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Iran War Has Exacerbated Fed's 'Worst Nightmare'

High inflation-weak jobs scenario presents a dilemma for Powell and Co. in deciding on rate cuts

(Newser) - Oil and jobs are pulling the Federal Reserve in opposite directions, and a war in Iran just tightened the vise. At its meeting on Wednesday, the Fed faces a familiar dilemma: Inflation remains stubborn, while hiring has cooled. The conflict in Iran adds a new layer of uncertainty, with Goldman...

Sri Lanka Makes Every Wednesday a Holiday

A 4-day workweek has been introduced in Sri Lanka as fuel shortages loom amid Gulf conflict

(Newser) - Sri Lanka just gave workers a midweek day off, though it's not for fun. The government has announced that every Wednesday is now a public holiday, in an attempt to cut fuel use as it braces for possible shortages linked to the war involving the US, Israel, and Iran,...

2 EU Nations Are Reportedly Talking With Iran Over Hormuz

Officials tell FT that France, Italy have moved to restart Gulf energy flows without escalating conflict

(Newser) - European leaders are quietly testing a diplomatic side door around the Strait of Hormuz crisis. France and Italy have opened exploratory talks with Iran over securing safe passage for commercial ships, hoping to restart oil and gas flows through the narrow waterway without sliding deeper into the regional war, officials...

Trump: US Bombed Iran's Key Kharg Island Oil Hub

Strike raises stakes in Hormuz standoff, global oil markets

(Newser) - President Trump says the United States has hit what may be the most valuable piece of real estate in Iran's energy network. In a Truth Social post on Friday night, the president claimed that American forces bombed Kharg Island in the Persian Gulf, calling it Iran's "crown...

Cuba Confirms Talks With US as Fuel Crisis Deepens

Discussions with Trump administration come amid crippling fuel shortages, US pressure

(Newser) - Cuba just confirmed what had previously only been whispered about: It's been talking to the Trump administration. President Miguel Diaz-Canel acknowledged on state media that his government is in early-stage discussions with Washington, framing them as an attempt to address "bilateral differences" and explore whether both sides are...

US to Tap Oil Reserves Following Trump's '180'

Release of 172M barrels aims to ease war-driven price spike and reassure markets

(Newser) - President Trump is cracking open the nation's oil piggy bank, despite opposition to a similar move by President Biden. The Trump administration will release 172 million barrels from the Strategic Petroleum Reserve in a push to cool surging prices tied to the US war with Iran and attacks on tankers...

2 Pipelines Could Ease the Pressure on Trump

Saudi, UAE lines bypassing Hormuz chokepoint are keeping crisis from spiraling, for now

(Newser) - Two long-ignored desert pipelines are suddenly doing a lot of the heavy lifting for the global oil system. With shipping through the Strait of Hormuz throttled by the Iran war and more than 1,000 vessels backed up, Saudi Arabia and the United Arab Emirates are pushing crude through overland...

Iran Security Leader Issues a Personal Warning to Trump

Don't 'get eliminated yourself,' senior security official Ali Larijani cautioned Trump in online post

(Newser) - Iran's war of words with Washington just escalated alongside a sharp squeeze on global oil. Responding to President Trump's warning that any Iranian move to stymie oil traffic through the Strait of Hormuz would bring US retaliation "twenty times harder," senior security official Ali Larijani wrote...

Hegseth: Iran Is in for 'Most Intense Day'

Defense secretary promises heavy action as Iran missile launches continue to decline

(Newser) - Defense Secretary Pete Hegseth says Tuesday's action against Iran will mark the heaviest US aerial assault since the conflict began 10 days ago. Speaking at the Pentagon alongside Joint Chiefs Chair Gen. Dan Caine, Hegseth said Iran "stands alone" and is "badly losing," claiming Tehran has launched its fewest missiles...

The War With Iran Could Be a Financial Lifeline for Putin

Middle East turmoil may boost Russian oil sales, so long as it lasts long enough

(Newser) - "For our budget, the attack on Iran is a big plus," a Russian TV host proclaimed Monday. The Guardian digs into the potential truth of that statement. Russia's oil and gas revenues are a linchpin of its war financing, and they hit a five-year low last year...

