Iranian media reports three dead in fire at a shopping centre west from Tehran

Related News

• Portugal prepares draft bill for windfall tax on energy firms

  Portugal's Finance Minister Joaquim Mirando Sarmento announced on Tuesday that the government would ask parliament for approval to impose a "windfall tax" on energy companies who benefited from an increase in energy prices due to the Iran War. Portugal, Germany, Italy and Spain, as well as Austria, wrote to the European Commission in April to ask for a similar tax on a "European" level. However, Brussels let individual countries decide. Miranda Sarmento, the Portuguese Minister of Foreign Affairs, said that Portugal would "seek to achieve the highest level of coordination possible" with other countries. Miranda Sarmento, speaking to reporters in Brussels about the energy price shock that occurred after Russia invaded?Ukraine, said: "We will recalibrate, improve and, in the short term, we will present a proposed to parliament." He stated that the current situation is different from '2022 because 'overall inflationary forces are much lower. Core inflation, excluding food and energy, runs at around 2.2%. The Socialist Party introduced the mechanism 2022, and despite the fact that the centre-right government only holds a small minority of seats, it is expected to approve the proposal. (Reporting and editing by Andrei Khalip; Sergio Goncalves)

• Trump: Iran should "wave the white flag of surrender".

  On Tuesday, President Donald Trump dismissed Iran's military capability and said that?Tehran should "wave the white flag of surrender", but was too proud to do it. Trump told reporters that Iran has reduced its military to "peashooters", and that Tehran wants to make a deal in private despite public sabre rattling. They play 'games', but I can tell you that they are looking to strike a?deal. Who wouldn't want to make a deal, "when your military is totally gone?" He said. Trump praised the U.S.-led blockade on Iranian ports in the area. "It is like a sheet of steel. No one is going to challenge the blockade. "I think it is working very well", he said. Trump replied: "Well you'll know, because I'll tell you." They know what to avoid. Trump said Iran should "save the 'white flag of surrender. "If this was a fight, then they would stop it," Trump said.

• Pentagon chief: ceasefire in Iran not yet over

  U.S. Defense 'Secretary Pete Hegseth stated on Tuesday that the U.S. Operation to Protect Commercial Ships Against Iran in 'the Strait of Hormuz was temporary, Washington wasn't looking for a battle and the ceasefire agreement with Iran remains in place. Hegseth, a reporter, told reporters that the ceasefire was not yet over. "We promised to?defend aggressively and we have done so." Iran is aware of this, and the president has ultimate authority to decide whether or not a ceasefire violation occurs. The fragile peace in the Middle East was put under pressure?on Tuesday when the U.S. Iran and the United States exchanged gunfire in the Gulf, as they fought for control of the Strait of Hormuz. Donald Trump, the U.S. president, launched Project Freedom on Monday to take back control of the crucial waterway from Iran. Iran had effectively closed the Strait of Hormuz since the U.S., Israel and other countries started the conflict?on February 28, 2017. Hegseth stated that Iran does control the strait. "Project Freedom" is defensive in nature, a focused?scope, and a temporary duration. Its mission is to protect innocent commercial shipping against?Iranian aggression. The US forces will not need to enter Iranian waters or airspace. It is not necessary. Hegseth stated that they were not interested in a fight.

• Iraq offers May-loading Crude at Deep Discounts for Loading inside Hormuz

  Iraq offers Basrah May-loading 'crude' at steep discounts to term buyers who?load inside the Strait of Hormuz. This has been largely blocked ever since the iran conflict began. According to a?notice dated May 3, the state oil marketer SOMO offered its Basrah Medium Crude at a discount of $33.40 or $26 per barrel compared to its official May selling price. The offer was for loading between May 1 and May 10 or 'May 11 to 31 respectively. The document also showed that it offered Basrah Heavy crude?May-loading at a $30 discount per barrel for the May?OSP. Cargoes can be sold "free-on-board" at the Basrah Oil Terminal, or Single Point Moorings located both inside the Strait of Hormuz. It said that the OSP will determine the final destination for the cargoes. SOMO didn't immediately respond to an?request of comment. Discounts are a sign of increasing pressure on Iraqi crude oil exports, as there is a persistent risk in the waterway - regarded as 'critical artery' for global oil flows. Kpler data shows that most of Iraq's crude oil exports to Asia are shipped to Asia. Kpler reports that in April, only two vessels were loaded at Iraq's Basrah Port. One of the vessels has already travelled through the Strait of Hormuz, while the other hasn't.

