Indian refiners are settling payments for Iranian crude oil in Chinese yuan, Reuters reports, as the US sanctions waiver that had permitted limited purchases approaches expiration. The shift away from dollar-denominated transactions reflects both the narrowing legal window for Indian buyers and broader pressure on dollar-based settlement channels for sanctioned-nation trade. Yuan-based settlement insulates transactions from US correspondent banking networks, reducing exposure to secondary sanctions enforcement, but it also deepens India's reliance on Chinese financial infrastructure for energy procurement. The practical scope remains constrained: volumes are described as limited cargoes, not a structural pivot. What to watch is whether expiration of the waiver triggers a full halt to Iranian imports or pushes more Indian refiners toward yuan rails and other non-dollar mechanisms, a dynamic that carries downstream consequences for dollar dominance in Asian energy trade and for India's bilateral calculus with both Washington and Beijing.
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.
