US launches 10th round of strikes as Iran says it is in ‘full-scale war’

Diplomats say de-escalation talks continue as Trump vows retaliation over US soldier deaths

The US military said it has launched its 10th consecutive round of strikes on Iran to force the reopening of the strait of Hormuz.

Earlier on Monday, Iran’s president said the country is in a “full-scale war” after the US expanded its aerial campaign and Tehran struck Washington’s Gulf allies, even as diplomats said talks to de-escalate were continuing.

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Iran threatens to halt all Middle East energy exports amid renewed US blockade

Tehran shuts strait of Hormuz and carries out retaliatory strikes as Trump threatens to attack site linked to Iran’s nuclear programme

Iran threatened to halt all energy exports from the Middle East after the US reimposed a blockade of its ports and ships, as the two countries traded strikes for a fifth day and Donald Trump threatened to attack a site linked to Iran’s nuclear programme while he weighed further expanding US strikes next week.

The US blockade came into force early on Wednesday, and was followed by a 90-minute wave of strikes against Iran’s coastal defence systems and missile sites, according to the US military. Iranian authorities said the previous day of US strikes had killed at least seven troops, and wounded more than 300 people – the highest casualty count of any recent round of violence between the two countries.

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Licensed to drill? How a Trump-linked Texas oil company is elbowing its way into Greenland

Greenland Energy says billions of barrels of crude could lie beneath territory and claims it has permission to bring drilling kit ashore – a claim denied by Nuuk

On 10 June, a snowy-haired American in his 60s addressed the residents of a remote Greenland hamlet. He was there to tell them about a business venture supported by figures linked to Donald Trump. “So,” Robert Price said via an interpreter, “we have a project to drill for oil here.”

The Texas oil company that Price represents, Greenland Energy, hopes to prove that billions of barrels of crude lie underground by bringing in 300 shipping containers of drilling kit.

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Oil prices rise sharply after Iran launches attacks on tankers near strait of Hormuz

Brent crude benchmark rose to more than $80 a barrel, its steepest increase since ceasefire began

Oil markets have recorded their sharpest price rise in nearly two months after a series of attacks on fossil fuel tankers near the strait of Hormuz led Donald Trump to declare that the ceasefire deal with Iran was over.

At the same time, UK short-dated bonds suffered their worst day since the end of March as the prospect grew of a Bank of England rate rise to cope with the renewed inflationary pressures.

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New pipeline in Canada to proceed after C$150bn pledged to ease BC and First Nations concerns

Port expansion and protections for whales part of BC and Alberta plan to expand country’s presence overseas

The governments of Canada and the province of Alberta will move forward on a major new oil pipeline after the pair announced a plan to ease concerns of British Columbia and First Nations on the Pacific coast.

Canada’s prime minister, Mark Carney, shuttled between British Columbia and Alberta on Thursday to announce more than C$150bn in new investments in both provinces, part of a broader project of reducing trade with the United States and expanding his country’s presence in overseas markets.

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China is a clear winner from Trump’s war in Middle East, report concludes

Beijing, whose stockpiles and renewables industry allowed it to withstand energy shock, is now gaining from global solar and EV push

China has emerged as the sole winner in Asia from the strait of Hormuz crisis, according to a report published on Tuesday.

The report by the Asia Group thinktank concluded that China had weathered the storm of the global commodities crisis resulting from the closure of the Middle Eastern waterway, and also stood to gain from the economic and geopolitical trends sparked by the wider conflict.

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Oil price falls to pre-Iran war levels as more tankers exit strait of Hormuz

Stock markets on both sides of Atlantic up as concerns ease over prospect of another inflationary shock

Oil prices have fallen to pre-Iran war levels as more oil tankers exited the strait of Hormuz.

Brent crude, the global benchmark, fell to a low of $72.24 a barrel on Thursday, slightly lower than the day before the US and Israel launched missile attacks on Tehran on 28 February. Prices have fallen more than 20% this month.

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Hormuz disruption will continue until 80 mines blocking route are cleared

Tanker owner trade body says centre of strait will stay shut for ‘some time’, and vessels forced to hug Omani coast risk running aground

The centre of the strait of Hormuz is blocked with about 80 mines that will need clearing for normal shipping to resume, the independent tanker owner trade body has said.

Several vessels began to exit the Gulf through the key maritime chokepoint on Thursday after the signing of a memorandum of understanding (MoU) between the US and Iran.

