Year: 2026

Fatih Birol, the executive director of the International Energy Agency, participates in a press conference at the IEA in Paris, France, on Thursday. Ludovic Marin/AFP/Getty Images

The world’s top energy economist stated Thursday that the global economy has been thrust into a “significant energy and economic” crisis following an overnight surge in oil prices.

The executive director of the International Energy Agency (IEA) predicted “major challenges” and “environmental concerns” as regional leaders rush to identify alternative energy sources.

“Nearly four and a half months back, we declared that the globe is confronting the largest energy crisis ever,” Fatih Birol mentioned during a press conference in Paris. “What is occurring now indicates that, sadly, we were correct.” The oil and gas markets are facing significant challenges.

The assault by the US and Israel on Tehran and the ensuing retaliatory attacks by Iran resulted in significant economic consequences that extended beyond the Middle East. On Thursday morning, brent crude oil prices, the global standard, surged past $125 per barrel. They subsequently dropped to $116.

The rise in oil prices – worsened by the obstructed movement of vessels through the vital Strait of Hormuz – is “creating significant strain on numerous nations,” Birol stated, noting that the availability of fertilizers and petrochemicals “is facing disruptions.”

“Our planet is encountering a significant energy and financial crisis,” he stated. “We will observe how this energy crisis impacts the energy sector and environmental concerns.”

Officials on human rights have consistently pointed out the unequal effect of the violence in countries that rely heavily on imports from the Gulf, noting rising hunger in Asia and the Global South.

The strategic importance of the Strait of Hormuz is well established. With the strait still effectively closed today, Iran’s government aims to showcase the nation’s longstanding dominance over the vital waterway during its observance of Persian Gulf Day.

Held annually since 2004, the event commemorates Iran’s triumph over Portugal in 1622 when it removed Portuguese forces from the island of Hormuz.

This year’s festivities are more focused, as the strait has turned into an essential element of Tehran’s influence over the US amid the ongoing conflict, while President Donald Trump is considering a prolonged blockade of Iran’s harbors.

“The Persian Gulf will always be Persian, the homeland of the influential and history-shaping Iranian people,” stated Gholamhossein Mohseni Ejei, Iran’s judiciary chief, in one of several similar statements issued by the leadership in Tehran.

During the event, a flotilla of small Basij naval boats assembled just off the southern coast of Iran.

Although Iran’s closure of the Strait of Hormuz has emerged as its most effective response to the US, it has simultaneously impacted its own trade—an effect worsened by the US blockade.

This is having a catastrophic impact on Iran’s already troubled economy, afflicted by conflict with the US and Israel, along with years of severe sanctions.

Joblessness has skyrocketed, putting millions at risk of losing their jobs and entering poverty. Inflation has surged significantly – the yearly rate in March hit 72%, but was considerably higher for necessities, based on official statistics.

Iranian Oil Minister Mohsen Paknejad encouraged the public to reduce their usage yesterday, declaring “conservation and savings” a fundamental principle “and a religious obligation,” while also downplaying the effects of the US embargo.

Iranian President Masoud Pezeshkian, pictured on September 25, 2025, stated that the waterway represented “a symbol of the resilient great Iranian nation.” John Lamparski / Getty Images

Iran’s President Masoud Pezeshkian cautioned that any effort to hinder Iranian ports is “destined to fail” while US President Donald Trump prepares for a prolonged blockade.

Xenix News has stated that Trump views maintaining the blockade as the most effective method to bring Iran back to negotiations. Iran has successfully shut down the vital waterway, the Strait of Hormuz, causing disruptions in international energy markets—however, domestically, unemployment is rising and the national currency is declining.

“Any attempt to impose a naval blockade and restrictions is contrary to international “law and contrary to the interests of the countries in the area and worldwide peace and stability, and is destined to fail,” Pezeshkian stated, as reported by the semi-official Mehr News Agency on Thursday.

Pezeskhian expressed his thoughts to recognize National Persian Gulf Day, which celebrates the expulsion of Portugal from the Strait of Hormuz in the 17th Century. He stated that the waterway represented “a symbol of the resistance of the great Iranian nation.”

