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May 18, 2026

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A tugboat guides the Russian oil tanker Anatoly Kolodkin as it arrives at the oil terminal in the port of Matanzas, northwestern Cuba, on March 31, 2026.

Breaking | Last Updated: May 18, 2026, 1:36 pm

US extends Russian oil sanctions waiver as Iran war squeezes supply

The waiver temporarily lifts sanctions on Russian oil for 30 days.

Ritesh Shukla/Getty Images

Oil swings as UAE nuclear plant strike, Iran diplomacy push roil markets

International benchmark Brent crude futures whipsawed on Monday as markets digested a dangerous new escalation alongside signs of diplomatic progress.

Amid FARAHI / AFP via Getty Images

Iran confiscates assets of 129 alleged ‘traitors’ in West Azerbaijan province

Iranian authorities have cracked down on people accused of collaborating with the US and Israel since the war erupted in February while fears of renewed fighting remain high amid stalled peace talks.

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Analysis

Pakistan’s six corridors offer Iran a trade lifeline, could outlast Hormuz crisis

Iranian cargo trucks cross into the Pakistan-Iran border at Taftan, Balochistan province, on June 18, 2025, amid the ongoing conflict between Israel and Iran.

Sabena Siddiqui

By Sabena Siddiqui

In Karachi, reporting on South Asia, Middle East, Iran

Analysis

From hoarding to unemployment: Iran's economy buckles under US pressure

Women shop from a street vendor at Enghelab Square in the capital Tehran on Nov. 11, 2025.

A correspondent in Tehran

By A correspondent in Tehran

In Tehran, reporting on politics

Analysis

How the Iran war is exposing a growing Saudi-UAE divide

Explosions rattled buildings in Dubai and a large cloud of smoke hung over a central area of the Middle East financial hub on March 13, 2026.

Francesco Schiavi

By Francesco Schiavi

In Bologna, reporting on security, defense, economy, governance

Analysis

‘A reckless act’: Netanyahu sparks UAE fury by claiming secret visit

US President Donald Trump talks to UAE President Sheikh Mohamed bin Zayed Al Nahyan as he departs the Al Bateen Executive Airport on May 15, 2025, in Abu Dhabi, United Arab Emirates.

In Tel Aviv, reporting on national security, Israeli politics, defense

Elizabeth Hagedorn

Diplomatic Correspondent

In Washington, DC, reporting on diplomacy, regional politics, human rights

Sabena Siddiqui

In Karachi, reporting on South Asia, Middle East, Iran

A correspondent in Tehran

In Tehran, reporting on politics

Benjamin Houghton

In Durham, reporting on China in the Middle East

Rahim Rahimov

In Baku, reporting on Middle East-Caucasus ties

Mehrnaz Samimi

In Washington, DC, reporting on Iranian culture

Turkey's Economy Minister Nihat Zeybekci speaks during an interview with Reuters in Ankara, Turkey, June 7, 2016. To match Interview TURKEY-ECONOMY/MINISTER REUTERS/Umit Bektas - D1AETIRNZCAB

Ankara vows to ignore Iran sanctions

Turkey and the United States are entering a new stage of strained relations as newly re-elected President Recep Tayyip Erdogan, flush with power, disregards renewed sanctions on Iran.

An Israeli soldier stands next to signs pointing out distances to different cities, on Mount Bental, an observation post in the Israeli-occupied Golan Heights that overlooks the Syrian side of the Quneitra crossing, Israel May 10, 2018. REUTERS/Ronen Zvulun TPX IMAGES OF THE DAY - RC1D6EF6AF90

Why is Israel propping up Hamas in Gaza?

Israel is implementing a concerted policy of keeping Hamas in power on its southern border so it can focus its energies on threats from the north, especially the Iranian presence in Syria.

A money changer poses for the camera with a U.S hundred dollar bill (R) and the amount being given when converting it into Iranian rials (L), at a currency exchange shop in Tehran's business district, Iran, January 20, 2016. REUTERS/Raheb Homavandi/TIMA ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. FOR EDITORIAL USE ONLY. - GF20000100969

How Iran dropped dual exchange rates but ended up with four

While the Rouhani administration is taking steps toward stabilizing the rial, its rate unification policy has in effect resulted in a multi-tiered exchange rate regime.

Soccer Football - World Cup - Group B - Iran vs Portugal - Mordovia Arena, Saransk, Russia - June 25, 2018 Iran's Karim Ansarifard celebrates scoring their first goal with Vahid Amiri and Majid Hosseini REUTERS/Lucy Nicholson TPX IMAGES OF THE DAY - RC15E3C90680

Amid economic woes, soccer team performance rallies Iranians around flag

Iran’s national soccer team made history in the World Cup by tying Portugal and defeating Morocco, injecting hope and reviving pride in the midst of economic turmoil.

Iranian shop closed at the ancient Grand Bazaar in Tehran on June 25, 2018. - Grand Bazaar shop owners closed their shops on monday in a rare strike movement to protest against the depreciation of the Iranian currency. (Photo by ATTA KENARE / AFP) (Photo credit should read ATTA KENARE/AFP/Getty Images)

Will Iran's economy collapse?

The best remedy for Iran to solve its economic crisis is greater transparency and a focus on technocratic remedies.

Iranian protesters gather at Mobile market in Tehran on June 25, 2018. - Protesters in Tehran shouted slogans and threw rocks in the streets on June 25, before being dispersed by anti-riot policemen. (Photo by ATTA KENARE / AFP) (Photo credit should read ATTA KENARE/AFP/Getty Images)

Rouhani under fire amid second day of protests in Iran

Protests against rising prices and a decline in the value of currency have erupted in Iran for a second day in a row, closing the Tehran bazaar.

Blame game: Who bombed Iraqi fighters in Syria?

Iraqi Popular Mobilization Units fighting in Syria were targeted recently by some country's aircraft, but no one's fessing up.

A picture taken on May 8, 2018 shows vehicles of the US-backed coalition forces in the northern Syrian town of Manbij. - The Syrian Observatory for Human Rights, a Britain-based monitor with sources on the ground, says around 350 members of the US-led coalition -- mostly American troops -- are stationed around Manbij. (Photo by Delil souleiman / AFP) (Photo credit should read DELIL SOULEIMAN/AFP/Getty Images)

How US-Turkey deal in Manbij could affect Russia's influence

Turkish patrols escorted by US Army helicopters not far from Manbij, Syria, indicate power equations that have favored Russia in northwest Syria could rapidly change.

Iran's calendar in dire need of reform

There will be several benefits to the national economy if Iran's government finally establishes a five-day work week in the country.

Iranian women win big in fight over right to watch soccer games

Iranian women were allowed into Azadi stadium to watch a soccer game alongside men for the first time since the 1979 revolution.

Iran preps for sanctions by expanding major port project

Iran has long sought to develop the port of Chabahar, but its plans have recently expanded to building a major industrial center.

Iranian activists' call for talks with US met with bipartisan fire and fury

A statement signed by 100 Iranian activists calling for direct talks with the United States has been shot down by conservatives and Reformists alike.