Iran-Israel war LIVE: Global oil supply to plunge below demand this year on Iran war, says IEA

The BRICS Foreign Ministers meeting in New Delhi is set to begin on May 14, 2026, as the bloc engages with the wider regional crisis surrounding the U.S.-Israel war on Iran.

Abdul Aziz Al Ghurair said UAE banks should post stronger second-quarter results than a year ago and dismissed fears of a sustained capital outflow amid the regional conflict.

The United States accused Iran of laying mines in the Strait of Hormuz.

Italy said it was sending two warships closer to the Gulf but would deploy them only as part of an international mission if a lasting truce is reached; Defence Minister Guido Crosetto said any mission to the Strait of Hormuz would require prior approval from lawmakers.

In its monthly oil market report, the IEA said global oil supply would fall by around 3.9 million barrels per day in 2026 due to disruptions from the Iran war, with over 1 billion barrels of West Asian supply already lost; demand is expected to decline by 420,000 bpd as price spikes reduce consumption and growth slows.

A Chinese supertanker carrying two million barrels of Iraqi crude was attempting to sail through the Strait of Hormuz on May 13, past Larak Island and heading south; if successful, it would mark the third known passage through the Hormuz since the start of the war.

Soaring fuel costs from the Iran war are pushing consumers toward rooftop solar; in the Philippines, a survey of 20 local solar companies found a 70% rise in weekly installations and a six-fold increase in inquiries since the conflict began.

Ehsan Afreshteh, 32, was hanged in Iran for spying for Israel, described by authorities as a Mossad-trained spy; NGOs Hengaw and Iran Human Rights said he denied sharing top secret documents and claimed his televised confession was coerced.

ADNOC Logistics & Services said a small amount of bunker fuel leaked off the coast of Oman from the M.V. Barakah after being struck by Iranian drones on May 4; the vessel remained anchored and no crew injuries or cargo were reported.

Lebanon and Israel are scheduled to hold another round of direct talks in Washington on Thursday, May 14, 2026, as the Trump administration pushes for a breakthrough between the two neighbours.

The Israeli military said it struck Hezbollah infrastructure in several areas in southern Lebanon, hours after telling residents of six southern villages to evacuate.

Israeli drones struck three vehicles on the main highway south of Beirut; Lebanon’s Health Ministry said eight people were killed, including a woman and her two children. The Health Ministry did not detail the number of people in each vehicle.

U.S. President Donald Trump indicated he would keep all options open to help ease rising crude oil prices, expressing expectation that inflation would decline once the ongoing war with Iran ends.

China's clean-technology equipment exports rose to a record high in March, with worldwide interest in solar energy increasing; Li Shuo said China is leading the renewable industry.

External Affairs Ministry spokesperson Randhir Jaiswal said in March that some BRICS members were involved directly in the conflict, making consensus difficult; officials hoped for a joint statement after meetings with foreign ministers.