Energy

May 3 (UPI) — Iran said on Sunday that it is reviewing the United States’ response to its most recent peace proposal, a 14-point plan that was reviewed by President Donald Trump on Saturday night.

The response was delivered to Iranian negotiators on Sunday, Iranian state media outlets PressTV and Tasnim reported, with officials clarifying some reports on the plan they said have been incorrect.

The 14-point plan is entirely focused on bringing an end to the two-month-old conflict, with no provisions about nuclear materials or other weapons, Esmaeil Baghaei, spokesperson for Iran’s foreign ministry, said in an interview.

When asked about Iran’s new plan on Saturday, Trump expressed doubt that it would meet U.S. requirements but said that he would be reviewing its exact language last night.

“The plan we have presented is centered on ending the war,” Baghaei said. “There are absolutely no details regarding the country’s nuclear issues in this proposal.”

The basics of Iran’s proposal are focused on ending hostilities and then opening a 30-day period for intense negotiation of other issues, including the withdrawal of U.S. military forces from areas around the country, lifting the U.S. naval blockade and ending the war on all fronts, including in Lebanon, Tasnim reported.

But Baghaei said that reports of a suspension of nuclear activities or U.S.-Iran cooperation on clearing mines from the Strait of Hormuz are not true.

“These are among the things that I believe are fabricated by the imagination of some media outlets,” Baghaei said. “We are not currently engaged in any negotiations over the nuclear issue and decisions about the future will be made in due course.”

Iranian officials said that the U.S. proposal had included a two-month cease-fire, which Iran countered with a 30-day period to resolve issues and to actually end the war.

Spirit Airlines, a budget carrier in the United States, has begun winding down operations, cancelling all flights, after talks with the Trump administration to secure a $500m bailout failed. Experts say a spike in aviation fuel prices from the US-Israel war on Iran dealt the final blow to the struggling airline that pioneered the ultralow-cost carrier model.

The airline’s shutdown after 34 years has left some 17,000 staff members unemployed, many passengers stranded, and raised doubts about the future of budget air travel.

How did Spirit Airlines reach this point? Did the US-Israel war on Iran deliver the final blow?

Here’s what we know:

What has Spirit Airlines said?

On Saturday, Spirit Aviation Holdings, the airline’s parent company, said the company had started to wind down operations.

“Spirit Aviation Holdings, Inc … today regretfully announced that the Company has started an orderly wind-down of operations, effective immediately. All Spirit flights have been cancelled, and Spirit Guests should not go to the airport,” the company said in a statement on Saturday.

The statement added that, despite its efforts, “the recent material increase in oil prices and other pressures on the business have significantly impacted Spirit’s financial outlook”.

Spirit Airlines, whose airfares were lower compared with other US airlines, had 4,119 domestic flights scheduled between May 1 and May 15, offering 809,638 seats, according to the latest data from Cirium, an aviation analytics firm.

The carrier’s parent firm started as a long-haul trucking company in 1964. It shifted to aviation around 1983. The carrier rebranded from Charter One Airlines to Spirit in 1992.

How did Spirit Airlines reach this point?

The airline had been struggling financially for years and had filed for bankruptcy twice – in November 2024 and then in August 2025 – due to continued losses, high debt, and intense competition from other airlines.

According to a May 2 report by the Reuters news agency, Spirit had recently reached a deal with its lenders that would have helped it emerge from its second bankruptcy by late spring or early summer.

But the war on Iran, which led to a significant increase in aviation turbine fuel (ATF) prices, added to Spirit’s financial struggles and complicated its bankruptcy exit.

Spirit’s restructuring plan assumed ATF costs of about $2.24 a gallon in 2026 and $2.14 in 2027, but prices had climbed to about $4.51 a gallon by the end of April, leaving the carrier unable to survive without new financing.

A Spirit board meeting ended without an agreement to rescue the company, a person close to the discussions told Reuters late on Friday.

US Transportation Secretary Sean Duffy told Reuters he tried to get many airlines to buy Spirit but found no takers. “What would someone buy?” Duffy asked. “If no one else wants to buy them, why would we buy them?”

US President Donald Trump also said he had tried to bail out the airline with a $500m financing package.

“If we can help them, we will, but we have to come first,” Trump told reporters. “If we could do it, we’d do it, but only if it’s a good deal.”

However, a creditor close to the deal told Reuters, “The Trump administration made an extraordinary effort to try and save Spirit, but you can’t breathe life into a corpse. Given that, the company should make its intentions clear for the sake of its customers and employees.”

Anita Mendiratta, special adviser to the UN Tourism secretary-general, noted that while war and geopolitical instability may not have caused Spirit’s collapse, they likely delivered the final blow.

“Surging fuel costs exposed the vulnerability of airlines operating on thin margins with little room for shock absorption,” she told Al Jazeera.

“Spirit’s weaknesses were already there – it had already gone through two bankruptcy filings in the two years prior; global instability simply accelerated the inevitable. In today’s aviation market, volatility is no longer an exception; it is the operating environment,” Mendiratta said.

Are other airlines also under pressure due to the Iran war?

The war on Iran has disrupted global oil and gas prices, with Brent crude rising above $111 a barrel on Friday. The high crude oil prices have also caused ATF prices to rise, affecting budget airlines badly.

Across the globe, airlines have been increasing prices to reflect the high ATF prices, and some have also reduced their flight operations.

German airline Lufthansa said last month it cancelled 20,000 flights in a bid to protect itself from the soaring ATF costs.

On Friday, leading Indian carrier Air India said it has increased fuel surcharges on all flights, adding that it will reduce 100 flights a day across its domestic and international routes.

Mendiratta noted that the aviation industry is on alert as airlines carrying high debt, facing fuel cost volatility, labour cost pressures, fleet constraints, and sustained pricing pressure remain exposed [to the war], especially those operating through a low-cost carrier model.

“What happens next is a defining test of aviation leadership. The rapid response from rival airlines to protect stranded passengers reflects an industry that understands its most valuable asset is not aircraft or market share, it is customer trust [both traveller and cargo],” she said.

“Just as importantly, how airlines support displaced employees, reassure markets, and reinforce operational stability will shape confidence in the sector’s long-term recovery,” she added.

Ministry of Commerce says sanctions against refineries accused of importing Iranian oil violate international law.

China has announced an injunction to block US sanctions placed on five Chinese refiners accused ‌of buying oil from Iran.

The sanctions announced by the United States Department of the Treasury late last month bar the companies from the US financial system and seek to penalise anyone doing business with the firms.

In a statement on Saturday, China’s Ministry of Commerce said the sanctions “improperly” restrict business between Chinese enterprises and third countries “in violation of international law and the basic norms governing international relations”.

The Commerce Ministry said it had issued a “prohibition order” stipulating that the sanctions “shall not be recognized, enforced, or complied with” to “safeguard national sovereignty, security, and development interests”.

“The Chinese government has consistently opposed unilateral sanctions that lack UN authorisation and basis in international law,” the ministry added.

It said the order blocked US measures against Hengli Petrochemical (Dalian) Refinery and four other so-called “teapot” refineries: Shandong Jincheng Petrochemical Group, Hebei Xinhai Chemical Group, Shouguang Luqing Petrochemical and Shandong ⁠Shengxing Chemical.

Announcing the sanctions on April 24, the US Treasury Department called Hengli “one of Tehran’s most valued customers”, saying it had generated hundreds of millions of dollars in revenue for the Iranian military through crude oil purchases.

The Trump administration imposed sanctions on the other four refineries named by the Chinese ministry, among other facilities, last year.

China gets more than half of its oil from the Middle East, much of it from Iran.

According to commodities data firm Kpler, China bought more than 80 percent of the oil Iran shipped in 2025.

China’s “teapot” refineries operate independently and are generally smaller than the facilities run by state-owned oil giants, such as Sinopec.

The facilities, which have been crucial to China’s efforts to secure its oil supplies, capitalise on heavily discounted crude sold by countries under sanctions, such as Iran, Russia and Venezuela.

Teapots account for a quarter of Chinese ⁠refinery capacity, operate with narrow and sometimes negative margins, and have been squeezed recently by tepid domestic demand.

US sanctions have created additional hurdles for refiners, including difficulties selling refined products under their correct place-of-origin markings.

It was a brotherly battle at UCLA’s spring football game on a clear Saturday afternoon at the Rose Bowl.

At the helm of the opposing white and blue teams, respectively, quarterbacks Nico and Madden Iamaleava led the split halves of the Bruins squad during a well-attended end to the first spring camp under the direction of new coach Bob Chesney.

Fittingly, Madden tossed the go-ahead touchdown pass from near the logo to a wide-open Kenneth Moore III, putting his blue team up 24-17, the eventual final score.

“It’s been a while since I’ve seen him just play football,” Nico said of his brother. “So it was fun seeing him out there operate.”

UCLA defensive back Osiris Gilbert knocks the ball out of the hand of UCLA receiver Shane Rosenthal during the spring game at the Rose Bowl on Saturday.

(Allen J. Schaben/Los Angeles Times)

Nico’s team, with play-calling help from Bruins women’s basketball coach Cori Close throughout the second half, got to fourth-and-goal situations twice as the game wound down. One ended in a missed field goal by Mateo Orosco, who had made a 57-yarder, and the other concluded with the blue team storming the field after a pass from quarterback Ty Dieffenbach was incomplete with 10 seconds left.

