Deescalating Iran/Israel conflict dominates G7 agenda
The G7 leaders are gathering for their summit in Canada with the Iran-Israel conflict set to overshadow talks.
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Reuters
14 minutes ago
- Reuters
Oil prices rise as Iran-Israel conflict fans supply worries
June 17 (Reuters) - Oil prices climbed over 2% on Tuesday as Iran-Israel tension intensified and U.S. President Donald Trump urged "everyone" to evacuate Tehran, increasing the prospect of deepening unrest in the region and disruption to oil supply. The Brent crude futures contract was up $1.17, or 1.6%, at $74.4 a barrel as at 0005 GMT and U.S. West Texas Intermediate crude was up $1.34, or 1.87%, at $73.11 - both having risen more than 2% earlier in the trading session. Both contracts settled more than 1% lower on Monday on hope of easing geopolitical tension after media reports of Iran seeking an end to hostilities. However, the conflict took a turn for the worse on its fifth day on Tuesday as Iranian media reported explosions and heavy air defence fire in the capital Tehran. Over in Israel, air raid sirens sounded in Tel Aviv in response to Iranian missiles. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries. Hostilities could disrupt its supply of oil and thereby increase prices. On Monday, an Israeli strike hit Iran's state broadcaster and the head of the U.N. nuclear watchdog also indicated extensive damage to Iran's biggest uranium enrichment plant. Trump said Iran should have signed a nuclear deal with the U.S. before Israeli strikes began and that he believes Iran now wants to reach an agreement. Easing of U.S. sanctions as part of any deal would allow Iran to export more oil, weighing on global crude prices. Elsewhere, OPEC and allies including Russia - or OPEC+, which pumps about half of the world's oil - said on Monday it expected the global economy to remain resilient in the second half of the year. It also trimmed its forecast for growth in oil supply from the U.S. and other non-OPEC+ countries in 2026.
The Independent
16 minutes ago
- The Independent
At least 20 wounded in Russian drone and missile attack on Kyiv
A combined Russian and missile attack in Kyiv overnight Tuesday left at least 20 people wounded, according to Ukrainian officials. The attack, the latest in a spate of mass drone and missile attacks on Kyiv, occurred as world leaders convened at the Group of Seven meeting in Canada, which Ukrainian President Volodymyr Zelenskyy is expected to attend. The summit runs through Tuesday. Kyiv's Mayor Vitalii Klitschko said nine people were wounded in the city's Sviatoshynskyi district and 11 more in the Solomianskyi district. The mayor said six people were hospitalized. Fires broke out in two other Kyiv districts as a result of falling debris from shot down Ukrainian air defenses. Canada, which assumed the presidency of the G7 this year, invited Zelenskyy to the summit, where he is expected to hold one-on-one meetings with world leaders. Zelenskyy was set to meet with U.S. President Donald Trump in Canada on Tuesday, though the White House announced Trump would be returning early to Washington because of tensions in the Mideast. Russia has launched a record number of drones and missiles in recent weeks. Moscow escalated attacks after Ukraine's Security Service agency staged an audacious operation targeting war planes in air bases deep inside Russian territory. Little progress has emerged from direct peace talks held in Istanbul, with the exception of prisoner exchanges, expected to conclude next week, said Zelenskyy.
