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Iran and Israel traded attacks on Tuesday as Tehran defiantly refused to reopen the Strait of Hormuz and accept a ceasefire deal on the eve of a deadline set by U.S. President Donald Trump to agree to his demands or get "taken out." Iran has rejected a U.S. proposal brokered by Pakistan for an immediate ceasefire and the lifting of its effective blockade of the strait, followed by talks on a broader peace settlement within 15 to 20 days, according to a source aware of the plan. The Iranian [Read more]

U.S. refiner Phillips 66 said on Monday its first-quarter results were hit by a sharp increase in commodity prices, leaving it with nearly $900 million in pre-tax mark-to-market losses, according to a filing with the Securities and Exchange Commission. Energy prices soared after the U.S.-Israeli war on Iran began in late February. Iran's effective closure of the Strait of Hormuz, a chokepoint for roughly a fifth of global oil and gas supplies, has roiled global energy markets and sent crude [Read more]

U.S. President Donald Trump's move allowing foreign-flagged cargo ships to move fuel and other goods between domestic ports has so far had little impact on American oil supply,according to trade data and analysts who noted that U.S. refiners and shippers are earning more profits sending fuel overseas. Last month, Trump waived Jones Act limitationsfor 60 days starting March 17, hoping the move would help tame the surge in fuel prices caused by the Iran war by increasing shipments from the U.S. [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Monday. WCS for May delivery in Hardisty, Alberta, settled at $16.15 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $14.60 on Thursday. Markets were closed on Friday for the Good Friday holiday. * The war in Iran has disrupted the global supply of medium and heavy sour barrels, contributing to tighter spreads for heavy crude last month [Read more]

U.S. President Donald Trump on Monday told reporters that he thought the Iranian people should rise up against the government in the country if a ceasefire were declared, but understood that it was too dangerous for them to do so. "Well they should do it but, again, the consequences are great," Trump said during a White House news conference. "I mean, they were told, 'If you protest, you will be shot immediately.'" Trump, who has threatened to bomb Iran's power plants and bridges, also [Read more]

The war in the Middle East will lead to higher inflation and slower global growth, the head of the International Monetary Fund told Reuters on Monday, ahead of a fresh forecast for the world economy planned by the global lender for next week. Barring the war, the IMF had expected a small upgrade in its projection for global growth of 3.3% in 2026 and 3.2% in 2027. "Had we not had this war we would have seen a small upgrade of our growth projections. Instead, all roads now lead to higher [Read more]

U.S. President Donald Trump on Monday told reporters that Iran could be taken out in one night, "and that night might be tomorrow night", warning Tehran it had to make a deal by Tuesday night or face the consequences. Trump had earlier vowed to enforce a Tuesday night deadline for Iran to agree to a ceasefire deal or face broad attacks on power plants and other critical infrastructure. "The entire country can be taken out in one night, and that night might be tomorrow night," he told a [Read more]

U.S. President Donald Trump said on Monday the Tuesday deadline he has set for Iran to make a deal is final, adding that Iran's proposal was significant but not good enough. "They made a proposal, and it's a significant proposal. It's a significant step. It's not good enough," Trump said of Iran. "It could end very quickly, the war, if they do what they have to do. They have to do certain things. They know that, they've been negotiating I think in good faith," he said while at an annual [Read more]

Chinese President Xi Jinping has called for accelerated planning and construction of a new energy system to safeguard the country's energy security, weeks into the Iran war that has triggered global energy shocks. The leader of the world's second-largest economy also emphasised hydropower development and ecological protection, while urging the safe and orderly expansion of nuclear power, according to state broadcaster CCTV on Monday. "The Party Central Committee has gained a profound grasp [Read more]