U.S. Gas Prices Climb Further as Effects of War Reverberate
The national average price of a gallon of gasoline hit $4. 23, following oil prices upward as supplies from the Middle East remain disrupted.
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Iran rial hits record low against dollar amid US blockade
Iran rial hits record low against dollar amid US blockade The Iranian rial plummeted to a record low against the dollar on Wednesday, according to currency-tracking websites, as a US naval blockade of the country's ports continued. On the black market, the rial was trading at around 1. 8m rials against the dollar, the Bonbast and AlanChand websites reported.
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US in stagflation for first time in decades 2008 crash prophet
Ray Dalios warning comes amid a consumer price hike triggered by the Iran war and an economic downturn The US has slipped into stagflation for the first time in decades, billionaire hedge fund boss Ray Dalio has said. The assessment comes despite the Federal Reserve's insistence that the term overstates the current crisis, caused in large part by the war on Iran.
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Tehran says it reserves right to counter US ‘state-sponsored piracy’
Tehran says it reserves right to counter US ‘state-sponsored piracy’ Iran’s ambassador to the United Nations, Amir-Saeid Iravani, said Iran reserves the right to respond to what he described as US “state-sponsored piracy and terrorism” following the seizure of Iranian commercial vessels. In a letter to the UN secretary-general and the United Nations Security Council president, he accused the United States of unlawful actions at sea. Iravani said the seizures of vessels violate international law, the UN Charter and maritime conventions, and warned they threaten navigation and regional stability.
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US Flags Sanctions Risk Over China 'Teapot' Refineries
New posts 10:26 Japanese Vessel Safely Passes Strait of Hormuz Japanese Prime Minister Sanae Takaichi has confirmed that a Japanese-linked vessel that had been stranded in the Persian Gulf safely passed through the Strait of Hormuz on April 29 and is heading to Japan with three Japanese crew members on board.
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UAE exit from OPEC+ may not ease oil prices, could heighten volatility, weaken cartel premium: Report
New Delhi [India], April 29 (ANI): The decision of the United Arab Emirates (UAE) to leave OPEC and OPEC+ may not lead to an immediate fall in oil prices but is likely to increase volatility and weaken the long-term price stability provided by the cartel, according to a report by ASK Wealth Advisors.
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Envoy Urges UNSC to Condemn ‘US Piracy’ over Seizure of Iranian Oil Tankers
TEHRAN (Tasnim) – Iran’s UN ambassador called on the Security Council to condemn “piracy-style” seizures of Iranian oil tankers by the United States, demanding their immediate release and warning of serious consequences for international maritime security.
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Tehran labels US ship seizures "piracy" in formal protest to UN Secretary-General Antonio Guterres
New York [US], April 29 (ANI): Amidst intensifying maritime friction, Iran has lodged a formal complaint with the United Nations, accusing the US of engaging in 'piracy' following the seizure of Iranian vessels.
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Iran taps reserves again as inflation bites and layoffs mount
Iran has once again tapped its sovereign wealth reserves to fund essential imports, highlighting the growing strain on an economy battered by war, inflation and a rapidly weakening currency.
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US Treasury Secretary says Iran oil industry "creaking" under blockade; projects USD 170 million daily loss
Washington, DC [US], April 29 (ANI): US Treasury Secretary Scott Bessent has stated that Kharg Island, the primary oil export terminal for Iran, is reaching its maximum storage limits.
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Trump prepares for long-term blockade of Iran, report says
Trump prepares for long-term blockade of Iran, report says The The Wall Street Journal reported that President Donald Trump has instructed aides to prepare for a prolonged blockade of Iran. The report said the strategy aims to sustain pressure on Iran’s economy and oil exports by restricting shipping to and from its ports, rather than resuming military strikes. According to the report, Trump remains unwilling to drop demands that Tehran commit to suspending uranium enrichment for at least 20 years, while concluding that alternative options carry greater risks than maintaining the blockade.
