Sanctioned tanker clears Hormuz after US blockade deadline - CNN

Oil prices are likely to remain elevated and could rise further until significant ship traffic resumes through the Strait of Hormuz, US Energy Secretary Chris Wright said on Monday.

Speaking at the Semafor World Economy forum in Washington, Wright said markets would likely remain under pressure until “meaningful” shipping activity returns to the strategic waterway, through which roughly a fifth of global oil supplies normally pass.

His remarks suggested a shift from earlier comments in which he had said oil prices would likely fall soon.

US President Donald Trump has lashed out at the New York Times, accusing the newspaper of misleading readers about the state of the war with Iran and insisting the country has been “totally obliterated” militarily.

In a post on social media, Trump said coverage by what he called “The Failing New York Times” falsely suggested Iran was performing well in the conflict.

“Despite the fact that Iran has been totally OBLITERATED, Militarily, and otherwise, you would think that Iran is actually winning, or at the very least, doing quite well,” he wrote.

Trump accused the newspaper of spreading “FAKE NEWS” and demanded an apology, calling the outlet a “corrupt media organization” and asking: “Have they no shame? Have they no sense of decency?”

Afshin Kolahi estimated the direct cost of internet outages at between $30 million and $40 million per day.

Including indirect losses, he said, the total impact rises to roughly $70 million to $80 million daily.

He compared the scale of the losses to major infrastructure projects, noting that building a bridge such as the B1 bridge which was hit in an airstrike during the war costs around $15 million to $20 million.

The cost of constructing each megawatt of power plant capacity, he added, ranges from $1 million to $3 million.

Based on these comparisons, Kolahi said the economic impact of internet shutdowns is effectively equivalent to losing multiple infrastructure projects every day.

“In practice, internet shutdowns mean losing the equivalent of four B1 bridges and two medium-sized power plants every day,” he said.

Trump administration officials are internally discussing plans for a potential second in-person meeting with Iranian officials before a ceasefire between Washington and Tehran expires next week, CNN reported, citing sources familiar with the talks.

The discussions remain preliminary, with officials considering possible dates and locations should ongoing negotiations with Iran and regional mediators progress in the coming days, according to the report.

“We need to be prepared to stand something up quickly should things head in that direction,” CNN quoted a source familiar with the talks as saying.

A regional source cited by CNN said that another round of negotiations could take place, with Turkey working to bridge gaps between the two sides.

Geneva and Islamabad are under consideration as potential venues for a future round, the report said.

US officials remain hopeful that a diplomatic off-ramp is achievable, CNN cited sources familiar with the talks as saying.

Depending on the pace of negotiations, Washington and Tehran could also extend the ceasefire deadline to allow more time for diplomacy, the report added.

US Senator Lindsey Graham opposed a reported proposal for a 20-year moratorium on Iran’s uranium enrichment under a potential deal, reacting to an Axios report that the United States made the offer during negotiations in Islamabad.

“I appreciate President Donald Trump’s resolve to end the Iranian conflict peacefully and through diplomacy. However, we have to remember who we’re dealing with in Iran: terrorists, liars and cheaters,” Graham wrote in a post on X.

“If this reporting is accurate, the idea that we would agree to a moratorium on enrichment rather than a ban on enrichment would be a mistake in my view,” he said.

“Would we agree to a moratorium for al Qaeda to enrich? No.”

“The only difference between al Qaeda and the Iranian regime is that one is a Sunni terrorist organization and the other is a Shia terrorist state,” he added. “They both have the same goal when it comes to the United States, Israel and the civilized world.”

Graham reiterated his call for a permanent ban on Iran’s uranium enrichment.

“No enrichment means no enrichment. Over 20 nations have peaceful nuclear power programs without enrichment capability. You can have peaceful nuclear power without enrichment, but you cannot make a bomb without enrichment,” he said.

“Again, no enrichment for Iran. They want a bomb and they cheat.”