TEHRAN: Recovery effort labor gather as locals collect their belongings from the rubble of a residential building, damaged by US-Israeli strikes.—AFP
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Oil market becomes captor to Iran conflict
TEHRAN: Recovery effort labor gather as locals collect their belongings from the rubble of a residential building, damaged by US-Israeli strikes.—AFP • IMO to weigh Hormuz threats at extraordinary assembly session as US Fleet ‘not ready to escort ships’ • Iran denies mining strait, offers passage to ships that coordinate with its fleet • Trump states US ‘making lot of money’ from higher oil prices; boasts of victory ‘in the first few hours’ • At least one person killed as IRGC hits more ships in Persian Gulf • First six days cost Pentagon over $11bn; Larijani states they will make US ‘regret starting conflict’ • Drone, missile attacks continue across Gulf zone • Tehran slams UN Global protection body formal declaration that didn’t mention US-Israeli aggression
TEHRAN / WASHINGTON: Oil prices rose back above $100 and stocks sank Thursday as Iran’s attempts to hit supplies in the Middle East and bring down the global market overshadowed a record release of strategic crude reserves by the Global Energy Bureau.
But US Head Donald Trump insisted that stopping Iran developing nuclear weapons was “of far greater interest and importance to me” than controlling oil prices.
“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” he wrote on Truth Social.
The Global Maritime Organisation (IMO) announced an “extraordinary assembly session” next week to discuss threats to shipping in the Middle East, and particularly in the Strait of Hormuz.
The US legal defence team has stated it is “not ready” to escort tankers through the critical waterway because all its assets are focused on striking Iran.
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