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Oil prices surge as violence flares in Strait of Hormuz

Oil prices surge as violence flares in Strait of Hormuz

Brent crude rises nearly 6 percent as soaring tensions in waterway push ceasefire to the brink. Published On 5 May 20265 May 2026 Oil prices have risen sharply as violence in the Strait of Hormuz cast doubt over the fragile ceasefire between the United States and Iran. Brent crude, the primary benchmark for oil prices worldwide, rose by nearly 6 percent on Monday to $114.44 a barrel. Recommended Stories list of 4 itemsend of list Brent futures eased somewhat on Tuesday morning, trading at $113.54 as of 02:00 GMT. The latest surge in prices came after the US military said it had destroyed six of Iran’s small boats in response to Iranian attacks on commercial vessels in the waterway, and the United Arab Emirates reported coming under attack from Iranian missiles and drones. An Iranian military source cited by the official IRNA news agency denied that US forces had sunk several Iranian boats, branding the US claim “false”. The market is pricing oil higher as it factors in the risk of “more oil infrastructure damage and the likelihood that the Strait of Hormuz will be shut beyond the timeline that the Trump administration has laid out,” said June Goh, a senior oil market analyst at Sparta in Singapore. Despite US President Donald Trump’s announcement on Monday that the United States military would “guide” commercial vessels through the critical strait, shipping companies have been hesitant to transit the waterway amid persistent safety concerns. While the US military reported that two US-flagged merchant ships crossed the strait in the hours after Trump announced “Project Freedom”, there have yet to be any signs of a substantial resumption of maritime traffic in the region. On Monday, the head of the International Transport Workers’ Federation (ITF) said that ships should not be asked to cross the strait “without a full guarantee of safety”. Advertisement “Freedom of navigation must be restored in full accordance with international law, but it must be done in a way that is coordinated, transparent and puts seafarers’ safety first,” ITF General Secretary Stephen Cotton told Al Jazeera, adding that there was “little clarity” about how the operation would “provide safe evacuation, nor assurance from Iran that transit will be guaranteed”. “Until we have those assurances, we are calling on shipowners and flag states not to treat this announcement as a green light,” Cotton said. “These workers have already endured weeks of fear, uncertainty and hardship. They must not now be put in harm’s way.” According to the International Maritime Organization (IMO), up to 20,000 seafarers remain stranded on some 2,000 vessels in the Strait of Hormuz. The IMO has said that there was “no precedent for the stranding of so many seafarers in the modern age”. The United Nations, meanwhile, has called for freedom of navigation in the strait, saying the closure of the waterway is “impeding the delivery of oil, gas, fertiliser, and other critical commodities” and “strangling the global economy”. Brent prices have risen more than 50 percent since the start of the war in late February, amid an estimated daily production shortfall of 14.5 million barrels. Even if Washington and Tehran reach a deal to end the war, oil prices are likely to remain elevated for some time due to the backlog of unloaded cargo, damaged regional infrastructure, and the need to clear Iranian mines, according to analysts. Goh, the analyst at Sparta, said she expected prices to rise further as countries dip into their energy supplies. “As more OECD inventory reports are published showing significant drawdown rates, we should see an even more bullish trend for the Brent price,” Goh said. Adblock test (Why?)

