Press review: UK PM to continue predecessor policy as US reshapes oil market beyond OPEC+

The new channel will help resolve incidents in the strategic waterway amid conflicting guidance for shipowners Iran has agreed to set up a ‘hotline’ with the US and other countries to “prevent and resolve any misunderstandings” involving ships transiting the Strait of Hormuz, Tehran’s chief negotiator, Mohammad Bagher Ghalibaf, has said. The strait will henceforth.

As 60 days of peace negotiations between the US and Iran continue, Tehran appears to have won significant concessions from Washington. Chief among those is the waiving of sanctions on Iranian oil exports. US sanctions have been in place for decades, cutting Iran off from mainstream global oil markets and forcing it to sell its oil to China at discount rates. The US says the other side of the deal is that Iran will allow international inspectors access to its nuclear program - Tehran though.

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