… Iraqi crude bound for China, halted at the western … world’s most important oil chokepoints.” Roughly 20 million … Asian markets, making economies in China, India, Japan and South Korea … trigger significant spikes in oil and gas prices, pressure global inflation …

… $67.02 a barrel. “Oil prices will see an initial spike … that a temporary spike in oil prices to $100 per barrel – … for Asian markets. Although sanctions have significantly weakened Iran’s oil output, Opec … per day in 2025, with China as its largest customer. “ …

The Strait of Hormuz is a strategic chokepoint for seaborne oil that Iran has long used as a geopolitical bargaining chip, with Tehran repeatedly threatening to close it during times of crisis. A senior naval commander of Iran’s Revolutionary Guards again …

… Iraqi and Emirati crude to China, stopped at the western … roughly one-fifth of global oil consumption — passed through the … oil and gas shipments through the strait are destined for Asian … and potential spikes in oil and gas prices. Although traffic continues …

A number of oil tankers are avoiding sailing through Hormuz shipping strait that links the oil-rich Persian Gulf to the open seas, with some shipowners taking a caution-first approach to the narrow waterway after the U.S. and Israel bombed Iran. While the …

… flights to Kathmandu from West Asian cities this weekend to … . Nepalis in the West Asian region said things were relatively … is blocked. China relies on Iranian oil for their refineries, and Nepal … and until recently from Russia. Petroleum makes up 25% of the …

Iran ⁠exports 90% of its crude via Kharg Island, for shipping through the narrow Strait of Hormuz. | Photo Credit: Dado Ruvic The United States and Israel launched an attack on Iran on Saturday. The attack could disrupt oil and ​gas output and cause damage …

Last Updated:February 28, 2026, 15:52 IST Iran has the third-highest proven oil reserves in the world, making it an extremely important country Rapid Read Summarized by AI. + The US and Israeli strikes on Iran, and Tehran’s subsequent retaliation, have not …

… natural gas (LNG) prices, state-owned oil supplier CPC Corp., Taiwan, announced … said the latest natural gas price hike only partly … Asia. In addition, the oil supplier said the more expensive … Europe, as European and Asian countries scramble to rebuild their …

… Hormuz last year.Members of OPEC - which includes Saudi … oil and gas from the Middle East to key markets such as China … unsettle the world economy. Oil prices had already climbed to a … limited alternatives, including a pipeline linking its oil fields to a port …