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Gas prices fall below $4 on average after Trump’s signing of Iran deal to end war

Drivers feel some relief but prices still a dollar more per gallon overall since before US-Israel attack on Iran

The average price of US gasoline fell to just under $4 a gallon on Thursday for the first time since March, following the announcement of a preliminary agreement between the US and Iran to end the war and reopen the strait of Hormuz.

The development has provided some relief to drivers who have seen soaring costs amid Washington’s war with Iran. But filling up still remains more expensive than it was before the conflict began.

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Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens

Markets welcome US-Iran peace deal but prices may stay high as buyers race to refill depleted emergency crude stockpiles

After more than 100 days of the greatest recorded disruption to the world’s energy supplies, the global oil and gas markets have breathed a sigh of relief.

Hours after Donald Trump confirmed that a US-Iran peace deal would lead to the reopening of the strait of Hormuz for tankers carrying millions of barrels of oil and gas, the price of Brent crude tumbled to lows of $82 a barrel. Wholesale gas prices fell about 6%.

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Wes Streeting plans to increase high-skilled immigration if he becomes PM

Leadership hopeful to also say tax revenues from new North Sea oil and gasfields should be used to cut energy bills

Wes Streeting’s pitch to be the next Labour leader will include a plan to increase high-skilled immigration to the UK, arguing that Donald Trump is telling scientists and AI experts they are not welcome in the US.

In a speech this coming week, the former health secretary will also say that tax revenues from new North Sea oil and gasfields should be used to cut energy bills.

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Oil prices plummet as Trump claims he is close to US-Iran deal

Brent crude falls as optimism rises that strait of Hormuz could reopen over the weekend

Global oil prices fell on Friday to lows not seen since the first week of the Iran crisis after Donald Trump claimed he was close to reaching a peace deal with Tehran.

The price of Brent crude began to tumble from about $93 a barrel in overnight trade after the US president called off further military strikes against Iran scheduled for the evening.

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The race for oil: will Jamaica be the next country to drill and what does that mean for its green pledges?

With early tests suggesting the presence of crude oil, the Caribbean island has begun to debate whether it could justify becoming a producer

Jamaica is closer than ever to drilling for oil. Tests on samples from the seabed off the Caribbean island’s south coast earlier this year identified hydrocarbons, which suggest the presence of crude oil below ground.

Jamaica imports all its fuel, which costs about $1.5-2bn (£1.1bn-1.5bn) annually, depending on global oil prices. It is a persistent drag on an economy that generated $4.3bn from tourism, its biggest earner, in 2024.

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Oil prices fall below $100 a barrel on hopes of Iran peace deal

Brent crude futures down 6% to lowest level in two weeks and stock markets rise

Oil prices fell below $100 a barrel on Monday and stock markets rose on hopes that the US and Iran are inching closer to a peace deal.

Brent crude futures, the global oil benchmark, were down 6% to $97.43 a barrel, the lowest level in two weeks, with hopes that an agreement to end the near three-month US-Israeli war on Iran can be struck.

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With oil markets nearing the danger zone, a US-Iran deal can’t come soon enough | Heather Stewart

Global prices are approaching a tipping point that could trigger inflation, shortages and, over time, recession

If a US-Iran deal is about to be reached, three months on from the launch of Donald Trump’s Operation Epic Fury, it will not be a day too soon for oil markets, which are approaching a dangerous tipping point.

The cost of a barrel of crude on the spot market – for immediate purchase, effectively – has bounced about $100 since Iran predictably responded to the onslaught from the US and Israel by closing the strait of Hormuz.

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What may be included in proposed Iran ceasefire deal?

Proposed framework hinges on a 60-day truce, reopening strait of Hormuz, and revived talks on limiting Iran nuclear programme

Middle East crisis: live updates

Donald Trump has said a “memorandum of understanding” in talks to end the US-Israel war on Iran “has been largely negotiated”.

Official details of the deal remain scant and it remains possible some aspects of the memo could change, but here is what we know so far about the potential agreement that could bring an end to the war.

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Oil markets nearing ‘red zone’ as Iran crisis continues, warns IEA chief

Surging demand, low reserves and reduced Middle East exports predicted to cause global crunch by August

Oil markets will enter the “red zone” by July and August as stocks dwindle before the summer travel season amid a shortage of fresh oil exports from the Middle East, the executive director of the International Energy Agency warned on Thursday.

