Strait of Hormuz traffic plunges as US, Iran resume fighting
Brent crude holds steady despite a plunge in traffic in the critical waterway.
![The Strait of Hormuz remains a critical chokepoint for global energy supplies, with disruptions likely to influence fuel costs, trade and economic planning across Africa [Amirhosein Khorgooi/ISNA via AP]](https://www.aljazeera.com/wp-content/uploads/2026/07/AP26124419258830-1783382378.jpg?resize=770%2C513&quality=80)
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OPEC+ countries say they will expand monthly oil production
Seven OPEC+ members, including Saudi Arabia and Russia, to increase output by 188,000 barrels per day.
Iran warns ships against using unapproved routes in Strait of Hormuz
Military command issues threat a day after Qatari mediators hailed ‘positive progress’ in indirect US-Iranian talks.
EXPLAINER
With Hormuz reopened, has the oil shortage turned into a glut?
As flow resumes through the strait, an oil surplus may yet again destabilise global energy markets.
![FILE PHOTO: Vessels at the Strait of Hormuz, as seen from Musandam, Oman, [Reuters]](https://www.aljazeera.com/wp-content/uploads/2026/07/reuters_6a464d29-1782992169.jpg?resize=770%2C513&quality=80)
EXPLAINER
Why has Trump refused to renew the USMCA, and what will that mean?
Trade ambassador says US will not approve trilateral agreement with Canada and Mexico ‘in its current form’.
EXPLAINER
An extra 229,000 deaths: Is that the cost of US-UK drugs deal?
Research finds that trade deal requiring UK to buy more medicines from US takes away money from other parts of NHS.
US says it won’t agree to renew USMCA
USMCA came into effect on July 1, 2020, and is slated to expire after 16 years.
![Flags of the U.S., Canada and Mexico fly next to each other [FILE: Rebecca Cook/Reuters]](https://www.aljazeera.com/wp-content/uploads/2026/07/2026-06-29T211201Z_1737042257_RC2X3MANODLG_RTRMADP_3_USA-TRADE-USMCA-1782927108.jpg?resize=770%2C513&quality=80)
From: Counting the Cost
Caught between the US and China, can Europe remain competitive?
As trade tensions grow, Europe tries to remain competitive while balancing ties with the US and China.
Published On 1 Jul 2026
Cuba’s foreign minister observes ‘no progress’ in US negotiations
A top Cuban official has accused the US of issuing ‘constant threats’ and attempting to scuttle a UN debate.
EXPLAINER
How severe is Russia’s energy shortage because of Ukrainian strikes?
Analysts say Russia’s fuel crisis may affect its domestic economy, but the war in Ukraine will remain the priority.
EXPLAINER
Apple iPhone 18 Pro secrets leaked in Tata Electronics hack: What we know
Documents and photos are stolen from Apple’s Indian supplier. How does this impact the US tech giant?
