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Oil price falls back to pre-Iran war levels
The price of oil has fallen to levels not seen since before the Iran war as traffic through the key Strait of Hormuz shipping route gradually resumes.
Global benchmark Brent crude briefly fell below $72.48 (£55) a barrel, the price it was at the day before the US and Israel launched attacks on Iran on 28 February, before edging up to $73.23.
Energy prices have been on a wild ride since Iran responded to the strikes by effectively closing the strait, a critical waterway for oil and gas shipments.
The cost of crude has been moving sharply lower since the US and Iran signed a Memorandum of Understanding (MOU) on 17 June which set out a 60-day period for negotiations on Tehran’s nuclear programme and other measures to end the war.
Representatives from the two sides met in Switzerland last weekend for talks to end the war, which resulted in the US partially lifting sanctions on Iranian oil exports.
The number of vessels crossing the Strait of Hormuz has risen significantly since the MOU was signed, according to maritime intelligence firm Kpler.
Its latest data suggests 284 vessels have made the transit from 18 June, the day after the deal was signed, although that is is still well below the pre-conflict average of some 138 crossings each day.
The ships passing through the waterway in recent days include those carrying crude oil, liquefied natural gas (LNG), fertiliser and other goods, Kpler told the BBC.
The US and Iran had also formed a “communication line” to prevent misunderstandings “with the aim of safe passage for commercial vessels through the Strait of Hormuz”, mediators Qatar and Pakistan said in a joint statement on Monday.
There has been a “tremendous shift” with far more ships using the strait in recent days, said Dimitris Maniatis, the chief executive of Marisks, a maritime risk advisory firm working with ships stuck in the region.
A limited number of ships can cross a northern passageway with the permission of Iranian authorities, he said.
The US navy has also provided guidance for vessels to travel through a southern route that is safe from mines and other obstacles that has been laid out since the war, Maniatis said.
But the number of ships crossing the strait is still below levels seen before the war, when it was used by more than 100 ships a day.
Hundreds of ships still appear to be waiting in the Gulf.
Fuel prices at the pump rose sharply when the Iran war began, and now the focus is on how quickly they will fall.
“On the back of the lowest oil price since before the Iran war started, drivers should see the average price of petrol fall below 150p [a litre] in the next week or so,” said Simon Williams, head of policy at UK motoring group the RAC. He added the price of diesel “ought to go back under 160p.
Petrol peaked at 159.53p a litre on 28 May, according to the RAC, while diesel has fallen from a high of 191.54p on 15 April.
The average price of regular gasoline in the US has dropped to around $3.93 a gallon after reaching $4 a gallon in April, its highest since 2022, but is still well above pre-war levels.
US President Donald Trump on Wednesday ordered an investigation into major energy companies, accusing Shell, ExxonMobil and other firms of “gouging” drivers by not reducing fuel prices even as oil costs fell.
“Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be,” Trump told reporters in the Oval Office.
The American Petroleum Institute, which represents the oil and gas industry in the US, said fuel prices “don’t move in lockstep with crude oil”.
British energy firms have faced similar accusations of unfairly hiking petrol prices since the Iran war.
The UK competition watchdog said last month that there was no widespread evidence of this, adding that average profit margins were “broadly unchanged” between February and March
(BBC)
Jos Buttler has been ruled out of England’s ODI series decider against Sri Lanka at The Oval on Sunday, with Jordan Cox likely to replace him and keep wicket. Don Lawrence who is yet to win an international cap in either white-ball format, has been called up to the squad as cover.
Buttler pulled up with a left hamstring injury while running between the wickets in Thursday’s second ODI at Headingley and received treatment from England physio Steve Haw, a recent recruit from rugby union club Exeter Chiefs. He faced two more balls before retiring hurt, and briefly hobbled back to the middle before holing out as England slipped to a 16-run defeat.
Buttler’s eventual 69 was his highest score in ODIs in three years, but his injury will be something of a concern. He is now 36, and has been affected by various soft-tissue injuries in recent years. These have mainly been calf injuries, but he also suffered a similar left-hamstring issue during the 2024 IPL season.
England do not yet know the extent of Buttler’s injury but expect to have more information early next week once he has been for an MRI scan.
In Buttler’s absence, Cox is likely to win only his fourth ODI cap on Sunday and is expected to take the gloves ahead of Tom Banton. Kevin Pietersen, England’s new white-ball mentor, said on Thursday night that opportunities available through injuries would help build depth ahead of next year’s World Cup.
