Headlines

The United States and Gulf Arab nations are drafting a U.N. Security Council resolution designed to condemn Iran for blocking the Strait of Hormuz in response to a U.S.-Israeli bombing campaign, U.S. Ambassador to the U.N. Mike Waltz said on Monday. Waltz said negotiations will take place this week on the resolution, which comes after permanent Security Council members Russia and China blocked a resolution last month that Washington hoped would galvanize international efforts to restore [Read more]

Fire broke out at a major UAE oil industry zone on Monday after a drone attack originating from Iran, authorities said, as the Gulf state's military separately intercepted three Iranian missiles over its waters and a fourth crashed into the sea. Civil defence teams were deployed immediately to contain the blaze at the Fujairah Oil Industry Zone, the Fujairah Media Office said in a statement, adding that three Indian citizens were moderately injured in the attack and taken to hospital. The [Read more]

Is 4% the new 2%? U.S. inflation has been above the Federal Reserve's target for so long that many observers believe policymakers have implicitly accepted a higher level. The worry now is that it just keeps rising. Businesses, consumers and investors could be forgiven for thinking that policymakers, despite their repeated commitment to the Fed's 2% goal, are comfortable with 3% inflation. Headline annual PCE and CPI inflation rates have been above the Fed's 2% target every single month [Read more]

Land management company EagleRock is targeting a valuation of up to $2.6 billion in its initial public offering in the United States, as it seeks to tap renewed investor interest in the energy sector. The Houston-based company said it was aiming to raise up to $346 million in the IPO by offering 17.3 million shares priced between $17 and $20 apiece. Goldman Sachs, Barclays, J.P. Morgan, Piper Sandler and Raymond James ⁠are among ​the underwriters for the offering. EagleRock intends ​to [Read more]

The United Arab Emirates on Monday accused Iran of attacking an empty crude oil tanker belonging to the Abu Dhabi state oil firm ADNOC with drones as it attempted to pass through the Strait of Hormuz. ADNOC's maritime energy logistics unit said the Barakah was empty when it was attacked by two drones, and no injuries were reported. "The UAE further stressed the need for Iran to halt these unprovoked attacks, ensure its full commitment to an immediate cessation of all hostilities, and the [Read more]

Iran warned the U.S. Navy against entering the Strait of Hormuz, according to a statement from the unified command of Iran's armed forces reported by state media, after the U.S. announced it would start an effort on Monday to free ships stranded in the waterway. "We have repeatedly said the security of the Strait of Hormuz is in our hands and that the safe passage of vessels needs to be coordinated with the armed forces," the Iranian statement added. (Reporting by Dubai Newsroom; Editing [Read more]

It's easy to dismiss the agreement by the seven remaining members of the OPEC+ group of crude oil exporters to increase output for a third straight month in June as merely symbolic. Certainly, as long as the Strait of Hormuz remains effectively closed, the decision to lift production by 188,000 barrels per day (bpd) is largely meaningless, especially for the OPEC+ members reliant on the narrow waterway for access to global markets. But just because the decision is symbolic, it doesn't mean [Read more]