Analysts and calculations indicate that the global economy has missed out on over $50 billion in crude oil production since the conflict with Iran started almost 50 days ago. Experts predict the repercussions will persist for months or even years. Data from Kpler shows that more than 500 million barrels of crude oil and condensate have been removed from the international market since late February, marking the biggest energy supply interruption in recent times. This volume matches the equivalent of halting worldwide aviation for 10 weeks, stopping all global vehicle travel for 11 days, or cutting off oil to the world economy for five days, according to Iain Mowat, a lead analyst at Wood Mackenzie. It also approximates one month’s oil consumption in the United States, based on estimates. Former President Donald Trump commended Israel, a key American partner, for its role in the confrontation with Iran. In a social media update on Saturday evening, he stated that Israel has demonstrated itself as a strong ally to the United States, regardless of opinions. He noted that other partners revealed their genuine stances during this period of tension. This is continuing coverage of developments in the Middle East. Iran’s chief negotiator, Mohammad Bagher Ghalibaf, announced on Saturday that recent discussions with the United States advanced but significant differences persist regarding nuclear matters and the Strait of Hormuz. He informed state outlets that while advancements occurred in last weekend’s talks, substantial divides and core elements remain unaddressed. President Donald Trump mentioned that the United States is engaged in productive dialogues with Tehran but cautioned against any attempts at coercion concerning the essential maritime route. He subsequently lauded Israel on social media, pointing out that other allies displayed their true natures amid the strife. This follows Iranian authorities’ decision to reverse the Strait of Hormuz’s reopening and reinstate controls on the critical passage after the United States refused to lift its embargo on Iranian harbors. A British maritime organization reported that vessels from Iran’s Islamic Revolutionary Guard Corps discharged weapons at a tanker trying to navigate the strait on Saturday. Reuters noted an assault on an Indian-registered tanker transporting crude oil in the same area. Iran’s Khatam al-Anbiya military headquarters declared on Saturday that the strait has returned to its prior condition and is now firmly overseen by the military. Trump held a meeting in the White House Situation Room on Saturday morning to address the escalating situation, as per Axios reports. A high-ranking U.S. official indicated that without progress in negotiations, hostilities might resume soon. Additional updates include: Following the preliminary U.S.-Iran discussions in Pakistan last weekend, Iran’s deputy foreign minister, Saeed Khatibzadeh, stated that no further meeting can be scheduled until both parties settle on a basic structure. Iran’s top security council, the nation’s primary authority under its supreme leader, is examining fresh suggestions from the United States, according to local reports. Hezbollah rejected any role in the fatal assault on UN peacekeepers in southern Lebanon, which resulted in the death of a French service member. The UN Interim Force in Lebanon reported that a patrol was targeted by non-governmental entities, killing one peacekeeper and wounding three others. Lebanese official media stated that Israeli troops started razing residences in the southern town of Bint Jbeil and nearby border areas occupied by Israeli forces on Saturday. The Israeli army caused the deaths of two truck drivers contracted by Unicef at a water distribution site in northern Gaza, leading the agency to halt activities there, Unicef announced. Pope Leo XIV remarked that he has no desire to argue with Trump over the Iran conflict but will keep promoting messages of peace from the Gospel. Trump departed the White House for a golf outing on Saturday afternoon, even as Iran shut the Strait of Hormuz again in retaliation to the U.S. port blockade.
