The head of the International Energy Agency (IEA) has warned that commercial oil inventories are depleting rapidly and that the world only has a few weeks' worth of oil reserves left due to the situation in the Strait of Hormuz caused by the US-Israeli aggression against Iran.

According to Pakistani media reports, authorities at Port Qasim in Karachi announced the arrival of the third shipment of Qatari Liquified Natural Gas (LNG) in Pakistan after successfully transiting the Strait of Hormuz.

The latest monthly report from the Organization of the Petroleum Exporting Countries (OPEC) reveals that Iran maintained its position as one of the group's leading oil producers in April, alongside Saudi Arabia.

Despite earlier reports suggesting the Qatari gas tanker "Mihzem" had been turned back, Western media outlets reported on Tuesday that the vessel has successfully cleared the Strait of Hormuz and registered its position in the Sea of Oman.

The United States is releasing 53.3 million barrels of crude oil from its Strategic Petroleum Reserve to energy companies in an attempt to calm global markets shaken by the war against Iran and the disruption of shipping through the Strait of Hormuz.

Saudi oil giant Aramco says the world has lost about one billion barrels of oil since the joint US–Israeli war of aggression against Iran triggered the most severe shipping disruptions ever recorded in the Strait of Hormuz.

Iran says its oil production and exports continued without disruption during the 40 days of the US-Israeli aggression, while officials explore new revenue streams tied to tighter control of the Strait of Hormuz.

In the first quarter of 2026, Iran's steel production reached 7.26 million tonnes, placing it firmly in the tenth position globally.

Brent crude prices surged by as much as 7% during Thursday's global market trading, driven by intensified fears over further disruptions to oil supplies from the Middle East.

Gold prices remained steady near their lowest levels in a month during Wednesday’s global trading sessions. Demand for the precious metal has largely softened as geopolitical uncertainties persist, causing investors to recalibrate their portfolios.