Fatih Birol added that the most important solution to the Iran war energy shock was a full and unconditional reopening of the strait of Hormuz.

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Streeting says he resigned because Labour ‘in fight of our lives against nationalism’, and is currently losing – UK politics live

Former health secretary standing down after saying he no longer had confidence in Keir Starmer as PM

Labour is in a curious, transitional state at the moment. Officially Keir Starmer is committed to staying as leader and prime minister until the next election. There is no formal leadership contest underway. But, informally, it has already started, with Andy Burnham and Wes Streeting already setting out their offer to the Labour membership. We will hear more from Streeting this afternoon. But much of the parliamentary party is already working on the basis that a Burnham premiership is all-but-inevitable, and so Streeting’s interventions may turn out to be more about shoring up his position in a potential future Burnham administration than a rehearsal for an election that may never happen.

Here are some of the stories out today covering Starmer, Burnham and Streeting.

Ailbhe Rea in the New Statesman says an insider describes the atmosphere in No 10 now as “very, very odd”. She says:

Starmer and his remaining loyal cabinet ministers want to make every day that they are still in office count, and are determined to cut through the noise of the leadership drama. Many cabinet ministers, who may not survive long in their posts if Starmer is replaced as Prime Minister, are desperate to set a legacy and bank achievements in their briefs while they can. “Let’s get out there and make the case for what we’re doing,” has been Starmer’s message to colleagues. There is even a fleeting hope inside Downing Street that the leadership speculation “burns itself out”, that “Wes and Andy tearing chunks out of each other for weeks might just make Keir look better”. But even many loyalists accept that is wishful thinking. “The writing is on the wall, even if we don’t know exactly what form that takes yet,” one concludes.

Patrick Maguire, Geraldine Scott and Larisa Brown in the Times say Starmer could stay in Downing Street until early next year. They report:

Ministers familiar with Starmer’s thinking say he has no plans to step down before the Labour Party conference in September and is unlikely to relinquish office before Christmas.

They told The State of It, the political podcast from The Times and Sunday Times, that there were still significant obstacles ahead for Andy Burnham, the mayor of Greater Manchester, who on Tuesday refused to rule out breaking Labour’s manifesto pledge against tax rises.

Caroline Wheeler in the i says cabinet ministers are already angling for jobs in a Burnham administration. She says:

Senior ministers are preparing visits to Makerfield amid growing expectations in Westminster that Burnham could ultimately take the Labour leadership – and with it the power to appoint the next Cabinet.

“The equation cabinet ministers are making is that if they go and he wins they will get a plum job,” one senior source said. “If they don’t go and he wins, he will remember. And if they don’t go and he loses, he will remember.”

Many now believe that Burnham is lining up to make Ed Miliband, the Energy Secretary, as his chancellor. It comes as Miliband’s special adviser was seconded to work with Burnham for the by-election campaign …

Burnham is also widely expected to make Lucy Powell, the Deputy Leader of the Labour Party, his deputy prime minister. Multiple sources said that other women likely to be given top jobs include Angela Rayner, the former deputy prime minister, Lisa Nandy, the Culture Secretary, and Louise Haigh, the former transport secretary, who is also the co-chair of the influential soft-left Tribune group of MPs.

Sam Blewett at Politico has taken an in-depth look at the team supporting Burnham. He says the key figure is Kevin Lee, director of the Greater Manchester mayor’s office, who has been advising Burnham with little break since 2010.

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UAE to complete second oil pipeline bypassing strait of Hormuz by 2027

State oil company fast-tracks previously undisclosed project, which is expected to double export capacity

The United Arab Emirates has announced it will complete a new oil pipeline bypassing the strait of Hormuz by next year to secure its future crude exports against the threat of disruption.

The current blockade of the vital waterway, through which 20% of oil and seaborne gas flowed before the Iran war, is approaching the 11-week mark, sending energy prices soaring around the world and throttling Gulf economies.

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Watchdog groups urge Senate to investigate Samuel Alito over oil stock conflicts

Groups say supreme court justice, who owns oil stocks, may be violating ethics codes by participating in certain cases

The supreme court justice Samuel Alito, who owns stock in oil companies, may be violating court ethics codes by participating in certain cases that could benefit big oil, government watchdog groups say.

In a Thursday letter, a coalition of watchdog organizations called on the Senate judiciary committee to investigate Alito, the sole supreme court justice with holdings in energy companies.

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