Trump has reportedly instructed aides to prepare for a prolonged Hormuz Strait blockade, while Iran has proposed a three-stage plan to reopen the strait in exchange for lifting the US blockade.
Brent crude oil surged to approximately $117 per barrel amid reports that the US is preparing to extend its naval blockade of Iranian ports.
The US, Bolivia, Costa Rica, Guyana, Paraguay, and Trinidad and Tobago issue a joint statement criticizing China’s ’targeted economic pressure’ on Panama following a Supreme Court ruling on canal port management.
The UAE announced it will formally exit OPEC and OPEC+ on May 1, marking the most dramatic member departure in the organization’s history and threatening to reshape global energy dynamics.
US Secretary of State Rubio formally rejected Iran’s proposal to reopen the Strait of Hormuz while postponing nuclear talks, leaving US-Iran peace negotiations in limbo and oil markets under pressure.
International oil prices rose as US-Iran peace negotiations stalled following President Trump’s cancellation of a planned diplomatic mission to Pakistan, heightening uncertainty in global energy markets.
Iran is seeking an agreement to lift its blockade of the Strait of Hormuz, which would delay nuclear negotiations, while continuing intensive diplomatic outreach in Russia.
Russia’s Defense Minister arrived in North Korea for a working visit, meeting with the country’s top leadership to further strengthen the increasingly close military and strategic partnership between the two nations.
The Trump administration sanctioned Hengli Petrochemical’s independent refinery in China for purchasing billions of dollars worth of Iranian oil, alongside sanctions on approximately 40 shipping companies operating in Iran’s shadow fleet.