Category Archives: Strait of Hormuz

Explainer: What is in Iran’s 10-point ceasefire plan and will the US agree to it?

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Two-week ceasefire comes after Trump spoke to Pakistan’s leaders, with China also believed to be exerting influence over Tehran

The US and Iran agreed to a two-week ceasefire on Tuesday barely an hour before Donald Trump’s deadline to obliterate Iran was set to expire, with Tehran agreeing to temporarily reopen the strait of Hormuz.

Israel also agreed to the ceasefire, the White House said. As Trump announced he was suspending his plans to escalate attacks across Iran, the US president said he had received a 10-point proposal from Iran which was a “workable basis on which to negotiate”.

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Iran strikes Kuwait’s oil infrastructure before Opec+ supply talks

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Members reportedly agree a rise of 206,000 barrels a day in May, but move symbolic while strait of Hormuz is effectively closed

Iranian drones have struck Kuwait’s oil infrastructure, causing “severe material damage” that threatens to further disrupt oil supplies already hit by the US-Israel war on Iran.

The drone strikes on Sunday came hours before members of the Opec+ group of major global oil suppliers gathered to discuss how to bolster output despite Iran’s effective closure of the strait of Hormuz shipping route.

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Coalition of countries discuss ‘every possible measure’ to pressure Iran into reopening strait of Hormuz

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Yvette Cooper hosts virtual summit of more than 40 countries to consider coordinated action in face of closure of vital shipping lane

More than 40 countries gathered to discuss “every possible diplomatic, economic and coordinated measure” to pressurise Iran into reopening the strait of Hormuz, the UK foreign secretary has said.

After chairing a virtual summit on Thursday, Yvette Cooper said coordinated action was needed as Iran’s “reckless strikes” on international shipping and efforts to “hijack the global economy” were hitting nations from across the globe “who played no part in this conflict”.

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Reform promises huge cuts to benefits but would keep pensions triple lock – UK politics live

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Reform UK would impose ‘biggest cuts to benefits bill ever seen in history of this country’ if they came to power, says Farage

Q: Do you agree with the Tories about wanting more oil and gas drilling from the North Sea?

Davey says Kemi Badenoch claims she can get an extra £2.5bn in tax revenue by allowing more exploration in the North Sea. He says she is “just lying”. He says everyone knows that that is not realistic.

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UK firms expect to raise prices more quickly as Iran war pushes up costs

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Bank of England survey in March shows chief financial officers foresee 3.7% increase over coming year

Companies in the UK expect to raise their prices more rapidly over the coming months as the war in the Middle East drives up costs, Bank of England research shows.

The Bank’s regular survey of more than 2,000 chief financial officers conducted last month, after the Iran conflict began, shows they now expect to raise their prices by 3.7% over the coming year.

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Reeves criticises Trump for starting Iran war with no ‘clear plan’ to get out of it – as it happened

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This blog is now closed

Starmer says he understands why people are concerned about the cost of living.

He says he has already set out a five-point plan to deal with the crisis.

Just look at what’s happening today. Today your energy bills will be cut because of the action that we took at the budget. And whatever happens in Iran, that price is now fixed until July.

The most effective way we can support the cost of living in Britain is to push for de-escalation in the Middle East, and a reopening of the strait of Hormuz, which is such a vital route for energy.

To that end, we’re exploring each and every diplomatic avenue that is available to us.

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Britain to host 35 countries for strait of Hormuz talks, says Starmer

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US understood not to be invited directly to talks that will explore ways of reopening critical waterway

The UK will convene 35 countries – excluding the US – to explore ways to reopen the strait of Hormuz, the vital shipping route for oil and gas that has been blocked by Iran.

Keir Starmer, the prime minister, said the next phase of discussions in the joint British and French efforts to secure the waterway would be held on Thursday, with Yvette Cooper, the foreign secretary, alongside international leaders.

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Middle East crisis live: oil spill warning after tanker attacked in Dubai; explosions in Tehran and Jerusalem amid wave of attacks

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Kuwait says fire broke out after Iranian attack on giant tanker and warns of possible oil spill in surrounding waters

Japan and Indonesia have agreed to step up coordination on energy security, Japanese prime minister Sanae Takaichi said on Tuesday.

