The BRICS group of nations unanimously adopted a joint declaration during its annual summit in New Delhi, expressing "deep concern" over the war in the Middle East and urged maximum restraint, advocating for a "multilateral approach" that respects national viewpoints.
Saudi Arabia has shut down its East-West pipeline temporarily after the vital oil conduit came under aerial attack in the widening Middle East war, threatening to send energy prices even higher, said media reports. This 1,200-km pipeline had helped the kingdom bypass a shipping logjam in the Strait of Hormuz.
Oil prices rose on Tuesday as renewed military tensions between the United States and Iran revived concerns that the conflict could continue to disrupt crude supplies from the Middle East.
Iran and Oman have signalled that they are close to reaching an agreement on arrangements for commercial navigation through the Strait of Hormuz, raising hopes of a breakthrough in the crisis that has disrupted one of the world's most important energy corridors.
Global air cargo rates fell in July as the conflict involving Iran pushed up jet fuel costs and disrupted supply chains, while new European Union import rules further weakened shipments from China and Hong Kong to Europe, according to WorldACD Market Data.
Gulf tensions remain high despite signs of diplomatic progress over the Strait of Hormuz, with Saudi Arabia warning of imminent coordinated attacks by Iran-backed militias even as Tehran and Muscat move closer to an agreement aimed at restoring commercial shipping through the strategic waterway.
Iran and Oman have moved closer to an agreement on reopening the Strait of Hormuz to commercial shipping, with both sides agreeing on the geographical coordinates of a proposed safe navigation corridor, even as conflicting messages over possible US-Iran negotiations continue to cloud prospects for a broader diplomatic breakthrough.
Oil prices recovered on Tuesday after suffering their steepest one-day decline in weeks, as persistent concerns over potential supply disruptions in the Middle East outweighed optimism that diplomatic efforts could quickly end the five-month-old conflict between the United States and Iran.
The United States and Iran have entered a new phase of their confrontation after US forces struck Iranian rocket launchers near the Strait of Hormuz and Tehran retaliated with missile and drone attacks against US military bases in Jordan, marking the first direct escalation between the two sides in more than a month.
The United Arab Emirates has strongly condemned the hostile Iranian attack on the country involving a drone that was intercepted by air defence systems over UAE territorial waters.
