U.S. crude oil futures rose more than 1% on Wednesday after President Trump ordered a “total and complete” shutdown of all sanctioned oil tankers to and from Venezuela.
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What you need to know today
Oil prices soared above $80 a barrel on Thursday as the Iran war entered its seventh day and continued to disrupt global fuel supplies. Iranian Foreign Minister Abbas Araghchi said Thursday that his country is “not asking for a ceasefire” with the United States and Israel, while President Donald Trump said his administration would shift its focus to Cuba after the U.S. military operation in Iran ends.
Amid growing concerns about oil supplies, the United States has given India, the world’s third-largest oil importer, a 30-day exemption to resume purchases of Russian crude. This comes after the US government imposed a 25% “punitive” tariff on India for purchasing Russian crude oil, which was only lifted last month.
In addition to the energy disruption, turmoil in the Middle East has shattered Dubai’s status as the world’s wealth capital, as the wealthy scramble to move on from largely tax-free havens. Over the past week, projectiles have struck tourist and civilian spaces in the UAE, including the five-star Fairmont The Palm hotel and Dubai Airport.
In the US, the conflict between Anthropic and OpenAI continues. OpenAI CEO Sam Altman on Thursday slammed rival Anthropic Inc., saying he thinks it’s “bad for society” when companies start abandoning their commitment to democratic processes because “some people don’t like the people in charge right now.” This comes after the Pentagon has clashed with Anthropic in recent weeks over how it uses AI models.
Adding further uncertainty to the market, President Trump’s tariffs face a new legal battle after New York Attorney General Letitia James and top prosecutors in 23 other states filed suit again seeking to block his global tariff plan, just days after a landmark Supreme Court ruling invalidating the president’s previous efforts.
And finally…
UAE considers freezing Iranian assets as Middle East conflict intensifies: WSJ
The United Arab Emirates is considering cutting off Iran’s access to billions of dollars held in the Gulf state, The Wall Street Journal reported Thursday.
The move could cripple Tehran’s access to foreign currency and global trade networks at a time when the country’s economy is deteriorating and the military conflict with the United States and Israel has put it under further pressure.
Citing people familiar with the talks, the newspaper reported that Emirati authorities have warned Iranian authorities that such measures are under consideration, but no decision has been reached on whether or when to act.
— Anique Bao
