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Asia is set to boost its crude oil imports from Nigeria and Angola, with shipments expected to rise by around 200,000 barrels per day to 3.72 million bpd. This surge is driven by escalating tensions in the Middle East that have disrupted oil supplies.
The United States is evaluating the deployment of approximately 3,000 troops from the 82nd Airborne Division to the Middle East amid escalating tensions over Kharg Island and crucial oil shipping routes.
In response to surging global energy prices linked to ongoing tensions in Iran, China has decided to lessen its planned increases in fuel prices to ease the financial strain on consumers. The adjustment comes as the situation has led to notable supply fears across Asia.
U.S. President Donald Trump has delivered a stern message to Iran regarding the Strait of Hormuz's security, threatening formidable consequences for any disruptions in oil supply. He emphasized that such actions would lead to devastating repercussions for Iran.
The G7 nations have shown readiness to take necessary actions to sustain global energy supply as the conflict involving the US, Israel, and Iran escalates oil prices dramatically. However, the recent meeting did not reach a consensus on releasing strategic crude reserves.
Iran has announced that the Strait of Hormuz is now closed, threatening military action against any vessel attempting to navigate through the passage. This strait is a critical route, facilitating a significant portion of the world's oil supply.
Iran’s Revolutionary Guards have allegedly cautioned vessels in the Gulf against traversing the Strait of Hormuz, a crucial artery for global oil transport, according to an EU naval official. Although reports indicate that ships have received warnings, Iran has not officially confirmed such directives.
