Iran says oil blockade will continue until attacks end, Trump threatens to hit harder

After speaking with Russian President Vladimir Putin, Trump said the United States will waive oil-related sanctions on “some countries” to ease the shortage. According to multiple sources, that could mean a further easing of sanctions on Russian oil, which could complicate efforts to punish Moscow for its war in Ukraine. Other options include a possible release of oil from strategic reserves or restricting US exports, sources said.

Brent crude futures fell more than 10 per cent on Tuesday after soaring by as much as 29 per cent on Monday to their highest since 2022. Global stock markets also bounced.

The price of gasoline has particular political resonance in the United States, where voters cite rising costs as a top concern ahead of the November midterm elections, when Trump’s Republicans will try to keep control of Congress.

A Reuters/Ipsos poll released Monday found 67 per cent of Americans expect gas prices to rise over the coming months, and only 29 per cent approve of the war.

OIL REFINERY HIT

Tehran was choked in black smoke after an oil refinery was hit, an escalation in strikes on Iran’s domestic energy supplies. World Health Organization chief Tedros Ghebreyesus warned the fire risks contaminating food, water and air.

Turkey said NATO air defences had shot down a ballistic missile that was fired from Iran and entered Turkish airspace, the second such incident of the war. Iran did not immediately comment on the report.

Israel’s military said it had launched new attacks in central Iran and struck the Lebanese capital Beirut, where Israel has extended its campaign after the Iran-backed militia Hezbollah fired across the border.

In Australia, five Iranian women’s soccer team players were granted humanitarian visas after they sought asylum, fearing persecution in their home nation. Canberra has also promised to send military surveillance aircraft to the Middle East and missiles to the United Arab Emirates to help them defend themselves against attacks from Iran.