US energy executives warn of massive oil supply crunch Executives from the largest US energy companies warned on Thursday that oil prices are likely to spike this summer, as the buffers the US and other western countries used to mitigate the impact of the closure of the Strait of Hormuz run dry. “We're approaching unheard of inventory levels. I mean, really, really low levels.
Bessent says no sanctions relief before Hormuz reopens and uranium surrendered US Treasury Secretary Scott Bessent says Washington will not consider lifting sanctions on Iran until the Strait of Hormuz is reopened and Tehran agrees to hand over its stockpile of highly enriched uranium. “Nothing is going to be on the table until we see the Strait of Hormuz open, and the Iranians agree they have to turn over the highly enriched uranium,” Bessent said.
'Brent will shoot up': US energy executives warn of massive oil supply crunch Submitted by Sean Mathews on Thu, 05/28/2026 - 21:31 Energy executives say the world is weeks away from oil hitting $150 per barrel, with government and private industry reserves depleted Iranians drive past a billboard featuring US President Donald Trump and the Strait of Hormuz, erected in Valiasr Square in Tehran, Iran, on 28 May 2026 (AFP) Off Executives from the largest US energy companies warned on Thursday that oil prices are likely to spike this summer, as the buffers the US and other western countries used to mitigate the impact of the closure of the Strait of Hormuz run dry. “We're approaching unheard of inventory levels. I mean, really, really low levels.
Bessent says oil prices could fall quickly after Hormuz deal US Treasury Secretary Scott Bessent says oil prices could drop rapidly once an agreement is reached with Iran to reopen the Strait of Hormuz. Speaking to reporters, Bessent said many ships are currently waiting to “come out of the gulf”. “Once we have an agreement between the US and Iran to open the Strait of Hormuz, I think the oil market is going to be very well supplied on the other side,” he said.
Bessent says Oman has ‘no plans’ to impose Hormuz tolls US Treasury Secretary Scott Bessent says Oman’s ambassador to Washington, Talal Alrahbi, assured him the Gulf state has “no plans for tolling the strait”. Bessent told reporters at the White House that he spoke with the envoy earlier on Thursday. His comments came a day after President Donald Trump warned Oman against entering any agreement with Iran to share control of the Strait of Hormuz, saying the US would “have to blow them up”.
CENTCOM says US has redirected 111 commercial vessels under Iran blockade US Central Command says the US military has now “redirected” a total of 111 commercial vessels as part of its blockade on Iranian ports. CENTCOM updates show 17 ships were blocked over the past week, including two since yesterday.
US threatens to ‘aggressively’ target Oman if it facilities tolls for Hormuz US Treasury Secretary Scott Bessent said on Thursday that Oman should know that the US will “aggressively” punish any actors involved in helping Iran set up tolls on the Strait of Hormuz as part of a ceasefire agreement. “The United States Government will not tolerate any effort to impose a tolling system in the Strait of Hormuz,” Bessent said in a post to X, adding that “any willing partners will be penalized”. This comes after US President Donald Trump threatened to “blow up” Oman if it agreed to work with Iran to impose fees on ships transiting through the strait.
EU sanctions Israeli settlers The European Union Council announced on Thursday it will impose sanctions on four entities and three individuals for abuses against Palestinians in the occupied West Bank. The list includes what the EU described as "extremist Israeli settlers and organisations that support them", according to a statement. “They are responsible for serious and systematic human rights abuses against Palestinians in the West Bank,” the Council added in a post to X.
US continues ‘Economic Fury campaign’ against Iran airlines, says Bessent The United States will be shutting down Iranian airlines’ access to landing spots, refueling, and ticket sales as part of an “Economic Fury campaign” against the country, Treasure Secretary Scott Bessent said in a post to X on Thursday. The post also claimed that the US naval blockade of Iranian ports has “ensured a record low amount of Iranian crude on the water” with the aim of putting “the Iranian economy and currency…in free fall”. “Only the satisfactory outcome in negotiations will end the downward spiral,” Bessent warned.
US reinstates sanctions on UN's Albanese after appeals court pauses ruling Submitted by MEE staff on Thu, 05/28/2026 - 09:43 Special rapporteur Francesca Albanese back on US sanctions list two weeks after judge lifted measures against her UN Special Rapporteur for the Palestinian Territories Francesca Albanese in Belgrade on 17 March 2026 (Andrej Isakovic/AFP) Off The United States has reinstated sanctions on Francesca Albanese, the United Nations' special rapporteur on Palestine , after a federal appeals court temporarily paused a lower-court ruling that had blocked the measures on free-speech grounds. The decision was confirmed in a notice posted to the US Treasury's website on Wednesday. The Donald Trump administration sanctioned Albanese in July last year, shortly after her scathing report in which she named over 60 companies, including major US technology firms like Google, Amazon and Microsoft, which she said were involved in "the transformation of Israel's economy of occupation to an economy of genocide".