The addition of the guest play-callers, Close and women’s water polo coach Adam Wright, led to a variety of trick plays throughout the game. Multiple flea-flickers went for big yards, and offensive lineman Mike McDonald took a rushing attempt as a part of the fun atmosphere that Chesney said he wanted to foster at the game.

To come up with one of the plays, Chesney said, Close messaged Rams coach Sean McVay for advice.

“We put some of those plays in so that she would be able to execute what she wanted to. She just came up a little short and I think she did a really good job of motivating her team,” Chesney said of Close’s second-half calls. “Coach Wright just really dialed it in and was able to strike when he had to and put that game away.”

Just before Moore caught his first touchdown in a Bruins uniform, he was running another deep route when he ran into a referee, breaking up what may have been an explosive play.

“Why’d you let the referee cover you?” Chesney asked, posing as a reporter during Moore’s interview.

“That was great defense,” Moore said in response, sporting a smile. “He was so stealthy.”

It had been a few years since the Bruins held a traditional spring game at the Rose Bowl, with previous coaches favoring lower-profile practices that were dubbed spring showcases. This year’s game also comes after the Bruins in February announced that the iconic Pasadena stadium would remain their home, at least this year, amid ongoing litigation over the university’s right to potentially break its lease and play home games at SoFi Stadium.

UCLA receiver Landon Ellis catches a touchdown pass in front of Jhase McMillan (23) and Curtis Gerrand (35) during the spring game at the Rose Bowl Saturday.

(Allen J. Schaben/Los Angeles Times)

Chesney said holding a traditional spring game was like a “practice run” for the upcoming season. Ahead of Saturday’s game, the Bruins stayed in a hotel together and had walk-throughs on the field as well as meetings and pretty much anything else they could do to simulate a game. Chesney and many players got their first look at the Rose Bowl lit up at night during a visit Friday.

“To get a chance to walk in here and just feel this and see all of these surroundings and the things that took place in this venue is pretty special,” Chesney said. “We addressed that a little bit last night as a team, and made sure we understand the respect that this place deserves and understand the attitude of gratitude that we should have for the ability to play here.”

Defensive back Cole Martin, a Pasadena native who was on the blue team, called this spring game “magnificent” when asked to compare it to last year’s spring football practice finale. He specifically noted playing at the Rose Bowl as a reason for the strong atmosphere and an important experience for new UCLA players.

“First time in the Rose Bowl, first touchdown as a college player, I mean, it’s awesome,” Martin said, looking at the freshman Moore. “It doesn’t get better than that.”

Walking by reporters during the game, Bob Stiles, who made a famous goal-line stop on a two-point conversion to seal UCLA’s upset win over Michigan State in the 1966 Rose Bowl, concurred. “This is fun,” Stiles said.

Running back Anthony Woods was a standout on the white team, scoring the first touchdown of the game on a six-yard run and going for multiple big gains early.

Receivers Mikey Matthews for white and Landon Ellis for blue scored the other two touchdowns on red zone crossing routes.

The other 10 points, besides the four touchdowns and field goal, were given out equally for victories in side competitions in between the first and second quarters and third and fourth quarters. Both were won by blue, aiding its seven-point win.

On defense, cornerback Osiris Gilbert broke up multiple passes and had a few hard hits, linebacker Samuel Omosigho earned a sack, and linebacker Malaki Soliai-Tui forced a fumble.

Chesney said he was happy with his team’s performance, noting penalties, like the various defensive pass interference calls, as a key area for improvement.

UCLA coach Bob Chesney pats running back Anthony Woods on the helmet during the team’s spring game at the Rose Bowl on Saturday.

(Allen J. Schaben/Los Angeles Times)

“It went well,” Chesney said. “I wouldn’t say unbelievable. I wouldn’t say terrible. Most of the time, it was somewhere in between.”

Both Nico Iamaleava, for the offense, and Martin, for the defense, said the units had things to work on, but they were proud of how much they improved during spring camp. With a bit of a break before preparation for the fall ramps up, Iamaleava’s message to the team was simple: “Stay together.”

Chesney echoed the sentiment, saying building on the intensity and development from the spring, rather than starting again during the summer, will be key to the Bruins succeeding during the season.

“We’re back, baby,” Chesney said to fans right before the fourth quarter began. “We’re back.”

Syria is receiving hundreds of Iraqi oil trucks hauling crude overland to its Baniyas port as an alternative energy corridor to Europe, creating a costly but crucial workaround while the Strait of Hormuz is largely blocked by the US-Israeli war on Iran.

May 1 (UPI) — Former U.S. Rep. David Rivera, R-Fla., was found guilty on Friday of being paid to secretly lobby elected U.S. officials to ease sanctions against Venezuela.

Rivera and a co-conspirator were each found guilty of taking payment from Nicholas Maduro to try to repair ties between the South American nation and the United States but never registering as an agent of a foreign country, The Miami Herald and NBC News reported.

A 12-person jury found the former Miami-Dade congressman and consultant Esther Nuhfer guilty of lobbying Secretary of State Marco Rubio and Rep. Pete Sessions, R-Texas, and attempting to set meetings up for Delcy Rodriguez, Venezuela’s then-foreign minister and current acting president.

Rivera was also found guilty of conspiring to commit money laundering and tax evasion.

Rivera had long been friends with his former roommate Rubio and became friends with Sessions when he was in Congress, and after Maduro gave him a $50 million contract he attempted to leverage those relationships.

Both Rivera and Nuhfer were caught having not registered themselves of lobbying for the federal government on behalf of another nation.

The convictions come after a 5-week trial that saw Rubio, who was in the Senate in 2017, when he met with Rivera and was told a plan to convince Maduro to step down was afoot.

Rivera denied that he was working on behalf of Maduro and the Venezuelan government, insisting that he was working to overthrow the now-deposed ruler rather than to promote his interests.

Nuhfur was released on bond ahead of her sentencing, while Rivera was judged to be a flight risk and will remain in jail until he is sentenced.

Rivera also still faces charges in another foreign lobbying case, as well.

The United Arab Emirates’ announcement of its withdrawal from OPEC and the OPEC+ alliance, effective May 1, 2026, represents a major strategic shift in the global energy market, with direct and significant implications for China, the world’s largest oil importer. The primary impact of this UAE withdrawal on China is the enhancement of Chinese energy security, as it will increase available supplies. The UAE will now be able to raise its production towards its target of 5 million barrels per day by 2027, without being bound by OPEC quotas. This expansion will provide China with a substantial and stable source of oil outside the constraints of production alliances. Furthermore, the UAE’s withdrawal from OPEC will impact China’s diversification policy, as China relies on imports to cover approximately 70% of its oil needs. The UAE’s departure will grant Beijing greater flexibility in purchasing from the spot market at potentially more competitive prices.

This also has a significant impact on import costs (prices) through prolonged downward pressure. The UAE’s increased oil production (up to 680,000 barrels per day above previous levels) is expected to put downward pressure on global Brent crude prices in the medium term (12-24 months), thus reducing China’s energy import bill. This could lead to short-term volatility, as, despite the potential benefit, the closure of the Strait of Hormuz (due to current regional tensions in April 2026) limits the immediate ability to capitalize on the UAE’s withdrawal from OPEC, since most of the UAE’s exports to China pass through this waterway.

China could benefit from the UAE’s withdrawal from OPEC by enhancing its capacity for financial and trade cooperation and expanding trade in local currencies, particularly the Chinese yuan. The UAE’s departure from OPEC could (facilitate the expansion of oil trade agreements) in rubles, rupees, and yuan, moving away from OPEC’s traditional dollar pricing. This aligns with China’s drive to internationalize the yuan. Such a move could boost joint investments, given China’s existing stakes in UAE oil concessions. With Abu Dhabi freed from restrictions, these Chinese investments could generate higher returns through increased production. Furthermore, China might leverage the UAE’s withdrawal from OPEC to bolster the strategic and geopolitical value of weakening OPEC’s influence. This withdrawal diminishes OPEC’s ability to control global supply, which benefits major consuming nations like China by reducing the likelihood of price shocks resulting from collective production cuts.

In this context, Chinese discussions and analyses have intensified, examining the potential benefits for China from the UAE’s withdrawal from OPEC. Chinese experts are analyzing the likelihood and impact of such a move should it materialize, particularly given the UAE’s increasing production capacity and its desire for greater flexibility. If we assume the UAE’s withdrawal from OPEC is indeed the case, China stands to be the biggest beneficiary for the following reasons. First, it would break the dominance of the petrodollar. The departure of a player the size of the UAE from traditional OPEC constraints opens the door wide to bilateral agreements for pricing oil in digital yuan (or Chinese yuan), thus supporting Beijing’s strategy of internationalizing the yuan to reduce its dependence on the Western financial system (SWIFT). In addition to the increased Chinese-Emirati supply, since Chinese companies such as CNPC and CNOOC hold stakes in oil concessions in Abu Dhabi, the UAE’s release from OPEC production quotas means these companies can increase production and secure China’s growing energy needs at preferential prices and with favorable terms. This facilitates the revitalization of joint UAE-China investments, allowing for deeper Chinese capital flow into the UAE’s refining and petrochemical sector. The exchange of finished goods and crude oil within an economic cycle based on local currencies reduces conversion costs and the risks associated with dollar fluctuations. This supports China’s policy of moving towards BRICS+. As the UAE is a member of the BRICS group, any move away from traditional OPEC frameworks aligns with the group’s overall direction to create a parallel financial system that supports the ruble, rupee, and yuan. This scenario, if it were to occur, would transform the relationship from one of buyer and seller to a comprehensive strategic partnership, making energy the driving force behind the new financial system that China seeks to lead.

