Iraq orders Kurdistan oil operations to resume Iraqi Prime Minister Ali al-Zaidi has ordered oil companies to resume operations in the Kurdistan region, according to a statement from his office. Several energy firms had halted oil and gas production at fields in Iraqi Kurdistan following repeated drone attacks on oilfields and energy infrastructure. The production shutdowns added to wider disruptions in Middle East energy supplies following Iran’s closure of the Strait of Hormuz and the subsequent US blockade on Iranian ports.
EU weighs sanctions on Israeli ministers over flotilla abuses A draft of conclusions prepared ahead of the European Union summit in June condemns what it describes as the ill-treatment of activists detained after Israel intercepted the Global Sumud aid flotilla in international waters, according to Italy’s ANSA news agency. The draft states that the European Council “condemns the ill-treatment inflicted on detainees following the interception of the Global Sumud flotilla in international waters”. The document also calls on the EU Council to continue work on “restrictive measures against extremist ministers who incite and promote such human rights violations”.
US petrol prices jump 42. 2% from year ago amid oil market turmoil The average price of petrol in the United States was 42. 2 percent higher in May than a year earlier, according to figures released by the US Transportation Department.
Rubio says US will only provide sanctions relief to Iran in exchange for nuclear concessions US Secretary of State Marco Rubio said on Tuesday that Iran would only receive sanctions relief if it surrenders its nuclear programme, brushing aside Tehran’s demands to obtain economic relief as part of a phased ceasefire. "Iran is being sanctioned because they've highly enriched uranium. Iran is being sanctioned because of their nuclear activities; if they agree to give up those things, there will be sanctions relief,” Rubio told the Senate Foreign Relations Committee on Tuesday.
US sanctions Iran's largest crypto exchange over IRGC links The US announced sanctions on Nobitex, Iran’s biggest cryptocurrency exchange, on Tuesday, accusing it of enabling the Iranian government and blacklisted state institutions to circumvent western sanctions. The new sanctions follow a Reuters investigation published on 1 May, which showed how Nobitex had become a central node in a parallel financial system used to process hundreds of millions of dollars for Iran’s central bank and the Islamic Revolutionary Guard Corps. The report also revealed how Nobitex continued operating even after the government-imposed internet shutdown, processing millions of dollars of transactions.
Rubio says US will only provide sanctions relief to Iran in exchange for nuclear concessions Submitted by MEE staff on Tue, 06/02/2026 - 17:45 US top diplomat rejects Iranian efforts to impose toll in Hormuz and rules out economic relief as part of temporary ceasefire US Secretary of State Marco Rubio testifies during a Senate Foreign Relations Committee hearing concerning the fiscal year 2027 budget for the State Department, on Capitol Hill in Washington, DC, on 2 June 2026 (Brendan Smialowski/AFP) Off US Secretary of State Marco Rubio said on Tuesday that Iran would only receive sanctions relief if it surrenders its nuclear programme, brushing aside Tehran’s demands to obtain economic relief as part of a phased ceasefire. "Iran is being sanctioned because they've highly enriched uranium. Iran is being sanctioned because of their nuclear activities; if they agree to give up those things, there will be sanctions relief,” Rubio told the Senate Foreign Relations Committee on Tuesday.
Prominent Greek shipping mogul willing to pay Iranian transit toll in Hormuz Submitted by Sean Mathews on Tue, 06/02/2026 - 17:14 Evangelos Marinakis, who owns over 150 vessels, said a toll could pay for 'damages' inflicted on Iran Nottingham Forest's Greek co-owner Evangelos Marinakis watches the English Premier League football match between Nottingham Forest and Manchester United at The City Ground in Nottingham, central England, on 1 April 2025 (Paul Ellis/AFP) Off Greek shipping mogul Evangelos Marinakis has said he is prepared to pay Iran a transit fee in order to keep the Strait of Hormuz open and that the fee would help compensate Iran for “damage” inflicted by the US-Israeli war on the Islamic Republic. “For me, it is better to pay a fee of $100,000 or $200,000, depending on the size of the cargo or the size of the vessel, than to have all this hassle,” Marinakis said at a forum hosted by TradeWinds News at a Posidonia shipping event in Athens on Tuesday. Marinakis, who owns over 150 vessels - including oil tankers, LNG carriers and bulk carriers - said that the money extracted from a toll “can pay for all the damage of what has happened so far”.
Rubio says US has not offered Iran sanctions relief just for reopening the Strait of Hormuz US Secretary of State Marco Rubio told lawmakers on Tuesday that the Trump administration has not offered Iran sanctions relief just for opening the Strait of Hormuz. Rubio also said that any sanctions relief would be based on Tehran meeting conditions relating to its nuclear program. US Secretary of State Marco Rubio looks over notes as he testifies during a Senate hearing concerning the fiscal year 2027 budget for the State Department, on Capitol Hill in Washington, DC, on 2 June 2026.
New Zealand imposes travel bans on three 'extremist' Israeli settlers New Zealand foreign minister Winston Peters announced travel bans on three Israeli settlers, saying they had “actively worked to expand illegal settlements in the West Bank, including through violence”. The three individuals barred from travelling to New Zealand are Itamar Yehuda Levi, Harel David Libi and Eliav Libi. “The actions of these individuals threaten peace and security for Israelis and Palestinians and drive the region further into crisis,” Peters said.
