Commodities
US Slams Iran with New Sanctions Amid Escalating Conflict
The US and Iran continue to engage in an escalating conflict, with both sides refusing to back down. The US has announced new sanctions on Iran, which Tehran has condemned as an 'assertion of extraterritorial sovereignty.'
Iran's Chief of Staff, MG Ali Abdollahi, warned that the country would respond militarily to enemy threats with 'crushing, punishing and devastating responses.'
The Strait of Hormuz remains bottlenecked, with only four commodity ships passing through on Thursday. Iran has granted permission for Iraqi oil tankers to pass through the strait after repeated requests from Baghdad.