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The Latest Breaking News from Iran

What UAE's Shock OPEC Exit After Nearly Six Decades Means for Oil Prices and the World

The UAE's decision to leave OPEC by May 2026 signals a major shift in global oil markets, influenced by geopolitical tensions and strategic national interests.

International Business Times UK

US military boards commercial ship suspected of attempting to evade Iran blockade

US Marines boarded a commercial vessel suspected of heading to Iran before releasing it after inspection, as Washington enforces its blockade and redirects ships in the Strait of Hormuz.

Euronews

Iran War Pushes U.S. Gas Prices To Highest Level Since the Conflict Began as Strait of Hormuz Remains Closed

Gas prices were near $4.18 a gallon on Tuesday, up $1.19 since late February, when the U.S. and Israel attacked Iran.

Latin Times

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Trump Slams German Chancellor Merz Over Claim That Iran Is 'Humiliating' U.S. In Negotiations

President Donald Trump slammed German Chancellor Friedrich Merz over his claim that Iran is "humiliating" the U.S. in negotiations to end the war.

International Business Times

Banks to reveal how Iran conflict has affected earnings

Investors will be watching the banks' provisions for bad debts when ANZ, NAB and Westpac report their half-year earnings in the coming days.

AAP

Iran War Pushes U.S. Gas Prices To Highest Level Since War Began as Strait of Hormuz Remains Closed

Gas prices were near $4.18 a gallon on Tuesday, up $1.19 since late February, when the U.S. and Israel attacked Iran.

International Business Times

UAE Quits OPEC Effective May 1: 10 Key Facts on Shocking Exit

The United Arab Emirates announced Tuesday it will leave both OPEC and the broader OPEC+ alliance effective May 1, delivering a major blow to the oil producers' group and its de facto leader Saudi Arabia amid the ongoing Iran conflict that has severely disrupted Gulf energy exports.

International Business Times

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War With U.S. And Israel Pushes Millions Of Iranians Toward Unemployment As Economy Tanks

While sanctions and inflation already battered the Iranian economy before the war with the United States and Israel, the conflict has pushed millions of Iranians closer to unemployment and poverty, according to a new report.

International Business Times

Tighter Global Oil Supplies Underpin Crude Prices

June WTI crude oil (CLM26 ) on Tuesday closed up +3.56 (+3.69%), and June RBOB gasoline (RBM26 ) closed up +0.0623 (+1.85%). Crude oil and gasoline prices rallied sharply for a second day on Tuesday, with crude oil posting a 2-week high, and gasoline posting a 3.75-year high. Crude prices...

Barchart

Decision by the UAE to leave OPEC shakes up alliance that influences oil prices worldwide

The decision by the United Arab Emirates to leave the OPEC oil cartel shook up the 65-year-old alliance that produces some 40% of the world’s crude oil and exerts major influence over the price of energy around the globe

The Independent UK

Putin just handed Iran a lifeline after Trump’s ‘all the cards’ bluff backfired in the Strait of Hormuz

Russian President Vladimir Putin just threw Iran a diplomatic lifeline as tensions in the Strait of Hormuz threaten to reignite full-scale conflict. During a high-profile meeting in Russia, Putin praised Iran’s “courage” and pledged unwavering support, signaling Moscow’s growing role in shaping the outcome of the standoff. The move comes…

The Mary Sue

How the UAE’s decision to leave Opec could recast the Middle East

Defection is damaging to Saudi Arabia’s prestige – and could strengthen the US hand in the region

The Guardian - UK

US Petrol Prices Hit Four-Year High? Reports Claim Gridlock Over Reopening of Strait of Hormuz Sent Cost to $4.18 a Gallon

US petrol prices have surged to a four-year high due to geopolitical tensions over the Strait of Hormuz, affecting global oil supply and consumer costs.

International Business Times UK

War Hawks' 'Credibility' Obsession Makes America Less Credible

Trump is making the same mistakes Nixon did, doubling down on pointless threats to save face.

Reason

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Fortune

A $500 million superyacht linked with Russia’s richest man was just able to pass through the blockaded Strait of Hormuz

The Nord, a 466-foot vessel connected to Russian steel magnate Alexei Mordashov, is the 12th largest superyacht in the world.

The Independent UK

Potatoes, milk and chicken among foods UK could see shortages of as a result of Iran war

Fresh produce, meat, dairy, and even toilet paper could be impacted by the closure of the Strait of Hormuz

AAP

Worse to come as oil crisis adds fuel to rate-pain fire

A rate hike in May is forecast by analysts after the Iran oil shock pushed the annual headline inflation level to the highest point in almost three years.

The Times of India

Trump claims Iran collapse while Teheran sees leverage as Hormuz stand-off tightens

TOI correspondent from Washington: US President Donald Trump on Tuesday claimed that Iran is “in a state of collapse” and is urgently pleading with Washington to reopen the Strait of Hormuz, projecting an image of a weakened adversary desperately seeking relief. But developments on the ground suggest a far more…

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Fortune

Activists call out 'horrifying' soaring oil and gas profits as energy companies cash in on the Iran war

As drivers sour on rising fuel prices, energy firms are making a killing.

The Guardian - UK

Met investigating suspected arson attack on north London memorial wall

Scotland Yard says incident in Golders Green at tribute to protesters killed in Iran is not being treated as terrorism

Barchart

Why the Real Story Behind the UAE’s OPEC Exit is Petrodollar Diplomacy

With Emirati energy infrastructure taking hits from the Iran war, Treasury Secretary Bessent tries to stave off the ‘petroyuan’ era.

Fortune

German chancellor says the U.S. 'is being humiliated by the Iranian leadership' as allies go public with discontent

Thailand’s foreign minister told The Washington Post the country is looking to Russia and China as the country grapples with an energy shock from the Iran war.

The Guardian - UK

Hezbollah drone strikes target Israeli soldiers in southern Lebanon

Ceasefire frays further as Israel also carries out airstrikes and issues new displacement orders for south Lebanon

International Business Times UK

OPEC Suffers Stunning Blow as UAE Abandons Oil Cartel Following Strategic Pivot Toward Independent Production

The United Arab Emirates' exit from OPEC sparks claims of 'the beginning of the end' for the group, unfolding amid Iran War–driven turmoil and uncertainty in the global oil industry.

The Independent UK

Bulletin world briefing: Trump claims Iran is in ‘state of collapse’ and Athens police hunt for gunman

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