In 2023, the International Energy Agency predicted that by 2028 the world’s oil companies would produce more oil than people wanted to buy. Prices responded to that and similar projections of slowing oil demand, dropping too low to attract investment for new wells and refineries. No forecast anticipated that the Strait of Hormuz, the main […]

The post Oil and gas industry expected surplus – but war brought shortage appeared first on Asia Times.

Over recent months, the straits of Hormuz and Bab el-Mandeb have become synonymous with geopolitical jostling. Whoever controls these narrow waterways governs the flow of maritime traffic from the Arabian Sea and the Red Sea to the Indian Ocean – and with it, a vitally significant chunk of global trade. However, conflict over these straits […]

The post Struggle over Hormuz and Bab el‑Mandeb straits is centuries old appeared first on Asia Times.

As US President Donald Trump publicly rejected Iran’s proposal for a ceasefire and reopening the Strait of Hormuz this weekend, the Iranian foreign minister reiterated that “there is no alternative to a negotiated solution.” “There’s always hope for diplomacy,” though the Trump-led United States has been an untrustworthy negotiator, Foreign Minister Seyed Abbas Araghchi said during a Sunday appearance […]

The post Trump rejects deal, Iran diplomat calls for ‘negotiated solution’ appeared first on Asia Times.