Iran, Strait of Hormuz
Digest more
Iran, Oil prices
Digest more
Tehran’s battered leaders are making tough demands as Arabs hope to spark talks.
US Treasury Secretary Scott Bessent said it was a temporary measure that will last until 11 April.
Oil prices soared back above $100 a barrel, having come down earlier in the week when Trump said the war would be over soon. Iran has said it will not let oil through the world's most important energy trade route - the Strait of Hormuz that runs along its coast - until U.S. and Israeli attacks cease. [O/R]
The Iran war is restricting shipments of Saudi and Iraqi oil through the crucial Strait of Hormuz. That's raising prices on gas and other items.
Follow live NBC News coverage and latest updates as the Iran war hits oil prices, Iran vows to block the Strait of Hormuz and Israel strikes Tehran and Lebanon.
Iran’s oil exports hinge on a small outpost in the Persian Gulf: Kharg Island, the loading point for almost all of the country’s crude shipments.
The war in Iran means sticker shock for consumers who buy oil for heat and hot water. The average cost of heating oil in New York is 11% higher than a year ago.
The United States and its allies announced steps to ease rising oil prices on Wednesday as the war with Iran continued to create chaos in the global oil market amid ongoing missile attacks throughout the Middle East.