Oman and Iran have agreed on a proposed framework to resume safe navigation through the Strait of Hormuz that includes establishing a joint temporary shipping lane and a project to demine the waterway, they said in a joint statement on Tuesday. Oman's foreign minister arrived in Iran earlier on Tuesday for talks with his Iranian counterpart on future arrangements for the strait. (Reporting by Yomna Ehab and Muhammad Al Gebaly Editing by Gareth Jones) [Read more]

The resurgent trade spat between U.S. President Donald Trump and Canadian Prime Minister Mark Carney comes at a delicate juncture for both North American countries - and the global economy. Missteps between the neighboring G7 nations could have wide-ranging economic impacts. The Trump administration imposed 50% tariffs on an array of ‌Canadian goods on Saturday after bilateral talks collapsed on Friday. These levies might appear modest on the surface, applying to only 5.5% of Canada's exports to [Read more]

U.S. Treasury Secretary Scott Bessent invoked the famous D-Day landing of Allied troops in France in 1944 when announcing new sanctions against Iran. But the measures are better compared to another World War Two amphibious landing, the considerably less successful Anzio beachhead in Italy. The Anzio battle was marked by the initial success of Allied landings, but a lack of decisive leadership saw the campaign stall and turn into a months-long campaign of attrition that largely failed to [Read more]

China's cooperation with Iran is conducted within the framework of international law and should not be interfered with or disrupted, a foreign ministry spokesperson said on Tuesday when asked about new U.S. sanctions related to Iran. China is closely monitoring the developments and will take all necessary measures to firmly safeguard its own rights and interests, ministry spokesperson Lin Jian said at a press conference. The U.S. on Monday announced new sanctions on 60 individuals, [Read more]

Just two commodity vessels transited the key energy chokepoint of the Strait of Hormuz on Monday, for the lowest daily tally since early May, with both entering the Gulf, shipping data showed. The figure was also well below the 10-day average of 14, with just one very large gas carrier and one very large crude carrier entering the strait from the Gulf of Oman, according to shiptracker Kpler early on Tuesday. Although down from Sunday's tally of seven vessels of all types, the figures could [Read more]

Almost half the world's oil comes from countries affected by conflict in 2026, Reuters calculations show, underscoring that current disruptions have eclipsed previous energy crises. Six months ago, U.S. and Israeli attacks on Iran triggered what has become the largest oil supply crisis on record, with no clear end in sight. At the same time, the Russia-Ukraine war has forced production and refining cuts, including in nearby Kazakhstan this year. Ongoing conflict in Libya and U.S. [Read more]

Iran promised to retaliate against expanded U.S. sanctions that the Americans said would cut Iran's economic lifeline, with Tehran expressing confidence that major trading partners would resist Washington's pressure campaign. U.S. Treasury Secretary Scott Bessent unveiled the measures on Monday but stopped short of the most punishing sanctions, saying countries that continued trading with Iran risked being forced out of the dollar-based financial system. Bessent declined to identify the [Read more]

Japan plans no additional releases of crude oil from its national reserves in September or October, Economy, Trade and Industry Minister Ryosei Akazawa said on Tuesday. Crude oil procurement in September is expected to fall to about 80% of last year's average monthly volume from 100% in August, as tankers that would normally transit the Bab el-Mandeb Strait are being rerouted via the longer Suez route, he said. * Japan expects August procurement to match last year's monthly average, but [Read more]

LONDON, Aug 24 - U.S. threats to impose "the toughest sanctions in history" to force Iran to buckle to its demands after nearly six months of war have raised the prospect of a new round of escalation in the Gulf. How could Iran respond to the economic pressure? CAN IRAN STOP MORE OIL GETTING OUT OF THE MIDDLE EAST? Mohsen Rezaei, the former Revolutionary Guards chief and secretary of Iran's Supreme National Security Council, has already threatened to shut down oil exports — one of [Read more]