Geece cuts fuel prices as Iran war strains household budgets Greece has announced temporary cuts to petrol and diesel prices as the US-Israeli war on Iran drives up costs across Europe. Prime Minister Kyriakos Mitsotakis told parliament on Friday that the country’s two main oil refineries had agreed to reduce prices until the end of August. “Fuel prices will drop by 10 cents per litre and diesel fuel will drop by 5 cents per litre,” he said.
Energy agency expects global oil demand to fall in 2026 Global oil demand will fall by about one million barrels a day in 2026 as the war between the United States and Iran weighs on the world economy, the International Energy Agency has said. The agency warned that the fighting was creating fresh uncertainty for consumers, businesses and energy markets. Higher risks around shipping and supply could weaken demand further if the conflict escalates.
Tankers transit Hormuz despite renewed US-Iran tensions Vessels transporting liquified natural gas (LNG) have resumed passage through the Strait of Hormuz in recent days, according to ship-tracking data, with authorities in Tokyo reporting that 22 Japan-linked ships have left the Gulf since Tuesday. Despite renewed fighting between the US and Iran, data from Kpler and LSEG has showed at least five LNG tankers entering the strait, including from China, Greece and Qatar. The Japanese transport minister also said that of their six large crude oil tankers had transited the strait between 7-9 July, leaving only four vessels in the Gulf.
Iran fast-tracks 11 million barrels of oil: Report Iran has rushed out five supertankers and one Suezmax vessel carrying roughly 11 million barrels of crude in the past 24 hours, as strikes between the US and Iran threaten to escalate into another blockade on its ports, Bloomberg reported on Thursday. Four of the vessels leaving Iranian ports today signalled positions in the Gulf of Oman, and another was transiting the Strait of Hormuz, according to Bloomberg's tanker-tracking data. The vessels were dispatched immediately after a second day that US military strikes targeted civilian infrastructure, killing 14 people and injuring 78, leaving 47 in hospital, according to Iranian health ministry spokesperson Hossein Kermanpour.
Iran fast-tracks 11 million barrels of oil as Trump threatens blockade Iran has rushed out five supertankers and one Suezmax vessel carrying roughly 11 million barrels of crude in the past 24 hours, as strikes between the US and Iran threaten to escalate into another blockade on its ports, Bloomberg reported on Thursday. Four of the vessels leaving Iranian ports today signalled positions in the Gulf of Oman, and another was transiting the Strait of Hormuz, according to Bloomberg's tanker-tracking data. The vessels were dispatched immediately after a second day that US military strikes targeted civilian infrastructure like railway bridges, killing 14 people and injuring 78, leaving 47 in hospital, according to Iranian health ministry spokesperson Hossein Kermanpour.
Hormuz traffic falls sharply, especially through UN-backed Omani route Shipping traffic passing through the Strait of Hormuz has fallen sharply since Wednesday, especially via the UN-back Omani passageway, after the United States and Iran traded renewed strikes and vessels were attacked earlier in the week. Although flows had reached their highest levels since the war began after a ceasefire was agreed between the two sides, the recovery appears to have stalled, with only six commodity tankers reportedly making it through the strait so far on Thursday and 21 vessels transiting on Wednesday, according to Kpler data reported by AFP. The only day with less traffic since the US-Iran truce was signed was on 28 June, when just 19 ships crossed the day after a tanker was attacked off Oman.
Why Britain must sanction Netanyahu Submitted by Peter Oborne on Wed, 07/08/2026 - 15:08 The Israeli leader is a fugitive from justice who has presided over a genocide for nearly three years. What are we waiting for? A protester holds a placard picturing Israel's Prime Minister Benjamin Netanyahu and reading "Murdering Bastard" during a Pro-Palestinian march in central London, on 15 March, 2025 (AFP) On Last week, a group of British MPs despatched an open letter to Foreign Secretary Yvette Cooper calling for sanctions on Israeli Prime Minister Benjamin Netanyahu.
