The World in Brief from The Economist

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”.

Brent crude, the global oil benchmark, fell below $90 a barrel after President Donald Trump signalled that the war in Iran could end soon.

Bahrain’s state oil firm declared force majeure after an Iranian strike set fire to its only oil refinery. Also, Mojtaba Khamenei was named Iran’s supreme leader, succeeding his father, Ayatollah Ali Khamenei.

Iranian state media reported that Mojtaba Khamenei had been chosen to become the country’s supreme leader.