At anchor in the Persian Gulf, Abhijit Chopra found out about the US-Iran peace deal when his phone lit up with messages from family and friends. The captain of a crude oil tanker, he had to temper his excitement.

In a statement, Iran said the move was triggered by the United States' failure to uphold the first clause of an agreement aimed at ending the ongoing war, as well as Israel's alleged repeated breaches of a ceasefire in southern Lebanon and its refusal to withdraw forces from Lebanese territory.

OPEC plans to hike production by 200,000 barrels per day despite the Strait of Hormuz remaining closed, making it near-impossible to ship any of it.

A report examines how the war in Iran has weighed on Asian economies, but left China in a more advantageous position.

The minister added that any agreement to reopen the strait would need the support of Iran and Oman. Read more at straitstimes.com. Read more at straitstimes.com.

Iran's influence over the strategically vital Strait of Hormuz has inadvertently transformed the energy security debate.

India has withdrawn emergency natural gas supply curbs after Strait of Hormuz shipping resumed, signalling improved LNG imports and energy security.

Takaya Soga, CEO of Japan’s NYK Line, said shipping would only resume at much lower volumes because of the capacity constraints of safer routes.