Brent crude climbs above $105 after Trump rejects Iran response Oil prices continued to rise after US President Donald Trump described Iran’s response to Washington’s proposal as “unacceptable”, fuelling concerns that the conflict could intensify further and continue disrupting energy supplies through the Strait of Hormuz. Brent crude futures rose $4. 16, or 4.
Aramco CEO says world lost 1 billion barrels of oil in two months Saudi Aramco chief executive Amin Nasser said on Sunday that the world had lost around one billion barrels of oil supply over the past two months, according to Reuters. The comments came after Aramco reported a 25 percent rise in first-quarter net profits. Nasser added that global energy markets would need time to stabilise even if the Strait of Hormuz reopened and commercial shipping resumed.
Putin says Moscow prepared to store Iranian enriched uranium Russian President Vladimir Putin said Moscow is prepared to transport and store Iran’s stockpile of enriched uranium, reviving an arrangement previously used under the 2015 nuclear agreement. Speaking at a news conference in Moscow, Putin said Russia had removed enriched uranium from Iran in 2015 and was ready “to repeat this experience”. Putin said all sides in the conflict had initially agreed to move the uranium out of Iran, but negotiations later stalled.
Oil chiefs warn Hormuz closure exposes fragility of global energy system Senior figures in the oil and gas industry say the war involving Iran is set to reshape the global energy system, warning that recent disruptions have exposed deep structural weaknesses. Speaking to CNBC, industry leaders said the closure of the Strait of Hormuz has laid bare how vulnerable global supply chains are to shocks. They warned the disruption will drive a fundamental shift in the energy landscape, with governments and companies expected to place far greater emphasis on resilience.
US says naval blockade on Iran continues, 58 vessels diverted The United States says it is maintaining its naval blockade on Iran, with operations ongoing in the region. US Central Command said in a post on X its forces have intercepted dozens of vessels since mid-April as part of efforts to enforce the blockade. It added that, since 13 April, US forces have diverted 58 commercial ships and disabled four others to stop them from reaching Iranian ports.
Bahrain arrests 41 people it says are linked to Iran’s IRGC Bahrain’s interior minister said on Saturday that it arrested 41 people allegedly connected to Iran’s Revolutionary Guards, according to reports in the state news agency.
CIA estimates Iran can withstand blockade for four months A Central Intelligence Agency assessment has concluded that Iran could withstand the current US naval blockade for about four more months before facing enough economic pressure to force major concessions, according to a Reuters report citing a US official familiar with the analysis. The assessment suggests that Washington’s efforts to pressure Tehran have so far had only limited economic impact. The report comes as diplomatic efforts to end the conflict between the United States and Iran appear to be losing momentum.
Massive $7bn oil bets before Trump's Iran announcements raise questions Trading data reviewed by Reuters showed that investors placed roughly $7 billion in bets on falling oil prices during March and April, shortly before major announcements by US President Donald Trump concerning Iran policy and the war in the Middle East. The positions, involving crude oil, diesel and gasoline futures on the Intercontinental Exchange and Chicago Mercantile Exchange, were executed immediately before statements that triggered sharp price declines, raising questions about possible use of undisclosed information. Reuters reported that traders first identified unusual activity on 23 March, minutes before Trump announced a delay in attacks on Iranian energy infrastructure, causing prices to fall sharply.
Oil prices rise amid Hormuz tensions, hopes for agreement Brent crude futures rose sharply on Friday as tensions escalated between the United States and Iran in the Strait of Hormuz, though gains eased later amid expectations of a possible diplomatic breakthrough. Brent crude settled at $101. 29 per barrel, up $1.
Rubio says sanctions target Chinese entities providing Iran with satellite imagery US Secretary of State Marco Rubio said Washington had imposed sanctions on Chinese entities accused of providing Iran with satellite imagery used to support attacks against US forces in the Middle East. Rubio said the sanctions also targeted Iran’s overseas arms procurement networks and international companies alleged to have supplied raw materials for Tehran’s missile and drone programmes. “We will use our unilateral sanctions to pursue any party that violates UN Security Council resolutions on Iran,” Rubio said.
UN: Iran war pushes global food prices to three-year high Global food prices rose to their highest level since 2023 in April, driven in part by the conflict in the Middle East, according to the Food and Agriculture Organisation (FAO). The agency said its food price index increased 2 percent year-on-year as higher crude oil prices boosted demand for seed oils used in biofuels, while concerns over weaker production in Southeast Asia also pushed prices upward. The agency warned that sustained increases in fertiliser prices could encourage farmers to shift away from wheat towards less fertiliser-intensive crops, potentially tightening global wheat supplies further and placing additional upward pressure on prices.
