The latest oil and gas news from around the world.
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The Strait of Hormuz is now essentially fully closed, SEB Chief Commodities Analyst Bjarne Schieldrop said.
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The U.S. and Iran are weighing further negotiations to extend a two-week ceasefire as President Donald Trump presses ahead with a naval blockade to curb the Islamic Republic's oil exports.
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Analysts warn current prices understate the severity of supply disruptions and recovery timelines.
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Iran said it would target all ports in and close to the Persian Gulf if its own shipping hubs are threatened.
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The negotiations collapsed because of differences over the nuclear issue, Trump said.
