The US government has said it is suspending sanctions on Iran until 21 August.
The Treasury said in a statement that it was waiving all existing US sanctions on „the Production, Delivery and Sale of Crude Oil, Petrochemical Products, and Petroleum Products of Iranian-Origin through August 21, 2026.“
The waiver will also allow the US to import „petrochemical and petroleum products of Iranian origin“ for domestic use.
“Average gasoline prices fell in 47 states over the last week, with the national average dropping below $4 per gallon late Sunday for the first time since mid-April,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The decline came as oil prices moved sharply lower in reaction to news of a potential deal between the United States and Iran, though it remains to be seen whether the agreement will hold.
Wall Street rallied on Monday, with the Nasdaq climbing 3% and the Dow marking a record-high close after the United States and Iran struck a preliminary agreement to end the Middle East war and reopen the Strait of Hormuz, leading to an easing of inflation fears as crude oil prices dropped.
The deal framework — expected to be formally signed in Switzerland on Friday — did not address key issues such as Tehran‘s nuclear program and the Israel-Lebanon conflict.
In a statement on Saturday morning, the IRGC said that at 1:30 am, four violating oil tankers, instigated and guided by the aggressive American army and without coordination or attention to repeated warnings from the IRGC Navy, attempted to illegally exit the Strait of Hormuz.
Following warnings, one of the tankers was targeted and stopped, and the other violating vessels turned back, it said.
According to the statement, following this incident, at 2:30 am, American drones struck a telecommunications mast on Qeshm Island and another mast in Sirik with two projectiles.
It added that in response to the aggression of the American army, the IRGC’s Aerospace Force immediately launched ballistic missiles toward two US air bases in Kuwait, identifying one of them as Ali Al Salem, as well as important remaining facilities of the US Fifth Fleet in Bahrain.
Oil futures have seen their biggest weekly drop in nearly two months as news swirled of a potential US-Iran deal that could see the Strait of Hormuz reopened and a ceasefire extended between Washington and Tehran.
Brent oil crude futures fell to $92.69 a barrel, a weekly drop of more than 10 percent.
Yes, Tom Steyer is a billionaire. But it matters what he is doing with that power: pushing for taxes on the wealthy, expanding universal programs, and dismantling corporate influence in our politics.
This is also about winning.
In a high-stakes race where Republicans could take the top spot, consolidating behind a candidate who is both values-aligned and building momentum is essential. Our organizers on the ground in California are seeing real energy around Steyer for Governor — and that grassroots engagement helped drive this decision.
(April 20, 2026)
SAN FRANCISCO – Today, Our Revolution, America’s largest grassroots independent political organizing group, announced its endorsement of Tom Steyer for Governor of California, joining a surge of prominent endorsers getting behind Steyer’s campaign as early voting approaches. Our Revolution was founded as a continuation of Bernie Sanders’s historic 2016 presidential campaign and works to mobilize voters and elect progressive candidates across the country. In the coming months, it will mobilize its more than one million Californian members to organize and volunteer in support of Steyer’s candidacy.
It is painful that the one person who has spent the past decades aggressively supporting democracy, fighting for immigrant rights, fighting the tendency toward oligarchy in our politics, and challenging the fossil fuel industry is himself a billionaire. But the facts are that Tom Steyer will not veto the billionaire’s tax, has pledged to support closing the Water’s Edge Tax loophole, and has pledged to not take fossil fuel money.
(April 12, 2026)
Mr. Trump had long downplayed a sharp spike in gas prices driven by the war in Iran by casting it as a “short-term increase” that would subside within weeks. But on Sunday, Mr. Trump told Fox News that while he hoped gas and oil costs would drop before the midterms, prices “should be around the same” in November — and might be “a little bit higher.”
As US credibility crumbles across the Gulf, China’s petroyuan fast emerging as the currency of Asia’s post-war energy order
(May 7, 2026)
A new directive, issued through China’s Commerce Ministry Sunday, invokes a 2021 „blocking statute“ that prohibits firms from complying with foreign sanctions deemed illegitimate.
In einem der bedeutendsten Schritte gegen die US-Wirtschaftskriegführung hat das chinesische Handelsministerium seine Unternehmen offiziell angewiesen, die US-Sanktionen gegen iranisches Öl nicht anzuerkennen, nicht durchzusetzen und nicht zu befolgen. Es handelt sich um die erste Aktivierung der 2021 erlassenen „Blocking Rules“ (Regeln zur Abwehr ungerechtfertigter extraterritorialer Anwendung ausländischer Gesetze).
Oil prices continue their upward incline, with Brent crude climbing to fresh intraday highs after reports of a drone strike targeting a key oil facility in the United Arab Emirates.
