Trump Extends Deadline for Iran to Re-open Strait of Hormuz as Stock Markets Fall | BBC News

President Trump has claimed that talks with Iran are “going very well” and he’s said he’s giving its leaders a further 10 days to re-open the Strait of Hormuz, before launching threatened attacks on the country’s energy sites.

In a post on his Truth Social media platform Trump wrote: "As per Iranian Government request... I am pausing the period of Energy Plant destruction by 10 Days.”

Earlier, the US president said the US would be Iran’s “worst nightmare” if it doesn’t agree to a peace plan. His special envoy Steve Witkoff confirmed that he has sent a 15-point peace plan to Iran.

Trump said talks with Iran were continuing and claimed it had let some oil tankers pass through the Strait of Hormuz as a “present” to him. Iran has denied that talks to end the war are taking place.

US stocks fell again, adding to steep falls seen since the start of the war.

Sophie Raworth presents BBC News at Ten reporting by Gary O’Donoghue, Faisal Islam and James Landale.

THE NEW YORK TIMES: Countries already walloped by a breakdown of the international trading order, war in Ukraine and chaotic U.S. policymaking are facing potentially lasting economic damage.

Bombs are exploding in Iran and the Middle East, but the fallout is rattling households and businesses in neighborhoods all over the globe.

In Kansas, home buyers saw 30-year mortgage rates edge above 6 percent this week. In Western India, families mourning the death of a loved one discovered that gas-fired crematories had been temporarily closed.

In Hanoi, Vietnam, gas station owners posted “sold out” signs. In Kenya, tea growers and traders worried their exports to Iran would rot on the dock. And across the United States, Canada, Europe, Britain and Mexico, farmers blanched at the surge in fertilizer costs.

The widening war in Iran has delivered a stunning punch to a worldwide economy that has already been walloped by a breakdown of the international trading order, war in Ukraine and President Trump’s chaotic policymaking.

“This really is the big one,” David Goldwyn, a former U.S. diplomat and U.S. Energy Department official, said of the shutdown of the Strait of Hormuz, the world’s most important choke point for oil. It is the emergency scenario everyone feared, he said.

Cargo deliveries have been stranded, shipping charges have increased and insurance premiums have skyrocketed. Yes, the price of gas at the pump is affected. But so is the price of food, medicine, airplane tickets, electricity, cooking oil, semiconductors and more.

A drawn-out war between the United States and Iran could have “catastrophic consequences” for the world’s oil market and the global economy, Amin Nasser, chief executive of Saudi Aramco, the world’s largest oil and gas company, warned this week.

Yet even if the war, which began on Feb. 28 when the United States and Israel struck Iran, wraps up relatively quickly, this latest upheaval is sending consumers, workers and employers on another unnerving and unpredictable ride. » | Patricia Cohen | Patricia Cohen is the global economics correspondent in London.| Thursday, March 12, 2026

One can but wonder what all the members of Trump’s fan club have to say for themselves now! The king of dealmaking is not looking so clever now, is he? His magic touch looks pretty elusive to me. — © Mark Alexander

Oil Price Expected to Surge after Iran Strikes and Strait of Hormuz Closure

THE GUARDIAN: Stock markets around the world could tumble on Monday and motorists are likely to pay more at the pump

The price of oil is expected to soar on Monday as the US-Israel war on Iran and the effective closure of the crucial strait of Hormuz rattles investors despite major producers’ pledges to increase its output.

US crude is on track to rise by 11% when trading resumes, according to data from the broker IG. The jump comes as Opec+, the cartel of oil producers, agreed on Sunday to step up its output by more than expected as it assessed the impact of the conflict.

Iran’s Revolutionary Guards reportedly told ships on Saturday that passage through the strait of Hormuz was prohibited, in effect shutting the key choke point and prompting the halt of some oil shipments.

About $500bn (£372bn) of energy trade and 20% of global oil supplies pass through the strait each year. Vessels also carry chemicals and fertilisers, meaning disruption could affect agriculture and global food prices. » | Graeme Wearden and Mark Sweney | Sunday, March 1, 2026

World Bank Warns Oil Price Could Soar to Record $150 a Barrel

GUARDIAN US: Escalation of Israel-Hamas war into Middle East-wide conflict would disrupt oil supplies and stoke food prices, says Bank

Oil prices could soar to a record high of more than $150 a barrel if the war between Israel and Hamas leads to a repeat of the full-scale conflict in the Middle East witnessed 50 years ago, the World Bank has warned.

