US Treasury Secretary Scott Bessent said on Monday the US will give a 30-day extension for countries to import Russian oil that is already in tankers at sea, a move that is meant to reduce the oil supply shortages caused by the Iran war. The announcement marks a continued policy reversal by an administration that had previously said the sanctions on Russian oil would resume. Originally announced in early March, the temporary waiver on the sanctions was first renewed in April, just two days after...
US Secretary of State Marco Rubio said Washington hopes to convince Beijing to play a “more active role” in resolving the Iran crisis, a clear sign the issue will come into sharp focus when President Donald Trump holds his closely watched summit with Chinese leader Xi Jinping. Speaking to Fox News aboard Air Force One, Rubio said the Iran war was a “huge source of instability” and “threatens to destabilise Asia more than any other part of the world because it’s heavily reliant on the straits for...
Trump and Xi's summit comes at a crucial moment for the global economy, as the war on Iran continues to disrupt trade.