Iran-US battle newest: Tehran threatens Trump’s ceasefire by ‘seizing cargo ships’ in Strait of Hormuz after attacking vessels | EUROtoday

The outlook for power markets is dangerous even in a best-case situation, mentioned the European Energy commissioner Dan Jorgensen.

The Energy markets have been badly hit because of the impression of the US-Israeli battle on Iran because the finish of February.

“This is a crisis that is probably as serious as the 1973 and the 2022 crises combined, and this means that we are looking into some very difficult months, or maybe even years – depending of course on the development in the Middle East – but even in a best case scenario, it’s still bad,” he mentioned.

“If we imagine that there is a peace tomorrow, it will still take, for instance Qatar, probably two years, maybe even more to rebuild their gas production and transportation infrastructure,” he added at a information convention.

Iran’s Revolutionary Guards Navy say they’ve seized two vessels for what it described as maritime violations, semi-official Tasnim information company reported on Wednesday.

The ships have now been taken to Iranian ports, the Guards mentioned.

In an announcement, the Guards mentioned the ships, which they recognized because the MSC Francesca and the Epaminodes, had been detained for “operating without the required authorisation and for manipulating navigation systems”.

They mentioned that this endangered maritime exercise.

The European Commission has proposed a number of measures to handle the impression on the area’s power markets of the battle within the Middle East.

The Commission mentioned the measures – introduced in a package deal known as ‘AccelerateEU’ – included optimising the distribution of jet gasoline between EU nations, to be able to keep away from shortages.

“The choices we make today will shape our ability to face the challenges of today and the crises of tomorrow. Our AccelerateEU strategy will bring both immediate and more structural relief measures to European citizens and businesses,” mentioned European Commission president Ursula von der Leyen.

“We must accelerate the shift to homegrown, clean energies. This will give us energy independence and security, and mean we are better able to weather geopolitical storms,” she added.

The Strait of Hormuz remained closed and it was unclear whether or not Iran or Israel had agreed to the brand new association.

Brent crude slipped 0.17 per cent to $98.27 a barrel and US West Texas Intermediate fell 0.42 per cent to $89.29, swinging between positive aspects and losses as markets weighed a ceasefire extension that appeared to be unilateral in opposition to the continued closure of the waterway via which a fifth of the world’s power provide flowed earlier than the US and Israel launched the battle on Iran.

Stuti Mishra brings the most recent on oil costs:

At least three container ships had been hit by gunfire within the Strait of Hormuz on Wednesday, maritime safety sources and the United Kingdom Maritime Trade Operations (UKMTO) mentioned.

We earlier reported that one boat had been struck, however this quantity has since elevated.

Iran has imposed restrictions on ships utilizing the strait, first in retaliation for the US-Israeli bombardment of the nation, after which in response to a US blockade of Iranian ports.

A Liberia-flagged container ship sustained injury to its bridge after being hit by gunfire and rocket-propelled grenades northeast of Oman.

The UKMTO mentioned the grasp of the vessel reported being approached by an IRGC gunboat. The vessel, it mentioned, was subsequently fired upon. All crew members had been protected and there was no fireplace or environmental impression as a result of incident.

Maritime safety sources mentioned that three individuals had been onboard that gunboat.

The Iran battle has brought on a scarcity of Diet Coke in India, the place it’s offered solely in aluminium cans which have run quick due to delayed shipments from the Gulf attributable to the Iran battle.

The Gulf accounts for round 9 per cent of worldwide aluminium manufacturing, which has been trapped because the finish of February by Iran’s de facto blockade of the Strait of Hormuz.

While most tender drinks are offered in India each in plastic bottles and cans, Diet Coke is just offered in cans. Two Coca-Cola distributors informed the Reuters information company that the corporate had notified them it was rationing provides or not fulfilling some orders attributable to a can scarcity attributable to the battle.

“We’ve been placing orders but have been told there is a shortage due to war,” mentioned Sanjay, one of many distributors, who declined to present his final title.

Coca-Cola declined to remark.

In a livid tirade on Truth Social, Donald Trump has scolded the Wall Street Journal after it revealed an opinion peace referring to him as a “sucker”.

“An IDIOT on The Wall Street Journal’s Editorial Board, named Elliot Kaufman, just wrote an Op Ed entitled, ‘The Iranians Take Trump for a Sucker’,” he wrote.

“Really? For 47 years, they have killed our people, and many others, and taken advantage of every President, except me—And what did I give to them, a Country in tatters!”

Lebanon’s National News Agency has reported an Israeli drone had killed one particular person and wounded two others within the Bekaa Valley space on Wednesday.

The Israeli army has mentioned it’s unaware of the strike.

The company reported that the incident had taken place on the outskirts of al-Jbour in Lebanon’s western Bekaa Valley.

We’ll deliver you extra as we get it.