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Oil falls after Trump signals Iran pause

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Washington, April 8: Oil prices dropped sharply after US President Donald Trump said he would pause planned military strikes on Iran for two weeks, easing fears of a wider conflict in the energy-rich Gulf region.

US crude futures fell below $100 a barrel, reversing recent gains driven by weeks of tensions around the Strait of Hormuz, a key global oil transit route, The Wall Street Journal said on Tuesday (Local time).

The decline followed Trump’s announcement that he would suspend attacks on Iran, subject to Tehran reopening the strait, according to the Journal.

Stock markets also reacted positively. Futures tied to major US indexes rose more than 2 per cent, signalling investor relief after days of volatility linked to the crisis, it reported.

“Stock futures are surging and oil prices falling after President Trump posted on Truth Social that he would suspend attacks on Iran for two weeks,” the report said.

The Strait of Hormuz, through which roughly a fifth of global oil flows, has been at the centre of the conflict. Iran had restricted passage for several weeks, contributing to rising prices and supply concerns, according to reports by The Hill.

Markets had been on edge ahead of Trump’s deadline for Iran to reach a deal, with traders fearing a major escalation could disrupt shipments across the Gulf and send prices sharply higher, the Journal noted.

Instead, the announcement of a potential ceasefire triggered a broad rally across global markets. Asian stocks also climbed, with Japan’s Nikkei and South Korea’s Kospi advancing after the news.

Investors had largely treated Trump’s earlier threats as negotiating tactics. “Some investors had bet that Trump… could extend the deadline to reopen the Strait of Hormuz, something he has done multiple times in the past month,” the daily reported.

Oil prices had surged in recent weeks amid fears that the strait could be closed or severely restricted. The waterway handles shipments critical to global supply chains, including crude oil and liquefied natural gas.

The easing of tensions also lifted other asset classes. Gold prices rose, reflecting continued uncertainty, while equities gained as the risk of immediate conflict receded, according to the Journal.

However, analysts cautioned that the situation remains fragile. The proposed two-week ceasefire depends on Iran agreeing to fully reopen the strait and on both sides refraining from further escalation.

Even after the announcement, reports of missile and drone activity in parts of the Gulf raised questions about how durable the pause would be, according to The New York Times.

The broader conflict has already disrupted energy markets for weeks. Limited shipping access and uncertainty over supply have driven price swings and heightened volatility across global markets.

The two-week window now offers a chance for diplomacy to stabilise the situation, but traders remain wary of sudden shifts in policy or military action.

The Strait of Hormuz remains one of the world’s most critical energy chokepoints. Any disruption can have immediate global consequences, particularly for large importers.

For India, which relies heavily on crude imports from the Gulf, sustained volatility in oil prices could impact inflation, currency stability and overall economic growth.

International News

Tanker on fire after being struck off Saudi coast at Red Sea, confirms UK

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London, July 23: A tanker caught fire off the coast of Saudi Arabia after being struck by an unknown projectile, leaving the crew fighting the blaze, according to the United Kingdom Maritime Trade Operations (UKMTO).

According to a UKMTO advisory, the attack occurred about 70 nautical miles (130 km) southwest of Al Shuqaiq, Saudi Arabia, in the southern Red Sea.

The UKMTO said there were no reported casualties or environmental impact, and an investigation was underway.

The attack was reported around the same time on Wednesday (local time) as Yemen’s Houthi group said it had carried out a military operation targeting two Saudi oil tankers in the Red Sea.

The group had announced a maritime ban on Saudi-linked vessels two days earlier, citing what it described as Saudi Arabia’s long-running blockade on areas under its control.

The latest attack underscores growing security concerns along the Red Sea shipping route leading to the Bab el-Mandeb Strait, raising fears that disruptions already affecting the Strait of Hormuz could spread to another vital maritime chokepoint, reports Xinhua news agency.

Shipping analytics firm Kpler said on Wednesday that vessel traffic through both the Strait of Hormuz and the Bab el-Mandeb Strait fell sharply on Tuesday as security conditions deteriorated.

The firm also reported several confirmed vessel U-turns near the Gulf of Aden following Houthi threats against Saudi-linked shipping, suggesting that operators were becoming increasingly cautious.

Kpler warned that continued attacks around the two regional maritime chokepoints could reshape shipping routes, raise freight costs and keep geopolitical risk premiums in global energy markets elevated.