• IAEA: drones damaged equipment at Zaporizhzhia Nuclear Plant in Ukraine

  The International Atomic Energy Agency reported that a drone had 'damaged' the meteorological monitoring equipment in a Russian-owned Zaporizhzhia Nuclear Power Plant located in southeast Ukraine. In the first weeks of Moscow’s invasion of Ukraine in February 2022, Russian forces seized Zaporizhzhia, Europe's largest nuclear power plant with six reactors. Since then, both sides have accused each other of taking military actions that could compromise the safety of the plant. IAEA posted on X that?a team from its experts visited the station's External Radiation Control Laboratory?, a day after Russian management claimed the plant had been struck by a drone. The IAEA's nuclear watchdog said that the team had observed damage to the laboratory's weather monitoring equipment, which was "no longer operational." In the statement, IAEA Director-General Rafael Grossi issued a new appeal for "maximum military restraint around all nuclear facilities in order to avoid safety risk". Since the start of the conflict, drones have 'hit the plant several times. On Sunday, the plant's management said that damage was?minor and operations were unaffected. The IAEA announced last week that it was attempting to arrange a local truce to allow repair work to be done. Grossi has made several visits to the Zaporizhzhia nuclear plant since it came under Russian control. The IAEA also has observers in place at Zaporizhzhia as well as Ukraine's other three working nuclear stations. (Reporting and editing by Nia William, Ron Popeski, Christopher Cushing and Abu Sultan in Bengaluru)

• IMF chief Georgieva warns a'much more worse outcome' is the Middle East war drags on into 2027

  The head of the International Monetary Fund warned on Monday that inflation is already increasing and the global economy could suffer a "much more serious outcome" if the Middle East war drags into 2027, and oil prices reach $125 a barrel. IMF's Kristalina Georgieva stated that due to the continued war, the "reference scenario", which assumed a short-lived crisis and forecasted a slight growth slowdown of 3.1% as well as a minor rise in prices at 4.4% was no longer feasible. Georgieva stated that "this scenario is moving further and farther behind the mirror in the rear view" with each passing day. She said that the "adverse scenarios" of the IMF were already in place due to the continuation of the conflict, the forecasted oil price of $100 or more per barrel and the rising inflationary pressures. She said that long-term inflation expectations were anchored, and financial conditions weren't tightening. But, this could change if war continued. She said: "If this trend continues and oil prices are $125 higher or less in 2027, we can expect an even worse outcome." "We will then see inflation rising and then, inevitably, 'inflation expectations' would begin to de-anchor." IMF released three scenarios last month for global GDP growth in 2026-2027, amid the uncertainty surrounding the Middle East war - a "reference scenario", a "middle adverse scenario", and a much worse "severe" scenario. The adverse scenario predicted global growth slowing down to 2.5% by 2026, and headline inflation at 5.4%. The severe scenario predicted growth of only 2% with headline inflation of 5,8%. Mike Wirth, Chairman and CEO of Chevron, spoke on the same panel. He said that the Strait of Hormuz would be closed, which is where 20% of global oil supplies passed before the war. Wirth stated that economies will start shrinking in Asia first as the demand is adjusted to "meet the supply" while the strait is closed due to the U.S. Israel war against Iran. Georgieva stated that the IMF is closely tracking the slow-moving effect of the conflict on supply chain, as fertilizer was already 30% to 40% higher in price, which would "drive food prices between 3% and 6 percent." Other industries may also be affected. She said: "I want to emphasize that this is a serious issue." She expressed concern about the fact that many policymakers still act as if the crisis will end in a few months, and are putting measures in place to reduce the impact on businesses and consumers, which is keeping the demand for oil high. She said, "Don't put gasoline on the fire." Everyone in this room understands that when your supply decreases, demand will follow.

