Iran

Five sources familiar with the talks claim that Pakistan is negotiating a broader?defence agreement with Kuwait, in exchange for energy investment and cooperation. All sources agreed that the talks are still in a 'early stage' and could be complicated by the heightened tensions between Iran and the United States, according to one source. According to a report on Thursday, there are growing concerns in Islamabad about the possibility that the mutual defence agreement signed with Saudi Arabia last year could drag Pakistan into a war between Iran and the United States. Pakistan, a nuclear-armed country, told Iran that it would...

Three sources said that Iran had asked the Houthi movement in Yemen to be ready to shut down the Red Sea Oil Route if?the United States struck Iranian power infrastructure. This poses a powerful new threat to global oil supplies. Two senior Iranian sources, as well as a'regional source' familiar with the issue, said that the idea was discussed within the Islamic Republic leadership and the message had been'sent' to Iran's Houthi ally. Sources said that the Houthis were recently informed of Tehran's request. This was not previously reported. They didn't give any further details about how the message was...

Industry sources say China's fuel demand will take a long time to recover after its imports hit a record low. Refiners reduced production and opted for cheaper crude as a result of the U.S. - Iran war. China's low demand for high-sulphur oil (HSFO), one of Asia’s largest importers, is expected to limit prices. This is despite the fact that the market has strengthened after Washington and Tehran intensified their attacks on the Middle East disrupting Gulf supply through the Strait of Hormuz. LSEG data show that the Asian refiners' margins for 380 centistoke HSFO rose to a discount of...

Yemen's Houthi group fired missiles on Saudi Arabia, accusing it of bombing a Saudi airport that was under their control. This broke a four-year ceasefire in the conflict between Saudi Arabia and the Iran-aligned movement. This move marks the end of the de-escalation period and is a sign that Iran may now use its Houthi allies in order to shut down the Bab el-Mandeb entrance to the Red Sea. It would be the second 'global /shipping chokepoint disrupted since the Strait of Hormuz. WHO ARE HOUTHIS? Abdul Malik al-Houthi is the leader of Yemen’s Houthis. He is a highly secretive...

After a series of antisemitic attacks on British streets, the British government used powers similar to proscriptions in order to combat state-backed threats. This power would effectively ban support for these groups, and give police and intelligence agencies?new powers to combat any threats related to them. Keir starmer, the Prime Minister of Britain, said that "these 'new powers' will make it easier for anyone to be prosecuted and jailed in Britain who is doing their dirty work." Since its establishment in 1979, the IRGC has been an elite military force loyal the Supreme Leader of the Islamic Republic. The Islamic...

The International Energy Agency said on Friday that the recent escalation of hostilities between the U.S., Iran, and other countries could change its forecast of an oil surplus next year. Global supply increased in June after the Strait of Hormuz was reopened, but it still lagged behind pre-war levels. Last month, global oil markets were given some relief as a peace deal between the U.S.A. and Iran allowed the opening of Strait of Hormuz. The closure of this strait had effectively cut off up to 14 million barrels of crude per day during the height of the biggest oil supply...

U.S. President Donald Trump warned Iran the United States would likely launch additional strikes on Wednesday night, following the attacks of the previous day. "I'll give a little warning. We're going hit them hard tonight," Trump said to reporters before his meeting with Ukrainian president Volodymyr Zelenskiy at the NATO Summit in Turkey. Trump had said to reporters in Ankara that a memorandum-of-understanding between the United States & Iran, which served as an initial ceasefire agreement, was "over". He did not say that Washington would go back to full-fledged warfare, and it was not clear if the negotiations to turn...

The International Monetary Fund lowered its global growth forecast for 2026 again on Wednesday, to 3.0%. It warned of the ongoing risks caused by the Middle East war, trade fragmentation, and possible corrections in the market expectations regarding AI. Global lender said the war had prevented a more severe downturn in the global economy, and that the demand-driven growth in the tech industry helped?to _offset the drop in energy supply caused by the war. Growth is expected to rebound in 2027 at 3.4%, which is below the 3.5% average seen in 2024-2025. The IMF increased its headline inflation forecast for...

