UN Security Council Calls on Iran to Cease Gulf Attacks Amid Global Energy Crisis Leading to Unprecedented Oil Reserve Release
China and Russia choose not to vote as the UN calls for Iran to cease its attacks in the Gulf; the release of oil reserves, bank evacuations, and rising geopolitical tensions unsettle global markets.
On Wednesday, the UN Security Council urged Iran to cease its attacks on Gulf states in a resolution that did not reference US or Israeli strikes on Iran, leading Tehran’s ambassador to denounce a “blatant misuse” of the international organization.
Similarly, the 32 member countries of the International Energy Agency (IEA) reached an agreement on Wednesday to release a significant 400 million barrels of oil from strategic reserves to stabilize supply and address rising prices.
The coordinated action occurred against a backdrop of rising tensions in the Strait of Hormuz, with financial institutions pulling out of Gulf offices and reports of Iran’s new supreme leader sustaining minor injuries in recent attacks, highlighting the extensive ramifications of the conflict.
Furthermore, Washington indicated that its military actions are not yet complete, warning Tehran of additional repercussions. This comes as significant banks, such as Citi and Standard Chartered, withdrew personnel from Dubai, while HSBC shuttered branches in Qatar to protect its operations in light of increasing regional instability.
In the midst of the turmoil, Tehran has declared that Iran will not be able to take part in the forthcoming FIFA World Cup, underscoring the expanding social and economic repercussions of the conflict.
The UN Security Council calls for Iran to cease its attacks on Gulf States.
Yesterday, the UN Security Council urged Iran to cease its assaults on Gulf states in a resolution that omitted any reference to US or Israeli actions against Iran, leading Tehran’s ambassador to denounce a “blatant misuse” of the international organization.
China and Russia, both veto holders, abstained from the Security Council vote, expressing frustration that the resolution failed to recognize US-Israeli animosity toward Iran.
The resolution, which received 13 votes in favor and two abstentions, “demands the immediate cessation of all attacks by the Islamic Republic of Iran against Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Jordan.”
The statement also denounced any actions or threats from the Islamic Republic of Iran that seek to close, obstruct, or otherwise interfere with international navigation through the Strait of Hormuz.
Iran has consistently targeted Gulf states in response to US-Israeli assaults that resulted in the death of Iranian supreme leader Ayatollah Ali Khamenei and continues to bombard Iranian locations.
The Islamic Republic has targeted commercial vessels navigating the Strait of Hormuz, an essential maritime route for the international fuel trade, to disrupt the global economy, according to AFP.
The UN ambassador of Bahrain, Jamal Fares Alrowaiei, who presented the resolution backed by 135 countries, stated that its approval highlighted the Gulf’s significant role in the global economy.
“This is why ensuring the security of this region transcends regional concerns; it is a shared international obligation that is intricately connected to the stability of the global economy and energy security,” Alrowaiei stated to the Security Council.
Nevertheless, veto-holders China and Russia both chose to abstain from the Security Council vote, expressing their displeasure that the resolution failed to recognize the US-Israeli antagonism towards Iran.
Iranian ambassador Amir Saeid Iravani stated that the adoption of the text was a “blatant misuse of the Security Council mandate in pursuit of the political agendas” of the United States and Israel.
“I want to be unequivocal: this resolution represents a blatant injustice towards my nation, which stands as the primary victim of a distinct act of aggression,” he stated.
The United States, which supported the text, stated that its adoption represented a widespread denunciation of Iranian strikes.
“Iran’s approach of creating disorder, attempting to hold their neighbors captive, and trying to undermine the region’s determination has evidently failed, as demonstrated by this vote today,” stated US ambassador Mike Waltz.
Thirty-two IEA nations have reached an agreement to release 400 million barrels of oil from their reserves.
The IEA’s 32 member countries reached an agreement yesterday to release 400 million barrels of oil in response to the supply disruption caused by the Iran war, a move that is expected to have a minimal effect on the increasing global energy prices.
This marks the most significant release of emergency stockpiles ever recorded by the IEA, which includes members from advanced economies across Europe, North America, and Northeast Asia. Japan announced that it plans to release oil stockpiles as soon as next week.
The organization is responsible for ensuring global energy security. Founded in 1974, it emerged as a response to the oil embargo enacted by Arab producers due to US support for Israel during the 1973 Arab-Israeli War.
“The conflict in the Middle East is significantly impacting global oil and gas markets, with major implications for energy security, energy affordability, and the global economy for oil,” stated IEA Executive Director Fatih Birol during remarks broadcast from the group’s headquarters in Paris.