Accordingly, the UAE’s withdrawal represents a strategic gain for China in terms of increased supply and potential cost reductions, but maximizing the benefit remains contingent on the stability of shipping lanes in the Arabian Gulf.

Takaichi signs six agreements with Vietnam, including on technology, agriculture and space, during a trip to Hanoi.

Japan’s Prime Minister Sanae Takaichi says the country will boost ties with Vietnam, with a focus on energy and critical minerals.

Takaichi met her Vietnamese counterpart, Le Minh Hung, on Saturday in Hanoi, where they signed six agreements on issues ranging from infrastructure to agriculture to space cooperation.

“The two sides identified economic security as a new priority area for bilateral ‌cooperation,” Takaichi told reporters after the meeting.

“With regard to critical minerals … both sides agreed to strengthen close coordination to ensure stable supplies and reinforce supply chains,” she added.

Hung said the two leaders also “reaffirmed the importance of resolving disputes in the South China Sea through peaceful means based on international law”.

Japan and Vietnam share concerns about China’s territorial claims in the East and South China Seas, and both have sought to hedge against United States-driven trade disruptions by broadening economic and security ties.

Crude oil supplies

The push for deeper cooperation between the two states comes after ⁠new investment in Vietnam from Japan, one of its largest foreign investors, fell about 75 percent year-on-year to $233m in the first quarter, even as bilateral trade rose 12.3 percent to $13.7bn over the same ⁠period, according to Vietnamese government and customs data.

Vietnam ⁠has been seeking support from Japan and other countries ⁠for oil supplies as conflict in the Middle East drives prices higher and disrupts supply chains.

Under the $10bn Power Asia Initiative to support Asian countries’ energy self-reliance, Japan will assist in arranging crude oil supplies ⁠for Vietnam’s Nghi Son Refinery and Petrochemical Complex, Hung said.

Takaichi was also set to meet President To Lam, who is also the general secretary of the Communist Party of Vietnam, on Saturday afternoon and deliver ⁠a keynote speech at Vietnam National University, marking a decade since former Prime Minister Shinzo Abe introduced Japan’s “Free and Open Indo-Pacific” strategy.

Workers are gathering in cities around the world to mark International Labour Day, with some demonstrations, such as those in Istanbul, Turkiye, turning to scuffles with police.

Trade Unions are calling for solidarity and the protection of workers’ rights as the United States-Israeli war on Iran and rising energy costs raise concerns about the global economy.

“Working people refuse to pay the price for Donald Trump’s war in the Middle East,” the European Trade Union Confederation, which represents 93 trade union organisations in 41 European countries, told the media. “Today’s rallies show working people will not stand by and see their jobs and living standards destroyed.”

Josua Mata, leader of the SENTRO umbrella group of workers’ groups in the Philippines, said: “Every Filipino worker now is aware that the situation here is deeply connected to the global crisis.”

Renato Reyes, a leader of the left-wing political group Bayan in the Philippines, told The Associated Press: “There will be a louder call for higher wages and economic relief because of the unprecedented spikes in fuel prices.”

In Indonesia, Said Iqbal, president of the Indonesian Trade Union Confederation, told reporters: “Workers are already living pay cheque to pay cheque.”

Some of the largest demonstrations are being held in South America, including in Chile, Bolivia and Venezuela. In Argentina, angry workers protested on Thursday in the capital of Buenos Aires over President Javier Milei’s recent overhaul of long-held labour protections.

In Cuba, the foreign ministry held a gathering on Thursday in defiance of what it called the US’s “aggressions, threats, intensified blockade, and energy siege”.

On Friday, Cubans are expected to mark International Labour Day with a mass rally and a march in Havana.

In many countries, Labour Day rallies attract large crowds because May 1 is a public holiday. In the Turkish city of Istanbul, roads around Taksim Square were closed to make way for marches during the day. Later on Friday, demonstrators clashed with police, international media reported.

In France, where most people have the day off for May Day, workers’ unions using the slogan “bread, peace and freedom” called for protests in Paris and other cities.

Global recession fears

Fears of a global recession are looming over Labour Day rallies at a time when income inequality is growing.

In Gaza, Palestinian workers have cancelled May Day events because of the economic crisis caused by Israel’s genocidal war on Gaza and poor conditions on the ground.

The Palestinian General Federation of Trade Unions said that about 550,000 workers across Gaza and the West Bank have no income and that the situation is unprecedented.

The International Trade Union Confederation has reported that at least four CEOs of major corporations each pocketed more than $100m in pay and bonuses last year, while many workers are facing potential job cuts.

Workers’ rights coalitions are calling for urgent action to curb extreme wealth. They want governments to impose higher, fairer taxes on the wealthiest and limit excessive executive pay.

While Labour Day began in the US, when workers protested for an eight-hour workday in the 1880s, the US does not count May Day as a public holiday.

However, an umbrella group of activist and workers’ groups known as May Day Strong has called for protests under the slogan, “workers over billionaires”. Hundreds of demonstrations and marches have been planned across the US.

April 30 (UPI) — Oil prices briefly topped $126 a barrel in Asian trade overnight as markets reacted to news the United States might resume its military offensive against Iran and fears the Hormuz Strait might remain closed for much longer than anticipated.

Brent crude, the global benchmark, surged to $126.31, its highest level since Russia invaded Ukraine in 2022, after a report that U.S. military commanders were pitching a campaign of “short and powerful” strikes to U.S. President Donald Trump, to force Iran back to the negotiating table.

The price retreated to around $120 by the time markets in Europe opened on Thursday and continued to fall through the morning. The Brent contract for June delivery was trading at $113.91 a barrel in mid-afternoon trade in London, while American crude for June delivery was changing hands at $104.82.

Oil prices have already elevated since the war began on Feb. 28 and began climbing further on Wednesday after Trump met with executives of U.S. oil companies the previous day about how to deal with supply disruption from the closure of the Strait of Hormuz by Iran, which has vowed it will continue until the United States’ blockade of its ports is lifted.

The group discussed “steps we could take to continue the current blockade for months if needed and minimize impact on American consumers,” a White House official said.

Around 25% of the world’s oil supply passes through the strait and the prospect of it remaining effectively closed for months has set alarm bells ringing in markets as traders’ faith in an early resolution fades and “the reality of the supply situation” sets in.

“The breakdown of talks between the U.S. and Iran, along with President Trump reportedly rejecting Iran’s proposal for a reopening of the Strait of Hormuz, has the market losing hope for any quick resumption in oil flows,” said William Patterson, ING’s Singapore-based head of commodities strategy.

Trump has said he believes the regime in Tehran will blink first, saying they were less afraid of the bombing than the blockade, with U.S. officials banking it will force Iran to shutter oil production because the oil has nowhere to go and the country lacks sufficient storage facilities.

The US naval blockade of Iranian ports and the Strait of Hormuz, in place since April 13, has raised concerns that Iran could run out of crude oil storage capacity and be forced to curb production.

Bloomberg reported analysis on Tuesday from the data and analytics company Kpler suggesting Iran could run out of crude storage in 12 to 22 days if the blockade persists.

Last week, United States Treasury Secretary Scott Bessent claimed that storage capacity at Kharg Island, where most of Iran’s oil is exported, would be full “in a matter of days”.

So how quickly could Iran run out of oil storage, and why does it matter?

What is happening in the Strait of Hormuz?

The Strait of Hormuz is a narrow channel that connects the Gulf to the open ocean. It spans the territorial waters of Iran on its northern side and Oman on its southern side. It is not in international waters.

During peacetime, 20 percent of the world’s oil and liquefied natural gas (LNG) supplies are shipped through the corridor.

Two days after the US and Israel launched their first air strikes in their war on Iran on February 28, Ebrahim Jabari, a senior adviser to the commander in chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), announced that the strait was “closed”. If any vessels tried to pass through, he said, the IRGC and the navy would “set those ships ablaze”.

As the war has dragged on and negotiations have failed to achieve a settlement, Iran has at times in the past two months allowed some “friendly” ships and those that pay tolls to pass. It is currently refusing to allow any foreign-flagged ships, including those previously deemed friendly, to pass until the US lifts its own naval blockade.

Iranian First Vice President Mohammad Reza Aref said on April 19 that the “security of the Strait of Hormuz is not free”.

“One cannot restrict Iran’s oil exports while expecting free security for others,” he wrote in a post on X.

“The choice is clear: either a free oil market for all, or the risk of significant costs for everyone,” he added. “Stability in global fuel prices depends on a guaranteed and lasting end to the economic and military pressure against Iran and its allies.”

Since the US naval blockade on the strait began, the US has opened fire on and taken control of an Iranian-flagged tanker near the Strait of Hormuz while also redirecting vessels on the high seas transporting cargo to or from Iran. Iran’s armed forces have denounced these actions as “an illegal act” that “amounts to piracy”.

The US naval blockade of the strait means that Iran might have to store the oil it produces.

Iran is the third largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia and Iraq and exports 90 percent of its crude oil via Kharg Island in the Gulf for shipping through the Strait of Hormuz.

What has the US claimed?

The US is eager to curb Iran’s oil revenues, which have risen since Tehran closed the Strait of Hormuz to other shipping. This is the primary motive behind Washington’s naval blockade of Iranian ports.

