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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.