In the first major assessment of the economic risks of an escalation of the war beyond Gaza’s borders, the World Bank said there was a risk of the cost of crude entering “uncharted waters”.

A “large disruption” scenario comparable with the Arab oil boycott of the west in 1973 would create supply shortages that would lead to the price of a barrel of oil increasing from about $90 to between $140 and 157. The previous record – unadjusted for inflation – was $147 a barrel in 2008.

“The latest conflict in the Middle East comes on the heels of the biggest shock to commodity markets since the 1970s – Russia’s war with Ukraine,” said Indermit Gill, the World Bank’s chief economist. “That had disruptive effects on the global economy that persist to this day. » | Larry Elliott, Economics editor | Monday, October 30, 2023

Petroleum and Crude Oil - The Future of Oil Production | DW Documentary

The market for oil is volatile. The transition from petroleum to renewables is in full swing, and global demand for oil could fall faster than predicted.

When the price of crude oil tumbled dramatically between 2014 and 2016, it heralded the demise of an economic and geopolitical world order in place since the end of World War II. In the last few decades, fracking technology has turned the US into the world's largest oil producer. Against that backdrop, the move towards renewable energies and away from fossil resources is making dramatic steps forward. A study published back in September 2012 made headlines by predicting an imminent drop in oil prices. The analysis bucked traditional mainstream scientific opinion, which forecast that the market would continue to climb until hitting ‘peak oil’ - the moment when global oil production peaked. After that, most experts believed, the price for crude would skyrocket. But by the end of 2013, market supply began to far outstrip demand, and prices collapsed. Within two years, they fell by 70%. Was it just another anomaly in the history of the industry? Not quite. Many factors contributed to the fall.

After the 9/11 terrorist attacks in 2001, the US was shocked by reports that Saudi Arabia might have been involved. North America relied on vast imports of oil from the Middle East, so to lower US dependence on the Gulf States, policymakers overhauled and realigned the country’s oil strategy. When oil prices rose dramatically in the first decade of the new millennium, companies in the US were able to begin implementing a technology that had previously been viewed as economically unviable - extracting oil and shale gas through fracking. By exploiting its significant shale oil deposits, the US was able to slash imports, which in turn led to an oversupply on world markets and crashing prices. The world’s biggest oil-producing nations began fighting fiercely for their slice of the pie. In a move to break the American producers, Saudi Arabia moved into high-stakes poker mode, flooding the market in an intentional attempt to lower prices even further and force the North American fracking industry to its knees. But the move didn’t pay off, and the order that had prevailed on the international oil market since the end of the Second World War was stood on its head. To turn prices back around, Saudi Arabia and the other members of OPEC were forced to curb production and join forces with Russia. It’s a game with high geopolitical stakes, and the market for oil remains volatile. Meanwhile, the transition to renewables is in full swing, and global demand for oil could fall even faster than predicted. Is it the beginning of the end of the Oil Age?

Black Monday: Biggest Slide In Chinese Stocks Since 2007, Brent Oil Below $44

The Shanghai composite has closed down 8.5 percent in a brutal selloff, as Beijing’s measures have failed to ease investor concerns about the slowdown of the world's second-largest economy. China's stocks are now down for the year after being up 60 percent in June.

Brace for $200 Oil If Unrest Hits Saudi Arabia
Commentary: Riyadh pulls the strings on global markets’ next act
MARKET WATCH: SEATTLE — Strong markets are supposed to rise along a wall of worry. This one was rising very nicely amid plenty of worries until investors caught a whiff of the idea that Saudi Arabia could fall victim to the unrest enveloping the Middle East.

So now stocks are slipping and crawling. It’s all about the optics. If you can see a problem, then you can ignore it. But if you aren’t sure what you see, paralysis ensues.

Any real threat that the Fahd monarchy and Sunni hegemony in Saudi Arabia could possibly come under attack would spark more than a worry. It would be thunder, lightning, a hurricane, a tornado, a tidal wave and earthquake all rolled up in one sand-colored bombshell.

