Iran has warned that any further US attack will trigger a “faster, heavier and more painful” response, as Tehran said it will impose tighter control over shipping around the Strait of Hormuz following the latest US strikes on Iranian oil tankers.
The United States has sharply escalated its confrontation with Iran, striking three Iranian crude oil tankers after the Islamic Revolutionary Guard Corps (IRGC) launched ballistic missiles towards two US Navy warships in regional waters, in the latest tit-for-tat exchange.
Oil prices were heading for their strongest weekly gain since mid-July on Friday as renewed fighting between the United States and Iran heightened concerns over disruptions to Middle East energy supplies.
The US military escorted 40 commercial vessels carrying about 18 million barrels of oil through the Strait of Hormuz on Tuesday, a wartime record, as Washington and Tehran traded their heaviest blows in weeks, CNN reported, citing two US officials familiar with the operation.
The United States carried out a fresh wave of strikes against Iranian military targets on Tuesday, while Iran retaliated with missile attacks targeting US-linked positions and activating air defences across several Gulf states.
Shell has agreed to increase its stake in US convenience store operator and fuel distributor Tri Star Energy from 33 per cent to 100 per cent, strengthening its company-owned retail presence in the southeastern US, particularly around Nashville.
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.
Global chemical leader Saudi Basic Industries Corporation (Sabic) has announced that it has completed the sale of its engineering thermoplastics (ETP) business in the Americas and Europe to Mutares SE & Co, thus marking a key step in its portfolio optimisation strategy.
The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt affirmed their full and continuous cooperation and coordination regarding the continued normal operation of all activities of Banque Misr branches in the UAE.
The US and Venezuela have reached a major oil agreement granting Washington access to more than 65 billion barrels of reserves, with President Donald Trump calling it the “biggest oil deal in world history.” Venezuela says the agreement could attract more than $100 billion in investment.
