U.S. President Donald Trump has instructed aides to prepare for an extended blockade of Iran, the Wall Street Journal reported late on Tuesday, citing U.S. officials. Trump will opt to continue to squeeze Iran's economy and oil exports by preventing shipping to and from its ports, the report said. Despite a ceasefire in the U.S.-Israeli war with Iran, the conflict is deadlocked as both sides seek a formal end to the fighting. Brent crude futures for June rose $3.08, or 2.8%, to $114.34 a barrel at 0824GMT, climbing for an eighth day to the highest since March 31. The June contract expires on Thursday and the more active July contract was at $107.08, up 2.6%. U.S. West Texas Intermediate (WTI) futures for June CLc1 rose $2.75, or 2.8%, to $102.68 a barrel, the highest since April 13. The contract has risen for seven out of the last eight days. "The recent rise in oil prices has been driven by the Strait blockade. If Trump is prepared to extend the blockade, supply disruptions would worsen further and continue to push oil prices higher," said Yang An, an analyst at Haitong Futures. Investors were also assessing the ramifications of the United Arab Emirates' surprise decision to quit OPEC. Analysts did not expect any major near-term impact on the market by the move. "The United Arab Emirates' exit from OPEC+ formalises the organisations weaker cohesion, but the near‑term impact is limited," said an ANZ Research note. "The move reflects long‑standing quota tensions, but prices are still being driven more by geopolitics, inventories and logistics than by institutional changes." There must be a resolution in the Persian Gulf that allows for uninhibited energy flows through the Strait of Hormuz once again before the UAE's output increase can come into effect, ING analysts wrote in a note on Wednesday. In the medium to longer term the UAE's decision means more supply for the market, which suggests that the Brent forward curve should move into deeper backwardation, ING analysts said. Market participants awaited data from the U.S. Energy Information Administration on stockpiles. The American Petroleum Institute reported on Tuesday domestic crude oil inventories fell for a second week. (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
U.S. President Donald Trump has instructed aides to prepare for an extended blockade of Iran, the Wall Street Journal reported late on Tuesday, citing U.S. officials. Trump will opt to continue to squeeze Iran's economy and oil exports by preventing shipping to and from its ports…
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U.S. diesel prices reached a reported record average of $5.85 per gallon this Friday, with officials attributing the spike to ongoing conflicts with Iran disrupting global fuel supplies. Analysts suggest these increases may lead to higher transportation and consumer costs, while regular gasoline also rose to an average of $4.
15 per gallon, up from $3.20 a year prior.
According to unverified accounts provided by a relative, Valivade served as a refuge for approximately 5,000 Polish refugees between 1942 and 1948, a period marked by the displacement of civilians following the 1939 invasion of Poland. The source claims that individual survivors, including a girl reportedly disguised to avoid danger, found temporary stability at the settlement, which is locally known as "Drugi Dom.
The United States and Israel have reportedly engaged in a regional conflict with Iran for nearly six months, during which Strait of Hormuz oil transit has remained significantly below prewar levels of 20 million barrels per day, despite U.S. officials claiming Navy escort operations.
Although the Strait typically facilitates over 20% of global energy trade, analysts suggest that the Islamic Revolutionary Guard Corps may continue to restrict normal transit even if diplomatic agreements are reached. Current tensions have escalated following the expiration of a reported 60-day ceasefire, prompting the U.
S. to announce new economic isolation measures while hostilities appear to have resumed.
Sudan’s civil war, which has persisted for nearly four years, has reportedly displaced over 13 million people and caused significant famine, with casualty estimates suggesting approximately 59,000 deaths. Recent U.S. officials have highlighted the severity of the humanitarian crisis, noting that two-thirds of the population requires aid, while reports from the UN Security Council indicate that armed drones have been responsible for the majority of recorded civilian deaths in the first half of the year.