Cost of crude oil races higher as Donald Trump pledges to block Iranian ports
Brent crude jumped back up past 100 US dollars a barrel, rising by more than 7% to 102.1 dollars. Source link
All posts tagged: Ports
US military to begin blockade of Iranian ports on Monday
TEHRAN: The US military said it would begin a blockade of all Iranian ports on Monday (Apr 13), after talks between the warring sides in Pakistan collapsed with President Donald Trump blaming the Islamic republic’s refusal to abandon its nuclear ambitions. Trump had announced on social media he would blockade the strategic Strait of Hormuz trading route that he has been demanding Tehran fully reopen, after his vice president, JD Vance left negotiations with an Iranian delegation in Islamabad on Sunday. The stall in talks dashed global hopes of a deal to permanently end the war that has killed thousands and thrown the global economy into turmoil since it began in late February. As negotiating teams flew out, mediator Pakistan said it would keep facilitating their dialogue and has called on both sides to honour the fragile two-week ceasefire struck last week that experts said could be put at risk by any maritime military blockade. “The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including …
Oil Prices Rise After the US Says It Would Block Iranian Ports Starting Monday
NEW YORK (AP) — Oil prices rose in early market trading Sunday after the U.S. said it would blockade Iranian ports beginning Monday. The price of U.S. crude oil rose 8% to $104.24 a barrel and Brent crude oil, the international standard, rose 7% to $102.29. Brent crude has swung dramatically during the Iran war, rising from roughly $70 per barrel before the war in late February to more than $119 at times. On Friday, ahead of the peace talks, Brent for June delivery fell 0.8% to $95.20 per barrel. Iran has been effectively controlling the Strait of Hormuz, a key waterway for global oil shipping. U.S. Central Command said the blockade would be “enforced impartially against vessels of all nations” entering or departing Iranian ports and coastal areas, including all Iranian ports on the Persian Gulf and Gulf of Oman. It said it would still allow ships traveling between non-Iranian ports to transit the Strait of Hormuz. Around a fifth of the world’s traded oil typically flows through the Strait of Hormuz every day. …
Ireland cuts tax on motor fuel as protests grip the country – POLITICO
“It’s beyond comprehension that we were on the precipice of losing oil refining capacity in the country in the middle of an unprecedented global supply shortage of energy,” Martin said. “It makes absolutely no sense what was going on.” But the premier conceded that the package might not end the protests, which have been organized largely on social media apps and platforms. Several scattered road blockades, largely targeting rural motorways, continued Sunday. “We haven’t any guarantees of what protesters may or may not do,” Martin said. The government’s advisory National Emergency Coordination Group warned Sunday that much of the economy and public services, including health care, would face heightened disruption this week even if the protesters end all road obstructions now. Sunday’s package will be subject to the passage of emergency legislation Tuesday — the same day the main opposition Sinn Féin party will bring a motion of no confidence in the government over its handling of fuel taxes and the past week’s street standoffs. The new government plans further excise tax cuts of 10 …
The U.S. military says it will blockade Iranian ports as Iran peace talks collapse : NPR
A cargo ship carrying vehicles sails through the Arabian Gulf toward the Strait of Hormuz in the United Arab Emirates on March 22. AP hide caption toggle caption AP ISLAMABAD — The U.S. military said on Sunday that it will soon block ships from Iranian ports. It comes after the U.S. and Iran failed to reach an agreement in highly anticipated face-to-face peace talks, according to Vice President Vance, who is serving as Washington’s lead negotiator. “The bad news is that we have not reached an agreement. And I think that’s bad news for Iran much more than it’s bad news for the U.S. … They have chosen not to accept our terms,” Vance said at a press conference in Islamabad, before boarding Air Force Two to leave the country. Asked what the major sticking point had been that led to the breakdown in negotiations, Vance said: “The simple fact is that we need to see an affirmative commitment that they will not seek a nuclear weapon, and they will not seek the tools that …
Anker’s $70 Nano Power Strip Clamps to Your Desk for Easy Access to 10 Ports
