Martin Oliver

Trump declares a naval blockade of the Strait of Hormuz: what happened in Islamabad and what changes for the energy market
Oil & Gas

Trump Orders U.S. Navy Blockade of Strait of Hormuz as Islamabad Talks Fail

After 21 hours of negotiations in Pakistan collapsed without agreement on Iran's nuclear program or the Strait, Trump posted on Truth Social that the Navy would immediately blockade all vessels entering or exiting the waterway. Brent, around $95 before the announcement, surged more than 8% on Monday to above $103.

Ras Laffan
Urgent analysis

The refinery war has begun: Brent tops $111 and LNG surges by as much as 60%

In less than 24 hours, Iran struck Ras Laffan twice — the world’s largest liquefied natural gas export complex before the conflict — and hit refineries in Kuwait and Saudi Arabia. The benchmark crude price is trading at levels not seen since 2022. For Argentina, the equation has two sides, and neither is neutral.