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U.S. President Donald Trump threatened further strikes on Iran's Kharg Island oil export hub and urged allies to send warships to secure the Strait of Hormuz, as Tehran vowed to step up its response and the war showed no sign on Sunday of coming to an end. Trump said the U.S. strikes had "totally demolished" most of Kharg Island and warned that more could follow, telling NBC News, "We may hit it a few more times just for fun." While he said Tehran appeared ready to make a deal to end the [Read more]

United States forces executed a large-scale precision strike on Kharg Island in Iran on Friday night, the U.S. Central Command said on Saturday. "U.S. forces successfully struck more than 90 Iranian military targets on Kharg Island, while preserving the oil infrastructure," CENTCOM said. The strike destroyed naval mine storage facilities, missile storage bunkers, and multiple other military sites, the U.S. military said in a post on X. President Donald Trump threatenedon Friday to [Read more]

Kharg Island, where U.S. forces on Friday destroyed military targets, is the hub for 90% of Iran's oil exports and has long been seen as a key vulnerability that would provoke a severe response by Tehran if attacked. President Donald Trump said on social media that the U.S. "totally obliterated every MILITARY target" on Kharg and threatened that oil infrastructure could be targeted if Iran continues to interfere with shipping in the Strait of Hormuz. Iran, which ramped up oil output in the [Read more]

Some oil-loading operations have been suspended in the United Arab Emirates' Fujairah port, a major global hub for refuelling ships as well as crude and fuel exports, after a drone attack and fire on Saturday. WHY DOES FUJAIRAH MATTER GLOBALLY? Fujairah exported more than 1.7 million barrels per day of crude oil and refined fuels on average last year, according to Kpler data, a volume equal to about 1.7% of daily world demand. The port is located on the Gulf of Oman, approximately 70 [Read more]

OTTAWA - The Bank of Canada will be balancing a last-minute flood of economic data with uncertainty around trade and war in the Middle East as it prepares to make its second interest rate decision of 2026 this week. Economists say the central bank faces choppy waters in setting monetary policy this year, as a surprise spike in unemployment and weakness elsewhere in the economy weigh against fresh inflation risks from a global oil price shock. The Bank of Canada's policy rate stands at 2.25 per [Read more]

British energy major BP has received approval from the Trump administration to advance its Kaskida project in the Gulf of Mexico, a company spokesperson told Reuters in an emailed statement late on Friday. The $5 billion investment would unlock 10 billion barrels of resources that BP has discovered in the Paleogene fields of the U.S. Gulf, the spokesperson said. The U.S. Department of the Interior's approval of Kaskida follows a year-long review of the company's development plan, the [Read more]

Some oil loading operations have been suspended in the United Arab Emirates' Fujairah emirate, a major bunkering hub, industry and trade sources said, after a fire broke out there on Saturday. The fire occurred after debris fell during the interception of a drone, but no injuries were reported, the emirate's media office said. Civil defence forces are handling the incident to contain the fire, it added. Authorities did not provide any information about the reported suspension of [Read more]

U.S. President Donald Trump said on Saturday that many countries would send warships to keep the Strait of Hormuz open, but did not provide details on which countries would do so. "Many Countries, especially those who are affected by Iran’s attempted closure of the Hormuz Strait, will be sending War Ships, in conjunction with the United States of America, to keep the Strait open and safe," Trump wrote in a post on Truth Social. Trump said he hoped that China, France, Japan, South Korea, [Read more]