TEHRAN -- Iran's new Supreme Leader Mojtaba Khamenei has called for the continued closure of the Strait of Hormuz and pledged to open new fronts in his country's conflict with the United States and Israel.
In his first message as supreme leader, published on his official website Thursday, he said studies are underway to open other battlefronts where the enemy is "vulnerable and inexperienced." He added that these moves would happen if the war continues and serve Iran's interests. (Iran-US-Hormuz)
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PARIS -- The global oil market is facing the largest supply disruption in its history as conflict in the Middle East severely disrupts energy flows through the region, the International Energy Agency (IEA) said on Thursday.
According to the latest Oil Market Report released by the IEA, crude and oil product flows through the Strait of Hormuz -- one of the world's most critical oil transit chokepoints -- have plunged from around 20 million barrels per day (mb/d) before the war to only a small fraction currently, forcing Gulf producers to cut oil output by at least 10 mb/d. (World-Oil-Price)
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BRUSSELS -- The European Commission said on Thursday it would respond "firmly and proportionately" to any breach of commitments under the European Union (EU)-U.S. trade deal, following Washington's launch of a Section 301 investigation into 16 economic entities, including the EU.
European Commission Deputy Chief Spokesperson Olof Gill told a press briefing that the Commission would carefully review the details of the U.S. investigation and continue to ensure that the EU's interests are fully protected. (EU-US-Trade)
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NEW YORK -- The United States announced on Wednesday that it will release 172 million barrels of oil from its Strategic Petroleum Reserve.
"Earlier today, 32 member nations of the International Energy Agency unanimously agreed to President Trump's request to lower energy prices with a coordinated release of 400 million barrels of oil and refined products from their respective reserves," U.S. Secretary of Energy Chris Wright said in a statement. (US-Oil Reserve)
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MOSCOW -- A Russian military court convicted 19 people Thursday over the 2024 terrorist attack at the Crocus City Hall concert venue that killed 149 and wounded over 600. Fifteen of the convicted were sentenced to life in prison.
Those given life sentences included the four men accused of carrying out the attack and 11 others convicted of helping transport weapons and supplying the attackers with ammunition and money. Four other defendants were sentenced to prison terms ranging from nearly 20 years to 22.5 years for transferring funds to the attackers and helping provide a car and an apartment. (Russia-Conviction) Enditem
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