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Oil prices understate Iran war risks, IEA chief warns

Apr 14, 2026, 15:06 GMT+1

Current oil prices do not reflect the severity of the threat posed by the Iran war to global energy markets and could rise significantly if the Strait of Hormuz remains closed, the head of the International Energy Agency said.

“The prices are, in my view, they do not reflect the current situation we are in,” Fatih Birol said on Tuesday at the Semafor World Economy conference in Washington.

He warned that if the Strait of Hormuz is not reopened to the free flow of oil and gas, global crude prices could rise well above current levels of nearly $100 a barrel.

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Iran negotiators ordered to return after internal rift over Islamabad talks
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Iran negotiators ordered to return after internal rift over Islamabad talks

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    Hardliners push Hormuz ‘red line’ as US blockade tests Iran’s leverage

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    War damage amounts to $3,000 per Iranian, with blockade set to add to losses

  • Why the $100 billion Hormuz toll revenue is a myth
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    Why the $100 billion Hormuz toll revenue is a myth

  • US blockade targets Iran oil boom amid regional disruption
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    US blockade targets Iran oil boom amid regional disruption

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Iran petrochemical workers face layoffs as industrial crisis deepens

Apr 14, 2026, 14:32 GMT+1

Iran faces a wave of layoffs in its petrochemical sector and widespread factory closures as a deepening economic crisis and internet shutdowns paralyze businesses, according to reports sent by residents to Iran International.

Workers and business owners described a surge in unemployment and poverty. In industrial hubs like Qazvin and Marvdasht, residents said factories are shutting down or firing staff due to a lack of raw materials and missing government support.

"The internet is cut, goods are scarce, and prices increase every day," one citizen told the broadcaster.

In the petrochemical industry, sellers of UPVC pipes said they stopped operations because volatile prices make sales a guaranteed loss. Others reported that companies using polypropylene face severe shortages of raw materials following damage to petrochemical plants.

In Isfahan and Qazvin, workers said factories are refusing to renew contracts or are labeling staff as "not needed" to move them onto unemployment insurance. One employer told Iran International he was forced to cut his workforce because customers can no longer pay their debts.

The reports also highlight a failure to raise wages. Despite a promised 60% increase, workers said the labor department told them the government has issued no new orders to raise pay.

The crisis extends beyond industry. One resident said new goods arrive in shops at double their previous price. "Tablecloths are becoming empty one after another," the resident said, referring to the shrinking ability of families to buy food.

Younger Iranians also reported a sense of despair. An 18-year-old said the lack of internet and economic pressure has turned life into a struggle for "survival," while students in Rasht expressed fear over upcoming final exams and university entrance tests during the instability.

Mossad chief says mission in Iran not over until regime change

Apr 14, 2026, 13:11 GMT+1

The head of Israel’s Mossad intelligence agency David Barnea said operations in Iran would continue until the country’s leadership is replaced.

Speaking at a Holocaust remembrance ceremony, Barnea said the agency had operated “in the heart of Tehran” during the recent US-Israeli campaign.

“We brought precise intelligence to the Air Force, and we hit missiles that threatened Israel,” he said.

“But our mission has yet to be completed,” he added, saying operations were planned to continue after the strikes.

Barnea said Mossad’s role would end “only when this radical regime is replaced,” adding that Israel would not stand by in the face of what he described as an existential threat.

Macron calls for US-Iran talks to resume, urges halt to escalation

Apr 14, 2026, 12:35 GMT+1

France’s President Emmanuel Macron said he had urged the United States and Iran to resume talks and avoid further escalation following discussions with both sides.

Macron said he spoke with Iran’s President Masoud Pezeshkian and US President Donald Trump on Monday.

“I urged the resumption of the negotiations suspended in Islamabad, the clearing up of misunderstandings, and the avoidance of any further escalation,” he said in a post on X.

He said it was essential that a ceasefire be respected by all parties and that it include Lebanon.

Macron also called for the Strait of Hormuz to be reopened unconditionally and without restrictions as soon as possible.

“Under these conditions, negotiations should be able to resume quickly, with the support of the key parties concerned,” he said.

He added that France and Britain would host a conference in Paris on Friday bringing together countries willing to contribute to a defensive multilateral mission to restore freedom of navigation in the strait when security conditions allow.

France, UK-led Hormuz mission talks to focus on sanctions, maritime security

Apr 14, 2026, 12:19 GMT+1

Diplomatic talks led by France and United Kingdom this week will focus on sanctions, maritime security and the release of seafarers as part of discussions on a possible multinational mission, a source familiar with the matter told Reuters.

The meetings in Paris are set to be structured around several working groups covering economic, security and industry coordination issues, the source said.

Senior diplomats are holding discussions ahead of a meeting to be co-chaired by British and French leaders on Friday, with a focus on ensuring freedom of navigation and stability in the Strait of Hormuz.

The talks will also examine potential economic measures against Iran if the waterway remains closed, the source said.

Other areas under discussion include efforts to secure the release of seafarers and vessels stranded in the region, as well as cooperation with shipping and energy companies to support a safe return to maritime transit when conditions allow.

EU seeks closer cooperation with UAE for regional stability

Apr 14, 2026, 11:47 GMT+1

European Council President Antonio Costa said on Tuesday that the European Union and the United Arab Emirates could work more closely to help bring stability back to the region.

Costa made the comment on X after meeting UAE President Sheikh Mohamed bin Zayed. He also thanked the Emirati leadership for ensuring the safety of around 200,000 EU citizens living in the country.

“We discussed how the EU and the UAE can cooperate more closely to bring stability back to the region and protect our shared interests,” Costa said.

He added that the EU remained committed to restoring freedom of navigation in the Strait of Hormuz and supporting diplomatic efforts for lasting peace in the Middle East.

Costa’s comments came during a two-day tour of the United Arab Emirates, Saudi Arabia and Qatar, where he said he would promote deeper cooperation and a negotiated path toward regional stability.

After he arrived in Abu Dhabi, Costa wrote on X that the EU stands “in full solidarity in the face of Iran’s indiscriminate, unjustifiable, and unlawful attacks.”

“We are a reliable partner for the Gulf countries and are ready to contribute. By working together, we can support a comprehensive strategy for lasting peace in the Middle East through negotiation and diplomacy.” he wrote.