No one really cares about Libya, after all. The two sides there can blast each other to kingdom come for all that most investors in London, Paris, Frankfurt and Wall Street care. Sure, there’s a decent amount of oil at stake at Bayda, Benghazi & Beyond, but concerns about the region begin and end at Saudi borders. >>> Jon Markman, MarketWatch | Thursday, March 10, 2011

Higher Oil Keeps Wall St. On Edge
Mar 7 - Summary of business headlines: U.S. crude rallies above $105 as violence in Libya continues; U.S. consumer credit up in January but consumers show sign of restraint; Stocks fall in U.S. and Europe. Conway G. Gittens reports

Libya Hopes Oil Does Not Become Weapon
REUTERS: Libya hopes tensions with Western countries over a popular revolt in the country do not reach the stage where the Tripoli government considers oil as a political weapon, a top oil official said on Wednesday.

Shokri Ghanem, chairman of Libya's National Oil Corporation, also told Reuters in an interview that Libya's troubles had created the country's worst energy crisis in decades and Libyan supply disruptions to world markets could push oil above $130 a barrel in the next month if troubles persist.

Oil markets will be watching closely to see if the departure of oil workers fearful of violence in Libya will further cut output in the world's 12th largest exporter. >>> Reporting by Michael Georgy; editing by Keiron Henderson | Tripoli | Wednesday, March 02, 2011

If the Saudis Revolt, the World’s In Trouble
THE DAILY TELEGRAPH: The fate of the global recovery rests on events in Riyadh, says Jeremy Warner.

Be careful what you wish for. After an ambiguous start, Western leaders have broadly welcomed the wave of protest and revolutions sweeping North Africa and parts of the Middle East. But beneath the words of encouragement about people taking charge of their own destiny, there is a growing and vital concern – the security of our oil and gas supplies.

The West’s complicity in supporting the autocratic regimes that characterise many of the big oil-exporting nations is in part explained by the fact that, whatever their sins, they did at least seem to provide stability in the energy markets. That stability, however, has been thrown up in the air by the wave of protest sweeping the region.

Initially, it was assumed that there was a difference between oil-poor Arab nations such as Tunisia and Egypt, where the uprisings have been as much about living standards as anything else, and the much richer Gulf states. That theory was swiftly proved wrong.

In Saudi Arabia, even King Abdullah’s panicky decision to order another multi-billion-dollar splurge of spending on education, healthcare and infrastructure may not be enough to buy off the opposition. People seem to want something more precious than money: freedom. >>> Jeremy Warner | Thursday, February 24, 2011

Related >>>

Wall Street Dives as Oil Hits $100
Feb 23 - Summary of business headlines: Stocks fall for second day as U.S. crude touches $100 a barrel; U.S. home prices continue to fall; Apple expected to unveil new iPad, competitors line up. Conway Gittens reports

Libya Unrest Raises Oil Concerns
This is the first time that the changes sweeping the Arab world have hit a major oil producer and there are now fears that the spike in oil prices could hurt the fragile global economy. While Libya only produces two per cent of world oil production, 85 per cent of that is sent to Europe. Al Jazeera's Nick Spicer reports from Berlin

Libya Turmoil Hits Oil, Restrains Equities
REUTERS: Oil prices charged to a fresh 2-1/2 year high on Monday as traders eyed increasing violence in major producer Libya, feeding fears about rising inflation and restraining gains in equities.

Global stocks were slightly higher with emerging markets down and European shares flat. U.S. markets were closed for a national holiday.

Protests broke out in the Libyan capital Tripoli for the first time following days of unrest in the city of Benghazi and some army units defected to the opposition in what has become one of the bloodiest revolts to convulse the Arab world.

Financial markets are particularly sensitive to the violence in Libya because it exports around 1.1 million barrels per day of crude.

Brent oil was up $1.90 a barrel at $104.44 having earlier risen to a new high of $104.60. >>> Jeremy Gaunt, European Investment Correspondent, London | Monday, February 21, 2011

REUTERS: Swiss franc, Treasuries gain on Mideast tensions: The safe-haven Swiss franc and U.S. government bonds rallied on Thursday, while crude oil prices rose as unrest in the Middle East and tensions between Israel and Iran escalated. >>> Wanfeng Zhou, New York | Thursday, February 17, 2011