Mark Rutte, NATO Secretary General, said that the?new U.S. attacks on Iran? were "absolutely needed" The?U.S. The?U.S. Rutte said to reporters in Ankara, before the NATO summit. "When there is a ceasefire and Iran basically violates the ceasefire I think that it is absolutely crucial that the U.S. react forcefully." The European leaders will try to persuade Donald Trump to commit to the alliance after he renewed his disagreements with them regarding the Iran War and Greenland. Rutte stated that there was no doubt about the "complete commitment" of the United States to NATO, which he added also worked to...

On Tuesday, the United States revoked a general license which authorized the sale of Iranian crude oil. A U.S. official had warned that Iran's actions in the Strait of Hormuz are "wholly unacceptable" and that they will be met with consequences after attacks on tankers along the strategic waterway. The announcement led to an increase of more than 5% in oil prices. The U.S. Treasury announced that it would allow Iran to wind down its oil transactions until July 17, which were allowed under the license now revoked. An official from the United States said that despite this latest escalation,...

U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline'retailers' to lower prices in celebration of the U.S.'s 250th birthday, reinforcing 'Trump's message with a warning 'we're monitoring' Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, especially during the 250th anniversary of the?Oil Industry, because we are watching." Bessent repeated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big issues." "If Retailers...

Oil prices increased on Monday following days of titt-for-tat attacks?by the United States and Iran?in the Middle East, which highlighted the fragility of the interim peace agreement and once again slowed down energy shipping through the Strait of Hormuz. Brent crude futures rose 52 cents or 0.672% to $72.51 per barrel at 2313 GMT, while U.S. West Texas Intermediate was up 71 cents or 1.03%, trading at $69.94. Brent crude dropped 10.6% last weekend, its third consecutive weekly decline. Crude shipments through the Strait increased last week to the highest level since February, when the U.S. - Israel conflict with...

The Syrian authorities announced on Thursday that they had foiled a smuggling attempt of advanced weapons and missiles from Iraq across the border. According to an Interior Ministry official quoted by the state news agency SANA, the shipment seemed to be destined for the militant group Hezbollah. General Authority of Ports and Customs in Syria said that the shipment of drones and rockets was hidden inside one of the oil tanker trucks heading to Baniyas. The shipment was discovered during routine inspections at the al-Tanf crossing between Syria, Iraq and Syria. Customs officers then conducted a thorough search of the...

The price of oil rose on?Thursday for a forth consecutive day after a wave of U.S. strikes?on Iranian installations fueled fears of a full-scale conflict and supply?disruptions? in the Strait of Hormuz. After reimposing its naval blockade, the United States hit?Iran?s?coastal defenses and missile sites, on Wednesday. Iran, meanwhile, threatened to cut off regional energy exports by saying that it was in a "existential conflict" with America. Brent crude futures were up 33 cents or 0.4% to $85.28 a barge by 0026 GMT. U.S. West Texas intermediate futures were up 42 cents or 0.5% to $80.02 a barrel. Both benchmarks...

The price of oil rose 2% to its highest level in four weeks on Tuesday as the U.S. reimposed a naval blockade of?Iran and the U.S. and Iran intensified their attacks in the Strait of?Hormuz. This increased uncertainty over?energy flow. Brent crude futures rose $1.68 or 2% to $84.98 a barrel at 0051 GMT. U.S. West Texas Intermediate Crude gained $1.65 or 2.1% to $79.79 a barrel. Brent crude gained 9.6% during the previous session. This was its largest daily gain since May 2019. The oil prices have reached their highest level since June 17, when the two countries signed...

The local RFE/RL branch reported that Tajikistan has 60 days worth of fuel reserves. It is also in discussions with nearby countries to secure future supplies. This comes amid acute fuel shortages in Russia, a major trading partner. Radio Ozodi quoted the minister Daler Juma as saying "The export of some types?of petroleum products is still continuing from Russia to Tajikistan." At the same time, some difficulties continue. The broadcaster quoted the minister as saying that Tajikistan worked with Kazakhstan, Turkmenistan and Iran to ensure it had the fuel it needed. Tajikistan is a small country with a population of...

