Explore Business Standard
Persian Gulf
President Donald Trump has expressed confidence ahead of talks between the United States and Iran on a resolution to the conflict, expected to start Saturday in Islamabad, with Vice President J D Vance leading the US delegation. "I wished him luck. He's got a big thing," Trump said in his parting message to Vance before he began his journey to lead the president's delegation for the critical talks. "We'll find out what's going on. They're militarily defeated." Trump, who spoke to reporters before boarding Air Force One to head to a Friday evening fundraiser in Charlottesville, Virginia, also reiterated his confidence that the Strait of Hormuz will soon be opened up. "And now we're going to open up the Gulf with or without them," Trump said, referring to the Iranians, who have effectively shuttered the critical waterway. "But that'll be open," he said.
French President Emmanuel Macron and South Korean President Lee Jae Myung agreed on Friday to work together to help reopen the Strait of Hormuz and ease global economic uncertainties caused by the war in the Middle East. Their summit in Seoul came as US President Donald Trump slammed allies for not supporting the US and Israeli war against Iran. Macron was making his first visit to South Korea since taking office in 2017 as part of an Asian tour that already has taken him to Japan. Macron told Lee at the start of the meeting that the two countries can play a role in helping to stabilise the situation in the Middle East, including the Strait of Hormuz, according to South Korean media. At a joint televised briefing afterwards, Macron underscored the need for France and South Korea to cooperate to help reopen the strait and de-escalate Middle East animosities, while Lee said the two affirmed "their resolve to cooperate to secure the safe shipping route in the Strait of Hormuz." The tw
US President Donald Trump said that Iran had agreed to allow 20 ships carrying oil through the Strait of Hormuz starting Monday morning and continuing over the next few days "out of a sign of respect." "I would only say that we're doing extremely well in that negotiation but you never know with Iran because we negotiate with them and then we always have to blow them up," Trump told reporters Sunday night board Air Force One as he flew to Washington. Trump was asked if Iran had responded to the 15-point ceasefire plan the US has proposed and he said, they did and added, "They gave us most of the points. Why wouldn't they?" But Trump didn't offer details when asked about Iran, by his telling, appearing to make major concessions. "They're agreeing with us on the plan," Trump said. He also said Iran's new Supreme Leader Ayatollah Mojtaba Khamenei "may be alive but he's obviously, very seriously in trouble. He's seriously wounded.
An Iranian envoy says Tehran will "facilitate and expedite" humanitarian aid through the Strait of Hormuz. Ali Bahreini, the Iranian ambassador to the United Nations in Geneva, said Friday that Tehran has accepted a request from the world body to allow the safe passage of humanitarian aid and agriculture shipments through the critical waterway. "This measure reflects Iran's continued commitment to supporting humanitarian efforts and ensuring that essential aid reaches those in need without delay," Bahreini said in a post on X. The statement comes hours after the UN announced a task force to address the ripple effects the Iran war has had on the passage of aid.
Israel struck Iran's nuclear facilities hours after threatening to "escalate and expand" its campaign against Tehran on Friday. Iran vowed to retaliate and struck a base in Saudi Arabia, wounding US service members and damaging planes. A month into the war, however, there appeared to be a breakthrough as Tehran agreed to allow humanitarian aid and agricultural shipments through the Strait of Hormuz, accepting a request from the UN. Ali Bahreini, the Iranian ambassador to the United Nations in Geneva, said Iran agreed to "facilitate and expedite" such movement, even as it endures strikes on its nuclear facilities. The vital waterway usually handles a fifth of the world's oil shipments and nearly a third of the world's fertilizer trade. While markets and governments have largely focused on blocked supplies of oil and natural gas, the restriction of fertilizer ingredients and trade threatens farming and food security around the world. "This measure reflects Iran's continued commitme
Iran appears to be setting itself up as the gatekeeper for the Strait of Hormuz, the world's most important artery for oil shipments. The move could cement Tehran's de facto chokehold over the crucial waterway and formalize its ability to keep its own oil flowing to China. Iranian communications to the United Nations maritime authority and the experience of ships transiting the Strait suggest the creation of something akin to a "toll booth." Ships must enter Iranian waters and be vetted by Iran's Islamic Revolutionary Guards Corps. At least two vessels have paid for passage. Traffic through the Strait has fallen by 90% since the start of the Iran war, sending global oil prices skyrocketing and inflicting alarming shortages on the Asian nations that get their oil from Persian Gulf countries via the Strait. Only about 150 vessels, including tankers and container ships, have transited since March 1, according to Lloyd's List Intelligence shipping information firm. That's a little more
Prime Minister Narendra Modi on Tuesday said the government is trying to procure gas and crude oil from all available sources, and efforts will continue in the coming days as the war in West Asia has created a serious energy crisis globally. In a statement in the Rajya Sabha, Modi said the war in West Asia is a cause of concern, and India wants peace in the region through dialogue and diplomacy. India's aim is de-escalation of the war and opening of Strait of Hormuz, he said, adding the country's attempt is to encourage all sections to peacefully resolve all issues. If the West Asia crisis persists for a longer period, serious consequences are imminent, the prime minister said. Commenting on India's efforts for energy security, he said in the past 11 years, 53 lakh MT strategic oil reserves have been created; work on 65 lakh MT additional capacity is on. Besides, the government has started a Rs 70,000-crore project to manufacture ships, he added.
As US President Donald Trump's deadline on opening the Strait of Hormuz approaches, Iran on Monday threatened to attack West Asia electrical plants powering American military bases. The statement from Iran's paramilitary Revolutionary Guard marks the latest attempt by Tehran to try and explain its attacks on the Gulf Arab countries. Iranian state television read out the statement on air Monday morning. "What we have done is to announce our decision that if the power plants are attacked, Iran will retaliate by targeting the power plants of the occupying regime and the power plants of regional countries that supply electricity to US bases, as well as the economic, industrial and energy infrastructures in which Americans have shares," the statement said, referring to Israel as an "occupying regime." It added: "Do not doubt that we will do this." Trump warned early Sunday morning that the US will target Iranian power plants in 48 hours if the strait remains effectively closed by Irani