Iran exported 1.84 million barrels per day (bpd) of crude oil in March and shipped 1.71 million bpd in April, compared with an average of 1.68 million bpd in 2025, according to Kpler.

However, the US naval blockade since mid-April now means that most of its exports are having to be stored instead.

Bessent wrote in an X post on April 22: “In a matter of days, Kharg Island storage will be full and the fragile Iranian oil wells will be shut in.”

“Constraining Iran’s maritime trade directly targets the regime’s primary revenue lifelines.”

How much oil can Iran store?

Iran’s domestic refineries have a production capacity of 2.6 million bpd, according to the energy consultancy Facts Global Energy.

Satellite data show the amount of oil Iran has in storage has risen sharply since the US blockade began, and in the days after the US tightened it, stocks were rising so fast that it appeared Iran had been barely able to export any oil at all.

From April 13 to April 21, data showed that stocks rose by more than 6 million barrels, according to the Columbia Center on Global Energy Policy (CGEP). From April 17 to April 21, the stock increased very rapidly, growing by 1.7 bpd.

As of April 20, the storage tanks at Kharg were about 74 percent full after the island alone had taken on about 3 million extra barrels of oil, the CGEP reported.

Generally, oil companies avoid filling their storage beyond 80 percent capacity to balance safety, emissions control and flexibility.

However, Iran and other oil producing countries have exceeded this limit before, for instance, during the COVID-19 pandemic. In April 2020, Kharg island’s stocks reached close to 90 percent capacity, an all-time high.

Iran also has some crude oil storage capacity in the form of “floating tanks”, or parked ships. About 127 million barrels can be stored in this way, Frederic Schneider, a nonresident senior fellow at the Middle East Council on Global Affairs, told Al Jazeera in an interview on April 14.

Will Iran need to cut oil production?

Muyu Xu, a senior crude oil analyst at Kpler, told Al Jazeera that the blockade could eventually force Iran to cut production.

“However, given there is still available storage capacity onshore (roughly covering 20 days of Iran’s current production), we expect any production reduction to be gradual over the coming week with a higher likelihood of acceleration into May,” she said.

Analysis by CGEP nonresident fellow Antoine Halff echoed this. Halff wrote in an article published by CGEP on Tuesday that it may be some time before the US blockade causes Iran to shut off its production “in a big way”.

However, Halff added, Iran may still choose to halt production “fairly aggressively” but this “would be more by choice than by necessity”.

He explained: “Doing so would have the advantage of providing Iran with relatively ample spare storage capacity after the shutdown and would allow for a smoother restart of operations once conditions permit, and the constraint is relaxed, thus minimising adverse impacts from the blockade on longer-term supply.”

Why does this matter?

Halting oil production risks damaging underground reservoirs by reducing reservoir pressure, allowing water or gas to encroach into producing layers and changing patterns of oil flow. This can make some oil harder or more expensive to recover later, experts said.

Restarting the process of oil production can also be slow and costly, involving repairs of corroded equipment or unclogging pipelines.

Halting production would also cause Iran’s export revenues to drop. However, analysts said that for a few months, Iran can continue to earn revenue from oil that is already in transit at sea.

Kenneth Katzman, former Iran analyst at the Congressional Research Service in Washington, DC, said Iran is not exporting new oil during the US blockade of Iranian ports but Tehran has 160 million to 170 million barrels of oil on ships around the world currently.

April 28 (UPI) — Average gas prices in the United States hit $4.18 on Tuesday, their highest level since the Iran conflict started, as peace talks between the country and Iran stalled again over proposals on reopening the Strait of Hormuz.

The price jump of 1.6% over Monday’s price was the highest increase in more than a month, The New York Times reported. AAA numbers show that the average price for a gallon of regular gas marks an increase from $4.11 on Monday and $3.98 a month ago.

The price is the highest since April 2022, soon after the Russia-Ukraine conflict started, and about a 40% increase for drivers since the Iran conflict began. Diesel prices are at $5.46, up about 45% in that time.

Meanwhile, officials from the United States and Iran appear at an impasse over reopening the strait and an Iranian proposal to postpone discussion of that country’s nuclear program, something that President Donald Trump has said he will not agree to, USA Today reported. The conflict, as of midday Tuesday, is in a ceasefire, but both countries continue to limit shipping in the region and face off over the Strait of Hormuz.

Trump on Tuesday posted on Truth Social in an apparent response to German Chancellor Friedrich Merz’s comments Monday criticizing the conflict. Merz said in comments to students that he hopes the conflict ends soon and that United States is being “humiliated” by Iranian leaders, USA Today reported.

“He doesn’t know what he’s talking about!” Trump wrote. “If Iran had a Nuclear Weapon, the whole World would be held hostage. I am doing something with Iran, right now, that other Nations, or Presidents, should have done long ago.”

Brent crude rises more than 2 percent after Washington and Tehran fail to hold second round of talks in Pakistan.

Oil prices have climbed higher amid stalled peace talks between the United States and Iran.

Brent crude rose more than 2 percent on Sunday after hopes for a second round of ceasefire negotiations between Washington and Tehran unravelled over the weekend.

After easing slightly, Brent, the primary benchmark for global prices, stood at $106.99 as of 1:30 GMT.

Stock markets in Asia shrugged off the impasse to open higher on Monday, with Japan’s benchmark Nikkei 225 and South Korea’s KOSPI gaining 0.9 percent and 1.5 percent, respectively, in morning trading.

US President Donald Trump on Saturday cancelled a planned trip to Pakistan by his envoys, Steve Witkoff and Jared Kushner, after Iranian Minister of Foreign Affairs Abbas Araghchi departed Islamabad before any direct engagement could take place between the sides.

Araghchi arrived in Russia’s Saint Petersburg on Monday for talks with Russian President Vladimir Putin and other officials as Tehran seeks a way out of the diplomatic impasse.

Araghchi’s trip, which follows a whistle-stop visit to Oman on Sunday, comes as uncertainty hangs over the fragile ceasefire between Washington and Tehran.

Trump announced an extension to their two-week truce last week, without specifying a deadline for reaching a deal to end the war.

As US and Iranian negotiators struggle to break the deadlock, Tehran’s threats against commercial shipping in the Strait of Hormuz have reduced traffic to a trickle, paralysing a large portion of the world’s supply of oil and natural gas.

On Saturday, 19 commercial vessels transited the strait, which normally carries about one-fifth of global oil and natural gas supplies, according to maritime intelligence platform Windward.

Before the US and Israel launched their war on Iran in late February, the waterway saw an average of 129 daily transits, according to the United Nations Trade and Development.

Caracas, April 24, 2026 (venezuelanalysis.com) – Venezuelan Acting President Delcy Rodríguez hosted Colombian President Gustavo Petro for bilateral talks in Caracas on Friday. 

The meeting marked the first official visit by a head of state since the kidnapping of President Nicolás Maduro during a US military operation on January 3.

Following talks at Miraflores Presidential Palace, Rodríguez said both governments committed to tackling organized crime along their shared border, one of the longest in the region at over 2,200 kilometers.

“We have undertaken a very serious and concrete approach to combating criminal groups and transnational crime,” she said, announcing the development of joint military plans and “immediate” mechanisms for intelligence sharing in a new level of security cooperation.

Petro, for his part, stated that both countries would work toward the “liberation of border communities” through coordinated military, police, and social action.

“Building a fully coordinated common effort to free border populations from mafias engaged in various illegal economies,” he said, accusing irregular groups of human trafficking, drug trafficking, and illegal gold trade activities.

The leaders also agreed on economic initiatives aimed at supporting Venezuelan and Colombian populations in border regions. Petro expressed hope that these efforts would help reintegrate the two territories and boost food security.

The joint action commitments come amid escalating violence in the Catatumbo region of Colombia’s Norte de Santander department, which borders Venezuela’s Táchira state, where clashes between armed groups have displaced thousands in recent weeks.

Armed organizations operating in the area include the National Liberation Army (ELN), the Estado Mayor Central (EMC) and the Segunda Marquetalia, both descendants of the former FARC, and the Clan del Golfo, among others.

Friday’s talks also included the neighboring nations’ trade relations. Rodríguez highlighted discussions on “import substitution” between the two countries.

“It makes no sense for Colombia or Venezuela to look to other regions or hemispheres for what we can produce within our own territories,” she said, noting that bilateral trade currently stands at approximately $1.2 billion per year.

The leaders further addressed electrical interconnection projects for western Venezuela, a region heavily affected by blackouts, as well as reopening a pipeline that would allow Venezuela to export natural gas to Colombia and beyond.

Rodríguez and Petro also discussed the revival of air connectivity to boost tourism, including the development of multi-destination travel initiatives.

Present at the private meeting were Colombia’s foreign minister Rosa Villavicencio and defense minister Pedro Sánchez, alongside Venezuela’s foreign minister Yván Gil and Interior Minister Diosdado Cabello. The presidential summit followed an earlier meeting of the two countries’ Neighborhood and Integration Commission, with bilateral working groups established for a number of areas, including trade, energy and defense. 

A prior meeting scheduled between Rodríguez and Petro on the border in early March was suspended due to security concerns.

Rodríguez hosts new US chargé d’affaires

Venezuelan Acting President Delcy Rodríguez also welcomed the Trump administration’s new chargé d’affaires to Venezuela John Barrett at the presidential palace on Friday.

Alongside Cabello and Gil, Rodríguez held a private meeting that reportedly focused on energy and a “long-term cooperation agenda.” For its part, the US embassy in Caracas stated that Barrett will continue implementing Washington’s “three-phase plan” for the Caribbean nation.

