Oil

Iraq struggles to pay public salaries as Strait of Hormuz crisis deepens

Iraq’s oil exports plunged from 100 million barrels in February to around 32 million in May and June, according to figures shown to The National by the country’s Oil Ministry.

This frame grab taken from AFPTV video footage on July 12, 2026 shows cargo ships anchoring near the Strait of Hormuz; illustrative
Shia Muslims gather along the Bayn al-Haramayn or "between the two sanctuaries", a 378-meter open marble-paved avenue linking the Imam Hussein Shrine and Imam al-Abbas Shrine, in the city of Karbala on August 4, 2026.

Iraq delays July public salaries as Strait of Hormuz blockade guts oil revenue

Vessels in the Strait of Hormuz, as seen from Musandam, Oman, August 3, 2026.

Gulf shipping traffic steady amid uncertainty of peace talks, eight ships transit Strait of Hormuz

US President Donald Trump shakes hands with Syrian President Ahmed al-Sharaa during a bilateral meeting alongside the NATO leaders summit in Ankara, last month.

Trump’s Syria-Iraq pipeline plan aims to weaken Iran’s leverage - opinion


Syrian President Ahmed al-Sharaa announces first cabinet reshuffle since Assad ouster - report

No official reason was given for the changes.

Syrian President Ahmed al-Sharaa gestures outside 10 Downing Street, after meeting with Britain's Prime Minister Keir Starmer, in London, Britain March 31, 2026.

Suspected oil spill seen on satellite images near Iran's Kharg Island export hub, Iran denies

The cause of the oil spill, which appears to cover the waters west of the 8-kilometer island, is still unknown.

A satellite image shows likely oil spill covering dozens of square kilometers near Iran's Kharg Island, May 6, 2026.

US targets Iraq oil official and militias with sanctions for aiding Iran

The U.S. imposed sanctions on Thursday on Iraq's deputy oil minister and militias over support for Iran, the Treasury Department said.

Drone view of oil tanker HELGA berthed at one of Iraq's southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second vessel to arrive since the closure of the Strait of Hormuz, April 24, 2026.

Iran can last for months under US Strait of Hormuz blockade, US officials say - report

“The leadership has gotten more radical, determined, and increasingly confident they can outlast US political will and sustain domestic repression to check any resistance,” one US official said.

A map showing the Strait of Hormuz is seen in this illustration taken June 22, 2025.

U.S.–Iran tensions escalate despite ceasefire

Markets are closely watching the next moves in the U.S.-Iran conflict, as renewed tensions in the Strait of Hormuz continue to threaten global oil flows, inflation stability, and investor confidence.

Extra virgin or refined oil – the effects on brain health

The oil you cook with affects brain health – and there is one type that is significantly better than the others.

Olive oil

Maersk US-flagged ship transits Hormuz accompanied by US military

US Central Command said in a social media post on Monday that American forces are actively assisting efforts to restore commercial shipping through the Strait, a vital waterway in the region.

The Singapore-flagged tanker Maersk Kate during the fuel unloading manoeuvre in Telde, on the island of Gran Canaria, Spain, March 27, 2026.

IMF chief Georgieva warns of 'much worse outcome' if Middle East war drags into 2027

The IMF issued three scenarios for global GDP amid uncertainty over the war in the Middle East: the main "reference forecast," a middle "adverse scenario," and a much worse "severe scenario."

Kristalina Georgieva, Managing Director of the International Monetary Fund speaks during the Milken Institute Global Conference 2026 in Beverly Hills, California, US, May, 4, 2026.

'Renewed surge in Somali piracy': Oil tanker M/T EUREKA hijacked off Yemen coast

Yemen's coast guard stated that the tanker’s location had been identified and efforts were underway to track it, take necessary measures to recover it, and ensure the safety of its crew.

A Yemeni coast guard boat escorts a tugboat ferrying members of a Houthi delegation to attend a meeting of a committee overseeing a UN-led peace deal that will be held on board a UN-chartered ship off Yemen's port city of Hodeidah September 8, 2019.

US blockade costs Iran $4.8 billion, US Navy acting 'sort of like pirates,' Trump says - report

According to Pentagon officials, over 40 vessels carrying oil and other contraband have been redirected by the US military since the blockade began on April 13th. 

The ‘USS Abraham Lincoln’ conducts US blockade operations related to the Strait of Hormuz, last month.