Topic
6 articles
Analysis of maritime data shows that while most ships transiting the Strait of Hormuz switch off their tracking systems, a significant number openly use the Iranian corridor. This suggests shipowners fear Iran more than the US, despite American naval superiority.
US consumer inflation accelerated in May to its fastest pace in three years, driven by a sharp rise in gasoline prices amid escalating tensions with Iran. The CPI rose 0.5% month-over-month and 4.2% year-over-year. The data increases pressure on the Federal Reserve to raise interest rates, with markets now pricing in a growing chance of hikes later this year.
The Federal Reserve's preferred inflation gauge rose 3.8% in April, the highest since 2023, driven mainly by a 5.5% surge in gasoline prices amid geopolitical tensions with Iran. Consumer spending increased 0.5%, and the saving rate fell as households tapped savings. Analysts expect the Fed to keep rates elevated until at least 2027.
US President Donald Trump has departed for Beijing to meet with Chinese President Xi Jinping, as the Trump administration sends mixed signals on whether the Iran war will dominate the agenda, while trade takes center stage. Trump's comments have been contradictory, first saying there would be a 'long discussion' on Iran, then downplaying its importance.
The supertanker Sarv Shakti, headed for India, is attempting to transit the Strait of Hormuz, Bloomberg reported on Saturday. The move comes amid rising Israel-US-Iran tensions that have made the waterway — through which about a third of global seaborne oil flows — a flashpoint. Details on whether the vessel succeeded remain unavailable.
Gulf leaders met in Riyadh to discuss five major joint projects aimed at boosting economic ties and collective security amid tensions with Iran. The initiatives include a unified railway, interconnected power grid, water network, oil and gas pipelines, and a joint ballistic missile early warning system. Experts note that Iranian attacks on infrastructure have shifted these projects from economic aspirations to security necessities.