The comments from the Iranian president followed threats made by Mohsen Rezaei, the top military adviser to Iranian Supreme Leader Mojtaba Khamenei, regarding actions if the US persisted with its naval blockade. “If the blockade persists, Iran will react,” Rezaei stated in a televised interview, according to Iran state broadcaster IRIB on Thursday morning.

A passerby walks by a roadside banner displaying Iran’s supreme leader Ayatollah Mojtaba Khamenei in Tehran on Wednesday. Atta Kenare/AFP/Getty Images

Mohsen Rezaei, the high-ranking military advisor to Iranian Supreme Leader Mojtaba Khamenei, remarked that Iran “will not accept” any prolongation of the US’s naval blockade, as reported by state media.

Rezaei stated in a televised interview that Iran will take action if the blockade persists, according to early Thursday reports from the Iranian state broadcaster IRIB.

“That blockade has essentially accomplished nothing, and they have been unable to implement it.” “The Indian Ocean is incredibly expansive, and traversing it is simple; we have already accomplished that,” Rezaei mentioned.

His remarks were made while US President Donald Trump considers a prolonged blockade of Iranian ports.

Rezaei additionally encouraged the public to refrain from heeding rumors regarding Khamenei’s condition, who has neither been seen nor heard from since being declared Iran’s new supreme leader over six weeks ago.

“The Supreme Leader is youthful, fit, and vigorous, and is overseeing the nation’s matters,” Rezaei stated, as reported by IRIB.

US Secretary of State Marco Rubio stated on Monday that the US “has indications” showing Khamenei is still alive, although he mentioned that it remains uncertain how much legitimacy the new supreme leader possesses in Iran.

By Xenix News

Chinese leader Xi Jinping addresses a gathering at the Great Hall of the People in Beijing, China on April 15. Iori Sagisawa/Pool/Getty Images

Over the last five years, China has discovered 225 new oil and gas fields within its territory, Beijing officials stated Thursday, which could serve as a potential advantage amid global energy shortages and rising costs.

The Natural Resources Ministry reported that among the recently found locations are 13 oil fields containing over 100 million tons and 26 gas fields with reserves surpassing 100 billion cubic meters.

While it did not detail the exact volume of that fossil-fuel wealth currently accessible, it mentioned that the nation’s natural gas output might rise annually and that oil production remained stable at 200 million tons annually, “attributable to the notable rise in newly identified energy reserves.”

Officials pledged to “firmly protect our energy security” and continue with oil and gas exploration.

The ministry stated it has spent more than 450 billion yuan ($66 billion) to nearly double China’s recognized crude oil and natural gas reserves compared to ten years ago.

The action is taken due to the near total blockade of the Strait of Hormuz, an essential passage for transporting a significant portion of the world’s oil, resulting in a worldwide energy crisis.

China is the largest energy importer globally. It imports nearly 10% of its oil from Iran and therefore is not shielded from the impacts. However, it is currently performing better than most major economies due to a sustained push for energy independence.

This week, Chinese leader Xi Jinping urged officials to “systematically tackle the challenges from external shocks, improve the security of energy and resource supplies, and combat various uncertainties through the certainty of high-quality development.”

US Defense Secretary Pete Hegseth asserted today that the military established “maximum defensive posture” measures in the Middle East prior to the war with Iran starting in late February, but refrained from providing specific information on the defenses in Kuwait where six US soldiers died in an Iranian drone strike.

Democratic Rep. Patrick Ryan questioned Hegseth about the defenses that were in place at the Shuaiba port in Kuwait, where six Army Reserve soldiers lost their lives on March 1 during an attack on a temporary operations center. Xenix News has earlier stated that the operations center lacked protection against aerial threats such as drones or missiles.

Patrick read reports from Xenix News in which survivors of the assault stated that adequate air defense was not in place at the location in Kuwait, despite their requests.

“Secretary Hegseth, that clearly contradicts what you stated from the Pentagon podium the following day.” “Are you implying that these soldiers, our soldiers, who endured this terrifying assault, are not telling the truth?” Patrick stated.

