Dubai authorities have reported that the incident involving a Kuwaiti oil tanker in Dubai waters has been successfully contained.

China’s position as the largest buyer of Iranian oil is coming under renewed pressure following a temporary US sanctions waiver that could reshape global supply dynamics.

The White House has temporarily lifted some sanctions on Iranian oil purchases in an effort to stabilise global energy prices amid ongoing conflict.

An Iranian missile that struck Israel’s Haifa refinery on Thursday damaged key electrical infrastructure, the company said in an update on Friday.

Editor’s note: Moses Becker is a special political commentator for News.Az. He holds a PhD in political science and specializes in interethnic and interreligious relations. The views expressed in this article are the author’s own and do not necessarily reflect the position of News.Az.

Britain has imposed sanctions on Iranian oil magnate Hossein Shamkhani and four companies accused of backing Tehran’s overseas operations, including activities in Ukraine and Israel.

The U.S. Treasury Department has sanctioned more than 20 companies and individuals accused of helping Iran sell oil through a secretive shadow banking network that funds its military and terrorist activities.