US sanctions target firms tied to Iran drone supply network The US Treasury Department has imposed sanctions on 10 individuals and companies accused of helping Iran’s military obtain weapons and materials used in the production of Shahed drones. Officials said several of the sanctioned entities are based in China and Hong Kong and are linked to supply chains supporting Tehran’s drone programme. The move comes as diplomatic efforts to end the war with Iran remain stalled and ahead of a planned visit by US President Donald Trump to China for talks with Xi Jinping.
US allegedly blocking over 70 tankers from entering or leaving Iranian ports "There are currently more than 70 tankers that U. S. forces are preventing from entering or leaving Iranian ports," the United States Central Command announced in a post on X.
EU tells airlines passenger rules maintained despite Iran crisis The European Commission on Friday told airlines that the impact of the Iran war on the jet fuel market is not severe enough to allow airlines to charge passengers a fuel hike surcharge, or to avoid compensation payments for cancelled flights. All passenger protection rules remain unchanged, the commission said. Airlines could only be exempted from paying financial compensation to passengers in case of a flight cancellation due to local fuel shortages, the EU Commission said in a series of guidelines issued for airlines, confirming a Thursday report from Reuters.
Iran army says seized oil tanker in Sea of Oman Iran has seized the oil tanker Ocean Koi over an alleged attempt to disrupt Iran's oil exports, Iranian state media said on Friday.
Toyota sees 20 percent drop in annual profit as Iran war weighs Toyota forecast a 20 percent decline in profit for the current financial year on Friday, as cost and supply uncertainties stemming from the Iran war weigh on earnings even as robust demand for its hybrid models powers sales growth. The world's top-selling automaker expects an operating income of 3. 0 trillion yen ($19 billion) in the year to March 2027, compared with a result of 3.
Iraq denies US claims deputy oil minister helped Iran evade sanctions Iraq's oil ministry has denied US accusations against its deputy minister, who the United States hit with sanctions over alleged support to Iran, as Washington escalates pressure on Baghdad to break with Iranian-linked groups. The US State Department on Thursday announced sanctions on Ali Maarij al-Bahadli, saying he "abused his government position to divert Iraqi oil in support of the Iranian regime and its terrorist proxies. " It accused him of fraudulently mixing Iraqi and Iranian oil as part of a scheme to help Iran avoid sanctions.
Oil tanker reaches South Korea after passing Hormuz blockade An oil tanker that passed through the Strait of Hormuz arrived in South Korea on Friday, the first such vessel to reach the Asian nation by that route since Iran declared the critical waterway closed. South Korea relies heavily on Middle Eastern fuel imports, most of which transited through Hormuz until US-Israeli attacks on Iran in late February prompted Tehran to effectively shut the strait. The arrival of the Malta-flagged Odessa, carrying one million barrels of crude oil, will likely ease Seoul's concerns over energy security as the Iran war drags on.
Iran can survive the US blockade on Hormuz for months: Report Iran is able to outlast the US naval blockade on the Strait of Hormuz for at least three to four months, the Washington Post revealed based on a confidential CIA analysis. According to sources familiar with the document, Tehran also possesses significant ballistic missile capabilities despite intense bombardment of its sites during the war. A US official who spoke to the daily said they believe Iran’s capacity to endure economic hardship is beyond what CIA estimates indicated.
Hundreds of Iranian nationals detained by ICE amid June 2025 attack on Iran Submitted by MEE staff on Thu, 05/07/2026 - 21:45 More than 500 Iranian nationals were in US detention as late as December 2025, amid a wartime crackdown US Immigration and Customs Enforcement agents patrol Terminal C at LaGuardia Airport in New York City, on 24 March 2026 ( Michael M Santiago/Getty Images/AFP) Off US Immigration and Customs Enforcement (ICE) detained hundreds of Iranian nationals during the June 2025 attack on Iran, according to US government data obtained by the National Iranian American Council under a Freedom of Information Act (FOIA) request. “ICE conducted a major surge of arrests of Iranians amid the June 2025 war,” with 220 arrests in June and 80 in July 2025, the National Iranian American Council (NIAC) said on Wednesday. The crackdown came as the US capped off an Israeli attack on Iran by bombing the Natanz, Fordow and Isfahan nuclear complexes.
