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A vessel has reported gunfire in the Strait of Hormuz, a critical waterway for global oil shipments. The incident was reported on April 18, 2026, at 12:39:35 GMT. Details of the incident, including the identity of the vessel and any potential casualties, are not yet available.The Strait of Hormuz is a vital maritime route, with approximately 20% of the world's oil supply passing through it. Incidents of gunfire or other disruptions in this region can have significant implications for global energy markets and international relations.

French President Emmanuel Macron has publicly demanded security assurances from Tehran after Iran announced the reopening of the Strait of Hormuz. The strategic waterway, through which a significant share of the world’s oil passes, has long been a focal point of geopolitical tension. Macron’s request underscores France’s concern for the safety of maritime traffic and the stability of global energy markets. While details of the assurances sought were not disclosed, the French leader emphasized the need for clear guarantees that the reopening will not jeopardize navigation or exacerbate regional volatility.

UK Chancellor Rachel Reeves is poised to raise the government's windfall tax on low-carbon electricity generators to help limit household energy bills. The levy, introduced in 2022, targets excess profits made by owners of older renewable energy and nuclear plants.The chancellor is ready to hike the electricity generator levy, which currently stands at 45%, as electricity market prices soared following Russia's invasion of Ukraine. The increased tax will help shield consumer energy bills in the short term while the government consults on long-term plans to reform the wholesale market.The government is also expected to consult on plans to shift older, low-carbon projects onto newer set-price contracts, providing electricity at a guaranteed price. This move aims to weaken the link between gas market prices and electricity costs, which has led to a surge in electricity market prices across Europe.Executives across the industry have been informed to expect contact from officials on Monday to outline the government's determination to protect electricity costs from the surge in gas markets. The plans have already impacted shares in energy companies, with SSE falling over 6% and Centrica closing down 5% on Friday.The proposed reforms have sparked concerns within the industry, with some viewing them as a fundamental reform of energy markets. The government is considering radical proposals, including removing gas plants from the market and holding them in strategic reserve.

In a heated congressional session, Democratic lawmakers pressed the U.S. Energy Secretary on two pressing issues: the United States’ policy regarding the ongoing Iran war and the recent spike in domestic gasoline prices. The legislators argued that the administration’s approach to the Middle‑East conflict could have direct repercussions for energy markets, while also demanding clearer strategies to alleviate the financial burden on American consumers. The exchange underscored growing political tension over foreign policy decisions that intersect with domestic economic concerns.

A large-scale fire broke out at the Viva oil refinery located in Geelong, Australia, early on April 16, 2026. Video footage circulating online shows thick plumes of smoke billowing from the facility, prompting swift action from local fire services and emergency responders. Authorities have mobilised multiple fire‑fighting units to contain the blaze, emphasizing the priority of protecting nearby residential areas and preventing environmental contamination. While details on the fire’s origin remain under investigation, officials have warned that the incident could temporarily affect the refinery’s output, potentially influencing regional fuel supplies. Industry analysts note that any interruption at a major refining hub like Viva can have ripple effects across the domestic energy market, possibly leading to short‑term price fluctuations for gasoline and diesel. The incident also underscores the importance of rigorous safety protocols in high‑risk industrial sites. As the situation develops, the Department of Environment and Energy has pledged to monitor air quality and assess any ecological impact. Residents in the vicinity have been advised to stay informed through official channels and to follow any evacuation or safety instructions issued by emergency services.

Europe is projected to run out of jet fuel in about six weeks, according to the head of the International Energy Agency, raising the spectre of widespread flight cancellations.Fatih Birol told the Associated Press that without a rapid restoration of oil shipments from the Middle East, airlines could soon be forced to drop routes, warning that “some flights from city A to city B might be cancelled as a result of lack of jet fuel.”The shortage stems from the US‑Israel war on Iran, which has snarled global energy markets since the initial strikes in late February. In retaliation, Iran has effectively sealed the Strait of Hormuz, a critical artery for Gulf oil exports.Although a two‑week ceasefire was recently brokered, negotiations to end the hostilities have stalled, leaving the supply disruption unresolved.Meanwhile, Brent crude futures are trading more than 30% above pre‑war levels, intensifying pressure on fuel prices and adding to political scrutiny in the United States.Jet‑fuel shipments that departed before the conflict have largely arrived in Europe, but the remaining reserves are rapidly being drawn down, leaving the continent vulnerable.Airports Council International Europe has warned EU energy and transport commissioners that the region could face fuel shortages within three weeks, echoing industry norms that typically maintain about six weeks of fuel on hand.Birol warned that the situation represents a “dire strait” with serious ramifications for the global economy, noting that prolonged disruption would exacerbate inflation and dampen growth worldwide.The anticipated fallout includes higher petrol, gas and electricity prices, with the impact expected to be uneven across different regions.Airlines are already scrapping marginally profitable routes, especially those without robust hedging strategies, and even carriers with hedged fuel costs may need to reconsider schedules.Despite the broader concerns, British low‑cost carrier easyJet asserted it has sufficient fuel visibility through mid‑May and does not anticipate supply‑related issues in the near term.

The ongoing conflict in Iran has led to a significant increase in oil prices, with the world's top 100 oil and gas companies reaping enormous profits. In the first month of the war, these companies banked more than $30m every hour in unearned profit, according to exclusive analysis for the Guardian. This translates to estimated windfall profits of $23bn for the month of March, with Saudi Aramco, Gazprom, and ExxonMobil among the biggest beneficiaries.The surge in oil prices to an average of $100 (£74) a barrel has resulted in a substantial increase in profits for these companies. If the oil price continues to average $100, the companies are expected to make $234bn by the end of the year. The analysis uses data from a leading intelligence provider, Rystad Energy, analysed by Global Witness.The excess profits come from the pockets of ordinary people as they pay high prices to fill up their vehicles and power their homes, as well as from businesses incurring higher energy bills. Dozens of countries have cut fuel taxes to help struggling consumers, but this has resulted in reduced revenue for public services.Pressure is growing for windfall taxes on the war profits of oil and gas companies, with the European Commission considering a request from the finance ministers of Germany, Spain, Italy, Portugal, and Austria. The ministers argue that this would help ease the burden on the general public and finance temporary relief measures.Aramco is expected to make a war profit of $25.5bn in 2026 if the oil price averages $100. This is on top of the huge profits habitually made by the majority state-owned Saudi company – $250m a day between 2016 to 2023. ExxonMobil, which has a long record of denying climate change, will take in $11bn in unearned war profits in 2026 if the $100 price endures.The impact of the Iran war is likely to be long lasting, with the head of the International Energy Agency, Fatih Birol, describing it as the biggest shock ever to the global energy market. The UN's climate chief, Simon Stiell, warned that fossil fuel dependency is ripping away national security and sovereignty, and replacing it with subservience and rising costs.

The International Monetary Fund (IMF) has issued a warning that a closure of the Strait of Hormuz could lead to a major energy crisis. The strait, located between Iran and Oman, is a critical passage for global oil shipments, making it a vital artery for the world's energy supplies.A disruption in this region could have significant implications for the global economy, potentially leading to higher oil prices and increased volatility in energy markets. The IMF's warning underscores the importance of maintaining stability in this critical region.

The article delves into the strategic importance of the Strait of Hormuz, a narrow waterway that serves as a critical conduit for global oil shipments. It highlights the geopolitical rivalry among regional powers and external actors seeking to influence or dominate traffic through the passage. By assessing the security dynamics and diplomatic maneuvers surrounding the strait, the analysis underscores how control over this chokepoint can impact both regional stability and international energy markets.