Oil prices rise after Trump remarks on Iran ceasefire Oil prices rose worldwide after Trump suggested ending the ceasefire with Iran during remarks at the Nato summit in Ankara. Brent crude rose 5. 8 percent to $78.
Ireland passes bill banning goods from Israel-occupied settlements in West Bank and Jerusalem Submitted by Fleur Hargreaves on Wed, 07/08/2026 - 11:25 The legislation, which requires final approval from the house, would be among the most severe trade restrictions on Israel from a European nation Supporters of the Irish band Kneecap fly Palestinian and Irish flags outside Westminster Magistrates' Courts in London on 20 August 2025 (AFP/Justin Tallis) Off The Irish parliament on Tuesday approved legislation to prohibit the import of products from Israeli settlements in the occupied Palestinian territories of the West Bank and East Jerusalem. Named the Israeli Settlements (Prohibition of Importation of Goods) Bill, the draft legislation aims to restrict goods originating from “certain Israeli settlements” that lie outside of Israel’s internationally recognised borders. The proposed law states that it is designed to abide by Ireland’s “international legal obligation, as identified by the International Court of Justice [ICJ] in its advisory opinion of 19 July 2024”.
Businesses report blocked payments from Saudi Arabia to the UAE, raising fears of worsening ties Submitted by Elis Gjevori on Wed, 07/08/2026 - 10:50 Companies say Saudi transfers to UAE accounts have slowed as tensions between the Gulf countries resume following the Israeli-US war on Iran Cars drive along the King Fahad road in the Saudi capital Riyadh on 3 March (Fayez Nureldine/AFP) Off Saudi Arabia has reportedly delayed or blocked money transfers to accounts in the United Arab Emirates . The reports have raised fears that a widening political rift between the Gulf neighbours is now hitting trade. Several sources told the Financial Times that payments from Saudi banks to UAE-based accounts belonging to companies and individuals in Dubai had been returned or held up since May, often without explanation.
Oil prices jump 5 percent after Trump says Iran ceasefire over International benchmark Brent North Sea crude jumped 5. 3 percent to $78. 09 a barrel, while the main US contract, West Texas Intermediate, advanced 5.
Iran accuses US of breaching MoU over oil sanctions waiver Iran's Foreign Ministry has accused the US of breaching Article 10 of the memorandum of understanding by cancelling a temporary waiver on sanctions targeting Iranian oil sales. In a statement, the ministry condemned the US Treasury's move, calling it a "clear violation" of the memorandum signed on 18 June. It said the decision, taken less than 20 days after the signing of the memorandum, showed "bad faith" and proved that the US administration could not be trusted.
US cancels waiver allowing Iran oil sales as Gulf vessels attacked Submitted by MEE staff on Tue, 07/07/2026 - 21:38 Qatar and Saudi Arabia said their vessels were attacked by Iran as they transited the Strait of Hormuz The 'Al-Yarmouk' oil tanker sails in the Arabian Gulf waters, off the coast of Kuwait City on June 27, 2026 (Yasser al-Zayyat/AFP) Off The Trump administration on Tuesday revoked a licence that temporarily lifted oil sanctions on Iran after several vessels came under attack in the Gulf, removing the main economic incentives that saw it agree to an end to the war in the Middle East. The Trump administration made the decision after Qatar and Saudi Arabia said their vessels came under attack from Iran. Brent, the international benchmark, jumped nearly five percent amid the rising tensions.
No 'magic wand': Trump faces layers of resistance on Turkey F-35 deal Submitted by Sean Mathews on Tue, 07/07/2026 - 19:56 The US president says he is 'lifting sanctions' on Turkey, but the pathway to closer defence ties is not clear-cut Turkish President Recep Tayyip Erdogan, left, hosts US President Donald Trump for a state ceremony at Bestepe Presidential Compound in Ankara, on the sidelines of the Nato Summit, on 7 July 2026 (Saul Loeb/AFP) Off President Donald Trump says he will lift sanctions on Turkey and overturn a ban on selling the US ’s Nato ally F-35 warplanes, but experts say he has “no magic wand” to do so without buy-in from Congress. “We’re going to be taking the sanctions off,” Trump said on Tuesday, sitting next to his Turkish counterpart, Recep Tayyip Erdogan, at his presidential palace in Ankara. “We don’t want to sanction friends.
