Middle East Crisis

Iran War
Sources: Talks on gradually opening Hormuz

US and Iranian negotiators in New York are discussing a plan to gradually open the Strait of Hormuz and lift the US blockade against Iran, according to sources speaking to Reuters.

The major obstacle in the talks is that neither side wants to be the first to give up its trump card, but the economic consequences are becoming increasingly severe for Iran, the sources say.

"A way forward would be to resolve the crisis in stages. The first step would be to lift the blockade and reopen Hormuz," says a high-ranking Iranian official.

Oil price falls on reports of Hormuz plan

The price of oil has taken a sharp turn downward following reports that US and Iranian negotiators are discussing a plan to gradually open the Strait of Hormuz and lift the US blockade.

Shortly after Reuters reported the news, Brent crude fell 3 percent and is once again trading below $100 per barrel.

At the same time, Wall Street indices are recovering, and market interest rates are trending downward.

Houthi Rebels
France sending troops to Saudi Arabia

France is sending military support to Saudi Arabia to protect the key oil port of Yanbu, which has been attacked by the Iran-backed Houthi movement in Yemen. President Emmanuel Macron announced the move, according to AFP.

"We are going to send military resources—meaning troops, radar, and defense systems," he said in a television interview. Earlier on Thursday, Saudi Arabia stated that it had shot down six ballistic missiles fired by the Houthis at the cities of Yanbu and Taif.

The UK announced this week that it is sending a refueling aircraft to Saudi Arabia.