Iran

Mediators said that U.S. officials and Iranian officials had made "encouraging progress" during a first round of discussions in Switzerland, which ended early Monday morning, despite the tensions over Lebanon and Strait of Hormuz. Mediators Pakistan and Qatar said the parties agreed on a roadmap to a final deal to end their war within 60 days. This was despite the initial tension as 'Tehran' again closed the Strait of Hormuz and U.S. president Donald Trump threatened to restart attacks against Iran. The two sides said they had agreed on a mechanism that would end the fighting between U.S.-ally Israel and...

On Sunday, the United States and Iran will begin 'peace talks' in Switzerland. U.S. officials have disputed Iranian claims that the Strait of Hormuz is closed. Iranian state media reported that high-level Iranian officials arrived in Switzerland to hold peace talks with the U.S. The U.S. and Iran had agreed on a 60-day truce while negotiations are taking place. However, the Islamic Revolutionary Guard Corps of Iran declared the Strait of Hormuz closed, despite the U.S. Military stating that commercial vessels have continued to operate in the waterway. These developments could complicate negotiations between the two sides to implement an...

Israel and Hezbollah reached a ceasefire agreement in Lebanon on Friday, after an escalation of fighting in Lebanon threatened the chance that an interim deal to end the war in Iran would become a lasting Middle East Peace Deal. U.S. - Iran talks?in Switzerland scheduled for Friday have been cancelled due to the fighting in?Lebanon. This has created new uncertainty regarding the timing of the negotiations crucial to ensure that the Strait of Hormuz is reopened to global shipping. Just before 4 pm, Lebanon time (1300 GMT), a senior U.S. government official announced that a ceasefire was to be implemented...

The Crude Oil differentials in Europe that help set the Brent benchmark for the world have dropped further this week, as increased flows via the Strait of Hormuz has eased fears about Middle East supply disruptions. JD Vance, the Vice president of the United States, said that on Thursday 12.5 million barrels flowed through strait since the U.S. signed an interim agreement with Iran to end their conflict. Since the beginning of the fighting in late February, the strait has been closed to oil flow. It used to carry up 20 million barrels a day before. Six grades are used...

Donald 'Trump' said on Wednesday, that Israeli Prime Minister Benjamin Netanyahu could use "softer touches" in his fight against Hezbollah militants. This is the latest public rebuke from the U.S. President to his partner in war on Iran. Trump said to reporters at the end of the G7 summit on Wednesday that Netanyahu is a good person, but he gets a bit 'excited' sometimes. According to U.S. officials and Israelis, the Israeli leader convinced Trump to go to war with Iran and participated in attacks launched on 28 February. Netanyahu 'insisted that Israel was not bound by any U.S.Iran agreement...

U.S. president Donald?Trump stated on Wednesday that a?girls' school in Iran was not attacked deliberately in February. He cited?an investigation of the incident. First reported that an initial internal U.S. Military investigation indicated U.S. Forces were most likely responsible for the deadly strike in Minab, southern Iran. Since then, the Pentagon has elevated its investigation but hasn't acknowledged any preliminary results. According to Iranian officials, the strike on February 28th, the first day in the conflict, resulted in the deaths of more than?175 teachers and children. Trump said, "That is under investigation" at a press event held on the sidelines...

The U.S. is helping to export 7 million barrels of oil a day from the Persian Gulf. Energy Secretary Chris Wright, speaking at a Houston event on Friday, said that the U.S. military is helping to move oil out of the Persian Gulf. Wright stated that the oil flow in the Strait of Hormuz has been about half of what it was before the U.S. - Israel war began with Iran. Wright stated that "we have a recent military effort which began to remove cargoes" Wright, speaking at Bloomberg Energy's event, said that no?Iranian oil is leaving the Strait. He...

Saudi Arabian crude oil sales to China will likely remain at record lows this month as the high 'prices' in the wake of the U.S. and Israeli war on Iran continue to impact demand. Market participants closely monitor the allocations as a measure of Chinese demand. They indicate that refiners are reluctant to import barrels at high prices after run cuts, and because they have exhausted their domestic stocks. Saudi Aramco will ship 12 million barrels to China customers for July loading. This is about 387.096 barrels a day. Sources'requested anonymity because they weren't authorized to speak with the media....

Kuwait Petroleum Corp. (KPC) is offering fuel on-demand for the first since the start of the Iran War, according to four sources who are familiar with the matter. Separately KPC is 'offering 4,000,000 barrels of?crude? via tender. A fifth source who has direct knowledge of the issue said that the oil is being offered to Asian buyers. Three sources confirmed that the state firm had offered at least 90,000 metric tons (670,500 bar) of 10ppm gasoil, and a 55,000-60,000 tonne (489,500-534,500 barrels) of naphtha via private negotiations for a June loading. It was not possible to determine immediately if any...

After the war in Iran, companies that have borrowed oil from the U.S. Strategic Petroleum Reserve will receive an 'extra 40 mln barrels - of crude as premiums. Fuel prices have risen since the U.S. and Israel war against Iran began in early February. Wright, however, said that he was not concerned about low stock levels at?the SPR. Wright told Fox Business's "Varney & Company," "I am not concerned because we are not'selling' any barrels of crude oil. We're supplying oil 'to the market 'in the short-term when it is needed, and we trade those barrels." "For every barrel we...