Three offshore platforms reportedly resume production at Iran's South Pars gas field Iran has restored gas production at three offshore platforms in the South Pars gas field that had been forced to halt output after Israeli attacks disrupted processing capacity at some onshore facilities, the chief executive of the Pars Oil and Gas Company told Iranian state media on Sunday. Touraj Dehqani said the platforms had not been damaged. He said production from the three platforms was being routed to other processing plants in the region while repairs continue at damaged facilities, including the Phase 14 refinery.
Draft US-Iran deal would reopen Hormuz and ease sanctions, US media says US President Donald Trump met advisers on Friday to discuss extending the ceasefire with Iran but did not make a final decision, according to reports in the US media. The meeting came amid claims that Washington and Tehran have reached a preliminary memorandum of understanding aimed at ending the conflict. Reports said that the draft agreement would make shipping through the Strait of Hormuz “unrestricted”, with Iran given 30 days to remove mines while the US would gradually lift its naval blockade and ease sanctions, including restrictions on Iranian oil exports.
Israeli-US war on Iran costs American consumers nearly $60bn The economic impact of the Israeli-US war on Iran has cost American consumers almost $60bn in just three months, according to an analysis by Moody's Analytics shared with CNBC. The report found that the average US household has spent an additional $447. 19 on fuel-related expenses since the conflict began on February 28, as rising energy prices and higher air fares ripple through the economy.
Qatar open to temporary Strait of Hormuz charges but rejects permanent fees Qatar has voiced opposition to any permanent transit charges in the Strait of Hormuz, warning that such fees would ultimately increase costs for consumers around the world. Speaking at the Shangri-La Dialogue in Singapore, Sheikh Saoud bin Abdulrahman Al Thani said Doha and other Gulf states do not support the introduction of a long-term toll system for vessels passing through the strategic waterway. “Qatar and also the partners in the Gulf stated very clearly that charging fees will always impact the consumer, so we are against this,” Sheikh Saoud said.
Washington says it dismantled Iranian group targeting US technology firms The US Department of State has announced what it described as the dismantling of an Iranian network accused of impersonating American companies and defrauding US businesses to obtain sensitive technology for Iran’s military sector. State Department spokesperson Tommy Pigott said the network, allegedly led by Ali Majd Sepehr, “defrauded dozens of American technology companies of millions of dollars by posing as legitimate US businesses”. Announcing new sanctions, Pigott said the measures form part of Washington’s broader “Economic Fury” campaign against Iran and target individuals and entities accused of working on behalf of Iran’s Ministry of Defence and Armed Forces Logistics to “fraudulently procure restricted goods from US companies”.
US imposes fresh sanctions targeting Iranian entities The US imposed new counterterrorism sanctions on Friday targeting Iranian individuals and entities, according to a notice published on the Treasury Department's website.
Global agencies warn of summer fuel shortages if Hormuz disruption continues The heads of the International Monetary Fund, World Bank and International Energy Agency have warned that prolonged disruption to shipping through the Strait of Hormuz could threaten global fuel supplies and economic stability. In a joint statement, the three institutions said oil stockpiles are being depleted at an unprecedented rate as markets respond to the sharp reduction in supplies moving through the strategic waterway. “Global oil inventories are being drawn down at a record pace in response to the major loss of supply through the Strait of Hormuz,” the heads of the agencies said.
US says it seized $1bn in Iranian cryptocurrency assets US Treasury Secretary Scott Bessent says Washington has seized $1bn worth of Iranian cryptocurrency assets as part of its economic campaign against the Islamic Republic. The claim could not be independently verified. Speaking at the Reagan National Economic Forum, Bessent said the asset seizures formed part of the financial pressure strategy pursued by President Donald Trump during its war on Iran.
Iran rejects Trump's terms of deal to lift Hormuz blockade Submitted by Sean Mathews on Fri, 05/29/2026 - 19:46 Trump says he will lift blockade of the strait in return for no tolls in Hormuz and Iranian uranium, which Tehran rejects US President Donald Trump delivers remarks during a Memorial Day ceremony at Arlington National Cemetery in Arlington, Virginia, on 25 May 2026 (Kevin Dietsch/Getty Images/AFP) Off US President Donald Trump said he was lifting a blockade on the Strait of Hormuz, even as Iran denied his claim that negotiations were taking place on the fate of its nuclear programme, a resolution to which Trump conditioned lifting the naval siege. Trump’s murky statement on Friday is one of several he has made in recent days suggesting a deal to end the war is at hand, only for the stalemate in the Strait of Hormuz to continue as a fragile ceasefire between the two sides prevents a wider flare-up in fighting. Trump conditioned the lifting of the US’s blockade on Iran agreeing not to charge fees in the Strait of Hormuz and allowing the US access to damaged nuclear facilities in order to destroy Iran’s highly enriched uranium.
US Treasury secretary says any easing of Iran sanctions will be gradual US Treasury Secretary Scott Bessent has signalled that any rollback of US economic pressure on Iran would happen in stages rather than all at once. Speaking on Friday, Bessent suggested that any relief from the financial and economic measures imposed on Tehran would be introduced gradually. "We'll see ...
US says its sanctioning entities, individuals linked to Iran's oil economy The Department of State said it was sanctioning several entities, individuals "involved in the transportation of Iranian petroleum or petrochemical products". The department said that the move aims to "reduce revenue that the Iranian regime uses to attack its neighbors, support terrorism abroad, and oppress its own people".
