#us-sanctions-and-fuel-embargo

#us-sanctions-and-fuel-embargo

The IEA sees global oil demand falling by 80,000 barrels per day this year, compared with a projected year-on-year rise of 640,000 bpd in its previous monthly report.

The thinktank warned on Monday that surging gas, electricity and petrol prices had fundamentally altered the outlook for living standards in 2026. Before the Iran war erupted in late February, working-age households were tracking towards modest income growth of 0.9 per cent. That figure has now swung to a projected decline of 0.6 per cent, a turnaround worth £480 per household.

We, the Ministers of Foreign Affairs of Belgium, Croatia, Estonia, Finland, Iceland, Italy, Ireland, Latvia, Luxembourg, Moldova, Norway, Poland, San Marino, Spain and Sweden, concerned by the conflict in the Middle East, are appalled by the dramatic situation and renewed escalation of violence in Lebanon, where there are already 1.2 million internally displaced persons, representing some 25% of the overall population.

The International Monetary Fund (IMF) has lowered its global economic growth forecast as tensions between the United States and Iran have driven up energy and food costs globally. The IMF expected the global economy to grow by 3.1 percent this year, a slowdown from its earlier forecast of 3.3 percent.

Major indices, including the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average, all recorded gains, with the Nasdaq delivering its strongest weekly performance since November.

China's exports have decelerated as the Iran war starts to affect global demand and supply chains, according to Gary Ng, a senior economist for Asia Pacific at French bank Natixis.

Brent crude, the international benchmark, rose more than 8 percent on Sunday to top $103 a barrel, marking the first time it exceeded the $100 threshold since Tuesday.

Shipping costs have increased by more than 10 percent in the past month due to the US-Israel war on Iran. The 60-day waiver for the Jones Act aimed to lower energy costs but has had little impact on oil prices, which continue to rise amid the ongoing conflict.

Three supertankers laden with oil have passed through the Strait of Hormuz amid the fragile truce between the United States and Iran, according to shipping data. Iran's blockade of the strait has disrupted global energy supplies and sent oil prices soaring since the start of the US and Israel's war on Iran.

The deal talks are expected to resume later on Sunday, with the seemingly never-ending meeting suggesting that both sides remained engaged and still had topics to discuss.

Under the current ceasefire, fewer than 15 ships per day are permitted to transit the Strait of Hormuz. This movement is strictly contingent upon Iran's approval and the enforcement of a specific protocol.

After 40 days of fighting, the United States and Iran agreed to a two-week ceasefire, with negotiations expected to begin in Islamabad. One key point in Iran's proposal is allowing shipping to resume through the Strait of Hormuz, which has been closed since the war began, causing global oil prices to soar.