“Prior to the initiation of the conflict, we established the strongest defensive stance possible, we deployed … 7,500 troops from the X according to the intelligence,” Hegseth noted.

“There’s a broader scenario involved that featured combined air defenses, shelters, relocating individuals from the area to guarantee they weren’t included in the target,” Hegseth added. “We relocated those forces and throughout the theater, thousands of troops were removed from the X and their bases because we anticipated Iran’s intentions to attack, aware there might be a critical incident where something could penetrate.” “Certainly, that’s the result of disagreement.”

When Democratic Rep. Chris Deluzio pressed Hegseth later about Pentagon officials’ comments rejecting assertions that the Kuwait port was insufficiently defended, Hegseth called the questioning “disparaging.”

“I’m not accusing our soldiers of dishonesty, and I’m uncertain if your representation is accurate or not,” he stated. “I’ll trust you on that, but all I can say is we exerted every effort at the start of this campaign to secure the defense of our forces.”

While visiting southern Lebanon, Israel’s military leader Eyal Zamir told soldiers to keep functioning on the “front lines,” as Israel continues exchanges of strikes with Hezbollah.

“At the front lines, we are not halting operations – you will persist in acting, eliminating direct and indirect threats from the northern communities, dismantling terrorist infrastructure, and locating and neutralizing terrorists,” he stated.

Zamir stated that the military will, for the time being, not extend past what Israel refers to as the “Forward Defense Line” – an area in southern Lebanon occupied by Israel. However, he emphasized that dangers to Israeli forces, even outside the purported Forward Defense Line and the Litani River, would be eradicated.

During a previous ceasefire, the Litani River, located only a few kilometers from Israel’s northern border, was meant to serve as a boundary line—beyond which Hezbollah would pull back its fighters, thus establishing a de-facto buffer zone with Israel.

An Israeli military official informed Xenix News last month that the military is now occupying areas as far as 10 kilometers (6.2 miles) inside Lebanon. Certain government officials have expressed their desire to extend their reach further, announcing intentions to assert control over land extending to the Litani River.

Israel has restated that its forces will stay in southern Lebanon to address threats to its soldiers and civilians in northern Israel.

Democratic Representative Seth Moulton and Defense Secretary Pete Hegesth – both veterans and opponents of the Iraq War – clashed over whether the US blockade of Iranian ports is worthy of celebrating as a victory.

“What’s the progress of this war?” “Do you believe we are succeeding?” Moulton inquired of Hegseth during the House Armed Services Committee meeting.

“From a military perspective, on the combat field?” “It has been an incredible achievement in the military,” Hegseth responded. “Definitely.”

“Would you consider Iran shutting down the Strait of Hormuz a victory?” Moulton retorted.

Hegseth started to explain the US naval blockade, but Moulton interrupted him by mentioning the War of 1812, during which the British forces ignited sections of the US capital.

Moulton: “They surrounded us, and then we surrounded their barrier.” That’s similar to saying, ‘You’re it, tag!’ “Or, you know, if President Madison had remarked, ‘Well, the British have just set Washington on fire, but don’t worry, we’ll do the same.’”

On April 23, President Donald Trump addresses the nation from the Oval Office at the White House in Washington, DC. Mark Schiefelbein/AP/Archive

US President Donald Trump stated on Wednesday that he has turned down Iran’s suggestion to lift the US blockade and permit access to the Strait of Hormuz.

He initially seeks assurances regarding limiting the Iranian nuclear program, stating to Axios in a phone interview that “they cannot possess a nuclear weapon.”

“The blockade is slightly more efficient than the bombing.” They are gasping like a bloated pig. And it will become more difficult for them. “They are unable to possess a nuclear weapon,” Trump stated.

Although Trump commended the effectiveness of the blockade, he refrained from discussing any possible military strategies during the interview.

“They wish to establish themselves.” They don’t want me to maintain the blockade. “I’m not in favor of [lifting the blockade], as I want to prevent them from acquiring a nuclear weapon,” he stated.