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Iran's Central Bank governor has disclosed that the nation's oil exports have completely ceased amid military tensions and international sanctions, forcing authorities to implement contingency measures to offset the loss of crucial revenue.
Qatar's Foreign Minister has urged Gulf states to coordinate efforts in implementing a US-Iran peace agreement, emphasizing the need for sustained dialogue amid escalating regional tensions.
Oil prices fell roughly 5% to their lowest level in two weeks as markets cautiously welcomed signs of de-escalation between the United States and Iran. However, critical shipping routes remain disrupted by regional tensions.
Oil prices climbed Friday as US-Iran hostilities escalated, with both nations exchanging strikes across the Gulf region. Concerns over potential Red Sea shipping disruptions pushed crude futures higher.
Iran's Foreign Minister Abbas Araghchi has reasserted Tehran's control over the Strait of Hormuz following US President Donald Trump's proposal to impose a 20 per cent toll on shipping through the strategic waterway.
The US military has facilitated safe passage of more than 800 commercial vessels through the Strait of Hormuz since May, transporting 380 million barrels of crude oil. The operation continues despite heightened tensions between Washington and Tehran.
The UK Maritime Trade Operations has maintained a 'severe' threat assessment for the Strait of Hormuz following recent attacks on commercial shipping. The warning underscores escalating US-Iran tensions affecting one of the world's most critical energy corridors.