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The Latest Breaking News from Iran

Tighter Global Oil Supplies Underpin Crude Prices

June WTI crude oil (CLM26 ) on Tuesday closed up +3.56 (+3.69%), and June RBOB gasoline (RBM26 ) closed up +0.0623 (+1.85%). Crude oil and gasoline prices rallied sharply for a second day on Tuesday, with crude oil posting a 2-week high, and gasoline posting a 3.75-year high. Crude prices...

Barchart

Decision by the UAE to leave OPEC shakes up alliance that influences oil prices worldwide

The decision by the United Arab Emirates to leave the OPEC oil cartel shook up the 65-year-old alliance that produces some 40% of the world’s crude oil and exerts major influence over the price of energy around the globe

The Independent UK

Putin just handed Iran a lifeline after Trump’s ‘all the cards’ bluff backfired in the Strait of Hormuz

Russian President Vladimir Putin just threw Iran a diplomatic lifeline as tensions in the Strait of Hormuz threaten to reignite full-scale conflict. During a high-profile meeting in Russia, Putin praised Iran’s “courage” and pledged unwavering support, signaling Moscow’s growing role in shaping the outcome of the standoff. The move comes…

The Mary Sue

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How the UAE’s decision to leave Opec could recast the Middle East

Defection is damaging to Saudi Arabia’s prestige – and could strengthen the US hand in the region

The Guardian - UK

US Petrol Prices Hit Four-Year High? Reports Claim Gridlock Over Reopening of Strait of Hormuz Sent Cost to $4.18 a Gallon

US petrol prices have surged to a four-year high due to geopolitical tensions over the Strait of Hormuz, affecting global oil supply and consumer costs.

International Business Times UK

War Hawks' 'Credibility' Obsession Makes America Less Credible

Trump is making the same mistakes Nixon did, doubling down on pointless threats to save face.

Reason

A $500 million superyacht linked with Russia’s richest man was just able to pass through the blockaded Strait of Hormuz

The Nord, a 466-foot vessel connected to Russian steel magnate Alexei Mordashov, is the 12th largest superyacht in the world.

Fortune

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Potatoes, milk and chicken among foods UK could see shortages of as a result of Iran war

Fresh produce, meat, dairy, and even toilet paper could be impacted by the closure of the Strait of Hormuz

The Independent UK

Worse to come as oil crisis adds fuel to rate-pain fire

A rate hike in May is forecast by analysts after the Iran oil shock pushed the annual headline inflation level to the highest point in almost three years.

AAP

Trump claims Iran collapse while Teheran sees leverage as Hormuz stand-off tightens

TOI correspondent from Washington: US President Donald Trump on Tuesday claimed that Iran is “in a state of collapse” and is urgently pleading with Washington to reopen the Strait of Hormuz, projecting an image of a weakened adversary desperately seeking relief. But developments on the ground suggest a far more…

The Times of India

Activists call out 'horrifying' soaring oil and gas profits as energy companies cash in on the Iran war

As drivers sour on rising fuel prices, energy firms are making a killing.

Fortune

Met investigating suspected arson attack on north London memorial wall

Scotland Yard says incident in Golders Green at tribute to protesters killed in Iran is not being treated as terrorism

The Guardian - UK

Why the Real Story Behind the UAE’s OPEC Exit is Petrodollar Diplomacy

With Emirati energy infrastructure taking hits from the Iran war, Treasury Secretary Bessent tries to stave off the ‘petroyuan’ era.

Barchart

German chancellor says the U.S. 'is being humiliated by the Iranian leadership' as allies go public with discontent

Thailand’s foreign minister told The Washington Post the country is looking to Russia and China as the country grapples with an energy shock from the Iran war.

Fortune

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The Guardian - UK

Hezbollah drone strikes target Israeli soldiers in southern Lebanon

Ceasefire frays further as Israel also carries out airstrikes and issues new displacement orders for south Lebanon

International Business Times UK

OPEC Suffers Stunning Blow as UAE Abandons Oil Cartel Following Strategic Pivot Toward Independent Production

The United Arab Emirates' exit from OPEC sparks claims of 'the beginning of the end' for the group, unfolding amid Iran War–driven turmoil and uncertainty in the global oil industry.

The Independent UK

Bulletin world briefing: Trump claims Iran is in ‘state of collapse’ and Athens police hunt for gunman

Here are five of the biggest stories from around the world today

FourFourTwo

Iran World Cup 2026 warm-up friendlies cancelled as fresh doubt cast on tournament appearance

World Cup 2026 preparations continue but the participation of Iran is up in the air

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Euronews

US has 'no closer friends than the British,' Trump tells King Charles III at White House ceremony

Trump’s up-and-down relationship with UK Prime Minister Keir Starmer has taken a particularly sour turn over the past several months as the president has sought to rally international support for the Iran war.

Radio France Internationale

King Charles and Trump toast ties despite Iran tensions

Britain's King Charles and Donald Trump hailed their countries' longstanding ties at a White House state dinner Tuesday – despite the US president claiming the monarch agreed with him on Iran's nuclear weapons.

International Business Times

Ryanair CEO Says European Airlines Will Fail If Jet Fuel Prices Remain Sky-High This Summer

Ryanair CEO Michael O'Leary said European airlines will fail if the price of jet fuel remains at current levels.

Barchart

Crude Prices Strengthen as Global Oil Supplies Tighten with Strait of Hormuz Closed

June WTI crude oil (CLM26 ) today is up +3.13 (+3.25%), and June RBOB gasoline (RBM26 ) is up +0.0241 (+0.72%). Crude oil and gasoline prices are sharply higher for a second day today, with crude oil posting a 2-week high, and gasoline posting a 3.75-year high. Crude prices continue...

Euronews

Qatar warns Iran it will not be used as 'political punching bag'

Qatar warned Iran on Tuesday it will not be used as a “political punching bag,” calling for a "comprehensive deal" that would secure the Gulf. In response to Euronews, Qatar's foreign ministry spokesman said "we applaud our partners in Europe for taking the lead" in the Strait of Hormuz crisis.

The Independent UK

Queen Elizabeth’s former protection officer says US royal visit should have been cancelled

Queen Elizabeth II’s former protection officer has questioned whether King Charles's US state visit should have gone ahead in light of the Iran-US war.

International Business Times

Low-Fare Airlines Seek Federal Bailout As Iran War Spikes Jet Fuel Prices: Report

Low-fare airlines are being hit hard by jet fuel prices driven higher by the Iran war. They are now seeking a government bailout.

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