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Repsol chief executive Josu Jon Imaz warned Thursday of periods of complexity in petroleum product supplies across Europe in the coming weeks and months due to the closure of the Strait of Ormuz.

13 Mwezi wa tano, 2026 Imeripotiwa na AI

Iran has hardened its negotiating position with the United States by demanding five conditions described as minimum guarantees for trust. The move comes amid mounting concerns over oil supplies and shipping security in the Strait of Hormuz.

Crude oil prices have rocketed above $115 a barrel after the US and Iran exchanged fire, shattering a fragile ceasefire amid weeks of escalating tensions. Following stalled April peace talks, naval blockades, and ship seizures in the Strait of Hormuz, the clash has intensified fears of broader Middle East conflict, threatening global energy supplies and stoking market volatility.

3 Mwezi wa tano, 2026 Imeripotiwa na AI

The OPEC+ alliance announced an increase of 188,000 barrels per day in crude oil production starting June 2026. This adds to the 206,000 barrels rise announced in April. The blockade in the Strait of Ormuz, however, restricts its effect on global markets.

International gasoline prices have surged 74.7% since US and Israel attacks on Iran began on February 28, pushing Brent crude over $100 per barrel amid Strait of Hormuz risks. Colombia, after early-year dips, implemented a price hike on April 1, with experts warning of further adjustments amid global tensions.

24 Mwezi wa nne, 2026 Imeripotiwa na AI

TotalEnergies CEO Patrick Pouyanné warned that France would enter an era of energy shortage if the Strait of Ormuz blockade lasts another two or three months. He called for strengthening supply chain resilience through investments in new pipelines. He made these remarks at a conference in Chantilly.