The Herald Scotland
17 minutes ago
- The Herald Scotland
Trump says US-UK deal ‘done' as steel tariffs still up in air
The deal will grant British carmakers a reprieve by the end of June as levies drop from 25% to 10%, while the aerospace sector will face no import taxes. But tariffs for the steel industry, which is of key economic importance to the UK, will stand at 25% for now rather than falling to zero as originally agreed. This is less than the US global rate of 50% for steel and aluminium. The Prime Minister described the pact as a 'sign of strength' in the transatlantic relationship, while Mr Trump praised Sir Keir as a 'friend' who had done a 'great job' securing the deal that eluded leaders before him. Following the hastily arranged meeting, the two leaders posed for pictures outside the G7 venue with the signed documents, which the US president dropped before Sir Keir picked them up. Mr Trump also mistakenly referred to the pact as a 'trade agreement with the European Union.' In an impromptu media spray, the US president was asked whether steel tariffs would be eliminated, to which he replied: 'We're gonna let you have that information in a little while.' Prime Minister Sir Keir Starmer picks up UK-US trade deal papers dropped by US President Donald Trump before speaking to the media (Stefan Rousseau/PA) The Department for Business and Trade said the two leaders had pledged to 'make progress towards 0% tariffs on core steel products as agreed'. Asked whether Britain would be shielded from future tariffs, Mr Trump said the UK was protected 'because I like them'. 'The UK is very well protected, you know why? Because I like them. That's their ultimate protection,' he said. The PM told the US President: 'Donald, thank you very much… A really important agreement. And so this is a very good day for both of our countries, a real sign of strength.' The terms of the deal were agreed in May, but neither Washington nor London had yet taken the necessary steps to reduce tariffs. Reports have since suggested the US could also push for the NHS to pay more for American drugs in exchange for softened tariffs, with White House sources telling the Telegraph the service would be expected to pay higher prices. Downing Street insisted the Government will 'only ever sign trade agreements that align with the UK's national interests' but did not rule out discussing the issue with Washington. The Prime Minister was also insistent that a nuclear submarine deal between the UK, US and Australia, called Aukus, is 'very important' to both the United States and Britain. He said it was proceeding despite Washington launching a review into the pact, which is worth around £176 billion and believed to be aimed at countering China. He said: 'We're proceeding with that, it's a really important deal to both of us. 'I think the president is doing a review, we did a review when we came into government, and that makes good sense to me.' Later on Monday, White House press secretary Karoline Leavitt announced on X that Mr Trump would be leaving the summit early due to the situation in the Middle East, following a dinner with heads of state. 'Much was accomplished, but because of what's going on in the Middle East, President Trump will be leaving tonight after dinner with Heads of State,' she said. President Trump had a great day at the G7, even signing a major trade deal with the United Kingdom and Prime Minister Keir Starmer. Much was accomplished, but because of what's going on in the Middle East, President Trump will be leaving tonight after dinner with Heads of State. — Karoline Leavitt (@PressSec) June 16, 2025 Meanwhile, Sir Keir and his fellow world leaders are locked in a week of intense diplomacy amid the spiralling conflict in the Middle East and the war in Ukraine. The Prime Minister joined Italian Premier Giorgia Meloni, French President Emmanuel Macron, Mr Carney and German Chancellor Friedrich Merz for a glass of wine and informal discussions on Sunday night. Downing Street dismissed suggestions that the get-together had been a 'Trump-handling' exercise to prove the summit against the US president's unpredictability as leaders seek to put on a united front in the face of heightened global instability. Splits had earlier opened up in the response to Russia, which Mr Trump suggested should not have been kicked out of the former G8 following its annexation of Crimea in 2014. The US leader also signalled his reluctance to impose further American sanctions on Moscow despite a European push to heap more pressure on Vladimir Putin as he resists calls for an unconditional ceasefire in Ukraine. Prime Minister Sir Keir Starmer (left) during a bilateral meeting with the President of France Emmanuel Macron at the G7 summit (Stefan Rousseau/PA) Standing alongside Sir Keir, who had earlier said G7 allies would seek to ratchet up measures against the Kremlin, Mr Trump said sanctions were 'not that easy' and would cost Washington 'a tremendous amount of money'. Asked whether Washington supported European efforts to impose further measures, he told reporters ahead of a bilateral meeting with the UK Prime Minister: 'Well Europe is saying that, but they haven't done it yet. 'Let's see them do it first.' Asked why he wanted to wait to impose sanctions, Mr Trump said: 'Because I'm waiting to see whether or not a deal is done… and don't forget, you know, sanctions cost us a lot of money.'
