The levies were imposed in 2018 under Section 301 of the 1974 Trade Act, which allows the U.S. to enact tariffs in response to unfair trade practices.

Even if traffic fully returns to the strait when (or if) the deal becomes official, the months-long global oil supply crisis won't simply resolve itself overnight.

Fire officials say that they're currently coordinating with Medline to allow the company to access supplies at the warehouse that weren't damaged in the fire.

Chevron Corp. Chief Executive Officer Mike Wirth said there are indications that flows through the strait are probably not as high as the energy secretary said.

Opening the Strait of Hormuz remains Iran’s most valuable bargaining chip; one it seems eager to retain after seeing the drastic effect its closing has had on world trade.

Three foreign-flagged vessels carrying Indian crew have recently been attacked by the U.S. Navy.

The effective closure of the Strait of Hormuz in early March has driven Asian buyers to look for alternative sources to replace disrupted Persian Gulf barrels.

While the Houthis’ statement doesn’t amount to a ban on commercial shipping in the Red Sea, maritime intelligence agency Vanguard Tech advised caution.

If shippers look to frontload imports, then carriers will look to push rates higher and higher, so the market may yet be far from its peak, warns the analyst.

Residents in Kuwait said they are increasingly concerned there will be more attacks.