• Commissioner says EU countries can better target their measures to reduce energy prices

  Valdis Dombrovskis, European Economic Commissar Valdis Dombrovskis said at a Monday press conference that the European Union could do a better job of targeting measures to reduce energy prices to the most vulnerable sectors of the economy. The International Monetary Fund and the Commission have criticised the EU for adopting measures such as reducing VAT or excise taxes on fuel. This lowers prices for all consumers rather than those most affected, causing the biggest price drop. Dombrovskis, after a meeting of the?EU Finance Ministers, said that "our first assessment of measures taken by member states to date shows that they could be better targeted?at those most affected." He said, "Our room for maneuvering is already limited due to the higher debt and deficit levels and a more competitive interest rate environment. We also urgently need additional defense spending." We simply cannot afford to make the same mistakes again. He said that it is essential for any'support measures' to be temporary, targeted, and not increase the?aggregate demand for energy. Dombrovskis said that although individual countries could impose windfall tax on energy companies "if they so choose", the Commission would not recommend such a measure at the European Level. "We do not recommend any?EU initiative because the previous application of a?windfall?tax during the energy crisis in 2022 produced mixed results," Dombrovskis stated. (Reporting from Makini Brice and Jan Strupczewski, in Paris; Editing by Matthew Lewis).

• Goldman warns that global oil reserves are approaching an eight-year low. The speed of depletion is a cause for concern

  Goldman Sachs warned on Monday that global oil stocks were approaching their 'lowest level in 8 years.' The speed of depletion was a growing concern, as the Strait of Hormuz remains restricted. The oil prices rose by about 6% after Iran attacked several ships in the Strait of Hormuz, and also set a UAE oil port on fire. This was the largest escalation of violence since President Donald Trump tried to use the U.S. Navy for freeing up shipping four weeks ago. Bank?estimated that total global oil stock stood at 101-days of global demand, and could drop to 98-days by the end May. Goldman said that while total global stock levels are unlikely to reach minimum operational levels by summer, the speed of depletion in some regions and products is worrying. Bank estimates that commercially refined 'products have been reduced from a stock of?50 DoD prior to the U.S. Israel war against Iran, down to 45 % DoD today. The bank also stated that the buffers for easily accessible refined products were rapidly approaching very low levels. (Reporting by Ishaan Arora in Bengaluru; Editing by Deepa Babington)

• China uses anti-sanctions laws to counter US blacklisting refiners

  China has, for the very first time, invoked a law that targets?companies? that comply with foreign sanction it rejects. This is a response to the U.S. listing of oil refineries who bought Iranian crude. The Ministry of Commerce issued an order on Saturday to companies to not comply with U.S. Sanctions against five refiners including the recently designated Hengli Petrochemical. Beijing cited a law which allows it to retaliate if entities enforce sanctions that Beijing deems illegal. Washington and other Western governments have sanctioned several Chinese firms that trade Iranian or Russian crude oil. This has drawn?repeated critics from Beijing. Hengli Petrochemical denies that it has traded with Iran. Independent refiners are the main buyers of Iran’s oil exports. TRUMP TO VISIT BENJING This move comes less than two weeks before U.S. president Donald Trump visits Beijing. It shows China's willingness, despite the trade truce between Washington and Beijing, to use its economic tools to exert pressure. China's law, which was introduced in 2021, and last revised in April, allows it to impose countermeasures against companies and individuals. These include trade and investment restrictions, as well as entry and exit limitations. Legal analysts claim that the law puts counterparties of sanctioned companies in a difficult situation, as they may be subject to Chinese law violations if?they comply with sanctions from abroad, or other penalties if not. The Canadian 'Trade Commission Service' warned companies in China operating last August about the potential for them to be caught between U.S. and European Union?rules, as well as Chinese?rules. China's People's Daily, the official newspaper of China, said that the decision "uses the strength of the rule-of-law to counteract the U.S.'s long arm jurisdiction." According to the law,?companies can apply for exemptions. A trader from a Hengli counterparty who declined to be identified said that firms with significant overseas business should be able make their case to Chinese regulators for exemptions. Lewis Jackson reports from Beijing. Tony Munroe, Mark Potter and Tony Munroe edited the article.

