The World in Brief from The Economist

America temporarily eased sanctions on Russian oil and petroleum currently at sea. Also, Israel launched a fresh wave of attacks on central Tehran, where rallies marking Quds Day were taking place, and against Hizbullah targets in Lebanon.

Iran’s new supreme leader pledged to “avenge” his country’s martyrs in his first public comment since succeeding his father.

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.