The Guardian

Leaders of G7 nations met on Monday to discuss plans to reverse the sharp rise in global energy prices after the international benchmark Brent crude, climbed by almost a third to highs of $119.50 a barrel.

“Leaders of G7 nations met on Monday to discuss plans to reverse the sharp rise in global energy prices after the international benchmark Brent crude, climbed by almost a third to highs of $119.50 a barrel.”

Qatar’s energy minister has predicted that if the disruption to Hormuz continues all Gulf energy exporters will have to shut down production within weeks – delaying any restart if the strait reopens – and oil could rise to $150 a barrel.

“Qatar’s energy minister has predicted that if the disruption to Hormuz continues all Gulf energy exporters will have to shut down production within weeks – delaying any restart if the strait reopens – and oil could rise to $150 a barrel.”

China has taken advantage of weak oil prices over recent years to quietly amass record high levels of crude stocks, which are estimated to exceed 1.2bn barrels in its onshore crude stockpiles.

“Overall, China has taken advantage of weak oil prices over recent years to quietly amass record high levels of crude stocks, which are estimated to exceed 1.2bn barrels in its onshore crude stockpiles.”

The White House agreed last week to temporarily waive its sanctions to allow India to buy Russian oil stranded at sea.

“The White House agreed last week to temporarily waive its sanctions to allow India to buy Russian oil stranded at sea.”

At least five energy sites in and around Tehran were hit by airstrikes, prompting accounts of “apocalyptic” scenes in the Iranian capital.

“At least five energy sites in and around Tehran were hit by airstrikes, prompting accounts of “apocalyptic” scenes in the Iranian capital.”

Hundreds of tankers hoping to cross the strait have come to a halt after the Islamic Revolutionary Guards Corps threatened to “set ablaze” any vessel using the trade route, effectively deterring all but the most reckless.

“Hundreds of tankers hoping to cross the strait have come to a halt after the Islamic Revolutionary Guards Corps threatened to “set ablaze” any vessel using the trade route, effectively deterring all but the most reckless.”

The stoppage has sent fossil fuel prices soaring, and fears over supplies have been compounded by strikes against key oil and gas infrastructure in the region that threaten to further disrupt supply even if tankers are able to resume their routes through the strait.

“The stoppage has sent fossil fuel prices soaring, and fears over supplies have been compounded by strikes against key oil and gas infrastructure in the region that threaten to further disrupt supply even if tankers are able to resume their routes through the strait.”

Oil storage facilities in Saudi Arabia, the United Arab Emirates and Kuwait are reaching their limits, meaning large oilfields may need to be shut down if crude cannot be exported via the strait of Hormuz to the global market.

“Meanwhile, oil storage facilities in Saudi Arabia, the United Arab Emirates and Kuwait are reaching their limits, meaning large oilfields may need to be shut down if crude cannot be exported via the strait of Hormuz to the global market.”

The narrow waterway south of Iran is one of the world’s most important trade arteries, through which a fifth of global oil and seaborne gas is shipped from production facilities and refineries in the Gulf to buyers around the world.

“The narrow waterway south of Iran is one of the world’s most important trade arteries, through which a fifth of global oil and seaborne gas is shipped from production facilities and refineries in the Gulf to buyers around the world.”

The strait carries just over 20m barrels of oil a day, making it the busiest oil route after the strait of Malacca between Malaysia and Indonesia.

“The strait carries just over 20m barrels of oil a day, making it the busiest oil route after the strait of Malacca between Malaysia and Indonesia.”

Saudi Arabia, the UAE and other Gulf producers have built pipelines that are able to bypass the strait, but these routes can carry only a fraction of the region’s export capacity.

“Saudi Arabia, the UAE and other Gulf producers have built pipelines that are able to bypass the strait, but these routes can carry only a fraction of the region’s export capacity.”

Fire breaks out in Shahran oil depot following US and Israeli attacks in Tehran, Iran on 8 March.

“Fire breaks out in Shahran oil depot following US and Israeli attacks in Tehran, Iran on 8 March.”

The Tehran regime has weaponised geography in retaliation for the attacks by the US and Israel.

“The Tehran regime has weaponised geography in retaliation for the attacks by the US and Israel”

Global oil markets have recorded some of the biggest price swings in history this week after the US-Israeli war with Iran throttled the flow of Middle Eastern crude through the strait of Hormuz.

“Global oil markets have recorded some of the biggest price swings in history this week after the US-Israeli war with Iran throttled the flow of Middle Eastern crude through the strait of Hormuz.”

The situation prompted the U.S. to grant a sanction waiver on Indian buyers of crude, so they could absorb some Russian crude sitting on tankers in the waters of the coast of Asia.

“The White House agreed last week to temporarily waive its sanctions to allow India to buy Russian oil stranded at sea.”

The strait handles about a fifth of global oil trade.

“through which a fifth of global oil and seaborne gas is shipped from production facilities and refineries in the Gulf to buyers around the world.”

The Strait of Hormuz carries a fifth of the world’s oil and a significant amount of natural gas.

“through which a fifth of global oil and seaborne gas is shipped from production facilities and refineries in the Gulf to buyers around the world.”

Every day, around 80 oil and gas tankers typically pass through the Strait of Hormuz.

More unsettlingly, these actions target political opinions that disagree with the Trump administration's immigration policies.

Federal lawyer in Minnesota admits office overwhelmed by ICE legal challenges