Headlines

Iran said on Monday it was still in control of the Strait of Hormuz and not seeking to resume peace talks with the United States, after President Donald Trump halted a two-week bombing campaign that his top brass told him had run its course. Following 13 successive nights of intensifying bombing that provoked Tehran to fire on U.S. bases in response, Trump halted the campaign over the weekend. Iran said it would pause its own attacks for as long as the U.S. pause in bombing endures. Trump's [Read more]

Ship traffic through Bab el-Mandeb fell on Sunday after Yemeni Houthis attacked Saudi oil installations along the Red Sea coast, while transit through the Strait of Hormuz stayed low over the weekend, shipping data from Kpler showed on Monday. Eleven commodity vessels passed through the Bab el-Mandeb strait on Sunday, the lowest level in months, the data showed. Red Sea traffic has been disrupted off the coast of Yemen since last week by the Tehran-aligned Houthis, who want to blockade [Read more]

Iran will halt its own attacks as long as the United States maintains its latest pause on air strikes, a senior Iranian official told Reuters on Sunday, after President Donald Trump abruptly called off his two-week-old bombing campaign. After 13 nights of intensifying U.S. air strikes on Iran, the Pentagon abruptly suspended the campaign late on Friday, with no U.S. attacks reported on either Saturday or Sunday. Iran, which had been following each night of U.S. attacks with its own strikes [Read more]

Signs of the Iran war's spread emerged this weekend despite a pause in U.S. strikes, as Yemen's Iran-aligned Houthis attacked Saudi oil installations along the Red Sea coast and Iran accused Ukraine of targeting an Iranian vessel in the Caspian Sea. The U.S. military said on Saturday that its naval blockade against Iran "remains in full effect" but did not explain why it halted a streak of 13 nights of escalating strikes. Asked about the pause, a senior official in President Donald Trump's [Read more]

Air defence systems in Saudi Arabia intercepted two ballistic missiles from Yemen on Saturday targeting oil refineries in Yanbu, Greek security sources told Reuters, a day after U.S. forces launched fresh air strikes on Iran. Saudi civil defence had issued several warnings for Yanbu, on the Red Sea, and later said the danger had passed. Civil defence also issued a warning for the port city of Jizan about 1,000 km (620 miles) to the south, close to the Yemeni border. There were no immediate [Read more]

Kuwait Petroleum Corporation (KPC) has signed a $16 billion deal to lease and lease back its crude oil pipeline network with a consortium comprising global funds Blackstone, Brookfield and KKR, the state-owned Gulf firm said on Saturday. It said it was the largest foreign direct investment in the country's history. Under the investment called Project Peregrine, KPC's unit Kuwait Oil Company (KOC) is establishing a joint venture with the three global investors in a lease and leaseback [Read more]

Iranian Oil Minister Mohsen Paknejad said Iran sold $11.5 billion worth of oil during the war and a further $6.5 billion during a ceasefire, when lower risks to tanker traffic helped increase exports and enabled the sale of part of around 100 million barrels of stored crude oil and gas condensate. The sales generated more than 60% of the oil revenue forecast in Iran's annual budget, Paknejad said. (Reporting by Enas Alashray; Editing by Louise Heavens) [Read more]

U.S. oil and gas producer Devon Energy is weighing a potential sale of its Eagle Ford and Powder River shale assets that could fetch more than $4 billion, Bloomberg News reported on Friday, citing people familiar with the matter. The potential divestment comes amid continued investor pressure on Devon to streamline its portfolio and focus on its core Permian Basin operations following its recent merger with Coterra Energy, with some shareholders urging faster asset sales. The report said Devon [Read more]