For over 60 years, OPEC has regulated the global oil market by increasing or decreasing the production of the world's leading oil-producing nations.

Global oil prices rose 8% per barrel, while gold prices fell nearly 80 USD an ounce as US-Iran tensions intensified.

The International Energy Agency (IEA) warns Europe only has enough jet fuel for a few weeks, potentially leading to severe economic consequences.

US treasury secretary states temporary policy allowing countries to buy Russian oil at sea will not be maintained.

Global oil supply will tighten further as Iranian oil is blocked from the market, impacting many importing nations in Asia.

After several days of attacks, Saudi Arabia's East-West pipeline's oil pumping capacity has returned to 7 million barrels a day.

The U.S. Energy Information Administration (EIA) stated that fuel prices could continue to rise for several months, even if the Strait of Hormuz is no longer blockaded.

Iran's Defense Council warns of the possibility of mining the entire Persian Gulf if an adversary attacks the nation's coast.

Oil refiners in India and other Asian nations plan to buy Iranian oil after the US eased sanctions.

Ships transiting the Red Sea face attack risks, fueling concerns over tightening global supply and rising oil prices.

Iran is sending a message that it, not the United States, will decide when the disruption to global energy supplies ends.

US energy secretary Chris Wright states world oil prices "cannot" reach 200 USD per barrel.