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International News

Trump clears landmark Saudi nuclear deal: Report

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Washington, July 22: President Donald Trump has formally approved a landmark nuclear agreement with Saudi Arabia that could permit uranium enrichment inside the kingdom and generate tens of billions of dollars for American companies, The Wall Street Journal reported on Tuesday, citing US officials.

The 30-year agreement would give Saudi Arabia access to a civilian nuclear programme. It is designed to place US companies at the centre of the kingdom’s emerging nuclear infrastructure while excluding foreign competitors, the Journal said.

The deal could mark a significant expansion of nuclear cooperation between Washington and Riyadh. It is also expected to revive concerns in Congress about the spread of sensitive nuclear technology in the Middle East.

Under a key provision, American companies could build a uranium enrichment facility in Saudi Arabia. The project would proceed only if a joint US-Saudi study concluded that such a facility was warranted, according to the Journal.

Uranium enrichment can produce fuel for civilian nuclear reactors. The same technology, if taken to much higher levels, can also be used to produce material for nuclear weapons. That dual-use capability has long made enrichment one of the most sensitive parts of international nuclear negotiations.

Trump administration officials contend that direct American involvement would give Washington greater influence over the Saudi nuclear programme. They argue that US participation would also help prevent nuclear technology from being diverted for military purposes, the report said.

The agreement is expected to be submitted to Congress for review in the coming days.

Trump gave the agreement the green light late last week, the newspaper reported. US Energy Secretary Chris Wright and Saudi Energy Minister Prince Abdulaziz bin Salman are expected to sign it on Wednesday.

Wright discussed the proposed cooperation with his Saudi counterpart during his first overseas visit to the region in April 2025. The agreement could bring large contracts for US companies involved in reactor construction, nuclear fuel services and associated infrastructure.

Saudi Arabia has sought to develop civilian nuclear power as part of its effort to diversify its energy mix and economy beyond oil. The kingdom has also argued that nuclear energy could help meet rising domestic electricity demand and free more oil for export.

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International News

US CENTCOM completes fresh strikes on Iran, warns of continued military readiness amid Middle East tensions

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Washington, July 21: The US Central Command (CENTCOM) has carried out another round of strikes against Iran, targeting military facilities and capabilities as Washington seeks to reduce Tehran’s ability to threaten commercial shipping in the Strait of Hormuz.

In a post on X, CENTCOM said: “U.S. Central Command (CENTCOM) completed another round of strikes against Iran at 9 p.m. ET, July 20. US forces struck Iranian military command centres, maritime capabilities, missile and drone launch sites, and air defence systems to degrade Iran’s ability to continue attacking commercial vessels flowing through the Strait of Hormuz.”

According to CENTCOM, commercial vessel transits through the vital international maritime corridor continue. “Since early May, CENTCOM forces have helped facilitate the transit of approximately 900 commercial vessels and 450 million barrels of crude oil.”

US forces remained prepared to take further action against Iran, accusing Tehran of carrying out what it described as unwarranted aggression against civilian mariners seeking to transit the Strait of Hormuz freely and openly.

CENTCOM said the strikes were aimed at weakening Iran’s military infrastructure linked to attacks on maritime traffic in the strategically important waterway. The Strait of Hormuz is a key global energy route through which a significant volume of international oil shipments passes.

The latest military action comes amid heightened tensions across the Middle East, with concerns growing over possible further escalation and threats to regional security.

Meanwhile, the US Department of State’s Bureau of Consular Affairs issued a worldwide caution notice, warning American citizens about the complex security environment.

In a post on X, the department said: “Worldwide Caution: Due to heightened tensions in the Middle East, the security environment remains complex with the potential for unforeseen escalation.”

It added: “Americans currently in the Middle East should exercise caution and heightened vigilance and should be prepared for possible flight cancellations, periodic airspace closures, and potential travel disruptions. Please monitor embassy and consular security alerts, local authorities, and the news for breaking developments.”

The advisory further warned that US diplomatic facilities and American interests could face threats.

“U.S. diplomatic facilities, including outside the Middle East, have been targeted. Iran and groups supportive of Iran may target other U.S. interests overseas or at locations associated with the United States and Americans throughout the world,” the department said.

The State Department urged US citizens to stay informed through official channels and security alerts, saying: “Enroll at http://step.state.gov to receive the latest security alerts and follow the “U.S. Department of State – Security Updates for U.S. Citizens” channel on WhatsApp or @TravelGov on X.”

The department also advised travellers to review official travel advisories and destination-specific information before making plans amid the uncertain security situation.

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