Are you looking for inspiration? Weekend Reads is a weekly roundup of what the Open Interest team was reading, watching, and listening to. This week's picks include the impact of war on?energy security and food, China's ability to leverage critical minerals, and World Cup drama. We'll be reading RON BOUSSO's ROI Energy Columnist's paper, which examines the global impacts of Ukraine's drone attack on Russia's oil refinery infrastructure. The analysis provides great detail about the extent of the damage. CLYDE RUSSELL is a columnist for ROI Asia 'Commodities and Energy. The Iran War threatened to cause a food shortage. The...

Oil prices rose on Thursday, after the U.S. launched new?strikes in Iran. This dented hopes of an end to the Iran war, and the full reopening of the Strait of Hormuz. The Strait of Hormuz is a chokepoint that supplies one-fifth of the world's oil supply before the war. Brent crude futures were up 78 cents or 1% at $78.8 per barrel as of 0054 GMT. U.S. West Texas Intermediate Crude Futures rose 74 cents or 1.01% to $74.26 per barrel by 0054 GMT. WTI and Brent crude prices rose by more than $1 in the post-settlement trading on Wednesday,...

Three sources told Reuters that OPEC+ countries are likely to agree on a 'further increase in their 'output targets for August, when they meet?Sunday. This will add supply at a moment of falling prices, as the Strait of Hormuz slowly reopens. Sources said that the target for August will be the same as it was for June and for July. OPEC didn't immediately respond to a comment request. All sources, who spoke under condition of anonymity, said that 'no decision has been finalized. Seven members of OPEC+ (which groups OPEC, Russia and other producers) have increased their 'output quotas between...

Indian sources in the refining industry said that several middlemen offered discounted Iranian oil to Indian'refiners' as Tehran tries to speed up sales following Washington’s temporary waiver of sanctions. After the first round of talks in a new peace agreement, the United States lifted sanctions against Iran for 60-days, allowing for a limited window to resume energy trade. Sources said that the Iranian state oil producer had allocated oil to Indian refiners through NIOC and intermediaries. "Apart from NIOC several traders contact us to sell Iranian?oil. One of the refining source said, "My priority is to give NIOC a chance."...

Tehran will gain billions from the 60-day reprieve of U.S. Sanctions announced on Monday. However, unwinding four decades of restrictions could take many years. The question is whether a U.S. interim deal with Iran will translate into lasting economic benefits, given the complexity of dismantling sanctions that encompass U.S. law, international measures, and private sector risk concerns. Since the late 1970s, the United Nations, U.S., and European Union have imposed "sanctions, trade embargoes, and frozen assets" over Iran's nuke program, human right violations, and support of militant groups in the region. According to a memorandum signed last week by the...

Local media reported that South Korea will maintain its current fuel prices until there is more clarity about the U.S. Iran agreement and its impact upon global oil markets. Yang Gi-wook a senior official in the industry ministry, told a briefing the government would decide if the next round of ceilings will be set after monitoring the progress towards 'ending the Middle East Conflict, the reopening the Strait of Hormuz, and the movements of global oil prices. Yang said that the current price caps are expected to last for two to four weeks. However, it is too early to predict...

Donald Trump, the U.S. president, made his comments at the end of a G7 summit in France on Wednesday. He said he didn't want an economic disaster that could have resulted from a prolonged war in the Middle East. "The one thing I did not want to see was an economic catastrophe. Trump said to reporters at the resort on Evian-les-Bains' lake that if you had kept going with this, "that could have happened." The?U.S. The?U.S. The conflict, which began on February 28, with U.S.-Israeli strikes against Iran, and has since spiraled out of control, has caused energy prices to...

After the U.S. and Iran deal to end the Middle East conflict, spot premiums for crude oil in Asia are back to their pre-war level. However, caution over how soon normal shipping will resume is keeping the oil markets afloat. Prices fell across the board after U.S. president Donald Trump announced that a preliminary deal had been signed. Details have not yet been released, and the U.S. as well as Iran say that a permanent ceasefire is still being negotiated. Dubai's premium for swaps on Middle East crude returned to its pre-war level of $2.06 a barrel on Monday. This...