Iran's handwoven carpet exports, once worth nearly $2. 5 billion annually, have now "virtually stopped," a provincial industry official said, reflecting the steep decline of one of the country's best-known exports.
EU agrees to sanctions on Israeli settlers after Hungary’s new government lifts veto Submitted by MEE staff on Tue, 05/12/2026 - 09:21 Hungarian Prime Minister Peter Magyar broke the deadlock after his right-wing predecessor Viktor Orban had stalled the long-awaited measures Israeli settlers stand next to Israeli soldiers during a weekly settlers' tour in Hebron, in the Israeli-occupied West Bank, 9 May 2026 (Reuters/Mussa Qawasma) Off EU foreign ministers have agreed to impose sanctions on Israeli settlers over rising violence against Palestinians after Hungary’s new government removed a veto imposed by the country’s former right-wing prime minister. Viktor Orban, a close Israeli ally, had stalled EU plans to expand sanctions amid a surge in settler attacks across the occupied West Bank since October 2023. He was voted out of power in April, with his successor Peter Magyar moving to break the months-long deadlock.
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TEHRAN (Tasnim) – The Iranian Embassy in Austria reacted to the European Union’s threats of new sanctions, saying they will not frighten Iran.
Australia sanctioned seven Iranian individuals and four entities on Tuesday over what it called the Islamic Republic’s crackdown on protesters and women and its destabilizing activity through missile and shadow-banking networks.
A Bahraini court sentenced a woman to life in prison after convicting her of communicating with Iran's Revolutionary Guards with intent to carry out hostile acts against the kingdom and harm its national interests, Bahrain's public prosecution said on Tuesday.
UN: Fertiliser disruption due to Hormuz crises may spark humanitarian emergency A senior United Nations Office for Project Services official has warned that tens of millions of people could face hunger and starvation if shipments through the Strait of Hormuz are not restored soon. Speaking to AFP, Jorge Moreira da Silva said the world had only “a few weeks” to prevent what he described as a likely “massive humanitarian crisis”. Moreira da Silva said about one-third of the world’s fertiliser normally passes through the Gulf waterway, making continued disruption a major threat to global food production and supply chains.
US and UK discuss reopening Strait of Hormuz Talks between US Secretary of State Marco Rubio and British Foreign Secretary Yvette Cooper focused on reopening the Strait of Hormuz ahead of a meeting involving defence ministers from around 40 countries, according to the United States Department of State. The discussions come amid continued disruption to global shipping and energy flows linked to the conflict involving Iran. British Defence Secretary John Healey and French counterpart Catherine Vautrin are expected to co-chair the coalition meeting later on Tuesday.
Oil prices rise as US-Iran tensions cloud diplomatic outlook Oil prices edged higher in early Asian trading on Tuesday as uncertainty surrounding diplomacy between the United States and Iran continued to fuel concerns over global energy supplies. Markets remained focused on tensions linked to the Strait of Hormuz after President Donald Trump criticised Iran’s latest peace proposal and both sides exchanged threats. Brent crude futures rose 30 cents, or 0.
Australia imposes new sanctions on Iranian officials and entities Australian foreign minister Penny Wong announced new sanctions and travel bans against seven Iranian individuals and four entities, accusing Iran of ongoing repression and regional destabilisation. In a statement, Wong said the Iranian government had carried out mass arrests and violence against peaceful protesters, including women and children, and said those targeted by the sanctions included senior officials and organisations allegedly involved in those actions. Wong said the measures also targeted what she described as Iran’s “shadow banking system”, which Canberra claims helps fund groups such as Hamas, supports Iran’s ballistic missile programme and enables other activities.
US to release 53 million barrels from strategic oil reserve The administration of US President Donald Trump is providing 53. 3 million barrels of crude oil from the US Strategic Petroleum Reserve to energy companies as part of a global effort to stabilise markets shaken by the conflict involving Iran, according to a Reuters report. The move comes amid concerns over tightening global fuel supplies and disruptions linked to tensions in the Strait of Hormuz.