Barrett recently replaced Laura Dogu, who had been on the post since January. A career diplomat, he last served as chargé d’affaires in Guatemala, where he was accused of interference in magistrate elections in March.

Washington and Caracas fast-tracked a diplomatic rapprochement following the January 3 military strikes and kidnapping of Maduro. In March, the White House recognized Rodríguez as Venezuela’s sole leader, while the acting president recently thanked Trump and Secretary of State Marco Rubio for their “good disposition” in establishing “cooperation” between the two countries.

The diplomatic reengagement and US recognition have likewise led to a resumption of ties between Caracas and the International Monetary Fund (IMF).

Edited and with additional reporting by Ricardo Vaz in Caracas.

United States President Donald Trump has claimed Iran is “collapsing financially” and said the country is losing millions of dollars a day due to Washington’s naval blockade of Iranian ports.

In a post on his Truth Social platform on Tuesday night, Trump wrote: “Iran is collapsing financially! They want the Strait of Hormuz opened immediately – Starving for cash! Losing 500 Million Dollars a day. Military and Police complaining that they are not getting paid. SOS!!!”

The US blockade of Iranian ports began at 14:00 GMT on April 13. Since then, the US has fired on and seized an Iranian-flagged tanker near the Strait of Hormuz, and redirected ships in the open seas carrying cargo to or from Iran. Iran’s armed forces have called this “an illegal act” that “amounts to piracy”.

In response to the US naval blockade, Iran has closed the Strait of Hormuz to all foreign shipping and has captured several foreign-flagged ships. Previously, it had allowed some ships deemed “friendly” to Iran to pass.

On April 19, Iran’s First Vice President Mohammad Reza Aref said the “security of the Strait of Hormuz is not free”.

“One cannot restrict Iran’s oil exports while expecting free security for others,” he wrote in a post on X.

“The choice is clear: either a free oil market for all, or the risk of significant costs for everyone,” he added. “Stability in global fuel prices depends on a guaranteed and lasting end to the economic and military pressure against Iran and its allies.”

In a statement on social media on Thursday, Iran’s parliamentary speaker and lead negotiator in the ceasefire talks, Mohammad Bagher Ghalibaf, said a full ceasefire could only work if the US naval blockade is lifted.

Analysts say the blockade is hurting Iran but believe the country has the economic and political will to sustain it.

How long can Iran survive the naval blockade?

Here’s what we know:

How is the naval blockade hurting Iran?

Iran exports oil, gas and other goods including petrochemicals, plastics and agricultural products by sea. Analysts say the US naval blockade of its ports, including in the Strait of Hormuz, could therefore affect this trade.

Soon after the start of the US-Israel war on Iran on February 28, authorities in Tehran implemented the effective closure of the Strait of Hormuz, the only waterway out of the Gulf, through which 20 percent of the world’s oil and liquefied natural gas (LNG) supplies were shipped from Gulf producers in peacetime.

The near-shutdown of the vital chokepoint sent global oil and gas prices soaring, and since then, Iran has controlled the strait. However, it has continued to export its own energy products through the waterway.

Iran’s oil exports through the Strait of Hormuz account for about 80 percent of its total oil exports. According to Kpler, a trade intelligence firm, Iran exported 1.84 million barrels per day (bpd) of crude oil in March and has shipped 1.71 million bpd so far in April, compared with an average of 1.68 million bpd in 2025.

From March 15 to April 14, it exported 55.22 million barrels of oil. The price per barrel of Iranian oil – across its three major variants, known as Iranian light, Iranian heavy and Forozan blend – has not fallen below $90 per barrel over the past month. On many days, the price has surpassed $100 a barrel.

Even at the conservative estimate of $90 a barrel, Iran has earned at least $4.97bn over the past month from its ongoing oil exports.

By contrast, in early February before the war started, Iran was earning about $115m a day from its crude oil exports, or $3.45bn in a month.

Simply put, Iran has earned 40 percent more from oil exports in the past month than it did before the war.

Stopping this is a key motivation behind the US naval blockade of Iranian ports.

In an interview with Al Jazeera on April 14, Frederic Schneider, a nonresident senior fellow at the Middle East Council on Global Affairs, told Al Jazeera that the previous six weeks had been a boon for Iran in terms of oil revenues, but with the US blockade, that will change.

“Iran has some buffer in the form of crude oil reserves in floating tanks – basically parked tankers – which was estimated at about 127 million barrels in February. But that doesn’t mean that the blockade wouldn’t hurt Iran,” he said.

On Friday, Schneider told Al Jazeera that Iran, however, seems to be “playing the longer game” and has anticipated and prepared for this sort of conflict to some degree.

“The naval blockade has added economic strain, as several civilian ships have been captured in international waters. But it remains unclear how tight the blockade is, how many ships manage to pass given the considerable amount of floating Iranian oil, and how long Trump can maintain the blockade,” he said.

Can the US keep the blockade going for long?

Schneider noted that Trump will face a legislative challenge by May 1, when the 60 days he can maintain a foreign offensive without congressional approval come to an end.

Dire conditions have been reported on the ships that are upholding the blockade, he said, and it remains to be seen how China will react to the continuing seizure of ships that carry any of its cargo.

“China has already said it sees the blockade of Chinese trade with Iran as unacceptable. Further, the closure of Hormuz by Iran in retaliation is hurting, if not the US itself that much, American allies in the region and globally, raising the pressure on Trump,” he said.

“If we can glean anything from the behaviour of the two sides, it is Iran that is signalling patience and Trump showing impatience,” he added.

Adam Ereli, a former US ambassador to Bahrain, told Al Jazeera’s This is America programme that while the US blockade of Iranian ports and seizure of vessels transporting Iranian oil “makes sense” as a policy, it may not work as intended due to domestic political considerations in the US.

“The Iranians have prepared for this, for this eventuality. They have their own plans. They’ve got alternative means of storing their oil or selling their oil,” Ereli told Al Jazeera.

“Even if they ran out of oil, they have ways to survive a very tough blockade and sanctions regime that, frankly, I think will outlast Trump’s patience and the patience of the American people,” he said.

“Remember, this isn’t just about moving soldiers and ships and planes around on a map. There’s politics involved here in the United States,” he added.

“Trump is nothing if not attuned to the political winds. And for that reason, I think that you’ve got this Iran strategy on the one hand that runs up against an electoral strategy on another hand, and therefore, the question is, which one is going to give?”

Can Iran store the oil the US is blockading in the meantime?

Iran’s domestic refineries have a capacity of 2.6 million bpd, according to consultancy FGE Energy. Its oil and gas production facilities are concentrated in southwestern provinces: Khuzestan for oil and Bushehr for gas and condensate from the South Pars gasfield.

Iran is also the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and exports 90 percent of its crude oil via Kharg Island for shipping through the Strait of Hormuz.

The US naval blockade has begun affecting the country’s storage capacity, according to TankerTrackers, the maritime intelligence agency. The blockade means Iran has to store more oil, and space could become tight.

TankerTrackers said that on Kharg Island, to prepare for the possibility of running out of oil storage space, Iran has brought an old tanker named NASHA (9079107) out of retirement.

“She’s a 30yo [year old] VLCC [Very Large Crude Carrier] that’s been anchored empty for the past few years; currently spending 4 days on a trip that should take 1.5-2 days,” TankerTrackers said in a post on X, suggesting that the tanker is being used to store oil. It is unclear if the ship has a heading or course.

Can Iran continue to earn revenues from oil?

Yes, analysts say that for a few months, Iran can continue to earn revenue from oil which is already in transit at sea.

Kenneth Katzman, former Iran analyst at the Congressional Research Service in Washington, DC, said Iran is not exporting new oil amid the US blockade of Iranian ports, but Tehran has between 160 million and 170 million barrels of oil “afloat” on ships around the world currently.

Those supplies, which transited the Strait of Hormuz before the US blockade was imposed, are on board hundreds of tankers and “waiting to be delivered”, Katzman told Al Jazeera.

Katzman said he had been informed by an Iranian professor that, based on those supplies, Tehran could have revenue flows that can last until August despite the US naval blockade.

“Which is a long time. Does President Trump have until August? Probably not,” he said.

“He’s probably going to have to look at kinetic escalation if he wants to bring this to the conclusion that he wants, or he’s going to have to accept less than the deal he ideally wants,” he said.

Iranian ships will still have to avoid US naval ships on the open ocean, as the US Navy has also recently intercepted ships carrying Iranian cargoes.

On Wednesday this week, for example, the US military intercepted at least three Iranian-flagged tankers in ‌Asian waters, Reuters reported, and was said to be redirecting them away from their positions near India, Malaysia and Sri Lanka.

How else can Iran earn revenue?

Besides oil revenue, Iran is also currently receiving revenue from a “toll booth” system that the country imposed on the Strait of Hormuz in March.

On Thursday, Iran’s deputy parliament speaker Hamidreza Haji-Babaei said Tehran’s central bank had received the first revenues from tolls imposed since the start of the war, according to the semiofficial Tasnim news agency. It is unclear how much that toll revenue is.

Iranian politician Alaeddin Boroujerdi told the United Kingdom-based, Farsi-language satellite TV channel Iran International in March that the country has been charging some vessels as much as $2m each to pass through the strait.