• China's Commerce Ministry blocks US Sanctions against Five Refineries

  According to Xinhua, the Chinese Ministry of Commerce announced on 'Saturday that it had issued a?injunction against U.S. sanctions imposed upon?five Chinese refining companies accused of allegedly buying Iranian oil. The Ministry named the five refineries as Hengli Petrochemical Refinery (Dalian), and so-called 'teapots' Shandong Jincheng Petrochemical Group Hebei Xinhai Chemical Group Shouguang Luqing Petrochemical, and Shandong Shengxing Chemical. The U.S. Treasury imposed sanctions in April on Hengli Petrochemical accusing the company of purchasing?billions in dollars of Iranian oil. This was an increase in Washington's ongoing effort to 'curb Tehran's revenue from oil. The Trump administration,?last year, imposed?sanctions against the other four refineries that were named by the Ministry. The ministry stated that the U.S. sanctions are in violation of "international law and basic norms" of international relations. The ministry said that it had issued an injunction as a result. The Ministry of Foreign Affairs stated that "the injunction specifies that the United States can't recognize, implement or comply with sanctions imposed on?the above?five Chinese firms." The sanctions caused some difficulties for the refiners, such as difficulty receiving crude oil and having to sell refined products with different names. Teapots make up a quarter of Chinese refinery capacity, but they operate at narrow margins - and sometimes even negative ones - due to a tepid demand.

• China urges urgent maintenance of Iran war ceasefire

  China's U.N. Ambassador Fu Cong said that it was a?urgent need to maintain the Iran War ceasefire. He also stated that the?Strait of Hormuz?issue?would?be?highly on the agenda when U.S. president Donald Trump visits China in this month. Fu told United Nations reporters that the strait must be reopened quickly. He said, "China is very concerned by recent remarks about the ceasefire only being temporary and the need for another round of attack." He said that the U.S. and Iran must lift their naval blockade. "The most urgent matter is to maintain the ceasefire. He said that the ceasefire "must last" and there must be good faith negotiations between the two parties. "I believe the international community needs to be mobilized, and we need to raise our voices in opposition to the return of war." When asked about the visit of President Donald Trump to China planned for this month, he replied: "I am sure that if Hormuz remains closed when President Trump visits China, then this issue will top the agenda in the bilateral discussions." Fu rejected as "false" allegations made by?some U.S. official? about military cooperation between China & Iran. Fu briefed at the beginning of the month long?Chinese Presidency of the U.N. Security Council, and said that?Chinese foreign Minister Wang Yi will preside a session on the council on 26 May. The U.S. State Department did not immediately respond when asked if Secretary of State Marco Rubio was planning to meet Wang during his visit to the U.S.

• Croatian fishermen hang their nets in response to fuel price hikes due to the Iran war

  Dinko Cvjetojevic, a fishing captain in Dubrovnik whose day's work was halted because of the rising cost of fuel, sat on his?boat, moored there. The summer was approaching fast, and it was sunny. There were plenty of fish in the sea. Cvjetojevic, however, had already done the math. Fuel costs now account for as much as 90% of all operating costs. This is roughly double what they were before the conflict cut off the Strait of Hormuz, the main oil export route. This made fishing "completely non-profitable". He said: "As you can see, today is a beautiful day but the ships have been moored." He'stocked up fuel before the prices went up, so he could 'keep a second ship?running for the time being. He said, "I am constantly trying to keep alive." If it continues like this, we will work for another month and then go swimming. Commercial fishing is an important but small sector on the Adriatic coast of Croatia. It employs several thousand people, and provides fresh fish for restaurants and hotels in peak tourist season. When related activities are taken into account, tourism, Croatia's primary economic engine, represents about one-fifth the?gross?product. This leaves a large portion of the economy vulnerable if fuel prices continue to rise through the summer. Cvjetojevic stated that 'his boats usually supply markets from Dubrovnik and Istria with part of their catch being exported to Italy and Slovenia. He has now scaled down his business and is only selling locally. He said, "Without the state's help, I don't see a solution." (Reporting and writing by Antonio Bronic, Ivana Sekularac, Editing by Andrew Heavens).