Hormuz

America’s Strategic Petroleum Reserve has fallen to 293.4mn barrels as Washington draws down emergency stocks

Officials cautioned that the agreement has not yet been finalised and could still change before any formal announcement

Saudi Aramco reported a 44 per cent jump in second-quarter net profit, supported by higher oil, refined products and chemicals prices

The German Shipowners’ Association (VDR) said such a measure would be legally impermissible

The US Central Command said 55 merchant ships transited the strait on Saturday with more than 17 million barrels of oil for global markets

The latest notice follows reports that Iran’s military command had moved to halt vessel traffic through the strait amid renewed hostilities with the United States

The clashes mark one of the biggest exchanges in hostilities since the two countries agreed to a ceasefire in April

US Secretary of State Marco Rubio told reporters at the White House that the United States had achieved its objectives in its military campaign

The US Central Command has redirected 37 vessels since a blockade was imposed on Iran on April 13, the military said on April 25.

That leaves the two sides in a holding pattern with the crucial Strait of Hormuz still effectively shut, straining economies across the world