“I am pleased to share that IEA countries have reached a unanimous decision to initiate the largest release of emergency oil stocks in the history of our agency,” Birol stated. Members of the IEA currently possess over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government obligation.
The head of the IEA stated that the release aims to tackle the immediate effects of the supply disruption. Birol stated that it is essential for tanker traffic to recommence through the Strait of Hormuz to restore stable oil and gas supplies to the global market.
The IEA chief described a bleak scenario regarding the situation. According to Birol, producers in the Middle East are reducing production, and refinery operations are facing disruptions, which will significantly impact supplies of diesel and jet fuel in particular. He stated that assaults persist in causing harm to energy and energy-related infrastructure, particularly in regions affected by the ongoing conflict, which exacerbates the already precarious supply situation for fuels like diesel and jet fuel.
Since the onset of the Iran war on February 28, oil prices have experienced significant fluctuations, with the global benchmark Brent crude soaring to nearly $120 a barrel at the beginning of the week, only to retreat to approximately $90.
Mojtaba, the newly appointed leader of Iran, has sustained injuries, according to an official statement.
An Iranian official informed Reuters that the nation’s new leader, Mojtaba Khamenei, sustained minor injuries early in the conflict, during airstrikes that resulted in the deaths of his father, mother, wife, and a son. Since the onset of the war, he has neither made a public appearance nor released any direct communication.
Khamenei has not appeared before the Iranian public or released any statements since his selection on Sunday by a clerical assembly, and there are widespread rumors regarding his potential injuries from the Israeli and U.S. strikes.
Khamenei, regarded as a hardliner with strong ties to the Islamic Revolutionary Guards Corps, emerged as the primary candidate to take over from his father, Ayatollah Ali Khamenei, who lost his life in the initial wave of strikes on February 28.
The official refrained from providing specifics regarding the timing of Khamenei’s injury or the reasons behind his lack of public statements since his appointment.
The initial air strikes in the conflict targeted the elimination of Iran’s leadership, resulting in the deaths of Khamenei’s mother, sister, and wife, in addition to his father, according to state television.
“His Eminence Ayatollah Seyyed Mojtaba Khamenei is today the heir to the blood of his martyred father, his martyred mother, his martyred sister, and his martyred wife,” a news anchor announced on state television, employing Khamenei’s complete titles and honorifics.
“He, who is a janbaz of the Ramadan War, inherits the path of the proud and steadfast martyrs of this land,” the anchor remarked, employing an Iranian term for a wounded veteran, as well as the designation given by Iranian officials to the ongoing conflict occurring during Islam’s fasting month.
A senior Israeli official informed Reuters that Israel’s intelligence assessment indicates Khamenei was lightly wounded, which explains his absence from public appearances.
Citi and StanChart evacuate their offices in Dubai, while HSBC closes its branches in Qatar.
Citigroup and Standard Chartered have started the process of evacuating their Dubai offices, instructing employees to work from home, according to sources on Wednesday. This move comes as banks enhance their precautions following Iran’s threats to Gulf banking interests associated with the US and Israel.
Citigroup, a major US financial institution, instructed its employees to evacuate offices located in the Dubai International Financial Centre (DIFC) and the Oud Metha area of Dubai. Reuters reviewed a memo that instructed staff to work from home until further notice.
A representative from the bank stated that it is actively implementing measures to ensure the safety of its staff and has established contingency plans to maintain business continuity.
StanChart in Britain maintains a significant presence in the United Arab Emirates, with Dubai emerging as a key financial hub for prominent international lenders such as JPMorgan and HSBC, along with law firms and asset managers.
HSBC has announced the closure of all branches in Qatar until further notice, as stated in a customer notice. The decision prioritizes the safety of both staff and customers.
Following an attack on an Iranian bank, a spokesperson for Tehran’s Khatam al-Anbiya military command headquarters announced on Wednesday that Iran will focus on targeting economic and banking interests associated with the US and Israel in the region.
Iran Will Not Compete in World Cup, Minister States
Iran will not be able to take part in the 2026 World Cup following the airstrikes launched by the US in collaboration with Israel, as stated by Sports Minister Ahmad Donyamali on Wednesday. The assaults resulted in the death of the Islamic Republic’s Supreme Leader Ayatollah Ali Khamenei and sparked a conflict across the region.
“Given that this corrupt regime has taken the life of our leader, we cannot, under any circumstances, take part in the World Cup,” the minister stated to state television. The World Cup, featuring 48 teams, is set to take place in the US, Mexico, and Canada from June 11 to July 19.
“Our children are not safe, and fundamentally, such conditions for participation do not exist,” Donyamali stated.
