The U.S. and Iran could reach a deal on Tuesday or Wednesday to reopen the Strait of Hormuz with freedom of movement for commercial ships, Treasury Secretary Scott Bessent said in an interview. “We are in talks with the Iranians,” Bessent told CNBC’s “Squawk Box.” “There is a chance we may have a deal today…
Ukraine’s President Volodymyr Zelenskyy said Monday that he wants to avoid opening a “new front” after Ukraine’s military struck an Iranian commercial vessel in the Caspian Sea on Saturday. “We have to be careful. We have to do everything we can to not open a new front in any way,” Zelenskyy told Britain’s Sky News…
Oil tankers are increasingly coming under fire on several fronts as economic warfare is deployed as a weapon in the escalating conflicts in the Middle East and Europe. Iran has stepped up its attacks on tankers in and around the Strait of Hormuz this month as it tries to impose its control over the crucial…
Before the war in Iran, roughly 15 million barrels of Persian Gulf oil were shipped each day through the Strait of Hormuz. Within a few years, much of that oil could bypass the strait. As Iran’s chokehold on the strait drags on and oil prices surge — to over $100 per barrel for Brent Crude…
Maritime insurance prices have soared amid shipping disruptions in the Strait of Hormuz and are also rising for vessels traversing the Bab al-Mandeb, with both waterways – critical channels for the global economy – now theatres of war. Yemen’s Iran-aligned Houthi group announced a blockade of Saudi Arabian ports and ships in the Bab al-Mandeb…
President Donald Trump has threatened that the US would destroy an Iranian bridge or power plant any time its forces attack a ship in the Strait of Hormuz. Potential targets would include ones “located next to, or in,” the capital Tehran, he said in a post on Truth Social. The military response would follow any…
President Trump is attending the dignified transfer for U.S. Army soldiers killed during the ongoing war with Iran. U.S. Army Lt. Tyler James Feehan, 25, of Ewa Beach, Hawaii was killed in action on July 18, and Pvt. Isabella Gonzales, 19, of Carrollton, Texas, was killed in action on July 17 during an attack on…
The security situation in the Strait of Hormuz has returned to a “worse-case scenario” for oil tankers as Iran has repeatedly attacked ships over the past week, the CEO of a maritime risk services firm said. “We see the reduction of the volume of transits through the Strait of Hormuz and right now crews of…
Drone and rocket strikes killed nine members of an Iranian Kurdish armed opposition group in Iraq’s Kurdistan region on Friday, the exiled party said, blaming the attack on Iran. In Erbil, the capital of Kurdistan, rebels shot down several drones, the group said, and Agence France-Presse journalists heard loud explosions in the city. The Kurdish…
The world is getting a live demonstration of what happens when a fifth of its oil is forced through a single, contested waterway. Since late February, Iran’s blockade of the Strait of Hormuz has slashed tanker traffic and rattled global energy markets, with Brent crude trading at around US$82/barrel this week. The internet, it turns…
