Oil

"We'll swap you a barrel of heavy crude for a barrel of light or medium United States crude," Wright said during an interview on CNBC, calling oil markets fluid.

Also on Wednesday, Iran's Islamic Revolutionary Guards Corps (IRGC) said that two oil tankers hit sea mines and were disabled while attempting to transit the Strait of Hormuz.

"The near-simultaneous incidents represent a further escalation in the threat environment within the Omani corridor," shipping intelligence and tracking firm Marisks reported.

Rodriguez hailed the accord in a late-night address as a "historic" deal that would help revive the economy and boost government revenue, saying it would help shape the country's future.

Nearly 1500 vessels carrying roughly 750 million barrels of crude oil have transited the strait in the past months, Cooper said, adding that this was done with the protection of US forces.

Venezuela is considering leaving the OPEC oil production group as it strengthens ties with the US, Bloomberg reported late on Thursday.

Although 14 to 15 million barrels of oil passed through Hormuz per day before the war, an expert told the Post that it was entirely possible to manage without much of that supply.

Bordering Russia and Iran while cultivating Israel and Turkey, Baku seeks security through competing partnerships - and offers itself as a mediator when its allies collide.

Operation Economic Outcast was announced on Monday by US Treasury Secretary Scott Bessent, following earlier threats of an "economic D-Day" against the regime.

"We will avoid our chartered vessels dealing in STS or anything to do with non-compliant ships for Middle Eastern cargoes," said one of the sources, who works at an Indian refinery.