Brent rose above $115 a barrel shortly after 17:00 BST, gaining more than five percent on the day, following reports that the port of Fujairah had come under attack.
Für viele Beobachter steckt dahinter weit mehr als eine formale Entscheidung: Der Schritt markiert den Beginn einer neuen Ära der Energie- und Handelsströme im Nahen Osten – und zugleich das Ende des klassischen Petrodollars.
So argumentiert etwa Patrick Wood in einem ausführlichen Essay. Der Austritt ist freilich eine direkte Folge des Krieges gegen den Iran.
Die OPEC war jahrzehntelang das Rückgrat des Petrodollar-Systems.
The United Arab Emirates’ exit from OPEC this week will weaken the influence of the cartel and its leader Saudi Arabia on the oil market, a development that could prove bearish for prices over the long term.
The UAE was the most influential member of OPEC behind Saudi Arabia. It was one of the few members, along with Saudi Arabia, that had meaningful spare production capacity to influence prices and respond to supply shocks, said Jorge León, head of geopolitical analysis at Rystad Energy.
OPEC is a cartel of major oil-producing nations that coordinates production policies to influence global oil supply and prices.
The UAE is also leaving OPEC+, which includes Russia, the statement said.
The move marks a major blow to OPEC and its leading member, Saudi Arabia. The cartel collectively accounts for 36% of the world’s oil production and together controls almost 80% of the world’s total proven reserves.
Angesichts der gestiegenen Ölpreise wegen des Kriegs im Nahen Osten hat der britische Energieriese BP seinen Gewinn kräftig gesteigert. Das bereinigte Ergebnis lag von Januar bis März bei 3,2 Milliarden Dollar – nach 1,4 Milliarden im Vorjahreszeitraum.
TotalEnergies announced in its first-quarter earnings report that it would increase returns to shareholders through a higher dividend and stock buybacks after seeing $5.8 billion in profits and $8.6 billion in cash flow during the first three months of 2026.
n Iranian business newspaper reported in April that reconstruction would take at least 12 years.
“The nuclear issue is honestly Betamax now,” Alan Eyre, a former member of the US team that negotiated the Iran nuclear deal, told MEE, referring to the now obsolete 1975 video cassette player.
“Everyone is talking about what the Iranians are willing to give up. But that is largely a function of what they are willing to get,” he added. „What the Iranians want is money.“
Eyre said there are four ways Iran can be compensated for a deal that reopens the Strait of Hormuz and ends with an agreement on its nuclear programme: reparations, tolling, unblocking frozen assets, and sanctions relief. Of the four, he believes a toll in the Strait of Hormuz is the likeliest path for a deal.
(Apr 21, 2026, 06:28:31 AM IST)
Asian stocks edged higher as signs Iran may join talks with the US fostered cautious optimism about progress in the Middle East ahead of a looming ceasefire deadline. Oil dropped.
The UK‘s main stock indexes dipped on Monday in broad-based losses as fears that the U.S.-Iran ceasefire could collapse weighed on sentiment.
The U.S. seized an Iranian cargo ship and traffic through the Strait of Hormuz remained largely halted, sending crude oil prices more than 5% higher.
Oil prices dropped sharply and US stocks surged Friday after the Iranian foreign minister said the Strait of Hormuz will be “completely open” for commercial transit during the remainder of the ceasefire.
Brent crude, the global benchmark, fell 11.2%, to just below $88.25 per barrel. WTI, the US benchmark, sank 10.9% to $81.20 per barrel. Oil prices traded at their lowest levels in five weeks.
The strategy of a naval blockade, contrary to simplistic thinking, is not a low‑cost action. Continuous control of such a sensitive waterway requires a permanent military presence, vast resources, and enduring tensions. That means the US must enter an exhausting situation whose end is unpredictable. Experience has shown that entering such arenas, especially in a complex region like the Persian Gulf, usually leads to prolonged and costly conflicts rather than quick gains.
On the other hand, this action will, in practice, lead to a rise in energy prices on global markets. The Strait of Hormuz is the main artery for a significant portion of the world‘s oil, and any disruption there will immediately drive up prices. This price increase will not only put pressure on the economies of consumer countries such as China, Japan, and Europe, but will also directly harm the US economy. In such circumstances, Washington, by its own hand, imposes additional economic pressure on its allies – allies who are supposed to accompany it on this path.
No country relies more heavily on the strait than China, which receives nearly half of its oil imports through the international waterway. In recent days, Beijing has warned that access to its shipping lanes “must be guaranteed.”
Trump administration officials believe the blockade could compel China to pressure Tehran into making further concessions, following Beijing’s crucial role earlier this month in convincing Iran to accept an initial ceasefire.