According to Lloyd’s List, the shipping news outlet, at least two vessels that have transited the strait so far have paid fees in yuan, China’s currency. Lloyd’s List reported that one “transit was brokered by a Chinese maritime services company acting as an intermediary, which also handled the payment to Iranian authorities”. It is, however, not clear how much the vessels paid.

How resilient is Iran’s leadership?

In recent days, while pressuring Iran to negotiate a ceasefire deal, US President Donald Trump has claimed that Iranians are “having a very hard time figuring out who their leader is”, alleging that there is “crazy” infighting between “moderates” and “hardliners” in Tehran.

But the country’s officials have insisted that Iran’s government is united.

Mohammad Reza Aref, Iran’s first vice president, said on Thursday: “Our political diversity is our democracy, yet in times of peril, we are a ‘Single Hand’ under one flag. To protect our soil and dignity, we transcend all labels. We are one soul, one nation.”

Foreign Minister Abbas Araghchi also dismissed allegations that the Iranian military may be at odds with the political leadership.

“The failure of Israel’s terrorist killings is reflected in how Iran’s state institutions continue to act with unity, purpose, and discipline,” he wrote on X, referring to the assassinations of Iranian political and military figures Israel has carried out in recent weeks.

“The battlefield and diplomacy are fully coordinated fronts in the same war. Iranians are all united, more than ever before.”

One of the strongest messages of unity came from Iran’s President Masoud Pezeshkian.

“In Iran, there are no radicals or moderates,” he said on X.

“We are all Iranians and revolutionaries. With ironclad unity of nation and state and obedience to the Supreme Leader, we will make the aggressor regret.”

How strong is Iran militarily?

Iran has demonstrated considerable military resilience in the face of weeks of US-Israeli strikes through its use of asymmetric warfare.

This includes the use of guerrilla tactics, cyberattacks, arming and supporting proxy armed groups and other indirect tools.

During its war with the US and Israel, Iran has targeted energy infrastructure in Israel and across the Gulf, threatened to target banking institutions and targeted US data centres of technology companies such as Amazon in the United Arab Emirates and Bahrain.

Iran has also blocked the Strait of Hormuz and reportedly placed mines in the strait to disrupt shipping, sending global oil prices soaring.

Since the US began its naval blockade of Iranian ports in mid-April, Iranian officials have repeatedly promised that their country will defend itself and respond to any US attack.

Earlier this week, after the US military said it had seized an Iranian vessel and ordered dozens of others to turn around, Iran also retaliated by capturing foreign commercial vessels around the Hormuz Strait, which it said violated naval regulations.

Ereli, the former US ambassador, told Al Jazeera that Iran and the IRGC have “revolutionary fervour”, which means they can “survive”. “They can tolerate pain for a lot longer than I think most American decision makers and planners calculate,” Ereli said.

Ereli said it was unknown how long Tehran could last under “siege conditions” imposed by the US, but probably a lot longer than the US anticipates.

“I think they can go a lot longer, especially than most people imagine, and especially when it comes to kneeling to the Americans,” Ereli said.

“There’s a level of pride and survival. They’re at war with us, and for them it’s a war of necessity. They’ve got to survive,” he added.

Jump in prices comes as Donald Trump says vessels will need permission of US Navy to transit key waterway.

Oil prices have jumped on heightened tensions between the United States and Iran in the Strait of Hormuz following Washington and Tehran’s tit-for-tat captures of commercial vessels.

Brent crude, the international benchmark, topped $106 per barrel early on Friday morning as Washington and Tehran stepped up their confrontation over the key maritime route for transporting the world’s energy.

Brent stood at $106.80 as of 01:00 GMT, up nearly 5 percent from its closing price on Wednesday, when it surpassed $100 per barrel for the first time in two weeks.

US stocks fell overnight, with the benchmark S&P 500 index dipping 0.41 percent and the tech-heavy Nasdaq Composite dropping 0.89 percent.

Shipping in the Strait of Hormuz, which normally carries about one-fifth of the world’s supply of oil and natural gas, remains at a standstill as Iran continues to demand the right to decide which vessels may pass and the US blocks Iran’s maritime trade.

US President Donald Trump said in a Truth Social post on Thursday that he had ordered the US Navy to destroy any Iranian boats laying mines in the strait, shortly after the Pentagon announced that it had seized a tanker carrying sanctioned Iranian oil for the second time in less than a week.

Trump also appeared to expand the scope of the US naval blockade beyond Iranian ports, writing on Truth Social that no ship “can enter or leave” the strait without the approval of the US Navy.

“It is ‘Sealed up Tight,’ until such time as Iran is able to make a DEAL!!!” Trump said.

Trump’s threats came a day after Iran’s Islamic Revolutionary Guard Corps announced the capture of two foreign cargo ships in the waterway.

The IRGC said it had seized the Panamanian-flagged MSC Francesca and Greek-owned Epaminondas after the vessels had endangered maritime security “by operating without the necessary permits and tampering with navigation systems”.

The Greek Maritime Affairs and Insular Policy Ministry has denied that the Epaminondas was captured and said the vessel remains under the control of its captain.

Only nine commercial vessels transited the strait on Wednesday, compared with seven on Tuesday and 15 on Monday, according to maritime intelligence platform Windward.

Before the US and Israel launched their war against Iran on February 28, the waterway saw an average of 129 transits each day, according to United Nations Trade and Development.

Disruption to fuel and fertiliser supplies due to the Strait of Hormuz closure will hit crop yields, UNDP chief warns.

The Iran war will push more than 30 million people back into poverty, with the knock-on effects of the conflict likely to increase food insecurity in the coming months, the United Nations has warned.

Disruption to fuel and fertiliser supplies due to the ongoing blocking of cargo vessels through the Strait of Hormuz has already lowered agricultural productivity and will hit crop yields later this year, the UN’s development chief said on Thursday.

“Even if the war would stop tomorrow, those effects, you already have them, and they will be pushing back more than 30 million people into poverty,” said Alexander De Croo, administrator of the United Nations Development Programme (UNDP).

He also warned of other fallouts of the United States-Israeli war on Iran, including energy shortages and falling remittances.

Much of the world’s fertiliser is produced in the Middle East, and one-third of global supplies passes through the Strait of Hormuz, where Iran and the US are jostling for control.

The UN’s Food and Agriculture Organization (FAO) last week warned that a prolonged crisis in the strait could lead to a global food “catastrophe”.

India, Bangladesh, Sri Lanka, Somalia, Sudan, Tanzania, Kenya, and Egypt are among the countries most at risk, according to the FAO.

“Food insecurity will be at its peak level in a few months – and there is not much that you can do about it,” De Croo said.

Straining humanitarian efforts

The knock-on effects of the Iran conflict have already wiped out 0.5 percent to 0.8 percent of global gross domestic product (GDP), according to De Croo, who noted, “Things that take decades to build up, it takes eight weeks of war to destroy them.”

De Croo, the former prime minister of Belgium, also warned that the Middle East crisis is straining humanitarian efforts in other parts of the world, with the sector already facing funding cuts.

The US-Israeli attacks on Iran, which began on February 28, have also choked up key humanitarian aid routes, delaying life-saving shipments to some of the world’s worst crises.

“We will have to say to certain people, really sorry, but we can’t help you,” De Croo said. “People who would be surviving on help will not have this, and will be pushed into even greater vulnerability.”

April 22 (Asia Today) — Global nuclear industry leaders gathered in Busan on Tuesday, highlighting the growing role of nuclear power in meeting surging electricity demand driven by artificial intelligence and data centers.

The Korea Atomic Industrial Forum opened its annual conference at BEXCO, bringing together policymakers, industry leaders and researchers under the theme “Nuclear energy for the AI era.”

This year’s event is being held alongside the Pacific Basin Nuclear Conference, which returned to South Korea for the first time in 14 years, and the Busan International Nuclear Industry Exhibition. Organizers expect around 19,000 participants.

The event features representatives from 19 countries and 156 companies, making it the largest exhibition of its kind to date.

Participants emphasized that rapid growth in AI technologies is fundamentally reshaping global energy demand. Electricity consumption by data centers is projected to reach 1,300 terawatt-hours by 2035, while AI-related power demand is expected to grow at an annual rate exceeding 120% through 2028.

To meet this demand, major technology companies have significantly increased investments in nuclear energy, with total spending surpassing $30 billion over the past 18 months.

Government policy is also shifting. The United States has set a target to expand nuclear capacity to 400 gigawatts by 2050 – roughly four times current levels – while about 15 new nuclear reactors are expected to come online globally in 2026.

Keynote speakers included Mesut Ozman of Fermi Nuclear, who is leading an 11-gigawatt nuclear project in Texas, and Tomas Ehler of the Czech Ministry of Industry and Trade, along with other senior officials and industry executives.

The conference also includes sessions focused on Southeast Asia, where countries such as Singapore, Malaysia and Vietnam are exploring nuclear energy adoption.

Discussions are covering a wide range of issues, including reactor lifetime extensions, carbon neutrality, artificial intelligence, energy security, small modular reactors and radioactive waste management.

South Korean companies are also expanding their global footprint. Hyundai Engineering & Construction is participating as an engineering, procurement and construction partner in negotiations for four AP1000 reactor projects, while Doosan Enerbility is supplying key components such as reactor vessels and steam generators.

The Czech Republic is also pursuing an expanded nuclear strategy, aiming to increase the share of nuclear power in its energy mix to as much as 50% to 60% through new projects at Dukovany and Temelin.

