Middle East Crisis

Oil Market
US Sanctions Exemption for Russia Has Expired

The US exemption from sanctions against Russia, which allowed the sale of Russian oil stuck at sea, expired overnight on Saturday and has not been extended. This is reported by the Kyiv Independent.

US Treasury Secretary Scott Bessent has previously stated that the exemption would not be extended.

The exemption was introduced after the start of the Iran war to calm unrest in global energy markets, and was then extended in stages.

Reactions
Desperation among US farmers as prices rise

Farmers in the US Midwest are starting to get desperate for the upcoming growing season, reports Axios.

The US agricultural sector is facing what many call the worst crisis since the 1980s due to the Iran war. Rising fuel and fertilizer costs risk forcing many to close their businesses.

“There will be fewer farmers next year than this year,” says Mark Mueller, a farmer in Iowa and head of the state’s corn farmers’ association.

Last year, the number of bankruptcies in agriculture rose by 46 percent compared to the previous year, according to MS Now. This has caused many voters in rural areas, where Trump’s support is strong, to begin to doubt the president.

Climate change and droughts are also having an impact. The number of cows is at its lowest in decades, and the price of ground beef has risen by 19 percent in a year. 

Peace talks
European countries in direct talks with Iran on passage

European countries have approached Iran to find a solution to the blockade of ships in the Strait of Hormuz, Iranian state television reports, according to AFP.

Iran says it has held direct talks with representatives of various countries in recent days – including China, Japan and Pakistan. Negotiations are also said to have been held with “European countries”, with the aim of releasing ships. According to reports, around 2,000 ships are stuck on the wrong side of the blockade since the outbreak of the war. One fifth of all oil and liquefied natural gas extracted in the world is transported through the Strait of Hormuz.

On Friday, Iran said the strait was open to commercial traffic from “friendly countries” and urged countries to coordinate a passage with the Iranian Revolutionary Guard.

The statement did not specify which European countries had held talks with Iran.