Military hostilities between the US and Iran have surged, resulting in a collapsed ceasefire and the closure of the Strait of Hormuz to tanker traffic. Both nations are engaged in retaliatory strikes that have significantly impacted global oil prices and regional security.

Global energy markets face renewed volatility as rising US-Iran military tensions threaten shipping lanes and supply chains. Brent crude reached $86.72.

Chevron is negotiating agreements with the Iraqi government to invest in major oil fields and explore a pipeline project to bypass the Strait of Hormuz.

Ukrainian forces have expanded the reach of their air war by striking the Omsk oil refinery in Siberia, a facility central to Russian fuel production.

A natural gas agreement between Israel and Egypt faces growing political pressure as both nations navigate security concerns and diplomatic friction. Despite this scrutiny, experts note that strategic necessity continues to anchor the commercial partnership.