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Oil price falls back to pre-Iran war levels

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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.

A line chart showing how Brent crude oil prices have fluctuated since the USA and Israel attacked Iran on February 28th. The price rose rapidly above $80 from early March and peaked at just below $120 in April. The current rate as of 25 Jun 2026 is back down to below $80, similar to before the Iran war began.

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)



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Former IGP C.D. Wickramaratne found dead at his residence

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It has been reported that former Inspector General of Police (IGP) C.D. Wickramaratne has been found dead at his residence in Athurugiriya this morning (17)

it is suspected that he may have taken his own life.

 

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Harmer, Markram and Wolvaardt win top honours at CSA awards

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Simon Harmer played a key role in South Africa's series sweep against India last year [BCCI]

Aiden Markram, Laura Wolvaardt and Simon Harmer were the biggest winners at the Cricket South Africa (CSA) Awards 2026, picking up the highest individual honours after stellar seasons across formats. Fast bowler Lungi Ngidi and wicketkeeper-batter Quinton de Kock also went home with multiple awards.

Harmer, 37, was named Test Player of the Year after spearheading South Africa’s red-ball attack during the awards cycle, between April 2025 and 2026. The offspinner enjoyed a prolific return in this period, where he took 30 wickets in four matches. After taking eight wickets in the Rawalpindi Test against Pakistan to help draw the series, he led South Africa to a famous series sweep against India with match hauls of 8 for 51 and 9 for 101 in Kolkata and Guwahati respectively.

Wolvaardt, meanwhile, continued to set the benchmark in women’s cricket. South Africa’s captain was named the Women’s Player of the Year, SA Women’s Players’ Player of the Year and Women’s ODI Player of the Year, completing the awards sweep. Across the eligibility period, she piled up runs in all conditions and played a key role in South Africa’s run to the ODI World Cup final in 2025, finishing as the top scorer of the tournament with 571 runs at an average of 71.37, including centuries in the semi-final and final. Wolvaardt was South Africa’s leading run-scorer in the ODI series in New Zealand before dominating the home T20I series against India, where she scored 330 runs in five matches and was named Player of the Series.

The biggest winner among the men’s all-format awards was Markram, who claimed both the SA Men’s Player of the Year and SA Men’s Players’ Player of the Year awards, after a season in which he led South Africa to major success across formats, most noticeably in the World Test Championship (WTC) final against Australia last year.

Ngidi, meanwhile, collected the Men’s T20 International Player of the Year award and the SA Fans’ Player of the Year prize. His dismissal of Jos Buttler during South Africa’s second ODI against England was also voted the Best Men’s Delivery of the year.

Matthew Breetzke’s breakthrough campaign earned him the Men’s ODI International Player of the Year award, while Dewald Brevis and Kayla Reyneke were recognised as the International Men’s and Women’s Newcomers of the Year, respectively.

The SA20 awards reflected the competition’s standout performers. De Kock, the tournament’s leading run-scorer, was named both SA20 Batter of the Season and Betway SA20 Player of the Season (MVP). Ottneil Baartman collected the SA20 Bowler of the Season award after finishing as the leading wicket-taker, while Jordan Hermann was named SA20 Rising Star of the Season.

Among the domestic awards, Kyle Simmonds and Mignon du Preez were named the men’s and women’s Most Valuable Players, while Robin Peterson, JP Triegaardt and Sandile Masengemi received the top coaching honours in their respective competitions.

CSA also recognised contributions beyond performances on the field. Arno Jacobs was named CSA Umpires’ Umpire of the Year, Lubabalo Gcuma received the CSA Umpire of the Year award, and Sinalo Jafta was presented with the Makhaya Ntini Power of Cricket Award.

[Cricinfo]

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US launches fresh strikes on Iran as Trump warns Tehran it ‘better behave’

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Iran's state-run broadcaster reported that the country's army had carried out attacks on US targets [BBC]

The United States said it had launched fresh strikes against Iran on Wednesday evening as President Donald Trump warned Tehran it “better behave”.

The US military said “Iranian military capabilities used to threaten vessels” moving through the Strait of Hormuz had been targeted, and that it had separately fired on a ship attempting to violate its renewed blockade of Iran’s ports.

It came after Iran claimed it had struck US military targets in the region, including in Bahrain and Kuwait, as a fifth day of renewed hostilities strained their preliminary deal to end the war.

Iran’s top negotiator, Mohammad Bagher Ghalibaf, meanwhile told state media Tehran had “no reason” to abide by the deal if it did benefit from it.

Trump had threatened late on Tuesday to attack bridges and power plants should Iran not return to talks next week.

Asked by reporters late on Wednesday whether he would give a deadline before doing so, he responded: “I ‌don’t like giving ​deadlines, but they pretty ⁠much know, they know ​the story… ​they ​better ​behave.”

He later told delegates at a defence summit that Iran was “not happy right now”.

“They want to settle so badly. They don’t like what we’re doing,” he said. “We’ll find out whether we want to settle with them or if we just finish it off.”

Ghalibaf however said Iran’s national security depended on Tehran maintaining “Iranian arrangements” in the strait.

He added that negotiation – along with war – was part of Iran’s strategy of resistance as it engaged an “existential” conflict with the US.

The escalation in Trump’s rhetoric came after he said a 20% toll he had threatened to impose in the Strait of Hormuz would be replaced by “massive” trade and investment deals with Gulf states.

A previous threat by Trump to bomb Iran’s civilian infrastructure, which was made in April, drew condemnation at the time from UN human rights chief Volker Türk, who said: “Under international law, deliberately attacking civilians and civilian infrastructure is a war crime.”

The latest US strikes marked the second wave its military said it had carried out during daylight hours on Wednesday. It said it had “further degraded Iran’s ability to attack commercial shipping in the Strait of Hormuz” earlier in the day.

A 90-minute wave was used to target Iran’s coastal defences and cruise missile storage and launch sites on Greater Tunb Island, US Central Command (Centcom) added.

Centcom also said it had redirected two commercial vessels since reimposing its blockade on Iranian ports on Tuesday evening, which stops vessels from transiting to and from Iranian ports and coastal areas.

The blockade had previously been lifted as part of a deal that was struck by the two countries last month – known as a memorandum of understanding – that aimed to end the months-long conflict.

However, a dispute over the strait has become a key point of contention.

In response to the renewal of the US blockade, Iran’s Revolutionary Guard Corps (IRGC) warned the US that it should “expect the closure of other oil and gas export routes that serve the interests of the United States and its allies”. It did not elaborate on which routes could be affected.

Ongoing US-Iran hostilities have underscored the strategic importance of the Strait to the global economy, with a sharp rise in oil prices triggered by tanker traffic virtually stalling through the key shipping lane.

[BBC]

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