Benchmark Brent oil prices jumped above $119 a barrel on Thursday after Iran attacked energy facilities across the Middle East following Israel's strike on its South Pars gas field, a major escalation in the war. Meanwhile, Middle East benchmark Dubai and Oman premiums hit all-time highs at about $65 per barrel, according to trade sources and Reuters data.
US President Donald Trump said on Friday American forces had destroyed military targets on Iran’s Kharg Island, Tehran’s main oil export terminal, while warning he could also target the island’s petroleum infrastructure if Iran or its allies continue threatening shipping through the Strait of Hormuz, sending fresh tremors through oil markets.
Tensions in the Gulf escalated sharply after reports that Iran had begun laying naval mines in the strategically vital Strait of Hormuz, prompting warnings from President Donald Trump and US military strikes against suspected mine-laying vessels.
US President Donald Trump on Monday that the war against Iran could end soon, but threatened to escalate if Iran blocked oil shipments from the Middle East.
Iran's Supreme Leader Ayatollah Ali Khamenei was killed in his office on Saturday morning during US-Israeli air strikes, Iran's state media has confirmed.
Israel and the United States have launched strikes on Iran on Saturday morning with explosions being reported in multiple Iranian cities including capital Tehran.
US President Donald Trump has ordered all federal agencies to immediately cease their use of artificial intelligence products developed by the startup Anthropic, in the latest escalation of tensions between the White House and Silicon Valley over the role of AI in national security.
A Gaza firm has been contracted to build an Emirati-funded compound for displaced Palestinians in a part of the territory under Israeli military control, reported Reuters. Spanning 74 acres near Rafa, it will be able to house tens of thousands of people in pre-fabricated trailer-style units stacked multiple storeys high.
US President Donald Trump has announced that he will raise a temporary tariff from 10% to 15% on US imports from all countries after the US Supreme Court struck down his previous tariff programme. However, far from being a source of relief, it has infused new risks and uncertainties into trade policy, US debt and the dollar.
US President Donald Trump has signed an order imposing a new 10% tariff on imports from all countries, invoking Section 122 of the Trade Act shortly after the Supreme Court struck down his earlier sweeping emergency tariffs.