“In light of the Iran situation, the strategic importance of resources and energy security is once again being recognized globally. Indonesia is a major resource-rich nation,” Takaichi said alongside Indonesian president Prabowo Subianto after they met for talks in Tokyo.

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Middle East crisis live: Trump considering ‘winding down’ war as US eases sanctions on Iranian oil; Israel launches retaliatory strikes

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Move to allow shipments already at sea comes amid a supply crisis and after US president says he does not ‘want to do a ceasefire’; IDF says it is attacking regime targets in Tehran after missiles fired at Israel from Iran

Hello and welcome to our continuing live coverage of the US-Israel war on Iran and its repercussions for the Middle East, the world and the global economy.

President Donald Trump said on Friday he was considering “winding down” military operations against Iran, as the US temporarily eased sanctions on Iranian oil shipments to stem a global supply crisis.

Iran is willing to help Japanese ships sail a vital route for global fuel supplies, foreign minister Abbas Araghchi told Kyodo News in an interview published on Saturday. Japan depends on crude oil imports from the Middle East, most of which transits the strait of Hormuz.

Iran fired two intermediate-range ballistic missiles at Diego Garcia but neither of them hit the joint US-UK military base in the Indian Ocean, the Wall Street Journal and CNN reported, citing multiple US officials. The WSJ said one of the missiles failed in flight, and a US warship fired an SM-3 interceptor at the other. Neither outlet confirmed when Iran launched the missiles.

One person was killed and two others wounded after an Israeli airstrike hit a house in a town in southern Lebanon early on Saturday, state media said.

Trump continued to make his disappointment with the British government known, saying the UK “should have acted a lot faster” in allowing the US military to use its bases in the Middle East.

Earlier, Downing Street approved US use of its bases “for the collective self-defence of the region”, including “defensive operations” degrading Iranian missile sites targeting ships in the strait of Hormuz. Britain had previously only allowed US forces to use its bases for operations to prevent Iran firing missiles that put British interests or lives at risk.

Araghchi said UK prime minister Keir Starmer “is putting British lives in danger by allowing UK bases to be used for aggression against Iran”.

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UK says it remains in talks over escorting ships through strait of Hormuz

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Officials say military planners liaising with US Central Command but situation remains too dangerous for anything to happen soon

Britain has said it remains involved in discussions with the US and European allies over escorting merchant shipping through the strait of Hormuz but the situation remains too dangerous for it to happen soon.

Iran is still considered to pose a threat and to have a wide range of weapons available – from cruise missiles to sea drones – despite 19 days of US-led bombing of its navy and coastal sites.

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UK has flown 100,000 nationals out of Middle East since Iran conflict began

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Foreign secretary says one third of those who were in region have left as MPs press for support for those still stranded

The number of UK nationals flown back from the Middle East since the start of the conflict with Iran reached 100,000 on Tuesday, Britain’s foreign secretary has said.

Yvette Cooper told parliament this is a third of the 300,000 who were in the region at the outset of hostilities, many of whom were stuck when airspace was closed. The figure included tourists and Gulf residents who have temporarily left.

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How Pakistan’s people-led solar boom is easing impact of Middle East energy crisis

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Falling costs and government incentives make solar an attractive option for many, reducing need for gas

After prices of liquefied natural gas surged to record highs after Russia’s full-scale invasion of Ukraine in 2022, millions of people in Pakistan were repeatedly left without electricity. An intense heatwave and gas shortages amid record-breaking prices resulted in power cuts across the country.

But people soon started to realise there was an alternative. The falling costs of solar panels and generous government incentives to feed excess power back to the grid made rooftop solar an attractive option.

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Trump asks China if visit to Beijing can be delayed a month due to Iran war

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US president had earlier hinted trip could be put on hold if President Xi does not help unblock the strait of Hormuz

Trump has asked to delay his planned visit to Beijing by about a month due to the Iran war, after earlier hinting he might put the trip off if his prospective hosts do not help to unblock the strait of Hormuz.

