Oil

The war in Iran is weighing on China’s economy, with car sales plunging, toy factories shutting down, and thousands of workers taking to the streets following a surge in plastic and energy prices.

The gathering of ministers and officials in Santa Marta, Colombia, which starts on Tuesday, will focus on practical steps to shift economies away from fossil fuels.

The US Central Command has redirected 37 vessels since a blockade was imposed on Iran on April 13, the military said on April 25.

Last year, the US imposed sanctions on teapots Hebei Xinhai Chemical Group, Shandong Shouguang Luqing Petrochemical, and Shandong Shengxing Chemical.

According to the Associated Press, the waivers were originally issued to ease the strain on global energy markets caused by the Russia-Ukraine war and the US-Iran war.

Iran's "fast-attack" ships have not been considered much of a threat, according to Trump, but have since been used to seize two container ships near the Strait.

The IRGC seized the ships on Wednesday, with both crews reported as safe, as their home countries actively seek their return.

Operation Economic Fury began with the blockade of Iranian ports in the Strait of Hormuz before expanding to ships providing support to the Iranian regime in international waters.

The EU plans to cut electricity taxes and coordinate gas storage efforts to mitigate the energy fallout from the Iran conflict, without major market interventions.

The EU is preparing measures to curb the impact the war is having on jet fuel supply, Jorgensen told reporters in Madrid.