live Oil prices fall as Iran vows retaliation over U.S. sanctions
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concer...
The European Commission says it will propose sanctioning "extremist Israeli ministers" and a partial suspension of the European Union's association agreement with Israel, targeting trade-related matters. European Commission President Ursula von der Leyen made the announcement on Wednesday.
"What is happening in Gaza has shaken the conscience of the world," von der Leyen said in a State of the Union speech to the European Parliament in Strasbourg, acknowledging divisions within Europe on how to move forward and pledging that the commission will do what it can on its own.
A suspension of the trade chapter of the agreement would withdraw trade preferences for Israeli products to enter the EU market and would require a qualified majority vote among EU governments, according to a July options paper prepared by the bloc's diplomatic service.
The EU is Israel's biggest trading partner, accounting for nearly a third of Israel's total international trade in goods last year.
A qualified majority is reached with the support of 15 out of 27 members representing 65% of the EU population, a difficult threshold to reach at a time when European capitals continue to have diverging views on how to approach Israel and Gaza.
Von der Leyen also said that the Commission will put its bilateral support for Israel on hold, without affecting work with Israeli civil society and Yad Vashem, Israel's main Holocaust memorial centre.
The Commission had previously proposed curbing Israeli access to its flagship research funding programme but failed to garner sufficient support from EU member countries for the move.
Diplomats say Germany's view on the proposal is key, and Germany has said it is so far unconvinced.
The Commission chief said the body will set up a Palestine Donor Group next month, including an instrument for Gaza reconstruction.
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concerns over potential disruption to regional oil supplies.
Ukraine’s President Volodymyr Zelenskyy said on Monday that Kyiv wants peace but will not surrender to Russia, as foreign leaders joined Independence Day events marking 35 years since Ukraine’s independence.
Only four commodity vessels crossed the Strait of Hormuz on Sunday, following 13 transits a day earlier, as disruptions continue to restrict traffic through the key energy chokepoint.
A newly created pro-government political party has secured a commanding victory in Kazakhstan's snap parliamentary election, according to exit polls, strengthening President Kassym-Jomart Tokayev's influence at a pivotal moment in the country's political transition.
Kyiv has recently received a small number of U.S.-made Patriot interceptors capable of downing Russian ballistic missiles, Ukrainian President Volodymyr Zelenskyy has said. It comes as Britain and France pledged stronger military support for Ukraine.
Kyiv has recently received a small number of U.S.-made Patriot interceptors capable of downing Russian ballistic missiles, Ukrainian President Volodymyr Zelenskyy has said. It comes as Britain and France pledged stronger military support for Ukraine.
Canada has announced nearly $20 billion in retaliatory tariffs on U.S. goods and billions in support for workers and businesses, escalating its trade dispute with Washington after President Donald Trump's latest duties took effect.
Pakistani exporters are facing soaring shipping costs to the U.S., with freight rates more than tripling on some routes as the Iran-U.S. conflict drives up war-risk insurance and fuel costs.
The trial of a Libyan man accused of building the bomb that destroyed Pan Am Flight 103 over the Scottish town of Lockerbie in 1988, killing 270 people, has been postponed by a U.S. federal judge.
France and Saudi Arabia have agreed on plans for a $7 billion manga-themed amusement complex near Paris, inspired by the hugely popular Japanese franchise Dragon Ball Z.
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