News

The U.S. and Iran are set to hold peace talks in Pakistan, which has been mediating, but remain deeply divided on key issues, even though President Donald Trump has said proposals presented by Tehran were a "basis" for talks. Each side is sticking to competing demands for a deal to end the war that could shape the Middle East for generations. WHERE DO BOTH SIDES STAND? An Iranian delegation is due to arrive in Islamabad for talks based on a 10-point proposal, which shows little overlap [Read more]

British Foreign Secretary Yvette Cooper will say on Thursday that shipping through the Strait of Hormuz, which carries around a fifth of the world's oil and gas, must be toll-free, countering a push by Iran to control the vital waterway. Iran has said it wants to charge fees for ships to pass through the Strait of Hormuz. Before the U.S.-Israeli war with Iran, the strait was formally treated as an international waterway. "The fundamental freedoms of the seas must not be unilaterally [Read more]

U.S. President Donald Trump said on Wednesday its military ships and aircraft will remain around Iran and threatened that the U.S. will start "shooting" again unless Tehran fully complies with the deal reached with Washington. "All U.S. Ships, Aircraft, and Military Personnel, with additional Ammunition, Weaponry... will remain in place in, and around, Iran, until such time as the REAL AGREEMENT reached is fully complied with," Trump said on his Truth Social platform. "If for any reason it [Read more]

Oil prices rose on Thursday on investors' concerns supply from the key Middle East producing region may not fully resume amid doubts the two-week ceasefire between the U.S. and Iran will hold and as the crucial Strait of Hormuz remains restricted. Brent crude futures were up $2.6, or 2.74%, at $97.35 a barrel at 0048 GMT, while U.S. West Texas Intermediate (WTI) crude rose $3.02, or 3.2%, to $97.43 a barrel. Both benchmark prices fell below $100 per barrel in the previous trading session, [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Wednesday. WCS for May delivery in Hardisty, Alberta, settled at $14.90 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $16.65 on Tuesday. * The WCS differential narrowed on Wednesday after trading on Tuesday at its steepest discount since early 2024. * The differential had widened as the price of the North American benchmark WTI [Read more]

(Recasts with Iranian comments, paragraphs 1-12, updates oil prices, updates bullets) * Ceasefire fails to halt Israel-Hezbollah fighting, Israeli strikes kill 254 in Lebanon * US, Iran declare victory but core disputes unresolved, Strait of Hormuz remains restricted * Financial markets rally on truce, oil prices drop 14%, stock markets surge * US and Iran set for talks in Pakistan as the nations dispute nuclear terms By Steve Holland, Parisa Hafezi, Alexander Cornwell and Maya [Read more]

U.S. crude production is expected to decline through the mid-2030s, with global crude futures trading below $70 per barrel through 2030, the U.S. Energy Information Administration said in its Annual Energy Outlook on Wednesday. The U.S. is expected to produce between 12.4 million and 12.7 million barrels per day of crude by 2050, compared with 13.6 million bpd produced in 2025, with the Permian Basin accounting for most onshore output. Production is expected to hit a peak of 13.62 million bpd [Read more]