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 "Effective July 7, 2026, General License X, dated June 21, 2026, is revoked and superseded in its entirety by General License X1," the statement reads.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.
NEW YORK CITY, New York: Seven members of the OPEC+ alliance have agreed to modestly increase oil production in August, extending a series of monthly output hikes as crude prices continue to fall from highs reached during the recent conflict involving Iran.
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.
By Rajnish Singh New Delhi [India], July 6 (ANI) The Afghanistan-Pakistan-Iran corridor or Golden Crescent corridor continues to serve as the world's primary opiate trafficking complex, with pre-ban opium stockpiles estimated at around 13,200 tonnes still sustaining global heroin supply chains despite restrictions on cultivation, an official assessment report said.
OPEC+ countries to raise oil output after prices fall A handful of countries in the OPEC+ oil-producing alliance plan to modestly increase their output next month, bringing more oil online after fuel prices fell to levels not seen since before the US-Israeli war on Iran. The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, announced that seven countries would expand oil production by a combined 188,000 barrels per day in August. It is the fifth consecutive month that OPEC+ has agreed to raise oil output.
Nearly a third of Hormuz crossings used Omani route, tracking data shows Almost a third of vessels that crossed the Strait of Hormuz over the past few days did so along the coast of Oman, tracking data suggests, as the waterway remains a key part of the fragile truce between the US and Iran. A total of 108 vessels crossed the strait from Friday through Sunday, according to the latest update from maritime tracking agency MarineTraffic. Of those, 30 vessels, including crude and LPG tankers, followed the Omani route.
UK urged to sanction Netanyahu and justice minister over Israeli torture of Palestinians Submitted by MEE staff on Mon, 07/06/2026 - 10:16 Over 70 British lawmakers say Israeli premier and his deputy are responsible for 'systematic and well-documented torture of Palestinian civilians' Israel's Defence Minister Yisrael Katz, Prime Minister Benjamin Netanyahu, and Justice Minister Yariv Levin at the Israeli parliament in Jerusalem on 11 June 2025 (AFP/Menahem Kahana) Off Dozens of British lawmakers have urged the UK government to sanction Israeli Prime Minister Benjamin Netanyahu and his justice minister over Israel’s abuse of Palestinian civilians. At least 71 MPs and peers from different parties signed a letter last week addressed to UK Foreign Secretary Yvette Cooper, Sky News reported. The letter said that the “systematic and well-documented torture of Palestinian civilians lies with the government of Israel, including Prime Minister Netanyahu".
The latest Statistical Review of World Energy published by the Energy Institute paints a troubling picture of Iran’s energy sector: a country with some of the world’s largest oil and gas reserves is increasingly struggling to meet its own energy needs.
LONDON, U. K. : Gulf oil exports rebounded sharply in June, rising above 10 million barrels per day as shipping through the Strait of Hormuz recovered, with the United Arab Emirates leading the increase through record crude exports.
Iran and Qatar resume maritime trade: Iranian State media Maritime trade between Iran and Qatar has resumed after a roughly five-month suspension, Iran’s commercial attaché in Doha told state media on Sunday. An interim deal between Tehran and Washington signed last month announced the end of hostilities after a four-month conflict and mandated a return to pre-war maritime traffic in the Gulf, although transit in and out of the Gulf remains contested. Abbas Abdolkhani said shipping between Iran’s Dayyer port and Qatar’s Al Ruwais port had resumed following coordination between the Iranian embassy in Doha and Qatari authorities.
LONDON/DUBAI: Iran has opened discussions with Japanese companies about resuming crude oil exports under a temporary U. S. sanctions waiver, although potential buyers are seeking a longer exemption and assurances over shipping security before committing to purchases, according to three Iranian and Western sources.
Iran's envoy to China says friendly nations to get ‘special’ Hormuz fee treatment Iran’s ambassador to China has said that new fees would be charged to ships transiting the Strait of Hormuz, an idea rejected by Washington, while assuring that “friendly” nations would receive special treatment. The initial deal struck between Iran and the United States to end their war stipulated that commercial ships would transit the strait free of charge for 60 days, but it remains unclear what will be in place after that period. Iranian Ambassador Abdolreza Rahmani Fazli told the World Peace Forum in Beijing that his country was working in “collaboration and cooperation” with Oman on “new arrangements” for the vital waterway.
Newest first Newest first Oldest first 23:37 Iranian Ambassador Insists 'Service Fees' Will Be Charged For Hormuz Passage The Iranian ambassador to China insisted that fees would be charged to ships transiting the important Strait of Hormuz, but he indicated "friendly" nations would receive special treatment.
Ankara [Turkiye], July 4 (ANI): Iran suggested European nations to lift their sanctions to save ordinary Europeans' lives. The Iranian Embassy in Turkiye said they are ready to export a wide range of air conditioners and cooling equipment to Europe.
Hormuz maritime traffic recovering but remains fragile, Kpler says Maritime traffic through the Strait of Hormuz is continuing to recover, but shipping confidence remains "fragile", according to vessel-tracking firm Kpler. In an update on Friday, Kpler said 38 vessel crossings through the monitored Strait of Hormuz zone were confirmed on 2 July, down 10 percent from the previous day but remaining within an emerging range of 30 to 60 daily crossings. The daily prewar average was 125-140 ships, carrying global supplies, including approximately 20 million barrels of oil per day, about 20 percent of the world’s seaborne oil trade.