Residents of Gaza and south Lebanon, as well as northern Israel and Kuwait, were all targeted this week, despite a ceasefire allegedly in place in their respective regions, arranged by the United States. Israeli forces are still active in Gaza and Lebanon. Hezbollah's rockets struck northern Israel and Iranian attacks targeted Kuwait's airport. Donald Trump, the U.S. president, commented on Wednesday about the continued violence in the Middle East. He said that ceasefires involved "shooting?in a moderate manner", rather than an end to all fighting. Three truces that his administration has negotiated are meant to stop the "warfare". While the...

Residents in Gaza, Lebanon's south, northern Israel, and Kuwait have all been under fire in the past week, despite ceasefires that were supposedly in place in these regions, arranged by the United States. Israeli airstrikes struck Gaza and Lebanon. Israeli forces are still "actively" deployed in both locations. Hezbollah launched rockets at northern Israel and Iranians attacked Kuwait's airport. The violence has continued. The continued violence prompted?U.S. The three?truces that his administration negotiated were intended to?stop the war. While the major combat has been greatly reduced, munitions still fall and people still die. Here's how the ceasefires and fighting are...

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...

The U.S. is entering the peak driving season of summer just as gasoline prices are rising. A tight supply situation has been created by a combination of a strong domestic demand, and a surge in fuel exports. The soaring summer demand for American automobiles has not deterred U.S. refiners, who are increasingly focusing on lucrative jet and diesel fuel production in order to fill global shortages due to shipping disruptions along the Strait of Hormuz. This critical passageway is responsible for?nearly one fifth of all global oil flows. It has been effectively closed since the start of the Iran War....

Hengli Petrochemical in China, which was sanctioned by the U.S. because it allegedly purchased Iranian oil, bought at least 2 million barrels of West African crude and is seeking more mainstream supply. Six people have said that Hengli is seeking to buy oil from sources not sanctioned by Washington. The company was penalised in April for buying Iranian oil and denied doing so. Hengli, a privately owned refinery that operates in Dalian (northeast China) and produces 400,000 barrels per day, inquired recently about purchasing cargoes from West Africa and non-Iranian Middle Eastern oil?for deliveries starting June, according to multiple sources....

Donald Trump on a Wednesday appeared to be embracing data that showed a rise in inflation of more than 4%. He told reporters that he "loved the inflation" and reiterated his belief prices would fall once the Iran War ended. When asked about U.S. data that showed consumer inflation increased in May at the fastest rate in three years, and if it could hurt his fellow Republicans months before November's midterm elections, Trump replied: "I love inflation." Trump then explained that he approved a plan to secretly move oil tanks through the Strait of Hormuz due to concerns about higher...

U.S. president Donald 'Trump' on Friday pledged to end the Iran War quickly and remove an alleged source of high prices while campaigning in rural central Wisconsin. He was doing so in a bid for Republicans to keep control of Congress in midterm elections. The visit to Chippewa Falls highlighted the Republican strategy to retain control of the U.S.?House of Representatives. He said that progress could be made in the negotiations with Iran, but a deal to end this conflict is still elusive. He encouraged Wisconsin voters to be energized in preparation for the election. Trump stated at a roundtable...

According to shipping data, and analysts, Iranian crude oil exports and condensate fell to their lowest levels?in six years?in?May. They were well below 300,000. barrels per day. This was mainly because of the U.S. Naval Blockade. The U.S. started enforcing its blockade in April, which choked Iranian exports. This is because the oil market has been facing a shortage of supply due to the Iranian closure of the Strait of Hormuz, cutting off exports from Saudi Arabia. Vortexa data indicates that Iran's exports in May averaged around 209,000 bpd, down sharply from the 1.34 million in April and almost 1.9...

Analysts and trade sources reported that South Korea's refiners increased jet fuel exports to pre-Iran War levels in May, helped by an increase in?crude oil imports, and encouraged by the robust margins of refining. The rebound of?one of Asia’s top fuel exporters as seen in a series of spot cargo sales has eased concerns about a tight supply, and helped to cool down prices in the area. In the last two weeks, spot premiums on aviation fuel fell by 50% to about $2 per barrel. This compares to a record-high of more than 20 dollars in March. Data from Kpler...

Bangladesh has increased retail fuel prices for the second time in six weeks. The increase in kerosene and petrol is a?5 taka per litre. This could lead to an inflationary spiral in this import-dependent country. Petrol will now cost 140 takas ($1.15) a litre, and kerosene 135 takas per litre. Diesel, the most commonly used fuel in the country, remains unchanged at 115 Taka per litre. In a notice, the Energy Ministry stated that the revised rates had been determined in accordance with changes in global petroleum product prices. In 2024, Bangladesh implemented an automatic fuel pricing system. Under this...

Donald Trump, the U.S. president, said that he is not concerned about the political fallout from an extended conflict with Iran. He also stated that the Iranian leaders miscalculated when they thought the November midterm elections would compel him to a 'deal. Trump, speaking of Iran's leaders at a cabinet meeting in the White House, said: "They thought that they would outwait me." You know, "We'll be able to outwait him. He has the midterms. "I don't really care about the midterms." Trump made these comments while he was discussing how to end conflict. Many of Trump's Republican allies had...

Marco Rubio, the Secretary of State, said that although there has been some progress in talks with Iran, and the United States is constantly communicating?with pakistani'mediators', there is still a lot more work to be done. There has been progress. I would not exaggerate. "I wouldn't minimize it," Rubio said to reporters following a NATO Ministers Meeting in Sweden. He added, "There is still more work to do." "We are not yet there." "I hope we get there." Rubio stated that President Donald Trump prefers to make a "good deal". He said that the core concern is that Iran cannot...