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Global oil reserves see massive reduction amid Strait of Hormuz disruptions; threaten future price surges – International Energy Agency

Paris, May 13 (UNI) Global oil reserves are shrinking rapidly due to the disruptions caused by the ongoing US-Israel war against Iran, as well as posing the threat of further oil price surges in the near future, the International Energy Agency (IEA) has warned.
"The world is drawing oil inventories at a record pace as importing countries confront unprecedented disruptions to Middle Eastern supply," the IEA said in its monthly oil market report released today.
"Rapidly shrinking buffers amid continued disruptions, may herald future price spikes ahead," reports CNN.
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Trump defends 14-point Iran MOU, calls it temporary war-ending framework amid G7 backing

18 Jun 2026 | 4:41 PM

Washington, June 18 (UNI) After signing the "Islamabad Memorandum of understanding" (MOU), President Donald Trump defended the 14-point MOU that ends the war with Iran, even as he suggested it may not be “permanent” during a press conference from the Group of Seven (G7) summit in Évian-les-Bains, France.

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Initial US-Iran talks in Switzerland still planned for Friday: Swiss govt

18 Jun 2026 | 3:15 PM

Washington/ Geneva, June 18 (UNI) Switzerland has said that initial negotiations between the United States and Iran are still expected in the Swiss mountain resort of Bürgenstock on Friday, Switzerland’s foreign ministry said.

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Pakistan's PM Shehbaz Sharif signs US-Iran "Islamabad MoU" as mediator

18 Jun 2026 | 2:51 PM

Islamabad, June 18 (UNI) Prime Minister Shehbaz Sharif has signed the Islamabad Memorandum of Understanding between Iran and the United States in his capacity as a mediator, according to an official statement from the Prime Minister's Office.

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Inside US-Iran Islamabad agreement: full text of the 14-point MoU

18 Jun 2026 | 2:11 PM

Washington, Jun 18 (UNI) In a potentially landmark diplomatic breakthrough, the United States and Iran have signed the "Islamabad Memorandum of Understanding," outlining a broad framework to end hostilities, ease regional tensions, revive commercial navigation in the Persian Gulf, and pave the way for a comprehensive peace agreement within 60 days.

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Trump and Iranian President Pezeshkian sign preliminary peace agreement

Trump and Iranian President Pezeshkian sign preliminary peace agreement

18 Jun 2026 | 2:06 PM

Evian, Jun 18 (UNI) US President Donald Trump and Iranian President Masoud Pezeshkian have signed an initial agreement to extend the ceasefire for another 60 days and lay the groundwork for reopening the Strait of Hormuz and launching negotiations on Iran's nuclear programme.

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