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Baghdad wants Kurdish pipelines to move up to 200,000 barrels per day to global markets, but Erbil is demanding relief from a dollar embargo and greater autonomy over trade.
Why the Strait of Hormuz is so difficult to defend Axios
US President Donald Trump is under pressure to curb oil prices sent skyrocketing by the war with Iran, but has only limited tools to fix a problem that is shaking the world economy and is politically toxic at home. Trump has insisted it will be only a "short-term" issue that will end when the war ends, yet soaring gas prices are already hitting voters ahead of US midterm elections later this year in which the economy will be crucial.
Here are the latest economic events in the Middle East war on Monday: - Markets - - Oil prices shot around 30 percent higher in Asian trading. The main international oil contract, Brent crude, is currently up roughly 41 percent from just before the outbreak of the war and up around 68 percent from the start of the year. The main US contract, WTI, is up around 50 percent from the onset of the war and around 75 percent from the start of the year. - Russia is ready to supply energy to Europe if it asks, President Vladimir Putin said. - G7 finance ministers -
Energy analysts are concerned that if the Strait of Hormuz, a key shipping lane for oil, essentially remains closed prices could go even higher. facebook.com
Trump says Iran war will end 'very soon,' predicts lower oil prices CNBC
Trump tells CBS that Iran 'war is very complete' CNBC
With the Appointment of Mojtaba Khamenei as Supreme Leader, Iran Signals Defiance The New Yorker
What you need to know about Iran today, with Laura Tingle ABC News
Cardinals McElroy and Cupich denounce Iran war: ‘War now has become a spectator sport.’ America Magazine
Oil Settles Off Highs As G7 Discusses Tapping Reserves WSJ
WHO warns Iran war poses growing public health risks The head of the World Health Organization has warned that the US-Israeli war on Iran is creating serious public health risks across the region. WHO Director-General Tedros Adhanom Ghebreyesus said damage to petroleum facilities in Iran could contaminate food, water and air, posing particular dangers to children, older people and those with existing health conditions. “Rain laden with oil has been reported falling in parts of the country,” Tedros said in a post. He also said the violence is affecting healthcare services in Lebanon, where nine health workers have been killed since 28 February.
What is the US endgame in Iran, as the war escalates? Al Jazeera
As strikes continue across Iran, US President Trump has articulated shifting goals. But how likely are they?
The cost of war with Iran : Here & Now Anytime NPR
The son of Supreme Leader Ali Khamenei will now leader Iran through the biggest crisis in the country's modern history.
Toxic rain mixed with oil rains down on Tehran as expanding war threatens new global shock NBC News
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Gulf allies, under Iran strikes, feel the heat as US prioritises Israel's defence in arms hierarchy TRT World
The war reveals Britain’s exposure to volatile fossil fuel prices. More North Sea drilling will not shield households, building domestic green energy will What should Britain do when war in the Middle East sends energy prices soaring? If the strait of Hormuz were blocked for the month of fighting that Donald Trump predicts, British households could face another brutal cost of living shock. Goldman Sachs warns of prices at the pump rising to 2022 levels. That would put more than 50p on each litre in the tank. Prolonged disruption to global gas supplies could see energy bills in the UK rise by £900 to £2,500 a year. Such uncertainty strengthens the case for going big on clean energy. Ed Miliband, the energy secretary, has grasped this reality. By contrast, the Conservatives and Reform UK are doubling down on domestic fossil fuel extraction. The debate is framed around a simple claim of energy security: drill more at home. But the argument is rhetorical. Britain might export a bit more crude and have a smidgen more gas. But it would still need to import refined fuels and liquefied natural gas (LNG). Households would remain exposed to global energy shocks. Clean electricity, by contrast, cuts gas demand and reduces exposure to volatile markets. The political pressures are jobs, tax revenues and the economies of Scotland and north-east England tied to a declining asset. Continue reading...