‘Dangerous escalation’: World condemns Iran after attacks on UAE

‘Dangerous escalation’: World condemns Iran after attacks on UAE

By Al Jazeera Staff Published On 5 May 20265 May 2026 Tensions are rising in the Gulf again after the United Arab Emirates said it intercepted 15 missiles and four drones fired from Iran and warned that it reserves the right to respond to the “treacherous” attacks. The attacks on Monday mark the first time the UAE has been targeted since Iran and the United States agreed to a ceasefire on April 8. Recommended Stories list of 4 itemsend of list According to authorities in the UAE, one drone attack set off a “large” fire at the Fujairah Petroleum Industries Zone and wounded three Indian nationals. Officials also said Iran attacked an empty crude oil tanker belonging to the state oil firm as it attempted to pass through the Strait of Hormuz. Iran has denied the UAE’s accusations. Here’s how officials around the world responded to the attacks: Saudi Arabia The Saudi Ministry of Foreign Affairs said it condemned and denounced “in the strongest terms” the Iranian targeting of civilian and economic facilities in the UAE, as well as a vessel belonging to an Emirati company. “The kingdom affirms its solidarity with the brotherly United Arab Emirates in the measures it takes to preserve its sovereignty, security and territorial integrity, and calls on the Islamic Republic of Iran to cease these attacks,” it added. Qatar Qatar said it “strongly condemns the renewed Iranian attacks” and considers the strikes to be a “blatant violation of the UAE’s sovereignty and a serious threat to the security and stability of the region”. Qatar also affirmed its “full solidarity” with the UAE and said it supported “all measures taken by the UAE to preserve its sovereignty, security, and territorial integrity”. Advertisement Kuwait Kuwait’s Ministry of Foreign Affairs condemned Iran’s “reprehensible aggression” in targeting a UAE oil tanker and deploying drones in a “direct threat to maritime navigation in the Strait of Hormuz”. Iran’s actions were a “clear breach of the principle of freedom of navigation in international waterways, threatening regional security and the safety of global supply lines”, it said in a statement on X. The ministry also called for an immediate end to all aggression, and said it would support the UAE and “all measures it takes to protect its security and interests”. Bahrain Bahrain’s Ministry of Foreign Affairs denounced the “Iranian terrorist attacks” and said it considered the strikes “a dangerous escalation that threatens the security and stability of the region”. It also expressed support for the UAE in any retaliatory measures it takes and called on the United Nations Security Council “to take firm and deterrent positions and measures against these repeated and unjustified Iranian attacks”. Jordan Jordanian Minister of Foreign Affairs Ayman Safadi spoke with his Emirati counterpart, Abdullah bin Zayed Al Nahyan, and condemned “the renewed Iranian attacks on the UAE”, according to the Petra news agency. Safadi reiterated Jordan’s “absolute solidarity” with the UAE “in confronting these attacks”. He described the strikes as “a dangerous escalation and a threat to the UAE’s security, stability, territorial integrity and the safety of its citizens and residents, as well as a blatant violation of international law and the UN charter”. Germany German Chancellor Friedrich Merz strongly condemned Iran’s attacks and expressed his solidarity with the people of the UAE. “Tehran must return to the negotiating table and stop holding the region and the world hostage: The blockade of the Strait of Hormuz must end. Tehran must not acquire a nuclear weapon. There must be no further threats or attacks against our partners,” he wrote in a statement on X. Canada The office of Prime Minister Mark Carney said in a post on X that “Canada strongly condemns Iran’s unprovoked missile and drone strikes on the United Arab Emirates and stands in solidarity with its people”. Carney stated that Canada commends “efforts to protect civilians and civilian infrastructure” and reiterates its call for de-escalation and diplomacy in the region. United Kingdom UK Prime Minister Keir Starmer condemned the attacks and called for Iran to engage in talks to prevent any further escalation. “We stand in solidarity with the UAE and ‌will continue to support the defence of our partners in the Gulf. This escalation must cease. Iran needs to engage meaningfully in negotiations to ensure the ceasefire ⁠in the Middle East ⁠endures, and a long-term diplomatic solution is achieved,” Starmer said. Advertisement Gulf Cooperation Council The regional bloc denounced the attack on the Emirati oil tanker “in the strongest terms”, with Secretary-General Jassim Mohammed Al Badawi expressing his full support for any measures the UAE takes “to preserve its sovereignty, security and stability”. “The continuation of these brutal Iranian attacks by targeting ships passing through the strait is piracy and serious extortion of the security of sea lanes and straits,” he added. European Union EU Commissioner Ursula von der Leyen denounced the attacks and extended her full solidarity to UAE President Sheikh Mohamed bin Zayed Al Nahyan and his people. “These attacks are unacceptable and constitute a clear violation of sovereignty and international law. Security in the region has direct consequences for Europe,” she wrote on X. “So we will keep working closely with our partners on de-escalation and diplomatic resolution, to bring an end to the Iranian regime’s brutal actions, both against its neighbours and its own people.” Adblock test (Why?)

An explosion at a fireworks plant in China has killed at least 21 people

An explosion at a fireworks plant in China has killed at least 21 people

NewsFeed An explosion at a fireworks plant in a central Chinese province has killed at least 21 people and injured 61 others. Nearly 500 rescuers were deployed to the scene, as authorities search for the missing and investigate the cause of the blast. Published On 5 May 20265 May 2026 Click here to share on social media share-nodes Share googleAdd Al Jazeera on Googleinfo Adblock test (Why?)