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The recent ceasefire between the United States and Iran may provide temporary relief, but the oil crisis triggered by their conflict is far from over. After 40 days of fighting, the two nations agreed to a two-week ceasefire, with negotiations set to begin in Pakistan's capital, Islamabad.One of the key points in Iran's 10-point proposal is allowing shipping to resume through the Strait of Hormuz, a critical waterway through which 20 percent of the world's oil and gas is shipped during peacetime. The strait has been effectively closed since the start of the war, causing global oil and gas prices to soar.Following the announcement, oil prices dropped to $92 on Wednesday, down from over $110 for much of the war. However, delays in restarting production and transport mean the energy crisis is far from over. For ships to continue operating, they need certainty about security during the next two weeks of the ceasefire.Even with the waterway reopened, it will take weeks for large oil tankers – now scattered thousands of miles away – to return to the Gulf to collect the millions of barrels sitting in large reservoirs. With very few tankers able to load or unload and their onshore storage full, producers began shutting wells, causing regional oil output to plummet despite efforts to reroute limited volumes via overland pipelines.Economists warn that the true impact on grocery bills will likely persist throughout 2026 and into 2027. Additionally, it will take years for the Gulf energy industry to repair facilities damaged or destroyed during the war.Shipping data shows that combined exports from Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates fell from 469 million barrels in February to 263 million barrels in March – a decline of 206 million barrels, or 44 percent. Iraq's crude exports have been hit the hardest, falling 82 percent from 94m barrels in February to 17m in March.The 206 million barrels of Gulf oil lost since the start of the war would fill approximately 103 Very Large Crude Carriers (VLCCs), the workhorse supertankers of the global energy trade. A single VLCC stretches nearly 330 metres (1,080 feet) in length, nearly the same height as the Eiffel Tower in Paris.To put that in more practical terms, if you drove a pick-up truck that averages 24 miles per gallon (or 10 litres per 100km), one barrel of crude oil would carry you about 730km or 450 miles. That is about the distance from New York City to Cleveland, Ohio.For much of the war, oil has traded above $100 per barrel, hitting a peak of nearly $128 on April 2. The value of 206 million lost export barrels at various oil prices is significant, with Brent crude being the global benchmark.

A meteorite event occurred over Ohio on Tuesday morning, producing a significant sonic boom that was felt across a wide area, including parts of Pennsylvania. According to NASA, the meteorite entered Earth's atmosphere at approximately 9 am local time. The meteorite, described as a small asteroid about 2 meters in diameter and weighing around 6 tons, moved at a speed of 45,000 mph. This event caused widespread reports of a loud boom, with residents in Cleveland and as far east as Pittsburgh, Pennsylvania, and into New York state, describing the sound as similar to fireworks or thunder. NASA's meteoroid environment office confirmed that the asteroid was spotted near Medina, Ohio. Despite its relatively small size, the meteorite produced a considerable sonic boom, which was captured on video by a National Weather Service (NWS) employee in Pittsburgh. The NWS's Cleveland office confirmed that satellite data suggested the boom was caused by a meteorite. So far, there have been no reports of debris being found, although it's possible that small fragments may have fallen to Earth. NASA noted that about 17,000 meteorites fall to Earth annually, but most burn up in the atmosphere. The agency also stated that space rocks smaller than a football field typically break apart in Earth's atmosphere, although they can occasionally explode in mid-air.