Iran touts Hormuz attacks as oil flows increase despite tensions
Mediators are trying to facilitate more talks, but Washington signals faith in its pressure tactics.
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Mediators are trying to facilitate more talks, but Washington signals faith in its pressure tactics.
Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence, joined Bloomberg's Paul Sweeney and Scarlet Fu to talk about the state of the oil and trade market as the US and Iran continue talks. Iran and the US appeared far apart on a new ceasefire deal or the reopening of the Strait of Hormuz, with Tehran saying it’s sticking to a proposal US President Donald Trump has rejected. Tehran made an offer to reopen the strait within seven days if Washington makes some concessions, which it hasn’t specified. Its leaders have previously said the US must lift a naval blockade and oil sanctions for there to be any progress on allowing more ships through the vital waterway. (Source: Bloomberg)
"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops. Today's guests: Seema Shah, Principal Asset Management Chief Global Strategist; Robin Niblett, Chatham House Distinguished Fellow; Wes Streeting, UK Defence Secretary; Chris O'Shea, Centrica CEO (Source: Bloomberg)
Iran says it’s still waiting for an official response from the US on its proposal to reopen the Strait of Hormuz.
US President Donald Trump on Saturday rejected a truce deal proposed by Iran that Tehran said could have reopened the Strait of Hormuz to shipping within a week. The waterway is key to the world’s energy supply and is now central to the conflict between the US and Iran, which is at a stalemate after nearly seven months. “I reject their proposal,” Trump told reporters outside the White House. “They want to make a deal where they open the Strait immediately because they’re losing so badly. “They...
Iran’s Foreign Minister Abbas Araghchi said on Friday that Tehran had offered Washington a plan that would see the Strait of Hormuz reopened to maritime navigation within seven days once agreed. Araghchi met with US President Donald Trump’s envoy Steve Witkoff for talks on Tuesday, and previously set out conditions for ending the war and reopening the vital energy shipping channel. “Iran has conveyed to the United States, through Qatar, a concrete seven-day plan. If the necessary conditions are...
US and Iranian negotiators are exploring a phased deal that would see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports, similar to the memorandum of understanding struck in mid-June. Charles Gorrivan reports on Bloomberg Television. (Source: Bloomberg)
Rob Barnett, Bloomberg Intelligence Senior Energy and Commodities Analyst, joined Bloomberg's Paul Sweeney and Scarlet Fu to discuss the latest in oil. Oil fell below $100, heading for its longest run of declines since June, as robust flows through the Strait of Hormuz and diplomacy around the US-Iran war tamed a recent rally. Brent, the global benchmark, fell as much as 4.2% while West Texas Intermediate futures were down over 5% to trade near $95 a barrel. Satellite data showed that Saudi Arabia’s observed oil loadings from inside the Persian Gulf jumped over the weekend, with the highest number of ships seen at the nation’s main Persian Gulf port since June. It’s a sign the kingdom has pivoted back toward Hormuz after the shutdown of a key cross-country pipeline to the Red Sea earlier this month following drone attacks. (Source: Bloomberg)
South Korean president will facilitate US-North Korea talks but will not deploy troops in US war on Iran.
Saudi Arabia is ramping up prompt spot sales of crude from outside the Strait of Hormuz following the shutdown of the kingdom’s East-West pipeline, which halted cross-country flows to its Red Sea coast.
Oil supplies from the Red Sea region have not been affected so far, says the Ministry of External Affairs; Oman is helping with search operations for missing Indian seafarer after attack on oil tanker, says government
Saudi Arabia asked for the meeting to be postponed, but Tehran says it will continue to seek a regionally backed bill.
Iran’s top security chief Mohsen Rezaei on Sunday said his country would establish a “prohibited zone” near the strategic Strait of Hormuz, state media reported. “In the coming days, a prohibited zone will be announced outside the Strait of Hormuz. This zone will start from the US Navy’s blockade line and include areas of the Persian Gulf. Any ship entering this new zone will be placed on the sanctions list” of Iran, Rezaei told state television. Also on Sunday, Iranian authorities said they...
US retail diesel rose to a record, threatening to further spike energy-driven inflation as wars in Iran and Russia roil the market.