Iran formally closed the Strait of Hormuz to foreign shipping on July 12, demanding toll payments and regime-approved routing as U.S. gas prices hit $3.87 per gallon and diplomatic options narrowed.
Tag: Iran
Posted inMarkets
Brent crude tops $78 on fresh US strikes as Trump weighs targeting Kharg Island
Brent crude settled above $78 a barrel on Wednesday, up more than 5%, after the US launched a second day of strikes on Iran, the US Treasury revoked Tehran’s oil sanctions waiver, and Iran threatened to close the Strait of Hormuz.
Posted inEconomy
IMF holds global growth at 3% as war shock and AI investment pull in opposite directions
The IMF’s July update kept its 2026 global growth forecast at 3% but raised headline inflation to 4.7%, citing opposing pressures from energy disruptions in the Middle East and AI-driven demand in technology-integrated economies.
Posted inGeopolitics
Trump declares the Iran ceasefire over as US launches a second day of strikes
President Trump declared the three-week memorandum of understanding with Iran ‘over’ on July 8 after US forces struck more than 80 Iranian targets and Tehran fired missiles at US military bases in Kuwait and Bahrain.
Posted inWorld
Iran opens six-day state funeral for Khamenei with 35 million expected in Tehran
Iran on 3 July opened a six-day state funeral for assassinated Supreme Leader Khamenei, expecting 35 million mourners and delegations from 30-plus countries.
Posted inGeopolitics
US envoy Witkoff heads to Qatar as Iran denies new ceasefire talks are confirmed
Steve Witkoff flew to Doha for Iran talks on June 29 after weekend US-Iran strikes, but Tehran’s deputy FM publicly denied any meeting had been arranged, deepening diplomatic uncertainty.
Posted inWorld
Iran fires missiles at US bases in Kuwait and Bahrain as Hormuz ceasefire unravels
Iran’s IRGC launched ballistic missiles and drones at US military facilities in Kuwait and Bahrain on June 28, threatening to collapse a ceasefire signed only 11 days earlier.
Posted inGeopolitics
Senate passes Iran war powers resolution in historic first for both chambers
The Senate voted 50-48 on 23 June to direct Trump to end US military hostilities against Iran, the first time both chambers of Congress have passed such a measure.
Posted inEconomy
US Treasury issues 60-day Iran oil licence as Brent falls 3.5% and Hormuz traffic recovers
Washington granted Iran a 60-day oil export waiver on June 22, pushing Brent crude below $78 as Strait of Hormuz traffic climbed back toward pre-war levels.
Posted inGeopolitics
Iran agrees to readmit IAEA nuclear inspectors after Vance’s Bürgenstock talks
VP Vance emerged from day-one US-Iran talks at Bürgenstock, Switzerland announcing Tehran had agreed to readmit IAEA nuclear inspectors, calling it a major milestone toward a binding deal.