Strait of Hormuz Showdown Could Be a 'Historic' One

Traffic through key waterway has ground to a halt, with higher oil prices looming

(Newser) - Oil tankers are all but sidelined in one of the world's most important energy conduits. Traffic through the Strait of Hormuz has plunged since US and Israeli strikes began on Iran , as ship operators steer clear of the narrow passage that usually carries about a fifth of the world'...

US Tracks Oil Tanker to Indian Ocean, Climbs Aboard

It's the third sanctioned vessel seized by American military, after it was followed from the Caribbean

(Newser) - US military forces boarded a third sanctioned oil tanker in the Indian Ocean after tracking it from the Caribbean Sea in an effort to target illicit oil connected to Venezuela, the Pentagon said on Tuesday. An organization that tracks ship movements said the vessel was the only tanker left to...

Trump's Venezuela Oil Bet Faces Big Hurdles

India deal may hinge on shaky Venezuelan output

(Newser) - President Trump thinks he's found a new lever against Vladimir Putin in Venezuelan oil, but the reality is more complicated, reports CNN 's David Goldman. In announcing his new trade deal with Indian Prime Minister Narendra Modi on Monday, Trump said India had agreed to stop buying Russian...

Trump Moves to Cut Off Cuba's Oil Supply

Executive order threatens tariffs on any country selling oil to Havana

(Newser) - President Trump on Thursday signed an executive order that would impose a tariff on any goods from countries that sell or provide oil to Cuba, a move that could further cripple an island plagued by a deepening energy crisis. The order would primarily put pressure on Mexico, a government that...

Mexico: Decision to Halt Oil Shipment a 'Sovereign' Choice

Sheinbaum denies US pressure as Cuba faces a worsening fuel crisis

(Newser) - Mexico's president is confirming a politically sensitive move while insisting the motive is her country's alone. Claudia Sheinbaum on Tuesday effectively acknowledged that Mexico has pulled a planned oil shipment to Cuba, telling reporters the choice was "a sovereign decision and it is made in the moment...

Trump Blocks Creditors From Venezuelan Oil Money in US

Executive order declares national emergency

(Newser) - President Trump has moved to shield Venezuelan oil proceeds held in the US from being tapped by creditors, issuing an executive order that declares a national emergency and designates the money as off-limits to private claims. The directive, signed Friday and announced Saturday, says revenue from Venezuelan oil sales kept...

Trump: Venezuela to Send US Up to 50M Barrels of Oil

He says it will be sold at market price and 'that money will be controlled by me'

(Newser) - President Trump says Venezuela is about to send a gusher of oil north—and he'll personally control the cash flow. In a Truth Social post Tuesday evening, Trump claimed interim authorities in the country will transfer 30 million to 50 million barrels of "High Quality, Sanctioned Oil" to...

After Venezuela Operation, US Oil Stocks Jump

Trump signals a push for US investment in country's oil industry

(Newser) - Oil investors wasted no time placing bets after a stunning weekend move by Washington reshaped the outlook for Venezuela's vast crude reserves. Shares of major US oil companies jumped in early trading Monday, with Chevron up about 8%, Exxon Mobil rising more than 4%, ConocoPhillips gaining around 7.5%,...

Trump Urges UK to Tap Its 'Treasure Chest'

He sees a 'VAST FORTUNE' in the North Sea

(Newser) - Before leaving Scotland, President Trump called on the UK to ramp up oil drilling in the North Sea, branding the region an overlooked "treasure chest" mired in high taxes. Trump criticized the country's clean energy focus on Truth Social, urging government ministers to "incentivize the drillers,...

NTSB: Plane in Emergency Landing Had 'No Oil' in Engine

None was visible in the right engine of the Delta plane in February incident, per NTSB report

(Newser) - Smoke in the cabin led to an emergency landing of a Delta flight in February. Only later did officials realize there was little to no oil in the aircraft's right engine. That reveal, coming in a National Transportation Safety Board preliminary report released Wednesday, raises new questions about what...

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