British forces boarded and seized a sanctioned Russian oil tanker in the English Channel early Sunday in the first military operation of its kind conducted by the UK. The post British Soldiers Seize Russian Oil Tanker in Dramatic Six-Hour Operation Over English Channel (VIDEO) appeared first on The Gateway Pundit.
DHS Secretary Markwayne Mullin was on "Fox News Sunday" with host Shannon Bream to talk about FISA not being renewed. The post DHS Secretary Markwayne Mullin Weighs in on FISA Expiring, Blasts Democrats for Lack of Concern for National Security – (VIDEO) appeared first on The Gateway Pundit.
Crude oil prices fell over 4% to their lowest levels in over three months Sunday after the U.S. and Iran agreed to a ceasefire extension that could lead to the reopening of the Strait of Hormuz.Why it matters: Severe restrictions on oil traffic through the strait since the conflict began in late February have created an unprecedented energy shock that's a drag on the global economy.The oil price spike caused U.S. gasoline prices to soar to their highest levels since 2022, adding to GOP political peril ahead of the midterm elections.The latest: The global benchmark Brent crude is down 3.6% to $84.21 per barrel. It initially fell even more steeply before reversing some of the decline.WTI, the U.S. reference, is down over 4% to $81.38 per barrel.Sunday's decline follows prices that had already slid Friday on reports that an agreement was imminent.The apparent agreement could greatly expand tanker traffic through the narrow waterway that handles about a fifth of the global oil trade. Axios' Barak Ravid has the latest on the agreement. Catch up quick: The memorandum of understanding would mark the biggest diplomatic breakthrough of the war and buy time to settle the hardest questions over Iran's nuclear program.What we're watching: Average U.S. gasoline prices soared to a high of roughly $4.56 per gallon in May, but have retreated in recent weeks and now average $4.07, per AAA.That's still over $1 higher than pre-war levels at a time when affordability is front and center in midterm election battles. But prices will likely recede if crude oil prices — the largest variable in retail pump prices — continue to recede. What's next: The disrupted market will take months to fully untangle, but the apparent deal could enable a major increase in tanker transit.But it's not clear how many ship owners and operators will quickly have confidence to move through the waterway.Plus, even if the strait is fully open, Persian Gulf oil producers that cut production when the main export route was cut off will need time to revive it. Go deeper: Gas prices won't return to pre-war levels anytime soon
President Trump announces U.S.-Iran peace deal, authorizing the reopening of the Strait of Hormuz and removal of the naval blockade with a signing set for Friday.
President Donald Trump announced that his administration had reached a "deal" with the Iranian regime that would "reopen" the Strait of Hormuz, a critical global waterway that has been shut down since the early days of the war against Iran. "The Deal with the Islamic Republic of Iran is now complete," Trump wrote on Truth Social. "Congratulations to all! I hereby fully authorize the toll-free opening of the Strait of Hormuz and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!"The deal was announced less than one hour before Trump's "UFC Freedom 250" event at the White House was scheduled to start. The New York Times described the deal as a "cease-fire," which Trump has previously said means "when you're shooting in a more moderate manner.""Iran has not yet officially confirmed the cease-fire agreement, but struck a triumphant tone on the state broadcaster, IRIB. 'The United States was forced to accept an end to the war,' it declared," the NYT reported.
'I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade'
Ukrainian forces targeted a Russian fertilizer and chemical plant in the Tula region and an oil storage facility in the Yaroslavl region, Ukrainian President Volodymyr Zelenskyy said, the latest in a series of strikes deep within Russia.
Britain is investigating a sanctioned tanker that is suspected of being part of the Russian "shadow fleet," shipping oil in violation of international sanctions over Moscow's war on Ukraine.
Mere hours after his Knicks won their first NBA championship since 1973, Mitchell Robinson celebrated another victory.