As energy demand accelerates in the AI era, industry leaders said nuclear power is increasingly being viewed as a reliable and scalable solution to ensure energy security and meet climate goals.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260422010007146

United States President Donald Trump has claimed that a new nuclear deal being negotiated with Iran will be “far better” than the 2015 Joint Comprehensive Plan of Action (JCPOA), which the US withdrew from in 2018 during his first term.

On Tuesday, Trump extended the two-week ceasefire with Iran a day before it was set to expire, with hopes for a second round of talks in Islamabad, Pakistan.

Key among the US demands is that Iran stop all enrichment of uranium.

Iran has always insisted its nuclear programme is for civilian use only, such as for power generation, which requires uranium enrichment of between 3 percent and 5 percent. To build nuclear weapons, uranium needs to be enriched to 90 percent.

In this explainer, we visualise what uranium is, how it is enriched and how long it could take Iran to make a nuclear weapon.

What is uranium, and which countries have it?

Uranium is a dense metal used as a fuel in nuclear reactors and weapons. It is naturally radioactive and usually found in low concentrations in rocks, soil and even seawater. About 90 percent of the world’s uranium is produced in just five countries: Kazakhstan, Canada, Namibia, Australia and Uzbekistan. Reserves of uranium have also been found in other countries.

Uranium is extracted either by digging it out of the ground or, more commonly, through a chemical process that dissolves uranium from within the rock.

Before it can be used as nuclear fuel, uranium is processed through several different forms, including:

• Yellowcake: Mined ore is crushed and treated with chemicals to form a coarse powder known as yellowcake, which, irrespective of its name, is usually dark green or charcoal in colour, depending on how hot it has been treated.
• Uranium tetrafluoride: Yellowcake is then treated with hydrogen fluoride gas, which turns it into emerald-green crystals known as uranium tetrafluoride or green salt.
• Uranium hexafluoride: Green salt is further fluorinated to create a solid white crystal known as uranium hexafluoride. When heated slightly, this crystal turns into a gas, making it ready for enrichment.
• Uranium dioxide: The gas is spun in a centrifuge machine, which chemically converts it into a fine, black powder.
• Fuel pellets: The black powder is pressed to form black ceramic pellets, which can then be used in a nuclear reactor.

How is uranium enriched?

Natural uranium exists in three forms, called isotopes. They are the same element, with the same number of protons but different numbers of neutrons.

Most naturally occurring uranium (99.3 percent) is U-238 – the heaviest and least radioactive – while about 0.7 percent is U-235 and trace amounts (0.005 percent) are U-234.

To generate energy, scientists separate the lighter, more radioactive U-235 from the slightly heavier U-238 in a process called uranium enrichment. U-235 can sustain a nuclear chain reaction while U-238 cannot.

To enrich uranium, it must first be converted into a gas, known as uranium hexafluoride (UF₆). This gas is fed into a series of fast-spinning cylinders called centrifuges. These cylinders spin at extremely high speeds (often more than 1,000 revolutions per second). The spinning force pushes the heavier U-238 to the outer walls, while the lighter U-235 stays in the centre and is collected.

A single centrifuge provides only a tiny amount of separation. To reach higher concentrations – or “enrichment” – the process is repeated through a series of centrifuges, called a cascade, until the desired concentration of U-235 is achieved.

What are the different levels of uranium enrichment?

The higher the U‑235 percentage, the more highly enriched the uranium is.

Small amounts (3-5 percent) are enough to fuel nuclear power reactors, while weapons require much higher enrichment levels (about 90 percent).

The International Atomic Energy Agency (IAEA) considers anything below 20 percent to be low-enriched uranium (LEU), while anything above 20 percent is considered highly-enriched uranium (HEU).

Low enriched – less than 20 percent

• Commercial grade – 3-5 percent: This is the standard fuel for the vast majority of the world’s nuclear power plants
• Small modular reactors – 5-19.9 percent: Used in more modern reactors and advanced research reactors

Highly enriched – More than 20 percent

• Research grade – 20-85 percent: Used in specialised research reactors to produce medical isotopes or to test materials
• Weapons grade – above 90 percent: This is the level required for most nuclear weapons
• Naval grade – 93-97 percent: Used in the nuclear reactors that power submarines and aircraft carriers

Depleted uranium, which contains less than 0.3 percent U‑235, is the leftover product after enrichment. It can be used for radiation shielding or as projectiles in armour‑piercing weapons.

How long does it take to enrich uranium?

The effort it takes to enrich uranium is not linear, meaning it is much more difficult to go from 0.7 percent natural uranium to 20 percent LEU than it is to go from 20 percent to 90 percent HEU. Once uranium reaches 60 percent enrichment, it becomes much quicker to reach 90 percent weapons grade.

The effort it takes to enrich uranium is measured in separative work units (SWU).

According to the IAEA, Iran is believed to have about 440kg (970lbs) of uranium enriched to 60 percent – enough to theoretically build 10 or 11 low-technology atomic bombs if refined to 90 percent.

Ted Postol, professor emeritus of science, technology and international security at the Massachusetts Institute of Technology (MIT), told Al Jazeera that before the US attack on Iran’s nuclear facility at Fordow, the country had at least 10 cascades of 174 IR-6 centrifuges in operation – meaning 1,740 IR-6 centrifuges.

The IR-6 is one of Iran’s most advanced centrifuge models. The country also has tens of thousands of older centrifuges.

Little is known about the conditions of these centrifuges or the stocks of uranium hexafluoride, which are still believed to be buried underground.

Postol has calculated that Iran’s cascade of centrifuges could produce 900 to 1,000 SWUs annually.

“Getting from natural uranium to 60 percent enrichment, which Iran has already achieved, takes roughly five years, and about 5,000 SWUs using Iran’s cascades.”

“If I want to go from 60 to 90 percent, I only need 500 SWUs. So, instead of five years, [by] starting with the 60 percent here, this might take me four or five weeks. Because I am already very enriched,” Postol said.

Using an analogy of a clock, Postol explained: “Let’s say it takes seven minutes to get 33 percent enrichment, and then eight minutes to get to 50 percent enrichment. It only takes me one minute to get to total [90 percent] enrichment.”

How easy would it be for Iran to build a nuclear weapon?

Postol said Iran’s stockpile is held underground, meaning a military strike would not necessarily eliminate the nuclear threat.

A single centrifuge cascade capable of enriching weapons-grade uranium could take up “no more floor space than a studio apartment, making it easily hidden in a small laboratory”, he said, estimating the area at 60sq metres (600sq feet).

“A single Prius Compact Hybrid car can produce enough electric power to run four or more of these cascades at a time,” Postol added, meaning “Iran can covertly convert its 60 percent uranium into weapons-grade uranium metal”.

“What they have done is put themselves in a position where anybody who thinks about attacking them with nuclear weapons has to know that they could be sitting in those tunnels after such an attack, refining [and] enriching the final step they need to build atomic weapons and converting it to metal, and building a nuclear weapon, and that they have the means to deliver it,” Postol said.

“They would have all of the technical equipment they need to build the atomic weapons. And they have the missiles, which are also in the tunnels and can be manufactured in addition to what they already have. And the atomic weapon would not need to be tested, because uranium weapons do not need to be tested before they’re used.”

What does the NPT say about enrichment?

The Treaty on the Non-Proliferation of Nuclear Weapons (NPT), established in 1968, is a landmark international agreement aimed at preventing the spread of nuclear weapons and promoting peaceful uses of nuclear energy. Iran is a signatory to this pact.

The treaty supports the right of all signatories to access nuclear technology and enrich uranium for peaceful purposes, including energy, medical or industrial purposes, with precise safeguards to ensure it is not diverted to make weapons.

Under the NPT, nuclear-weapon states agree not to transfer nuclear weapons or assist non-nuclear-weapon states in developing them. Non-nuclear-weapon states also agree not to seek or acquire nuclear weapons.

Despite this, most nuclear powers are currently modernising their arsenals rather than dismantling them.

Most of the countries are signatories, except five: India, Pakistan, Israel, South Sudan and North Korea.

What agreements has Iran made about its nuclear programme in the past?

In 2015, under the Obama administration, Iran struck a deal with six world powers — China, France, Germany, Russia, the United Kingdom and the US — plus the European Union, known as the JCPOA.

Under the pact, Tehran agreed to scale down its nuclear programme, capping enrichment to 3.67 percent, in exchange for relief from sanctions.

“The Iranians agreed to it, and they were following the treaty. There was no problem with the treaty at all, absolutely no problem,” Postol said.

“They were allowed to have 6,000 centrifuges, which, if they had natural uranium, they could probably build a bomb within a year if they were secretly using these centrifuges, but that was all under inspection. They were just simply going to enrich to 3.67 percent, which is for a power reactor. They’re allowed to do that by the Non-Proliferation Treaty.”

But in 2018, Trump pulled out of the deal, calling it “one-sided” and reimposing sanctions on Iran. Iran responded by eventually resuming enrichment at Fordow.

After the US killed Iran’s General Qassem Soleimani in January 2020, Tehran stated it would no longer follow the set uranium enrichment limits.

Former President Joe Biden made attempts to revive the deal, but it never came to fruition due to disagreements over whether sanctions should be lifted first or Iran should rejoin the JCPOA first.

Trump has repeatedly said Iran should not have the ability to produce nuclear weapons. It has been one of Washington’s red lines during talks with Iranian officials over the past year, and was also the central justification that Washington used when it bombed Iranian nuclear facilities during the 12-day US-Israel war on Iran last year.

