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What lies ahead for Iran’s economy as scope of US war grows beyond Hormuz?
Iran faces mounting economic pressure as US military operations extend beyond the Strait of Hormuz, affecting oil exports and domestic markets. The government has sold $11.5 billion in crude oil during the conflict and $6.5 billion under a now-suspended US agreement, while confronting potential fuel price increases amid social discontent.
‘Freeze the conflict’: Drones slow Kazakh oil flow amid Russia-Ukraine war
Kazakhstan has reduced oil production following drone attacks that forced closure of its main Black Sea export terminal. President Tokayev called for a ceasefire in the Russia-Ukraine conflict while praising Putin's diplomatic approach. The attacks, blamed on Ukraine, have disrupted exports of Kazakh crude through the Caspian Pipeline Consortium.
New front in US-Iran war escalates as Houthis fire at Saudi oil facilities
Tehran-backed Houthi forces in Yemen launched missile and drone attacks against two major Saudi oil facilities on the Red Sea, marking an escalation in regional tensions. The attacks occurred amid broader US-Iran hostilities and a collapsed truce agreement, with implications for global energy prices and regional stability.
Yemen’s Houthis target Saudi oil facilities along the Red Sea
Yemen's Houthi forces claim to have targeted Saudi Arabian oil facilities operated by Aramco along the Red Sea. Saudi authorities report they successfully intercepted the missile and drone attacks in the latest escalation between the two parties.
Oman talking with Tehran on Hormuz as US and Iran continue strikes
An Omani delegation has arrived in Tehran to discuss management of shipping traffic through the Strait of Hormuz amid ongoing US-Iran military exchanges. The strait, through which approximately 20 percent of global oil and gas exports passed before the conflict, has become a central focus of hostilities affecting global energy prices.
Is the US-Saudi nuclear deal on, or in limbo?
The United States and Saudi Arabia agreed on a civilian nuclear cooperation deal allowing Riyadh to generate electricity and export more natural resources. However, President Trump's demand that Saudi Arabia normalize relations with Israel before proceeding has complicated the agreement, as Saudi Arabia has long tied recognition of Israel to Palestinian statehood.
As oil soars, experts watch Red Sea tankers for clarity on Houthi blockade
Oil prices surged to $100.65 per barrel as Yemen's Houthis intensified a naval blockade in the Red Sea, attacking Saudi tankers and declaring they would target vessels linked to Saudi Arabia, Israel, and the United States. Analysts indicate the blockade is determining which operators can move crude rather than halting flows entirely, with Chinese-owned tankers receiving preferential passage.
Resumption of oil exports: Will Yemen recover its economic lifeline?
Yemen's Presidential Leadership Council announced plans to resume oil exports starting July 20 after a halt beginning in late 2022, aiming to restore critical foreign currency revenues for government operations. However, security challenges from ongoing conflict and the need to rebuild infrastructure, shipping confidence, and international buyer relationships present significant obstacles to successful export resumption.
Oil surges past $100 in a first since May as Middle East conflicts rage
Brent crude oil surged past $100 per barrel for the first time since May following Houthi attacks on Saudi Arabian oil tankers in the Red Sea. The escalating Middle East conflict, combined with disruptions to critical shipping routes including the Strait of Hormuz, has driven prices upward for a fifth consecutive day.
Trump says Saudi nuclear pact hinges on kingdom joining Abraham Accords
US President Donald Trump stated that a civilian nuclear cooperation agreement with Saudi Arabia is contingent on the kingdom joining the Abraham Accords and normalising relations with Israel. Trump also clarified that the deal would not permit uranium enrichment, contradicting earlier media reports about the agreement's scope.
Which Middle East nations have nuclear programmes, and how were they built?
The United States and Saudi Arabia have signed a 30-year nuclear cooperation agreement enabling Washington to assist the Gulf kingdom in developing a civilian nuclear programme. The deal, signed by US Energy Secretary Chris Wright and Saudi Energy Minister Abdulaziz bin Salman, permits US companies to transfer nuclear technology, though details remain unclear and concerns exist regarding proliferation safeguards in the volatile Middle East region.
Why a North Sea oilfield is emerging as British PM Burnham’s big test
British Prime Minister Andy Burnham faces pressure over whether to approve drilling at the Rosebank oilfield in the North Sea. Environmental groups and local residents oppose the project citing climate commitments, while a January 2025 court ruling requires new government approval with downstream emissions now factored into environmental assessments.
Iran, Houthis strike tankers as US bombing continues: What’s the latest?
The United States conducted its 12th consecutive night of strikes against Iran early Thursday, targeting military facilities including maritime capabilities and air defence assets. Iran's Islamic Revolutionary Guard Corps retaliated by striking targets in Kuwait and Jordan, while claiming an attack on a tanker in the Strait of Hormuz.