“[We need to] have certain players in certain positions, in order for us to know that if something like this happens to Jos in, say, the final round of whatever game in South Africa, and you’ve got to go and play a quarter-final, that somebody can step up into Jos’s boots – like we’re going to need to have on Sunday,” Pietersen said.
Lawrence, who made three half-centuries in four innings in England’s recent Test series win over Pakistan, has been withdrawn from Surrey’s ongoing Country Championship match at Somerset, having made his sixth hundred of the season on Thursday. He will train with the ODI squad at The Oval on Saturday.
Lawrence was previously called up to England’s ODI squad to face Pakistan in 2021 when their first-choice side went into Covid isolation, but did not play a game in the series. He has only played 28 List A games in his career, the most recent of them in May 2019.
(Cricinfo)
Tens of millions of people across the north-eastern US are in the path of a powerful storm bringing coastal flooding, power cuts, travel chaos and cancelled stadium events.
The so-called nor’easter is bringing “dangerous coastal flooding and beach conditions, strong winds and heavy rainfall” to areas including New York City and Boston on Saturday, the US National Weather Service (NWS) said.
States of emergency have been declared in New York and New Jersey, both of which faced a coastal deluge in some areas. Rain and strong winds are forecast from Virginia to Maine.
Ed Sheeran’s much-awaited Boston concert was among events called off due to the weather.
Residents on kayaks in a Beach Haven West, New Jersey, neighbourhood (BBC)The nor’easter caused widespread power cuts. More than 100,000 households, nearly all in the northeast US, have lost electricity, according to tracker PowerOutage.
The Federal Aviation Administration recommended air passengers check with airlines about their flight status. More than 2,400 flights have been delayed and another 1,199 grounded, according to FlightAware.
Saturday’s full moon is projected to worsen coastal flooding. Streets and homes were inundated with floodwater in the coastal New Jersey communities of Surf City and Manasquan on Saturday.
“I urge all New Jerseyans to take this storm seriously, stay alert and follow local guidance,” Governor Mikie Sherrill said.
NWS said in its alert: “Prepare immediately for significant inundation in low-lying areas near the shore, including roads underwater and impacts to homes and businesses.”
In New York, officials are warning of wind gusts of up to 55mph (86km/h) throughout the weekend, leading to downed trees and power lines
“Don’t travel if you don’t have to,” NYC Mayor Zohran Mamdani told residents in a video message. “Do not drive or walk through floodwater.”
In the Boston area, the Red Sox moved the last game in their series against the Chicago Cubs to Sunday afternoon in Florida.
A professional football match between Red Bull New York and St Louis City SC was also cancelled.
(BBC)
US President Donald Trump has rejected an Iranian proposal to reopen the Strait of Hormuz to commercial shipping within a week
He told reporters at the White House that Tehran “want to make a deal where they open the Strait immediately because they’re losing so badly”.
In a post on Telegram, Iran’s Foreign Minister Abbas Araghchi acknowledged Trump’s comments, but said Tehran would wait for an official response from mediators.
On Friday, Araghchi had told reporters at the UN in New York that an agreement could be reached “if the necessary conditions are met” and that these were contained in a memorandum of understanding (MOU) signed by the two countries in June.
The vital waterway through which around a fifth of the world’s gas and oil supply usually flows has been effectively closed since the outbreak of war in February.
“I’m rejecting their deal,” Trump said on Saturday, adding that the US already had “total control” of the strait, with “massive amounts of oil” passing through it.
“They want to make a deal, and I think that’s fine. I like making a deal, too. But that deal would not be acceptable,” he added.
Araghchi wrote that Trump “has made many good statements, as well as many contradictory ones, which unfortunately we hear frequently.”
He added that he would await the “definitive views” of mediators, and that Tehran “will make a decision based on that.”
On Friday the Wall Street Journal cited officials as saying Trump was sceptical that Iran would meet his demands and had told his staff that he saw a renewed bombing campaign as probable.
Iran responded to US and Israeli air strikes, beginning in late February, by attacking Israel and US bases in the Gulf and Arab Gulf allies of the US – as well as blocking the Strait of Hormuz. Its closure has caused wild fluctuations of energy prices.
The economic effects have also increased pressure on Trump to find a way of ending the conflict – particularly as the US heads towards Congressional elections in November.
(BBC)
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