Iran's top negotiator Mohammad Baqer Qalibaf said on Wednesday that no one will be able to sell oil in a region where Iran is not able to do so, adding that if Tehran's security is not ensured, no infrastructure will be safe. "The equation of this war is clear: either all or none," Qalibaf said in a post on X, adding that the security of the Strait of Hormuz lies in the absence of American forces. (Reporting by Yomna Ehab and Ahmed Tolba; Editing by Alison Williams) [Read more]

President Donald Trump renewed his threats to attack Iranian infrastructure on Wednesday, saying the U.S. would attack a bridge or power plant each time Tehran targets a ship in the Strait of Hormuz. "Any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran," Trump said [Read more]

U.S. Secretary of State Marco Rubio said on Wednesday that Iran is not serious about talks to end their war, as the widening conflict disrupted two of the world's most critical energy chokepoints. Four tankers carrying Saudi crude to Asia reversed course in the Red Sea on Wednesday, a day after three others had done so, following threats to block Saudi shipping from Yemen's Iran-aligned Houthis, who control the coast on the southern route out. With Iran already threatening shipping out of the [Read more]

Four tankers changed their navigational course in the Red Sea on Wednesday with two signalling the Suez Canal as their new destination after Yemen's Houthi militia warned ships to avoid sailing to Saudi Arabian ports, ship tracking data showed. The vessels all changed their direction, with the other two signalling their destination as open waters in the Red Sea, according to LSEG and MarineTraffic ship tracking data and analysis from British maritime risk management group Vanguard. A fifth [Read more]

Ships with links to Israel, the United States or Saudi Arabia are at a higher risk of being attacked by Yemen's Iran-aligned Houthi militia and are advised to avoid voyages through the Red Sea and Gulf of Aden, the European Union's naval force Aspides said on Wednesday. “EUNAVFOR ASPIDES recommends that merchant vessels linked to Israeli, U.S. or Saudi interests avoid transiting the Red Sea and Gulf of Aden until the threat level decreases,” said the force's advisory to the shipping industry [Read more]

Europe faces a looming "death valley" of high energy costs over the next decade that threatens to erode its industrial base, even if its ambitious new plan to double electricity consumption by 2040 materializes. The European Commission on Friday unveiled an Electrification Action Plan aimed at increasing electricity's share of final energy consumption from around 23% today to 46% by 2040, with an interim reference target of 32% by 2030. The strategy seeks to accelerate the electrification [Read more]

Oil prices extended gains on Wednesday as fears of further supply disruptions intensified after U.S. forces struck Iranian military targets for the 11th straight night, while oil tankers made U-turns in the Red Sea after warnings by Iran-backed Houthi militia. Brent crude futures rose $1, or 1.1%, to $92.01 a barrel at 0330 GMT. U.S. West Texas Intermediate crude climbed 82 cents, or 1.0%, to $85.16. The gains came after oil settled at a five-week high on Tuesday in the wake of U.S. forces [Read more]

The United States' war in Iran has cost $37.5 billion so far, U.S. Defense Secretary Pete Hegseth said on Tuesday, an increase of nearly $8 billion since the last public estimate. Hegseth told lawmakers at a hearing in Washington that the figure included certain aspects of the war as well as anticipated costs through September 30. It ⁠was unclear how the Pentagon arrived at the $37.5 billion figure. A source told Reuters in March that ⁠President Donald Trump's ​administration estimated the [Read more]