Anker this week launched a useful new accessory for your desk, debuting the 10-in-1 Nano Power Strip. Priced at $70, the Nano Power Strip has a unique clamp design that puts multiple ports on your desktop while eliminating cable clutter. I was able to test out the Nano Power Strip ahead of when it launched, and found it to be a useful alternative to standard under-desk power strips. The power strip comes in black or white and it’s made of plastic, but the matte finish adds aesthetic appeal, as does a silver front plate for some of the ports. The clamp is adjustable with an included knob and it fits desktops from 0.6 inches to 1.8 inches. Unfortunately, I have a Parsons-style desk that’s too thick to use the power strip as intended, so it’s worth measuring. With my thicker desk, I can still attach it to a leg or the back of the desk, but it doesn’t put all of the outlets in the ideal position. There are silicone pads at both sides of …
Europe’s coming energy crunch – POLITICO
“Markets are now grappling with a scenario long discussed in theory but rarely thought of as a legitimate possibility — the effective shutdown of the world’s most critical energy chokepoint,” said Ana Maria Jaller-Makarewicz, lead energy analyst for the Europe team at the Institute for Energy Economics and Financial Analysis. While the 1970s crises knocked out 7 percent of global supplies, she said, the closure of the Strait of Hormuz affects 20 percent. U.S. President Donald Trump exits Air Force One on March 29 at Joint Air Base Andrews, Maryland. | Nathan Howard/Getty Images When the war first broke out, EU officials hoped the bloc would be spared from serious shortages thanks to its relatively low exposure to the Persian Gulf, which it relied on for just 6 percent of its crude oil and under 10 percent of its natural gas. The biggest risk articulated in countless ministerial and technical meetings was higher prices. Europe’s security of supply was rarely questioned, with officials pointing to the continent’s diversified sources beyond the Persian Gulf: the U.S., …
French far right claims momentum for presidency after local elections – POLITICO
French far right claims momentum for presidency after local elections – POLITICO Skip to main content Source link
Berlin’s Indo-Pacific strategy blends arms deals and alliances – POLITICO
Germany, according to Ernst, is still “relatively blank” in the region. What it can contribute militarily remains narrow: “A bit of maritime patrol, a frigate, mine clearance.” Pohlkamp said Germany’s role in Asia is still being built “in small doses” and is largely symbolic. But what matters is whether Berlin can turn occasional visits and deployments into something steadier and more predictable. The defense ministry insists that is the point of Pistorius’s trip. Ministry spokesperson Mitko Müller said Wednesday that Europe and the Indo-Pacific are “inseparably linked,” citing the rules-based order, sea lanes, international law and the role of the two regions in global supply and value chains. The new P-8A Poseidon reconnaissance aircraft stands in front of a technical hangar at Nordholz airbase on Nov. 20, 2025. | Christian Butt/picture alliance via Getty Images The trip is meant to focus on the regional security situation, expanding strategic dialogue, current and possible military cooperation, joint exercises including future Indo-Pacific deployments, and industrial cooperation. That explains why industry is traveling with Pistorius. Müller said executives from …
UK to raise steel tariffs to 50 percent in new sector strategy this week – POLITICO
British officials have told both U.K. steel producers and downstream importers, who use steel in everything from construction to automotive manufacturing, to expect a 50 percent duty outside of new quotas in a move “likely to be similar to the EU,” said a second industry figure. Both industry figures were granted anonymity as they were not authorized to speak publicly. Last October, the EU announced plans to reduce its quotas on foreign steel imports by almost half and levy a 50 percent tariff on goods exceeding the cap. The move is part of an overhaul of so-called safeguard protections that expire in both the EU and U.K., under World Trade Organization rules, at the end of June. The U.K.’s strategy setting out the future of the sector has been repeatedly delayed. On Thursday, Kyle will set out a new scheme of trade protections to replace the so-called steel safeguards scheme. A Tata Steel UK executive told lawmakers in early February that the government “had eight weeks to save the British steel industry” by shielding it …