Iran demands release of frozen assets seized by the US Ali Bagheri Kani, the deputy secretary of Iran’s Supreme National Security Council, insisted the release of all frozen Iranian assets from the US, describing them as the “legal right” of the Iranian people. Iran's frozen funds "must be released unconditionally", the Tasnim news agency quoted him as saying.
US adds Persian Gulf Strait Authority to sanctions list The United States Treasury Department on Wednesday issued new Iran-related sanctions by adding the Persian Gulf Strait Authority to its Specially Designated Nationals list, according to the department's website.
US places UN expert Albanese back on list of sanctioned individuals The US Treasury Department has re-added the UN special rapporteur on the occupied Palestinian territories back to its sanctions list, the department’s website shows. This comes days after the department lifted sanctions on Francesca Albanese, after a federal judge found that the Trump administration likely violated her free speech rights. The Trump administration sanctioned Albanese in July 2025 over what it described as her "biased and malicious activities", including recommending that the International Criminal Court take action against the US and Israeli officials, companies and executives.
Trump says he will not ease sanctions on Iran as part of a deal US President Donald Trump told reporters on Wednesday that easing sanctions on Iran is not under consideration in the current negotiations towards ending the war, reopening the Strait of Hormuz, and paring down Iran's nuclear capability. This comes as Iranian parliamentary speaker Mohammad Bagher Ghalibaf has repeatedly insisted that unlocking access to his country's money should be a confidence-building measure, if not a precondition, for talks with the US. Both Ghalibaf and Iran’s central bank chief travelled to Qatar on Monday to discuss the release of some $6bn that has been held in the Gulf state - on Washington's orders - since September 2023, signalling a potential breakthrough.
Trump says he will not ease sanctions on Iran as part of a deal Submitted by Yasmine El-Sabawi on Wed, 05/27/2026 - 19:38 As negotiations continue, Tehran has made clear its primary goal is financial relief US President Donald Trump talks to reporters, flanked by Secretary of State Marco Rubio, left, Secretary of War Pete Hegseth, right, and Secretary of Commerce Howard Lutnick during a cabinet meeting at the White House, in Washington, DC, on 27 May 2026 (Evan Vucci/Reuters) Off US President Donald Trump told reporters on Wednesday that easing sanctions on Iran is not under consideration in the current negotiations towards a long-term end to the war, reopening the Strait of Hormuz, and paring down Iran's nuclear capability. This comes as Iranian parliamentary speaker Mohammad Bagher Ghalibaf has repeatedly insisted that unlocking access to his country's money should be a confidence-building measure, if not a precondition, for talks with the US. Both Ghalibaf and Iran’s central bank chief travelled to Qatar on Monday to discuss the release of some $6bn that has been held in the Gulf state - on Washington's orders - since September 2023, signalling a potential breakthrough.
Trump says Iran will not get sanctions relief for giving up uranium US President Donald Trump said Iran would not receive sanctions relief in exchange for handing over its stockpile of highly enriched uranium, which Washington has described as a central demand in ongoing negotiations. “They’re gonna give up their highly enriched uranium not for sanctions relief. No, no, not at all,” Trump told PBS News.
UK’s Ofgem says energy price cap will rise by 13 percent from July The UK’s Ofgem has announced a 13 percent increase of the energy price cap as a result of higher wholesale prices caused by the closure of the Strait of Hormuz. This will cover the period from the start of July to the end of September, and will see the average household energy bills rising by £18 per month. This comes as the Dallas Federal Reserve president Lorie Logan warned on Wednesday that the world may need to find a way to reduce oil and gas consumption if the Strait of Hormuz remains closed much longer due to the U.
Iran says its charging fees for 'services' in Hormuz Strait, not tolls Iran has stressed that it does not impose tolls on ships passing through the Strait of Hormuz, but rather a "certain fee" for services and measures that protect the environment Esmaeil Baghaei, the Spokesperson for the Ministry of Foreign Affairs, said the fees would be allocated to "services that are provided, navigational services, in addition to measures to protect the environment" of the waterway, the Persian Gulf and the Sea of Oman. He stressed once again that these fees "should not be described as tolls or duties". At a presser on Monday, Esmaeil Baghaei says Iran is “not charging tolls” on passage through the Strait of Hormuz but rather a “certain fee” for “navigational services” and measures to “protect the environment of the Strait of Hormuz, the Persian Gulf and the Sea of Oman”.
Iran seeks to release $24bn funds frozen overseas in potential deal with the US Iran is seeking to release around $24bn of its funds frozen overseas in a potential deal with the US, the Tasnim news agency reported. According to source close to Tehran's negotiation team, the frozen funds must be released under a memorandum of understanding that is being discussed with Washington. The report added that Iran's leading negotiator Mohammad Baqr Qalibaf's visit to Qatar aimed to reach an agreement to implement this demand.
Gold falls as Iran tensions fuel inflation concerns Gold prices fell on Tuesday after renewed US military strikes in Iran pushed oil prices higher, raising concerns that inflation could remain elevated and keep interest rates higher for longer, Reuters reported. Spot gold fell 0. 7 percent to $4,537.
