Global oil reserves are declining rapidly due to the conflict with Iran and the closure of the Strait of Hormuz, with inventory levels approaching a 2018 low, Bloomberg reported
On the morning of May 8, the UAE Ministry of Defense announced the activation of its air defense system, which is engaged in intercepting missiles and drones.
Iran and the United States have reached an agreement to ease the naval blockade of Iran in exchange for a gradual resumption of shipping in the Strait of Hormuz, Saudi Arabia’s Al Arabiya TV channel reported, citing Pakistani sources.
Washington plans to continue using force against Tehran until Iran no longer poses a threat to the United States, according to the U.S. Counterterrorism Strategy released by the White House.
Iran is expected to hand over its reply to mediators about the U.S. proposal to end the conflict on Thursday, CNN reported, citing a regional source.
Saudi Arabia refused to support Washington's Operation Project Freedom to help ships go through the Strait of Hormuz because the U.S. had failed to notify Riyadh of the initiative in advance, NBC News reported, citing U.S. officials.
U.S. President Donald Trump said the United States has had very good talks over the past 24 hours with Iran on ending the war that has lasted more than two months.
Israeli Prime Minister Benjamin Netanyahu dismissed reports that Israel was caught off guard by Washington's diplomatic moves toward Iran, saying that he is in near-daily contact with U.S. President Donald Trump to ensure full coordination.
Oil production in OPEC countries dropped in April 2026 by 420,000 barrels per day to a 36-year minimum, Bloomberg reported.
The United States would like Iran to halt uranium enrichment for 20 years, The Wall Street Journal reported, citing sources.
Iran has damaged or destroyed at least 228 U.S. military facilities in the Middle East, and U.S. authorities are not openly acknowledging the true scale of the damage, The Washington Post reported.
Iran will ensure safe and stable passage of ships through the Strait of Hormuz once it neutralizes the threat posed by the United States and Israel, according to the Navy of the Islamic Revolutionary Guard Corps (IRGC).
KLM has extended flight restrictions to the Middle East. Specifically, the airline will not operate flights to Dubai until the end of June.
Russia has delivered more than 325 metric tons of humanitarian aid, including medicines, to Iran during hostilities involving the Islamic Republic and actions by the United States and Israel, President of the Iranian Red Crescent Society Pir Hossein Kolivand said.
Iran will only accept “a fair and comprehensive agreement” in its negotiations with the United States on ending the war in the Middle East, Iranian Foreign Minister Abbas Araghchi said at the meeting with his Chinese counterpart Wang Yi in Beijing.
The United States expects to reach agreement with Iran on a memorandum of understanding, U.S. Secretary of State and Assistant to the President for National Security Affairs Marco Rubio said.
U.S. Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov discussed bilateral relations, Ukraine, and Iran during a phone call, the U.S. State Department said.
Global oil reserves fell by 200 mln barrels in April due to lower supply amid the conflict in Iran, marking the largest decline since the COVID-19 pandemic, the Financial Times reported, citing data from S&P Global Energy.
The United States has stepped up its efforts to establish contact with Iran, using a number of third countries as intermediaries, not just Pakistan, the Tasnim news agency reported, citing a source.
The Iranian authorities have announced the formation and implementation of a new system for vessel passage through the Strait of Hormuz, the state television of the Islamic Republic reported.