“Due to the harmful actions they have taken against Iran, they have imposed two wars on us over the course of eight or nine months, resulting in the deaths and martyrdom of thousands of our people. “Thus, we absolutely cannot allow for such a presence,” he added.
Previously, FIFA President Gianni Infantino stated that he met US President Donald Trump, who expressed his support for Iran’s involvement in the World Cup.
Iran Initiates Selective Passage for Oil Vessels
A report from Bangladeshi media stated on Tuesday that ships flying the Bangladesh flag carrying oil will be granted safe passage through the Strait of Hormuz, amid rising regional tensions in the Middle East that pose a risk to global energy supplies.
A meeting on Monday between Bangladeshi Energy Minister Iqbal Hasan Mahmud Tuku and Jalil Rahimi Jahanabadi, the Iranian ambassador in Dhaka, led to this development, as reported by the daily The Business Standard.
In the meeting, the Iranian envoy requested that Bangladeshi authorities supply advance information regarding its fuel-carrying vessels heading for the strategic waterway, according to the report, which referenced officials.
The arrangement arises as Bangladesh encounters increasing pressure on its energy supply chain due to disruptions in global fuel markets associated with the escalating conflict in the Middle East.
Bangladesh has minimal strategic oil reserves and depends primarily on restricted operational storage and prompt imports to fulfill its energy requirements.
Authorities have mandated the closure of educational institutions across the nation as part of emergency measures designed to conserve fuel and electricity, positioning Bangladesh among the first countries to implement such actions in response to the energy crisis.
Trump Declares ‘We’re Not Finished Yet’ Regarding Iran
While addressing reporters outside the White House, US President Donald Trump was questioned about what it would require for the conflict in Iran to conclude. “Just the usual,” he replies. “We will observe how everything unfolds.”
“They have lost their navy.” They have lost their air force. They lack any anti-aircraft apparatus whatsoever. They lack radar capabilities. Their leaders have departed. We certainly have the potential for worse outcomes.
He stated that the US has impacted Iran “harder than virtually any country in history has been impacted,” but, he added, “we’re not finished yet.”
ADC Urges Prompt Limitation on Petrol Prices
The African Democratic Congress (ADC) has urged the federal government to implement a temporary cap on petrol prices to avert additional hikes that it claims are exacerbating the cost-of-living crisis for millions of Nigerians.
In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party expressed that, although the recent price increases may be influenced by global oil market volatility associated with the crisis in the Middle East, it is imperative for the government to take measures to safeguard citizens from the repercussions.
The ADC called for the implementation of targeted palliatives for low-income Nigerians and expressed criticism towards the Federal Government’s initiative to distribute 100,000 CNG conversion kits. They pointed out that this number accounts for less than one percent of Nigeria’s more than 11 million vehicles and raised concerns about the insufficient number of CNG refueling stations nationwide.
The ADC urged the government to promptly implement a temporary and time-limited cap on petrol prices to avert further hikes that are driving the cost of living out of reach for millions of Nigerians.
Abdullahi stated that the recent increases in petrol prices indicate growing instability in global oil markets, influenced partly by the continuing crisis in the Middle East.
However, the party believes that outside events shouldn’t allow fuel prices to rise freely in an economy that is already struggling, especially after the sudden removal of the fuel subsidy by the Tinubu-led APC government.
For the average Nigerian, the cost of petrol influences the prices of food, transportation, and overall survival. As petrol prices increase, the cost of everything else tends to follow suit. The African Democratic Congress calls on the Federal Government to promptly act in stabilizing petrol prices.
For once, the APC-led federal government should demonstrate accountability by ensuring the protection of citizens from the severe impacts of the current fuel price increases. Abdullahi stated, “We urge the government to implement targeted palliatives, especially for low-income Nigerians who are most affected by the rising fuel prices.”
The government needs to seek long-term, effective solutions to address Nigeria’s energy challenges rather than relying on temporary fixes. The African Democratic Congress raises concerns regarding the feasibility of the Federal Government’s newly unveiled initiative to distribute 100,000 Compressed Natural Gas (CNG) conversion kits.
Nigeria boasts well over 11 million vehicles traversing its roads. In context, 100,000 CNG kits would account for less than one percent of the nation’s vehicle fleet.
“A policy that affects only a small portion of vehicles cannot effectively tackle a national fuel crisis.” Furthermore, the availability of CNG refueling stations nationwide is still quite scarce, leading to significant concerns regarding accessibility for the average Nigerian. He stated that if Nigerians struggle to locate refueling stations, the policy may end up being just an announcement without any tangible effect.
