Iran's state TV said Tehran had obtained a draft of an initial, unofficial framework for a memorandum of understanding with the United States on ending their conflict. Under the framework, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while the United States would withdraw military forces from Iran's vicinity and lift a naval blockade. State TV said the framework, which excludes military vessels and envisages Iran managing ship [Read more]

Three months since the Iran war began, persistently high oil prices have policymakers grappling with renewed inflation fears, while sliding currencies are a headache for some Asian countries. But the conflict has boosted other assets, especially oil, and the dollar's credentials as a safe-haven. Here's a look at some stand-out winners and losers. OIL'S WIDER IMPACT Oil's roughly 40% jump has upended the outlook for inflation and interest rates. On the physical market, crude prices [Read more]

The sudden ousting of BP Chairman Albert Manifold over allegations of misconduct less than eight months after he took office plunges the British energy giant into its second leadership scandal in less than three years. These repeated leadership misfires suggest BP’s board is quickly becoming a liability. His departure is related to aggressive conduct towards BP staff, which came to light following a whistleblower complaint, according to sources close to the board. Manifold was hired to [Read more]

Northern Oil and Gas said on Tuesday it would buy a 25% stake in Parallax Energy Operating’s light-oil assets in Canada's Duvernay shale for an initial purchase price of about C$350 million ($253.60 million). The non-operated stake will mark NOG’s entry into Canada and expand its inventory of low-cost drilling locations. Duvernay shale remains less developed than major U.S. oil basins such as the Permian and contains large undeveloped drilling inventory. * Northern Oil and Gas said it will [Read more]

Iran's foreign ministry said in a statement on Tuesday that the United States has violated the ceasefire with strikes in Iran's southern Hormozgan province. The U.S. military carried out strikes on Monday in southern Iran against targets including boats attempting to lay mines and missile launch sites, in what it described as defensive actions. Iranian media reported early on Tuesday that sounds of explosions were heard in Bandar Abbas in the province. "The United States committed a [Read more]

Brent crude futures rose nearly 2% in early Asian trade on Tuesday after the U.S. military carried ​out strikes in southern Iran in what it ​described as defensive actions, keeping markets on edge as a deal to end the war eludes both sides. Brent futures climbed $1.40, or 1.5%, to $97.56 a barrel as of 0006 GMT, after settling 7% lower in the previous session. U.S. West Texas Intermediate crude fetched $91.25, up slightly from Monday's last traded price but down $5.30, or 5.5% from [Read more]