US revokes licence authorising sale of Iranian oil The US Treasury Department has revoked the general licence that authorised the sale of Iranian oil, according to a statement issued by the Office of Foreign Assets Control. "Effective July 7, 2026, General License X, dated June 21, 2026, is revoked and superseded in its entirety by General License X1," the statement reads. The US had partially lifted sanctions on Iranian oil exports following what it described as "encouraging" talks over ending the war.
Trump says he is working to remove Turkey from US sanctions list Submitted by Yasmine El-Sabawi on Tue, 07/07/2026 - 17:52 The process remains unclear, but the US president is in Ankara for the Nato summit, where he reserved praise for his 'friend' Erdogan US President Donald Trump speaks with Turkish President Recep Tayyip Erdogan during a formal arrival at the Bestepe Presidential compound for the Nato summit in Ankara, Turkey, on 7 July 2026 (Emrah Gurel/Reuters) Off US President Donald Trump said on Tuesday that he is going to remove Turkey from a US blacklist that he himself imposed during his first term. Sitting in Ankara next to his Turkish counterpart, Recep Tayyip Erdogan, as part of the Nato summit, Trump announced: "We're going to be taking the sanctions off. Okay?
US prosecutors seek leniency for Turkish-Iranian sanctions case witness US prosecutors are seeking leniency at next week's sentencing of Turkish-Iranian businessman Reza Zarrab, who admitted to helping Iranians and their government evade sanctions. Prosecutors said in a sentencing memorandum to a New York federal judge on Monday that Zarrab provided substantial assistance to the US. They said the international gold trader revealed paying millions of dollars in bribes to government and banking officials in Türkiye and provided key testimony at a 2017 corruption trial that strained relations between the US and Türkiye.
Trump says US will lift sanctions on Turkey, consider selling F-35s Sitting next to Turkish counterpart Recep Tayyip Erdogan after landing in Ankara for a NATO summit, Trump said, "That's a decision we're going to make... it's a great plane, the best plane by far and it's certainly something we will consider. " The US had imposed sanctions on Turkey in 2020 over Ankara's purchase of Russian defense missiles.
Will the Iran-US MoU reshape economic relations in the Gulf? Submitted by Zahra Ladha on Tue, 07/07/2026 - 09:52 The memorandum envisages sanctions relief and a reconstruction fund, but investors remain wary of security risks A ship is seen through a fishing net in the port of Fujairah, UAE, near the Strait of Hormuz, 2 July 2019 (Karim Sahib/AFP) Off The Memorandum of Understanding (MoU) signed by the United States and Iran on 17 June could reshape the economic landscape of the Gulf by opening the door to renewed trade and investment with Iran. Central to the agreement is a commitment to ease longstanding sanctions and integrate Tehran more deeply into regional economic networks.
Spain may style itself as Israel's most fervent adversary, but its sanctions are far from comprehensive Submitted by Ana Maria Monjardino on Mon, 07/06/2026 - 15:00 Madrid, like Colombia and South Africa, has found that despite strong vocal opposition to the Gaza genocide, it has been unable to follow through on its rhetoric Protesters hold Palestinian flags and banners during a demonstration against the participation of Israeli basketball team Hapoel IBI Tel-Aviv in the Euroleague, ahead of their match against Valencia Basket, in Valencia, Spain, 15 October 2025 (Jose Jordan/AFP) Off As criticism of Israel’s genocide continues in Gaza and government across the Americas and Europe have remained largely muted, Spain has stepped into the vacuum as one of the most vocal critics of the country in the West. Prime Minister Pedro Sanchez has called for multilateral measures to end the arms trade with Israel, including a push to suspend the EU–Israel Association Agreement. It is also the only EU country to have formally recalled its ambassador and, back in October 2023, announced it was halting arms sales to the country.