Saudi Arabia and US agree to landmark nuclear deal for civilian purposes
Saudi Arabia and the United States have reached a civilian nuclear agreement enabling Riyadh to construct nuclear reactors using American technology. The deal removes a previous requirement that Saudi Arabia normalise relations with Israel, a condition that had delayed negotiations for years.
Yemen’s Houthis claim attack on two Saudi oil tankers
Yemen's Houthi rebels claimed responsibility for attacking two Saudi oil tankers in the Red Sea using ballistic missiles, cruise missiles, and drones. The attacks follow the Houthis' announcement of a maritime blockade on Saudi vessels and occur amid broader disruptions to global shipping through critical Middle Eastern waterways.
US and Saudi Arabia announce nuclear cooperation deal
The United States and Saudi Arabia have announced a civilian nuclear cooperation agreement under Section 123 of the Atomic Energy Act. The Trump administration describes the deal as historic and says it will create US jobs while reinforcing nonproliferation standards, though reports suggest it may permit Saudi uranium enrichment domestically.
Death toll from blast at Indian hydroelectric project rises to 20 people
A methane gas explosion at a hydroelectric project under construction in India's Sikkim state has killed at least 20 workers, with 13 bodies recovered and seven to eight more seen but not yet retrieved. Rescue efforts are hampered by waterlogging, toxic gas, and monsoon flooding.
Proposed US-Saudi nuclear energy deal: What we know so far
The Trump administration has approved a nuclear cooperation agreement with Saudi Arabia permitting domestic uranium enrichment, marking a departure from longstanding US non-proliferation policy. The pact, expected to span 30 years, would enable US companies including Westinghouse to assist Saudi Arabia's civilian nuclear sector development.
Can the Suez save Asian oil consumers after Houthis shut Bab al-Mandeb?
Houthi blockade threats in the Red Sea have prompted two Saudi crude tankers to reverse course, risking approximately 6 million barrels daily destined for Asia. Asian refiners are exploring an alternative route through Egypt's Suez Canal and around Africa's Cape of Good Hope, though this would significantly extend delivery times and increase costs.
Iran, Gulf hit as Hormuz, Bab al-Mandeb close: What’s the latest?
The US military conducted its 11th consecutive round of strikes against Iran, targeting military infrastructure in multiple provinces. Simultaneously, Yemen's Houthis announced a naval blockade against Saudi Arabia, forcing oil tankers to turn back in the Red Sea, while closures of key shipping straits—Bab al-Mandeb and Hormuz—disrupt global trade routes.
Kuwaitis ration electricity after Iranian strikes hit power grid
Kuwait is implementing electricity rationing following Iranian strikes on power infrastructure, with authorities citing public conservation efforts to manage grid pressure during peak summer demand.
An embattled coal terminal could be a lifeline for US coal
The Trump administration announced $700 million in support for coal plants, including $75 million to revive a troubled Oakland coal terminal. West Oakland residents, led by Margaret Gordon, have opposed the terminal for over a decade due to concerns about air pollution and respiratory health impacts in their community.
Saudi condemns Houthi blockade: How will the rest of the world be impacted?
Saudi Arabia has condemned a Houthi announcement of a maritime blockade against the kingdom, citing retaliation for alleged Saudi siege on Yemen. The blockade threatens alternative oil export routes through the Red Sea and Bab al-Mandeb Strait, which carried approximately 4.1 billion barrels of crude oil and refined products in 2024—about five percent of global supply.
ASEAN diplomats voice ‘serious concern’ over Iran war and energy crisis
ASEAN foreign ministers expressed deep concern over energy supply disruptions caused by the Iran conflict and Strait of Hormuz closure. Southeast Asian nations, heavily dependent on Gulf oil imports, are seeking collaborative oil-sharing mechanisms to mitigate economic impact.
India tunnel collapse at a hydropower project kills 10 as 17 remain missing
A suspected methane explosion has caused a tunnel collapse at a hydropower project in India's Sikkim state, killing at least 10 workers and leaving 17 missing. The incident occurred at a 500-megawatt facility operated by the state-owned National Hydroelectric Power Corporation on the Teesta River.
Iran war: Look beyond stocks to understand state of economy, experts say
US Treasury yields have risen nearly 60 basis points since the start of the Iran conflict, reaching 4.6 percent and signaling investor expectations of higher inflation. The Strait of Hormuz remains largely closed, constraining global oil flows and pushing crude prices higher, with Brent crude trading near $91 per barrel and US petrol prices rising to $4 per gallon.
