Oil rises by more than $1 per barrel - Escalation of US-Iran war is worrying traders
Oil prices rose on Thursday as Tehran declared the closure of the critical energy passageway, the Strait of Hormuz. The reaction came shortly after the US launched additional attacks and when President Trump announced an intensification of attacks if a peace deal is not reached.
Brent crude futures rose $1.48 to $94.58 a barrel. U.S. crude futures rose more than $3.
Iran's supreme military command announced on Thursday the closure of the Strait of Hormuz, including to oil tankers and commercial ships. The Iranians announced that any ship attempting to pass through would be shot down.
The escalation of fighting caused oil prices to immediately rise.
On Wednesday, the US military said commercial ships continue to transit in and out of the strait. It also said no US warships had been hit in the strait, after Iranian state media reported that US ships near the waterway were targeted by missiles and drones.
Iran's months-long blockade of the strait, which normally carries a fifth of global oil and gas shipments, has kept oil prices high. Meanwhile, U.S. crude inventories fell by 7.2 million barrels in the week ended June 5.
U.S. crude oil inventories, including those from strategic reserves, have fallen by 79 million barrels since the start of the war with Iran on February 28, as the top global producer scrambled to fill supply gaps after the strait was effectively closed.
Underscoring the tightening, OPEC output in May fell to its lowest level in more than two decades, a Reuters survey showed, as a US naval blockade curbed Iran's exports and Tehran's effective closure of the strategic waterway reduced shipments from other Gulf producers.
The US is investing billions in the Balkans - Brussels worried about a new European dependency
"The United States is using the transformation of Europe's energy supply to expand its geopolitical influence in the Balkans. By investing in LNG pipelines......
France adds 157,000 hectares of protected forests - Nature is facing pressure in many other countries
On Tuesday, June 9, authorities in France announced that they have created seven new biological reserves and expanded two existing ones. Together, they......
World Cup, debate over ticket prices - FIFA President Infantino: Let the party begin!
FIFA President Gianni Infantino defended the way world soccer's governing body had handled visa issues ahead of the World Cup, saying on Wednesday that he......
Remittances reach new record at the beginning of the year/ Money sent by emigrants reached 274 million euros
The money that Albanian emigrants send to their families in Albania continues to grow, remaining one of the most important sources of foreign exchange......
From food security to landlord compensation, the decisions adopted by the government are published
The Media and Information Agency informs you about the Decisions and draft laws approved at today's government meeting, dated June 10, 2026: The Council of......
Draft law, Government approves the new model of organization and accountability in state administration
The Media and Information Agency informs you that the Council of Ministers today approved the draft law "On some amendments to the law on the organization......
Around 1 billion euros from tourists at the beginning of the year/ The net balance of tourism expanded to over 360 million euros in the first three months of 2026
Tourism continues to be one of the strongest engines of the Albanian economy in 2026. Balance of payments data show that during the first quarter of the......
Transportation and energy prices rise significantly - ASK: Inflation in Kosovo reaches 6.8 percent
The Kosovo Agency of Statistics (KAS) has published the Harmonized Index of Consumer Prices (HICP) for May 2026, applying the new COICOP 2018 classification......
