The World in Brief from The Economist

Iran’s new supreme leader pledged to “avenge” his country’s martyrs in his first public comment since succeeding his father; Brent crude, the global oil benchmark, jumped back above $100 a barrel.

Oil prices rose despite the International Energy Agency announcing it would release an unprecedented 400 million barrels of oil from its reserves. Also, the Islamic Revolutionary Guard Corps, the Iranian regime’s security forces, warned countries to “get ready for oil to be $200 a barrel”.

Brent crude, the global oil benchmark, rose to over $90 a barrel, despite the International Energy Agency announcing that it would release 400m barrels of oil from its reserves.

Brent crude, the global oil benchmark, rose to over $90 a barrel, despite the International Energy Agency announcing that it would release 400m barrels of oil from its reserves; The Islamic Revolutionary Guard Corps, the regime’s security forces, who declared Hormuz closed, warned countries to “get ready for oil to be $200 a barrel”. 

Oil prices see-sawed again, with Brent crude falling to around $88 a barrel. Also, America and Israel continued to pound Iran.

Iran and the White House both denied that the US navy had escorted an oil tanker through the Strait of Hormuz, contradicting an earlier claim made on X by America’s energy secretary, Chris Wright.

Iran and the White House both denied that the US navy had escorted an oil tanker through the Strait of Hormuz, contradicting an earlier claim made on X by America’s energy secretary, Chris Wright; Oracle reported quarterly revenues of $17.2bn—a 22% rise on the same period a year ago—beating analysts’ expectations.

Donald Trump said that the Iran war would be over “very soon”, but simultaneously insisted America was “going to go further”. Also, oil prices fell and Asian stockmarkets rallied after Mr Trump’s comments.

Donald Trump said that the Iran war would be over “very soon” but simultaneously insisted America was “going to go further”.