G7 Countries Hold Off on Releasing Emergency Oil Supplies
Finance ministers for the seven industrialized countries met on Monday and said they would consider releasing oil from reserves but were not ready to do so now.
Finance ministers for the seven industrialized countries met on Monday and said they would consider releasing oil from reserves but were not ready to do so now.
Our business reporter Peter Eavis looks at the global implications of the Strait of Hormuz, the narrow waterway to the south of Iran. He analyzes ship activity in the strait, comparing it before and after the United States and Israel initiated attacks …
The United States has long considered Iranian naval ships a serious threat, even as the country’s nuclear and missile programs dominate discussions of its military capabilities.
Iran’s foreign minister accused the United States of committing an “atrocity at sea,” after a U.S. Navy submarine attacked an Iranian frigate in the Indian Ocean.
NATO downed a missile fired by Iran at Turkey, and a U.S. sub sank an Iranian Navy ship off Sri Lanka, thousands of miles from the war zone.
The two nations, as well as Greece, said they would send assets to the region. The Netherlands was weighing a request to join them.
Defense Secretary Pete Hegseth said it was the first such strike since World War II. The Sri Lankan authorities said they had rescued 32 sailors from the crew of 180.
Markets in Europe and the United States appeared to stabilize after days of turmoil, but stocks in Asia fell sharply.
Shipping companies are not sending oil and gas through the Strait of Hormuz because they fear their ships might be attacked.
Energy prices continued to rise on Tuesday as attacks by the United States and Israel on Iran intensified, along with the country’s response.