The Trump administration warned it will impose secondary sanctions on any buyer of Iranian oil, with Treasury Secretary Scott Bessent explicitly flagging China as a country that may halt purchases under the pressure campaign. The warning extends to financial institutions: banks handling Iranian oil revenues now face direct penalty risk, broadening the enforcement surface beyond traders and shippers to the global banking system. Washington framed the measure as part of a maritime blockade aimed at cutting off Tehran's primary revenue source, with energy networks serving as the main transmission channel. The practical effect is a sharply higher compliance cost for any institution touching Iranian crude, particularly Chinese refiners, which have absorbed the bulk of discounted Iranian barrels in recent years. Markets will watch whether Beijing signals a pullback from Iranian supply, which would tighten Asian crude differentials and redirect procurement toward Middle Eastern and Russian alternatives. Any enforcement action against a named financial institution would be the key escalation trigger to track.
Venezuela's earthquake death toll has reached 1,430 with the US Geological Survey warning fatalities could top 10,000, placing it among Latin America's deadliest in a century. US military planes are landing in Caracas, Washington is mobilising $150 million in aid, and rescue teams from 17 countries are on the ground.
Iranian armed forces attacked a cargo ship in the Strait of Hormuz on Thursday, briefly halting traffic through the waterway. The strike threatens a fragile US-Iran arrangement and could push shipping insurance costs and oil prices higher.
The US has struck Iran, with President Trump citing an Iranian attack on a ship in the Strait of Hormuz as justification. The action raises immediate risks for global oil flows through one of the world's most critical shipping chokepoints.
The US struck ten Iranian targets on the second consecutive day of military action, putting a fragile ceasefire under serious pressure. The escalation raises immediate risks for Gulf shipping, global oil supply, and regional stability.