In the current negotiations, Iran has said it is willing to “downblend” its 60 percent enriched uranium to about 20 percent – the threshold for low-enriched uranium. The process of downblending involves mixing stocks with depleted uranium to achieve a lower percentage of enriched U-235 overall.

“From the point of view of showing goodwill, I think it’s good, it shows that the Iranians are thinking of ways to address what the Americans claim are their concerns,” Postol said.

Which countries have nuclear weapons?

Nine countries possessed roughly 12,187 nuclear warheads as of early 2026, according to the Federation of American Scientists. Approximately two-thirds are owned by two nations – Russia (4,400) and the US (3,700), excluding their retired nuclear arsenals.

Some 9,745 of the total existing nuclear weapons are military stockpiles for missiles, submarines and aircraft. The rest have been retired. Of the military stockpile, 3,912 are currently deployed on missiles or at bomber bases, according to the Federation of American Scientists. Of these, some 2,100 are on US, Russian, British and French warheads, ready for use at short notice.

While Russia and the US have dismantled thousands of warheads, several countries are thought to be increasing their stockpiles, notably China.

The only country to have voluntarily relinquished nuclear weapons is South Africa. In 1989, the government halted its nuclear weapons programme and began dismantling its six nuclear weapons the following year.

Israel is believed to possess nuclear weapons, with a stockpile of at least 90. It has consistently neither confirmed nor denied this, and despite numerous treaties, it faces little international pressure for transparency.

‘Unfortunately, it’s very likely that many people’s holidays will be affected, either by flight cancellations or very, very expensive tickets’

The EU has issued a warning that Europe faces a “very serious crisis” as aviation fuel supplies begin to dwindle due to the conflict in Iran, and holidaymakers may need to alter their summer travel plans.

“Unfortunately, it’s very likely that many people’s holidays will be affected, either by flight cancellations or very, very expensive tickets,” Dan Jorgensen, the EU energy commissioner, told Sky News. “Even if we do everything we can do, if the jet fuel is not there, then it’s not there.”

Jorgensen added: “[Currently] it is primarily a crisis of prices and not yet a crisis of supply, but unfortunately we cannot be sure to prevent a crisis of supply, especially on jet fuel in the future, if the crisis continues.”

The International Energy Agency has cautioned that significant supply problems could emerge within the next five to six weeks.

Airlines are already implementing measures to curb demand: the Lufthansa Group, among Europe’s largest airline operators, has confirmed the scrapping of 20,000 flights over the coming months. Meanwhile, other carriers are hiking ticket prices on long-distance routes to offset rising fuel costs.

“If we had peace tomorrow and the Strait of Hormuz opens, I think we will manage without that happening, but I have to say that even in the best-case scenario, the price crisis will still last for quite some time,” Jorgensen warned.

“Gas infrastructure has been ruined to a degree that will take years to rebuild and this means for months and maybe years yet we will see much higher prices than we had before this crisis started.”

The head of Italy’s Civil Aviation Authority told Sky News that people should consider spending their summer holidays in their home countries.

“In the past petrol prices have reached and exceeded more than $100 without any significant side effects on air travel but this time, the psychological effect is having a destructive effect on passengers,” Pierluigi di Palma warned. “It is best to recommend holidays nearby, rediscovering beautiful places in our country. “For those who still want to risk taking a long trip, it’s a good idea to consider special insurance that can provide reassurance regarding a guaranteed refund in the event of a delayed or cancelled flight.”

READ MORE: Spanish airport shuts for five weeks from tomorrow – Ryanair flights cancelledREAD MORE: EasyJet, Jet2, Ryanair, TUI send stark warning about summer holidays 2026

The EU has unveiled a raft of measures aimed at curbing the impact of the energy crisis, including proposals to accelerate the rollout of renewable energy sources and incentives for households to install clean energy solutions such as heat pumps and solar panels. The bloc is also pushing member states to slash tax on electricity, in a bid to encourage more motorists to make the switch to electric vehicles.

A group representing British Airways, easyJet, Jet2, Loganair, Ryanair, TUI, UPS and Virgin Atlantic has given a stark warning to ministers about holidays this summer. According to ITV News, Airlines UK has told passengers, ‘you can forget your holidays’ according to Good Morning Host Susanna Reid.

The letter, which has gone to ministers and the Civil Aviation Authority, calls on the government and officials to change the rules to bring down passenger duty, allow more night flights, and also to scrap compensation for cancelled or delayed flights.

Presenter Susanna said: “You can forget about your summer holidays. That is the stark warning issued to some air passengers hoping to fly abroad this year. With the war in Iran doubling the price of jet fuel, airlines say they face having to increase fairs or cut flights altogether.”

Co host Ed Balls added: “UK operators are now calling on the government to bring in emergency measures. In a confidential letter seen by ITV News, they’re asking for help to protect fuel supplies, reduce taxes on tickets, and waive strict rules. on compensating passengers.”

ITV said airlines are urging the government to step in to protect business travel, holiday flights and freight operations from the economic fallout of the war in the Middle East. A confidential briefing document submitted to ministers and the aviation regulator, the Civil Aviation Authority, seen by ITV News, warns that if the disruption “continues or worsens,” airlines will be forced to cut flights and push up fares.

The document, from Airlines UK, which represents British Airways, easyJet, Jet2, Loganair, Ryanair, TUI, UPS and Virgin Atlantic, warns that jet fuel costs have doubled, with fuel accounting for around a third of airline operating costs.

Correspondent Nick Dixon said: “Airlines are now at the stage where they are monitoring their reserves of jet fuel very carefully, very closely. There’s no indication just yet of any immediate cancelled flights or fuel shortages, but the airlines clearly need a backup plan in the longer term. And they are pushing for that. Now, some of the airlines have already taken steps. Lufthansa, the European airline, has cancelled thousands of its short-haul flights in an effort to conserve jet fuel. EasyJet, Virgin Airlines, as well as others, have expressed a lot of concern about the coming weeks.

“Virgin Atlantic has cancelled one of its long-haul routes. EasyJet has said, really, beyond the next few weeks into mid-May, they’re not entirely clear on what they will do for jet. Let’s just take a look at what the airlines are asking from the government in this letter that you mentioned.”

In terms of the changes the airlines want, he said: “So firstly, they want to relieve or reduce air passenger duty to help bring down the cost of travel generally and holidays during this period. Allow for nighttime flights to keep things moving if the schedules are disrupted, and also to scrap compensation for cancelled or delayed flights caused by fuel shortages. All of that, of course, would have a huge impact. on passengers.

“What most passengers want to know is, will my holiday flight be affected? It may well be that if the airlines win concessions from the government, we start to see some tactical flight cancellations of what would otherwise be loss-making departures. Well, the Department for Transport has said that it’s continuing to work with fuel suppliers, with airlines, and international counterparts on our contingency emergency planning to ensure that people keep moving and businesses are supported while the conflict is ongoing. But it’s all quite vague really at the moment and very concerning for passenger passengers who have either spent hundreds if not thousands on flights or are looking to plan uh trips throughout the summer.”

Published on
22/04/2026 – 10:40 GMT+2

The cost of living in the UK accelerated throughout March, propelled by a significant increase in petrol and diesel prices following the outbreak of the Iran war.

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According to the Office for National Statistics, the annual consumer price inflation rate moved to 3.3% from 3% the previous month, a shift that matched the forecasts.

This inflationary pressure is largely attributed to an 8.7% monthly jump in motor fuel costs, which represents the sharpest rise seen since the summer of 2022, following Russia’s full-scale invasion of Ukraine.

Beyond the petrol stations, the fallout from higher energy prices has trickled down into airfares and food supplies, complicating the economic landscape for the government and the Bank of England.

UK Treasury chief Rachel Reeves noted that while the conflict is not a domestic one, it is directly pushing up bills for families and businesses across Britain.

Lindsay James, an investment strategist at Quilter, observed that “this morning’s inflation data showed CPI creeping back up to 3.3%, confirming that price pressures are re-accelerating rather than fading away since the outbreak of the war in Iran.”

While international markets have shown some signs of recovery in equity prices, the physical market for oil delivery into Europe remains under immense strain.

Experts suggest that a swift reopening of the Strait of Hormuz is the only viable path to unwinding the current inflationary trend, yet the situation remains volatile and unpredictable.

The Bank of England’s policy dilemma

The timing of this inflation surge is particularly problematic because it coincides with a period of cooling in the domestic economy.

Recent data from the labour market indicates that payrolled employment is falling and economic inactivity is on the rise, while wage growth has started to ease.

For the average British worker, the combination of rising essential costs and stagnating earnings growth creates a challenging environment for real purchasing power.

As for the Bank of England, this sudden spike in prices has disrupted the projected path of beginning to lower borrowing costs this spring.

Prior to the escalation of the Iran war, there was a growing consensus that the central bank would reduce its main interest rate from 3.75% as inflation appeared to be heading back toward the official 2% target.

However, with inflation now expected to potentially hit 4% in the coming months, the Monetary Policy Committee faces a much more difficult decision during its meeting next week.

There is a growing debate among economists regarding whether traditional interest rate hikes are the correct tool to address this specific crisis.

According to James “a rise in rates risks misdiagnosing the problem. This inflationary pulse is being driven by supply disruption, not excess demand. Higher interest rates will do nothing to increase the flow of oil or other goods from the Middle East.”

This sentiment suggests that the Bank of England may choose to maintain its current stance, keeping rates on hold while monitoring whether these price increases begin to manifest in higher wage demands across the broader economy.