The US president’s summit with China’s leader, Xi Jinping, was meant to take place at the end of March but Trump told reporters in the White House on Monday: “Because of the war I want to be here, I have to be here, I feel. And so we’ve requested that we delay it a month or so.”

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Gulf states may be covertly encouraging attacks by US, Iran foreign minister says

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Abbas Araghchi demands clarification on reports Saudi crown prince urged Donald Trump to ‘hit the Iranians hard’

Some Gulf states hosting US forces may be covertly encouraging the slaughter of Iranians, Iran’s foreign minister has claimed in a thinly-veiled attack on Saudi Arabia.

Abbas Araghchi demanded clarification on reports that Mohammed bin Salman was in regular private conversations with Donald Trump, urging the US president “to continue hitting the Iranians hard”.

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Africa particularly vulnerable as Iran conflict disrupts supply chains, say experts

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Food production in many African countries depends heavily on fertiliser imported from the Gulf through the strait of Hormuz

Countries in Africa, where farmers depend heavily on imported fertiliser and a large share of household income goes on food, are particularly vulnerable to supply chain disruptions caused by the war in the Middle East, experts have said.

The conflict has drastically disrupted trade through the strait of Hormuz, a vital shipping lane not just for oil and gas but also for fertiliser, which is produced in vast quantities in the Gulf.

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Middle East crisis live: Trump ‘surprised’ Iran has targeted Gulf countries and claims US ‘decimated’ Kharg Island

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US president said he did not want to make a deal with Iran yet, while claiming that he might hit Kharg Island again ‘just for fun’

The Trump administration’s communications licensing tsar fired a warning shot over the US broadcasting industry Saturday, threatening to cancel the spectrum permits of broadcasters pushing what he termed “hoaxes and news distortions”.

Federal Communications Commission (FCC) chair Brendan Carr posted on social media that broadcasters running “fake news – have a chance now to correct course before their license renewals come up. The law is clear. Broadcasters must operate in the public interest, and they will lose their licenses if they do not.”

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Middle East crisis live: Iran steps up campaign to disrupt energy markets as oil price spikes above $100 a barrel

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Iran has set ablaze two tankers in Iraqi waters as it increased attacks on oil and transport facilities across the Middle East

An Iranian source is denying the country will allow India-flagged tankers to pass through the vital strait of Hormuz, Reuters is reporting.

The news agency a little earlier quoted an Indian source as saying Iran would in fact allow such tankers to pass through the strait, a key artery for global oil trade.

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Middle East crisis live: Iran steps up campaign to disrupt energy markets as oil price spikes above $100 a barrel

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Iran has set ablaze two tankers in Iraqi waters as it increased attacks on oil and transport facilities across the Middle East

An Iranian source is denying the country will allow India-flagged tankers to pass through the vital strait of Hormuz, Reuters is reporting.

The news agency a little earlier quoted an Indian source as saying Iran would in fact allow such tankers to pass through the strait, a key artery for global oil trade.

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Countries must seek energy independence through renewables and nuclear, says John Kerry

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Former US secretary of state says oil shock driven by war in Iran highlights dangers of reliance on fossil fuels

Countries must seek energy independence through renewable resources and nuclear energy for their national security, and to avoid the “choke points” of fossil fuel supply, the former US secretary of state John Kerry has warned.

The war in Iran has sent oil prices soaring, as refineries and fields have closed down in several Middle Eastern countries and many tankers are stranded in the strait of Hormuz, with economic impacts beginning to be felt around the world.

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Can the IEA put a lid on the price per barrel by releasing oil stockpiles?

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Despite rare act of multilateralism, there is no guarantee the IEA’s release of 400m barrels from reserves will depress prices

When the global economy was still in the grip of the devastating 1970s oil crises, exposing the chokehold exerted by a few important oil states, the International Energy Agency (IEA) was created, in the hope of limiting future shocks.

Almost half a century on, the IEA’s 32 members have drawn up plans to hit the emergency button, for only the fifth time in its history.

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