US imposes new sanctions tied to Iranian oil sales to China The administration of US President Donald Trump imposed new Iran-related sanctions targeting 12 individuals and entities accused of helping the Islamic Revolutionary Guard Corps sell and transport Iranian oil to China. In a statement, the United States Department of the Treasury said the IRGC relied on front companies operating in “permissive economic jurisdictions” to conceal its involvement in oil sales and channel revenue to the Iranian government. The sanctions targeted several companies based in Hong Kong, as well as firms in Oman and the United Arab Emirates, alongside three individuals based in Iran.
Washington DC [US], May 12 (ANI): The United States on Monday (local time) designated 12 individuals and entities for their role in enabling the Islamic Revolutionary Guard Corps' (IRGC) sale and shipment of Iranian oil to China.
Narenda Modi tells Indians to stop buying gold, work from home, as Iran war dents economy Submitted by MEE staff on Mon, 05/11/2026 - 21:42 The prime minister's comments show how India's foreign exchange reserves are coming under pressure as a result of higher energy prices Indian Prime Minister Narendra Modi waves to his supporters during the swearing-in ceremony for Suvendu Adhikari, the newly-elected chief minister of West Bengal state, in Kolkata, on 9 May 2026 (Dibyangshu Sarkar/AFP) Off Prime Minister Narendra Modi on Sunday urged Indians to cut down on petrol and diesel consumption and stop buying gold, in a sign that the US-Israeli war on Iran is starting to jolt the world’s fourth-largest economy. India is one of the few countries in the region that has not increased petrol and diesel prices for domestic consumers or rationed supplies. However, it has increased the price of liquefied petroleum gas (LPG) - a primary cooking fuel in the country.
Netanyahu condemns EU sanctions on settlers 'for living' in occupied West Bank Israeli Prime Minister Benjamin Netanyahu’s office has lashed out at new European Union sanctions targeting Israeli settlers, rejecting the measures as illegitimate. In a statement, the office condemned the move, saying “sanctioning Jews for living" in the occupied West Bank is "unacceptable”. “Israel will always protect the rights of Jews to live in the heart of our ancestral homeland,” the statement said, adding: “The European Union’s attempts to sanction Israeli civilians is a further sign of weakness and will not succeed.
The EU's foreign policy chief said "extremism and violence carry consequences", while Israel branded the move "arbitrary".
Israeli PM slams ‘moral bankruptcy’ of EU over settler sanctions We will have more on this as we get it. Earlier we reported that Israel’s far-right National Security Minister, Itamar Ben Gvir, has condemned the European Union after it moved to sanction Israeli settlers accused of carrying out violence against Palestinians in the occupied West Bank calling it "anti-semetic".
World losing 100 million barrels a week of oil with Hormuz closed, Saudi Aramco chief says Submitted by MEE staff on Mon, 05/11/2026 - 18:14 Amin Nasser says their is a disconnect between oil futures prices and physical reality, as he warns about 'demand rationing' Amin Hassan Nasser, CEO of oil giant Aramco, during the Saudi-US investment forum in Riyadh, on 13 May 2025 (Fayez Nureldine/AFP) Off Global oil markets are losing 100 million barrels every week that the Strait of Hormuz is closed, as a result of the US-Israeli war on Iran , the head of Saudi Arabia’s state oil producer said on Monday. “The energy supply shock that began in the first quarter is the largest the world has ever experienced,” Saudi Aramco chief executive officer Amin Nasser told analysts on an earnings call. Nasser said the world is coping with the shock through "demand rationing" of available supplies.
As the government has been devising plans to keep the dollar dominant, China has been making its own moves to increase global influence of the renminbi.
New Delhi [India], May 11 (ANI): India is engaging with multiple countries to ensure uninterrupted energy supplies amid the ongoing tensions in West Asia, the Ministry of External Affairs (MEA) said on Monday.
