IEA warns of ‘record’ oil drawdown after ‘unprecedented’ Strait of Hormuz supply shock Economics The West’s international energy watchdog has warned that oil stockpiles were being drained at a record rate last month as the US’s war in Iran continues to choke supply in an “unprecedented” supply shock. The International Energy Agency revealed that around 4m barrels of oil a day were tapped from back-up supplies in April, within [...]
‘Waste of time’: Trump cancels envoys’ trips to Pakistan for Iran talks Politics Donald Trump has cancelled a trip by US envoys to Pakistan to hold more peace talks with Iran, shortly after Tehran’s delegation left Islamabad. The US President said special envoy Steve Witkoff and son-in-law Jared Kushner would be wasting “too much time” on the trip, accusing Iran’s delegation of “tremendous infighting and confusion”. The collapse [...]
Energy watchdog: Work from home and avoid flying amid oil crisis Energy The world’s energy watchdog has urged people to work from home to mitigate soaring oil prices and supply constraints caused by the intensifying Iran conflict. The International Energy Agency (IEA) said people should limit commuting where possible as the impact on markets and national economies becomes “more and more severe”. The advice was part of [...]