Iran plans to impose duties on tankers and ships in Persian Gulf, source tells CNN
Iran is finalizing plans to impose “security duties” in the Persian Gulf on oil tankers and commercial ships that belong to countries allied with the US, an Iranian source with knowledge of the leadership’s strategy told CNN.
The source insisted that the Strait of Hormuz is “closed” even if US President Donald Trump says it is open.
“We hold the screw of the global oil price in our hands and for a long time the US will have to wait for our actions to control the price. Energy prices have become unstable and we will continue to fight until Trump declares defeat,” the source said.
Trump says "certain oil-related sanctions" will be waived
President Donald Trump said Monday his administration would be “waiving certain oil-related sanctions to reduce prices.”
This comes as oil prices have surged since the US and Israel struck Iran and as consumers are starting to pay more at the pump. Trump didn’t specify which sanctions would be lifted, saying only, “We have sanctions on some countries. We’re going to take those sanctions off until this straightens out.”
Iran and Russia are two of the most heavily sanctioned countries, both of which are oil-rich nations. Trump recently granted India a waiver to import more oil from Russia after the US and India entered a trade agreement that hinged on India cutting off oil purchases from there.
So Russian oil to the rescue?...
Fresh wave of strikes and energy supply fears. Here's the latest
- Heavy overnight strikes: CNN’s team in Tehran felt heavy aerial bombardment overnight and rescue teams raced to save people trapped in what Iranian state media said was a residential building. Israel had earlier said it launched a “broad wave” of strikes in Tehran.
- Lebanon: Israel issued a further mass evacuation order in southern Lebanon, after it said it had struck a Hezbollah-controlled financial institution. Hezbollah said it launched rockets into northern Israel just after midnight on Tuesday.
- Energy supply anxiety: Even though oil prices fell below $100 per barrel today, concerns over their volatility are reaching far beyond the Middle East. Pakistan announced a series of austerity measures. China is falling back on Russian imports to ease its shortfall, though analysts say even that might not be enough.
- Saudi Arabia’s Aramco, the world’s top oil exporter, warned there could be “catastrophic consequences” for global oil markets if disruption continues.
- Geopolitical ripples: Local media in South Korea suggested US forces were moving Patriot missile systems based in the country for possible shipping to the Middle East. South Korean President Lee Jae Myung said he cannot stop the US from redeploying its weapons but added that the move wouldn’t impact deterrence against North Korea. US Forces in Korea said it did not comment on military logistics.
- Separately, Turkey said a US Patriot air defense system was deployed to a southeastern province there.
And over 1,700 dead so far, I guess that's not important to CNN. The news from the US propaganda outlet is doing its best to downplay the reality of what is happening yet between the lines you can read the panic setting in.
Actually China is in the best position with reportedly over 200 days of oil reserve, Australia is already running out, India only had 7 days reserve, already getting oil from Russia, Pakistan is shutting down and Europe is going to feel the hurt as well.
https://oilprice.com/Latest-Energy-News/World-News/Europes-Gas-Prices-Continue-to-Soar-as-War-Resets-Supply-Routes.html
Emergency releases won’t fix oil crisis
Investors rattled by the war in Iran have sent oil prices skyrocketing – and global governments have noticed. The world’s biggest economies are now considering emergency releases of millions of barrels of oil into the market.
But while that might sound like a lot, experts say even tens of millions of barrels are more like a drop in the bucket when it comes to global oil needs.
That’s because the world, and the US, uses so much oil every single day that even a relatively large one-time release won’t be able to offset the continued closure of the Strait of Hormuz, a key waterway for global oil shipments that’s been effectively shut down by the war.
After Russia’s 2022 invasion of Ukraine drove up oil prices, the G7 coordinated a release of 240 million barrels from their own holdings, including 180 million barrels from the US SPR. Gas prices did come down from their $5-a-gallon peak in June 2022, but experts say the G7 oil release helped only marginally. An analysis by the Treasury Department in July 2022 found that it only lowered gas prices by 17 cents to 42 cents a gallon.
Production went down by 1/5th with the closure of the straight of Hormuz
The Strait of Hormuz is a critical global energy chokepoint, with oil flows averaging roughly 20 to 21 million barrels per day (mb/d) in 2025–2026, representing about 20%–25% of global petroleum liquids consumption and seaborne oil trade.
Trump probably thought, it's mostly for Asian markets, not my problem. That's not how global markets work, prices rise, supply and demand. Or maybe his 'advisers' said they could take the straight of Hormuz and protect it.
