Oil

At an IMF discussion in Washington, Qatari Finance Minister Ali Ahmed Al-Kuwari warned that the world will soon face huge economic ramifications resulting from the war with Iran.

An expert on Iran's military noted that Iranian authorities have previously declared that if they are denied access to their ports, they will prevent other countries in the region from using theirs.

Iraq is rerouting oil exports through Syria’s Baniyas terminal as its maritime oil shipments face disruptions due to the Iranian and US blockades of the Strait of Hormuz.

The waiver, which the Treasury Department issued on March 20, allowed some 140 million barrels of oil to reach global markets and helped relieve pressure on energy supply during the war with Iran.

Saudi officials appear to be weighing not only the direct risks in the Gulf, but also the possibility that Iran could respond through allied forces elsewhere in the region.

The closure of the narrow waterway, which normally carries around a fifth of global Liquified Natural Gas supplies, will have a rippling impact beyond the Middle East, Maximo Torero warned.

The report notes that the worst-case "severe scenario," which assumes an extended conflict and high oil prices, would lead the world into another recession.

Iran’s oil sales remain strong despite the ongoing conflict, with revenue allocated to repairing industry damage caused by wartime attacks, says the oil minister.

A US-sanctioned Chinese tanker, Rich Starry, crosses the Strait of Hormuz, becoming the first to exit the Gulf since the US blockade began, carrying methanol from the UAE.

Trump said the US military would work with other countries to block all maritime traffic in the waterway, after weekend talks failed to reach an agreement to end the six-week conflict with Iran.