US-Iran News Highlights: US to add 40 mn barrels to its SPR after Iran conflict is over, says Energy Secretary

US-Iran News Highlights: Updates to this blog have ended

The United States on Friday imposed sanctions on a network accused of exporting Iranian liquefied petroleum gas (LPG) to South and East Asia while falsely presenting the shipments as originating from Oman, as per AFP. According to the US Treasury Department, the operation relied on front companies based in the United Arab Emirates and China, as well as a “shadow fleet” of vessels, to conceal the true origin of the cargo and evade sanctions.

Russian President Vladimir Putin said Russia wants global oil prices to remain balanced and stable amid the US conflict with Iran, as per Reuters. Speaking at the country's annual economic forum on Friday, he noted that reduced oil supplies were creating uncertainty in the market. Putin added that Russia is working with OPEC+ to help maintain stability and ensure a balanced global oil market

Silver rate today in India declined on Friday, 5 June and were on track to post a weekly loss as escalating tensions in the Middle East weakened hopes of a peace agreement between the United States and Iran, while rising inflation concerns strengthened expectations of higher interest rates.

The ambassadors of Iran, China and Russia to the International Atomic Energy Agency (IAEA) met with IAEA Director General Rafael Grossi in Geneva on Friday to discuss preparations for the agency’s upcoming Board of Governors meeting, as per Al Jazeera.

According to Iran's state-linked Mehr News Agency, the three representatives — Iran’s Reza Najafi, China’s Li Song and Russia’s Mikhail Ulyanov — reviewed key issues expected to feature on the agenda during the board session.

The United States intends to add 40 million barrels of crude oil to its Strategic Petroleum Reserve (SPR) once the conflict involving Iran has ended, according to US Energy Secretary Chris Wright, as per Fox Business Interview.

US stocks declined on Friday, led by losses in major technology companies that pressured the broader market. The S&P 500 dropped 1% and is on track to record its first weekly loss in 10 week, as per Reuters. The Dow Jones Industrial Average slipped 110 points, or 0.2%, by late morning trading, while the Nasdaq Composite fell 1.9%. Meanwhile, Treasury yields climbed after a robust jobs report reduced expectations that the Federal Reserve will lower interest rates this year.

Iran has appealed to the international community to enforce a strict “zero-tolerance” approach toward military attacks on peaceful nuclear installations, as per Al Jazeera. Addressing a special session of the International Atomic Energy Agency (IAEA) Board of Governors, Tehran stated that the United States and Israel conducted 17 rounds of strikes targeting Iranian nuclear sites under IAEA safeguards during 2025 and 2026.

The ambassadors of Iran, China and Russia to the International Atomic Energy Agency (IAEA) met with IAEA Director General Rafael Grossi in Geneva on Friday to discuss preparations for the agency’s upcoming Board of Governors meeting, as per Al Jazeera.

According to Iran's state-linked Mehr News Agency, the three representatives — Iran’s Reza Najafi, China’s Li Song and Russia’s Mikhail Ulyanov — reviewed key issues expected to feature on the agenda during the board session.

Silver rate today in India declined on Friday, 5 June and were on track to post a weekly loss as escalating tensions in the Middle East weakened hopes of a peace agreement between the United States and Iran, while rising inflation concerns strengthened expectations of higher interest rates.

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As per Al Jazeera, Iranian Foreign Minister Abbas Araghchi said that “standing against the world’s greatest power, equipped with nuclear weapons, for 40 days is no joke,” adding that “the world has realised the true power of the Iranian nation.”

“We warned regional states that US bases used for any aggression against Iran are legitimate targets,” he said.

The Iranian foreign minister also said, "We are committed to fostering sustainable, constructive ties with Saudi Arabia.”

An Israeli drone strike killed Muhammad Naeem Daher in southern Lebanon on Friday, according to Lebanon’s National News Agency (NNA), as per Al Jazeera.

The report said Daher was targeted while inside his vehicle in his hometown of Kfar Remman in the Nabatieh district.

The NNA also reported that Israeli forces carried out a double-tap drone strike in the nearby town of Deir al-Zahrani.

Iran’s Foreign Ministry spokesperson said Germany’s failure to win a non-permanent seat on the UN Security Council reflects a “stark rebuke” from the international community. The spokesperson claimed the result was driven by rising global anger over Berlin’s positions on Gaza and Iran, as per Al Jazeera.

In Tehran’s view, the outcome signals widespread dissatisfaction with Germany’s foreign policy approach, particularly its stance on Middle East issues.

Israeli military on Friday warned residents of south Lebanon's Sarafand, a town on the coastal road between Tyre and Sidon, to immediately evacuate ahead of expected attacks against Iran-backed Hezbollah.

Iran’s deputy parliament speaker, Hamidreza Haji Babaei, warned that Tehran could close the Bab el-Mandeb Strait if Israeli attacks on Hezbollah in Lebanon continue.

He also described the Strait of Hormuz as Iran’s strongest strategic leverage, saying it was more powerful than any atomic weapon.

Haji Babaei further reiterated that uranium enrichment is Iran’s right and would not be open to negotiation.

Oman said operations at Mina al Fahal, its main crude oil export terminal, are continuing normally following reports of an explosion near the facility.

Earlier reports said oil loading was briefly halted but later resumed. Reuters, citing sources, reported the blast near offshore mooring berths was believed to have been caused by a drone attack.

Omani authorities have not confirmed the cause of the incident or reported any impact on crude exports.

Iran’s deputy parliament speaker, Hamidreza Haji-Babaei, said lawmakers are reviewing a plan to regulate ship traffic through the Strait of Hormuz and expect to approve a “powerful resolution” on the issue.

He provided no details on the proposal but said it has multiple dimensions.

Haji-Babaei also said Iran had warned the United States and Israel that continued attacks on Lebanon could trigger an Iranian response, including the closure of the Bab el-Mandeb Strait.

President Donald Trump said Thursday he considered sending US special operations forces to retrieve Iran’s highly enriched uranium stockpile, but rejected the idea because the mission would require weeks inside a war zone and risk becoming a “Jimmy Carter” moment.

More than 50 days after the US blockade of Iran’s southern ports, Iraq’s Umm Qasr has emerged as a key alternative route for Iran-bound cargo, trade sources say.

Shipments, including cars, are being transferred from UAE ports to Umm Qasr on non-Iranian vessels before continuing toward Iran.

The shift comes as Oman’s Khasab port—previously a major workaround for Iranian trade—has become slower, more congested, and more expensive due to rising demand and new fees.

Israeli rights group B’Tselem has called on the international community to take action to stop what it described as Israel’s “ethnic cleansing” in the West Bank.

The appeal came after 17 diplomatic delegations visited the Palestinian community of Khan al-Ahmar, east of occupied Jerusalem, which the group says is facing forced displacement.

B’Tselem warned that international pressure is needed to prevent more communities from being driven from their homes.