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A senior UN official warned that parts of Asia and Africa could face a food security crisis unless Iran and the United States agree within weeks to a UN-backed plan for moving fertiliser through the Strait of Hormuz.
Urea shipments passing through the Strait of Hormuz before the war
A seafarers' union official says some crews are being offered large rewards to transit the Strait of Hormuz as attacks on shipping vessels there continue. The article provides no further details about the offers or attacks.
US and Iran remain at odds over a proposal to end the war and reopen the Strait of Hormuz. Tehran called Washington’s latest response insufficient; the dispute also includes US demands for reduced Iranian enrichment and differing Iranian views on negotiations.
Iran’s reported uranium enrichment level was 60 percent.
Disrupted Strait of Hormuz oil exports have strained Iraq’s finances, prompting a dinar devaluation, higher import costs and trading uncertainty. Iraq is pursuing alternative routes, including expanded exports through the Iraq–Turkey Pipeline.
Oil revenues account for more than 90 percent of Iraq’s federal budget.
The Panamanian-flagged tanker On Peace was struck by a projectile about 17km off Limah, Oman, on October 6, setting fire to the vessel. India said 12 of 19 crew members were injured, and Oman evacuated 10 to hospital; earlier reports said the tanker continued under its own power.
Two crew members sustained minor injuries in the tanker incident.
Gold fell 3.3 percent to $4,146.51 per ounce, its lowest level in more than seven weeks, while silver, platinum and palladium also declined. The article links the moves to rising oil prices, a stronger US dollar, higher Treasury yields and inflation concerns.
Spot gold price decline
Qatar’s deputy prime minister warned that energy-related consequences from the US-Israeli war on Iran had not peaked. He called for dialogue with Tehran, opposed transit fees in the Strait of Hormuz and highlighted Qatar’s defence ties with the United States.
AllegedQatar’s deputy prime minister said more than 90 percent of attacks had been prevented through shared expertise and military capabilities.
Iran’s Islamic Revolutionary Guard Corps said two oil tankers caught fire after striking naval mines in the Strait of Hormuz. The vessels were reportedly carrying about two million barrels of crude oil each.
Crude oil carried by each tanker