Iran's Revolutionary Guards said any Arab or European country that expels the ambassadors of Israel and the U.S. from its territory will have full authority and freedom to pass through the Strait of Hormuz, Iranian state media reported on Monday. The crisis ​in the ​Middle East has halted shipping ‌and ⁠energy exports through the vital Strait of ​Hormuz, which carries roughly a fifth of global oil and liquefied natural gas flows. Hundreds of ships ​remain anchored on both sides of the [Read more]

Russian President Vladimir Putin, in a telephone conversation on Monday with U.S. President Donald Trump, put forward proposals for a quick settlement of the conflict around Iran, Kremlin foreign policy aide Yuri Ushakov said. Ushakov, giving an account of the conversation to reporters, said the two leaders also discussed the conflict in Ukraine and noted that Russian gains should prompt Kyiv's negotiators to move towards a settlement. He described the entire discussion as "very [Read more]

U.S. President Donald Trump is expected to review as early as Monday a set of options to tame oil prices, which have spiked to more than $100 a barrel due to the Iran war, according to two people familiar with the matter. The effort reflects White House worries that the surge in oil prices will hurt U.S. businesses and consumers ahead of the November midterm elections when Trump's fellow Republicans are hoping to retain control of Congress. U.S. officials in Washington have been discussing [Read more]

U.S. President Donald Trump said he would hold a press conference later on Monday before returning to Washington from Florida, but gave no details about what he would discuss. The press conference is scheduled for at about 5:30 p.m. (2130 GMT), after the U.S. markets close. It comes as global markets slumped more than a week into the war on Iran amid soaring oil prices and fears of spiking inflation. "Many important meetings and phone calls taking place today," Trump added in the social media [Read more]

Russian President Vladimir Putin said on Monday that the Iran war had triggered a global energy crisis and cautioned that oil production dependent on transport through the Strait of Hormuz could soon come to a complete halt. Putin, though, signalled again that Russia was ready to supply oil and gas to Europe. Russia is the world's second largest oil exporter and holds the world's biggest reserves of natural gas. Speaking at a televised meeting with government officials and heads of Russi's [Read more]

Investors are now seriously considering the possibility that war in the Middle East could create a stagflationary shock, just as it did 50 years ago, when disruption to global energy supplies sent inflation surging, and battered growth “The risk of a 1970s scenario is rising,” said Kaspar Hense, portfolio manager at RBC BlueBay Asset Management. “If there is another extended war, with oil prices going up significantly further, then the safe-haven status of government bonds are at risk, and [Read more]

The Group of Seven countries are considering releasing emergency oil stocks to address the Middle Eastern supply crisis, the International Energy Agency said on Monday, as oil prices surged to as high as almost $120 per barrel. IEA member countries that are net oil importers are required to keep at least 90 days' worth of oil imports in stock. Here is how much each G7 country has in stock, though the amount that can be released per day is constrained by local infrastructure. * The [Read more]