EU pauses methane penalties amid energy crisis, US pressure
The European Commission has recommended suspending penalties for oil and gas companies breaching methane emissions standards through 2030, citing energy security concerns amid Middle East tensions. The US, Qatar, Algeria, Nigeria, and some EU member states had pressured the EU to delay the regulation, which would have imposed fines up to 20 percent of annual turnover for non-compliance.
Petrol prices climb as US–Iran tensions disrupt markets
US petrol prices reached $4.00 per gallon amid escalating US-Iran tensions and Houthi naval threats. Brent crude oil climbed to $91.42, driven by concerns over Strait of Hormuz shipping disruptions and potential Iranian retaliation against energy infrastructure. Reduced vessel traffic through the strategic waterway reflects heightened geopolitical risk.
Since Islamabad MoU: What’s changed for the US, Iran and the Gulf?
The memorandum of understanding between the US and Iran signed in Islamabad on June 17 has unravelled, with both sides accusing each other of violations. The Strait of Hormuz has been closed by Iranian authorities, disrupting global oil and gas flows and raising crude prices significantly.
Iranians suffer from power blackouts during war and heatwave
Iran's electrical grid has collapsed due to military strikes and chronic underinvestment, leaving citizens without power during a severe heatwave. The national electricity company reported a 4,200-megawatt capacity drop and damage to over 2,000 network points, contradicting earlier government promises of uninterrupted summer supply.
Damage visible at Iran bridges and water plant after US attacks
US military strikes have damaged Iranian bridges and a water desalination plant following seven consecutive nights of attacks. Iran responded with missile launches targeting Gulf allies, with Kuwait implementing power conservation measures.
What to expect after the US reimposes naval blockade on Iran’s ports?
The United States has reimposed a naval blockade on Iran's southern ports following escalated military confrontations, threatening to remove approximately 1.5 million barrels of Iranian crude oil daily from global markets and potentially driving energy prices higher.
Iraq signs deals with Western oil firms, including to revive Syria pipeline
Iraq has signed preliminary agreements with Western energy companies, including Chevron, to rehabilitate a crude oil pipeline connecting Kirkuk to Syria's Mediterranean port. The deals aim to reduce Iraq's dependence on the Strait of Hormuz for oil exports, with total preliminary agreements valued at over $60 billion across energy, healthcare, and technology sectors.
Beyond LNG: Berlin’s red-carpet diplomacy signals a bigger bet on Algeria
German Chancellor Friedrich Merz hosted Algerian President Abdelmadjid Tebboune with military honours, marking a significant diplomatic and economic engagement. The two countries signed thirty agreements covering hydrocarbons, renewables, hydrogen, and manufacturing, as Germany seeks to diversify energy suppliers following reduced Russian gas imports.
Satellite images show damage inside Iran’s Bushehr nuclear power plant
Satellite imagery reveals new damage inside Iran's Bushehr nuclear power plant complex following US strikes between July 7 and 12. Iranian officials initially denied the reactor was hit, though satellite evidence shows impact scars within the facility.
Ukraine ‘cuts off’ Crimea from Russia, plunging it into an energy crisis
Ukraine has intensified operations targeting Russian fuel and electricity supplies to Crimea, striking 147 tankers and multiple power infrastructure sites since July 6. Russian occupation authorities acknowledge severe shortages with no timeline for normalisation despite Moscow's financial support.
US marines board commercial tanker in Gulf of Oman
US marines from the 11th Marine Expeditionary Unit boarded the commercial tanker M/T Wen Yao in the Gulf of Oman as part of naval operations against Iran, with video documentation released of the boarding action.
India debuts hydrogen-powered train as part of sustainability drive
India has inaugurated its first domestically built hydrogen-powered train, the NaMo Green Rail, which will operate on a 90km route between Jind and Sonipat in Haryana state. The zero-emission locomotive joins similar deployments in Japan, China, the United States, and Germany, supporting India's goal to achieve net-zero railways by 2030.
IEA chief warns Strait of Hormuz crisis threatens global energy security
The International Energy Agency chief Fatih Birol has warned that global energy security faces serious risk unless US-Iran tensions improve and oil flows through the Strait of Hormuz stabilize. Birol expressed concern that without improvement within weeks, the world should be worried about oil security. His warning follows escalating military strikes between the US and Iran, which have also jeopardized a recent US-Iran ceasefire agreement.
US approves nearly $2bn in weapons sale to Saudi Arabia
The United States Department of State has approved a $1.96 billion weapons sale to Saudi Arabia, including up to 20,000 Advanced Precision Kill Weapon Systems. The sale aims to strengthen Saudi air defences amid escalating tensions with Iran-backed Houthi forces in Yemen.
US strikes marine control tower in Iran
The US military struck a marine control tower in Iran's coastal city of Chabahar as part of a new round of daytime attacks on Wednesday.
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