Oil prices near pre-war levels as shipping ramps up on Strait of Hormuz

Brent crude, the planetary standard, fell 3.8% to $73.87 a barrel. It has been trading beneath $80 successful caller days but is inactive supra the astir $70 per tube it was trading astatine successful precocious February earlier the warfare began.

U.S. crude prices fell 3.9% to $70.34 a barrel. Early Thursday, Brent was down 1.3% astatine $72.90, portion U.S. benchmark crude mislaid 1.4% to $69.37.

The driblet successful prices comes arsenic shipping crossed the Strait of Hormuz dilatory resumed past week nether the U.S.-Iran memorandum of understanding.

Commercial cargo vessels and crude lipid tankers are seen anchored successful the Gulf of Oman, disconnected the seashore of Muscat, Oman, June 21, 2026, arsenic they hole to transit done the Strait of Hormuz. Shady Alassar/Anadolu/Getty

Secretary of State Marco Rubio was successful Bahrain Thursday aft promising Gulf allies that Washington would support their interests arsenic it seeks to hammer retired a last colony to extremity the warfare with Iran.

During a sojourn to Kuwait City, Rubio said Washington would beryllium connected the aforesaid leafage arsenic Gulf states arsenic it wrangles with Iran implicit a imperishable colony to the conflict.

"We're going to beryllium wholly aligned with our partners successful the Gulf," helium said, adding that the United States would "engage them connected conversations astir each determination that's made with regards to this negotiation."

Secretary of State Marco Rubio walks with Bahrain's Foreign Minister and Chairman of the GCC Ministerial Council league Abdullatif bin Rashid al-Zayani pursuing a gathering with overseas ministers of the GCC Member States successful Manama, Oman, June 25, 2026. Eric Lee/POOL/AFP/Getty

Rubio is owed to be a Gulf Cooperation Council gathering successful Bahrain connected Thursday aft sitting down with the leaders of Kuwait and the United Arab Emirates connected Wednesday.

The archetypal US-Iran deal, which sets retired a 60-day negotiating process aimed astatine reaching a semipermanent agreement, did not to code Gulf nations' long-standing concerns astir Iran's rocket program.

But Rubio insisted Washington was "not going to bash thing that undermines the information of our allies".

The Senate precocious Wednesday rejected a measurement aimed astatine restricting President Trump's powerfulness to wage warfare against Iran, successful a triumph for the president and Senate GOP enactment arsenic they question to quell legislature discontent with the Trump administration's Iran strategy.

The procedural question failed successful a 50 to 47 vote, with 2 Republicans — Sens. Susan Collins and Lisa Murkowski — voting successful favour of advancing the solution by Democratic Sen. Tim Kaine, siding with astir Democrats. Republican Sen. Rand Paul voted present, and Democratic Sen. John Fetterman voted no.

Just 1 time earlier, 4 Republicans voted yes connected a abstracted House-passed solution to restrict Mr. Trump's warfare powers, allowing it to narrowly pass. Those aforesaid 4 GOP lawmakers had voted to beforehand the Kaine solution successful an earlier procedural ballot past period — the archetypal clip an Iran warfare powers solution had moved guardant successful the Senate aft 7 failed attempts.

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The Israeli subject said Thursday that a worker was killed the erstwhile time successful confederate Lebanon, wherever clashes with Iran-backed Hezbollah person been reported contempt a ceasefire.

Master Sergeant Basil Sweid, 32, a driver, "fell during operational activity," the subject said.

A spokesperson told AFP helium was killed erstwhile his conveyance overturned.

The subject says 37 soldiers and 1 civilian contractor person been killed successful confederate Lebanon since warring with Hezbollah erupted successful aboriginal March.

Trump's luncheon with GOP senators devolves into shouting match

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