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Iran declared its willingness to dilute its stockpile of enriched uranium, contingent upon the prior lifting of all international sanctions. Officials stated that shipping enriched uranium out of the country is not negotiable and expressed readiness for inspections to demonstrate the peaceful nature of its nuclear program. Subsequently, Iran reportedly closed the Strait of Hormuz to shipping following military strikes, with the Iranian Navy and Revolutionary Guards instructing vessels to avoid the critical waterway. Major oil companies suspended transits. In a separate development, Iran's Revolutionary Guards seized two foreign-crewed oil tankers in the Persian Gulf.
Oil prices experienced significant volatility, reaching multi-month highs before falling sharply as the United States and Iran engaged in nuclear discussions. This period coincided with a US military buildup in the region, new US sanctions on Iranian oil exports, and an increase in Iranian oil shipments. The US intercepted a tanker carrying Iranian oil and considered further seizures. Analysts warned that conflict could disrupt Strait of Hormuz transit and push oil prices above $100 a barrel, but prices ultimately fell over 4% in a day as talks progressed. Separately, OPEC+ considered a larger output increase following a strike on Iran. President Donald Trump claimed India would start purchasing oil from Venezuela instead of Iran.
1 topics | 43 sources
Iran's Islamic Revolutionary Guard Corps Navy seized two foreign-crewed oil tankers in the Persian Gulf, accusing them of smuggling fuel. The IRGC also told ships that passage through the Strait of Hormuz, a critical route for global oil exports, was 'not allowed'. Major oil and gas companies and traders suspended shipments through the Strait of Hormuz following the announcements. The events have thrown the oil market into what some analysts call its biggest crisis in decades, with traders rushing to lock in prices due to the geopolitical risk.
7 topics | 335 sources
Feb 28
Oil prices swing as US tensions with Iran create uncertainty for global marketsOil prices have been volatile, rising and falling based on news about military tensions and diplomatic talks between the United States and Iran. The price of Brent crude oil reached a seven-month high, with some analysts forecasting it could reach $80 or even $100 per barrel if conflict escalates. Headlines show the U.S. launched military strikes on Iran and imposed new sanctions on its missile program and oil sales. In response, Iran reportedly increased its oil shipments and seized tankers. The situation has caused some oil tankers to avoid the vital Strait of Hormuz, a key shipping route. The market's focus has shifted between fears of conflict and hopes for a diplomatic deal on Iran's nuclear program. Talks between the U.S. and Iran have been extended, causing oil prices to fall when progress seems possible and rise when tensions flare.