Russian tanker crossed US blockade line repeatedly - TankerTracker

Nearly 80 countries have introduced emergency measures to protect their economies as summer demand threatens to deepen the global energy crisis triggered by the Iran war and the blockade of the Strait of Hormuz, the Financial Times reported.

According to the report, rising demand for air conditioning and holiday travel across the northern hemisphere is expected to place additional strain on already tightening supplies of crude oil, gasoline, diesel and jet fuel.

Governments are stepping up responses ahead of what traders see as a potential tipping point, with fears "Brent crude could reach $180 a barrel" if the situation in the Strait of Hormuz doesn't change.

The International Energy Agency estimates 76 countries have now adopted emergency measures, up from 55 at the end of March, according to the FT.

Mohsen Rezaei, a former Revolutionary Guards chief and military adviser to Iran’s supreme leader, said on state television that the United States today resembles Britain after World War II and the start of its decline.

He added that Iran remains serious about diplomacy but “even more serious on the battlefield and in defending Iran.”

Rezaei urged Washington to take practical steps to build trust.

“We have negotiated with America many times and even reached agreements, and they broke their promises in every case,” he said.

German Finance Minister Lars Klingbeil said on Monday that the Group of Seven is the appropriate forum to discuss ways to bring a lasting end to the war involving Iran, warning of growing risks to the global economy.

The conflict, together with the blockade of the Strait of Hormuz, poses “a serious threat to the global economy,” Klingbeil said ahead of a meeting of G7 finance ministers and central bankers in Paris on Monday and Tuesday.

“Our path as Europeans remains clear: We rely on cooperation rather than confrontation,” he said. “We rely on partnerships, reliability, open trade, and the strength of the rule of law.”

Esmail Kowsari, a member of Iran’s parliament national security and foreign policy committee, warned the United Arab Emirates against continued cooperation with the United States and Israel against Tehran.

“If the UAE continues cooperating with the US and Israel against us, we will confront them more forcefully,” Kowsari said.

The former Revolutionary Guards commander also dismissed the UAE as lacking independent power, saying it had only been able to pursue actions against the Islamic Republic with support from the United States and Israel.

President Donald Trump met with senior members of his national security team on Saturday to discuss the path forward in the Iran war, CNN reported, citing a source familiar with the meeting.

The gathering at Trump’s Virginia golf club included Vice President JD Vance, Secretary of State Marco Rubio, CIA Director John Ratcliffe and special envoy Steve Witkoff, according to the report.

The meeting took place hours after Trump returned from a high-stakes visit to China, which maintains close ties with Iran.

CNN reported that Trump has grown increasingly impatient with Tehran’s handling of diplomatic negotiations and remains frustrated by the continued closure of the Strait of Hormuz and its effect on global oil prices.