record levels to meet rising demand from Asia and Europe replacing disrupted Middle East supplies.
Talks aimed at ending the Iran war could resume in Pakistan within the next two days, US President Donald Trump said on Tuesday, raising cautious hopes for a breakthrough even as a fragile ceasefire nears its expiry in the coming days.
