New attacks hit three commercial ships in the Gulf on Wednesday, setting at least one vessel on fire, as Iran pressed its campaign against its energy-exporting neighbours and forced world governments to dip into their strategic oil reserves. Oil prices surged higher by more that five percent in early trading and markets have see-sawed since the end
The ongoing Israeli-American war on Iran, for all its complexity and global effects, boils down to a single question: Who can take the pain the longest? A surge in oil prices points to what may be Iran's most effective weapon and the United States' biggest vulnerability in continuing the campaign: Damaging the world economy. Wednesday's major developments
Israel and Iran exchanged fire early Wednesday as Tehran kept up its pressure on the region's oil industry, apparently hitting a ship in the Strait of Hormuz and setting it ablaze while targeting infrastructure as concerns grew of a global energy crisis. Iran has effectively stopped cargo traffic in the narrow strait through which about a fifth of
Iran unleashed a wave of attacks against Israel and Gulf nations on Wednesday, including targeting a Saudi oilfield, as reports of a proposed record release of oil reserves helped calm markets and prices. The war sparked by US-Israeli strikes on Iran has spread across the region and beyond, causing spiking energy costs, fuel rationing, and even school
Explosions thundered out in Tehran on Tuesday after the Pentagon chief warned US strikes on Iran would reach their highest intensity since the start of the war in the Middle East. The war has been a shock to energy markets, and Iran has vowed that no crude exports would leave the Gulf if the United States and Israel kept up their bombardment. But the
Iran's Foreign Minister Abbas Araghchi said Tuesday his country would keep fighting as long as necessary, casting doubt on US President Donald Trump's insistence that the conflict would be over " soon ." The remarks from one of Iran's top leaders, who also ruled out negotiations with Washington, came as Tehran launched a new wave of attacks on US-allied
Iran launched new attacks Tuesday at Gulf Arab countries as it keeps up pressure on the region, while five pro-Iranian militants were killed by an airstrike in northern Iraq. Incoming missile sirens sounded early in the morning in Dubai in the United Arab Emirates and Bahrain, while Saudi Arabia said it had destroyed two drones over its oil-rich eastern
Iranian fired drones towards Saudi Arabia and Kuwait early Tuesday as U.S. President Donald Trump sent contradictory signals about how long the war could last, fueling uncertainty that's causing markets to swing. The Saudi Defense Ministry said it has destroyed drones over the kingdom's oil-rich eastern region, while in Kuwait, the National Guard said
President Donald Trump indicated for the first time Monday that US military operations in Iran could be coming to an end, saying the war was "very complete" and progressing ahead of schedule. The war had sent stock markets slumping and oil prices soaring again on Monday as Tehran, under new leader Mojtaba Khamenei, fired a new barrage of missiles at
Iran launched fresh strikes on energy installations in the Gulf on Monday including a petroleum complex in Bahrain, as oil prices soared on fears over supply disruptions due to the Middle East war. Bahrain's sprawling Al Ma'ameer oil facility was hit, causing a fire and damage, with the country's state-owned energy firm Bapco declaring force majeure