Headlines

China's cooperation with Iran is conducted within the framework of international law and should not be interfered with or disrupted, a foreign ministry spokesperson said on Tuesday when asked about new U.S. sanctions related to Iran. China is closely monitoring the developments and will take all necessary measures to firmly safeguard its own rights and interests, ministry spokesperson Lin Jian said at a press conference. The U.S. on Monday announced new sanctions on 60 individuals, [Read more]

Just two commodity vessels transited the key energy chokepoint of the Strait of Hormuz on Monday, for the lowest daily tally since early May, with both entering the Gulf, shipping data showed. The figure was also well below the 10-day average of 14, with just one very large gas carrier and one very large crude carrier entering the strait from the Gulf of Oman, according to shiptracker Kpler early on Tuesday. Although down from Sunday's tally of seven vessels of all types, the figures could [Read more]

Almost half the world's oil comes from countries affected by conflict in 2026, Reuters calculations show, underscoring that current disruptions have eclipsed previous energy crises. Six months ago, U.S. and Israeli attacks on Iran triggered what has become the largest oil supply crisis on record, with no clear end in sight. At the same time, the Russia-Ukraine war has forced production and refining cuts, including in nearby Kazakhstan this year. Ongoing conflict in Libya and U.S. [Read more]

Iran promised to retaliate against expanded U.S. sanctions that the Americans said would cut Iran's economic lifeline, with Tehran expressing confidence that major trading partners would resist Washington's pressure campaign. U.S. Treasury Secretary Scott Bessent unveiled the measures on Monday but stopped short of the most punishing sanctions, saying countries that continued trading with Iran risked being forced out of the dollar-based financial system. Bessent declined to identify the [Read more]

Japan plans no additional releases of crude oil from its national reserves in September or October, Economy, Trade and Industry Minister Ryosei Akazawa said on Tuesday. Crude oil procurement in September is expected to fall to about 80% of last year's average monthly volume from 100% in August, as tankers that would normally transit the Bab el-Mandeb Strait are being rerouted via the longer Suez route, he said. * Japan expects August procurement to match last year's monthly average, but [Read more]

WASHINGTON - Members of the Trump administration on Monday fanned across cable news stations and in front of crowds of loyal supporters to make the case for Donald Trump's latest tariffs on Canada as the president himself moved to escalate the trade war. Trump posted on social media that he intends to double tariffs on Canadian automobiles and auto parts to 50 per cent on Jan. 1. Later in the day he escalated that further, threatening to shut off the pipes which carry natural gas and oil from [Read more]

WASHINGTON - U.S. President Donald Trump is taking aim at Canadian energy flowing through the United States in another escalation of his trade war with Canada. In a post on his Truth Social account Trump warns of "consequences" if Canadian officials didn't "fall in line." The post specifically calls out Ontario Premier Doug Ford, who earlier in the day told an Ontario radio talk show program that Trump could "kiss my ass" and said Ontario should leverage energy and critical minerals in trade [Read more]

LONDON, Aug 24 - U.S. threats to impose "the toughest sanctions in history" to force Iran to buckle to its demands after nearly six months of war have raised the prospect of a new round of escalation in the Gulf. How could Iran respond to the economic pressure? CAN IRAN STOP MORE OIL GETTING OUT OF THE MIDDLE EAST? Mohsen Rezaei, the former Revolutionary Guards chief and secretary of Iran's Supreme National Security Council, has already threatened to shut down oil exports — one of [Read more]