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Iran urges UN to act over US seizure of Iranian ships
Iran urges UN to act over US seizure of Iranian ships Iran’s ambassador to the United Nations, Amir-Saeid Iravani, has sent a letter to the UN secretary-general and the United Nations Security Council president protesting the United States’ seizure of Iranian vessels, describing the actions as “piracy”. According to Tasnim News Agency, he said such acts cannot be justified under domestic legal arrangements. “Such behaviour constitutes illegal coercion, interference in lawful international trade, and the unlawful seizure of property,” Iravani wrote, warning it “sets a dangerous precedent” that undermines international law.
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US sanctions 35 entities over Iran ‘shadow banking’ network
US sanctions 35 entities over Iran ‘shadow banking’ network US Treasury Secretary Scott Bessent said Washington has imposed sanctions on 35 entities and individuals linked to what it described as Iran’s “shadow banking” networks. “Iran’s shadow banking system serves as a critical financial lifeline for its armed forces,” he said, adding that it enables activities that disrupt trade and fuel violence in the Middle East. Bessent said “illicit funds funnelled through this network support the regime’s ongoing terrorist operations”, warning that financial institutions engaging with such networks risk “severe consequences”.
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US boards vessel but allows passage in Iran blockade
US boards vessel but allows passage in Iran blockade The US Central Command (Centcom) said US forces boarded a commercial vessel, the Blue Star III, during enforcement of the blockade on Iran’s ports, but allowed it to continue its journey after inspection. Marines boarded the ship from a helicopter and confirmed it was not heading to an Iranian port. Centcom said the vessel was released after the search, marking the first time a boarded ship has not been taken into custody since the blockade began more than two weeks ago.
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Crude oil climbs above $111 as diplomacy falters
Crude oil climbs above $111 as diplomacy falters Oil prices rose again as uncertainty surrounding the conflict between the United States and Iran continued to weigh on markets. Brent crude for June delivery climbed to about $111. 18 a barrel, while July contracts rose to around $104.
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Economic Fury: US sanctions Iran's 35 "shadow banking" architecture
Washington DC [US], April 29 (ANI): In a major escalation of its 'Economic Fury' campaign, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) on Tuesday designated 35 entities and individuals central to Iran's clandestine shadow banking network.
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'Empowered': UAE's exit from Opec appeases Trump, delivers blow to Saudi Arabia
'Empowered': UAE's exit from Opec appeases Trump, delivers blow to Saudi Arabia Submitted by Sean Mathews on Tue, 04/28/2026 - 21:58 By leaving Opec amid the blockade of Hormuz, the UAE is positioning itself to be a long-term disruptor to Saudi-led energy bloc UAE President Sheikh Mohamed bin Zayed al-Nahyan in Dubai on 17 November 2025 (Giuseppe Cacace/AFP) Off The UAE’ s exit from Opec next month is a shot across the bows to Saudi Arabia and a potential offering to US President Donald Trump, in the latest sign the war on Iran is exacerbating old tensions in the Gulf instead of uniting the region. On the surface, the UAE’s exit from the Organization of Petroleum Exporting Countries (Opec) is a culmination of its long-running spat with Saudi Arabia over how much oil member states should be allowed to pump. Until recently, Riyadh wanted to limit supply to support prices while the UAE favoured looser production.
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EU climate chief says energy crisis boosts case to ditch fossil fuels
EU climate chief says energy crisis boosts case to ditch fossil fuels Wopke Hoekstra, European Commissioner for Climate Action, said the energy crisis linked to the US-Israeli war on Iran strengthens the case for phasing out fossil fuels. “We already had a very good reason to move on… for climate action. We now also have it for commercial reasons, and reasons of energy independence,” he said.
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Treasury Issues More Sanctions on Iranian Oil Exports
The measures aim to crack down on Iran’s shadow banking system and Chinese purchases of Iranian oil.
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US boards, releases vessel suspected of heading to Iran
US boards, releases vessel suspected of heading to Iran US Central Command said forces boarded and later released a commercial ship suspected of heading to Iran after determining it would not dock at an Iranian port. A video showed Marines descending from a helicopter onto the Comoros-flagged vessel in the Arabian Sea. CENTCOM said it has now redirected 39 vessels since the start of the blockade on Iranian ports.
