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Oil prices rose by more than one percent on Wednesday, extending gains for the second consecutive day, amid a mix of supply risks linked to sanctions and hopes for progress in US-China trade talks. Brent Crude futures climbed 94 cents, or 1.5%, to $62.26 a barrel, while US West Texas Intermediate (WTI) crude futures rose 92 cents, or 1.6%, to $58.16. Oil rebounded from a five-month low recorded on Monday, driven by increased output from producers and the impact of trade tensions on demand. On Tuesday, the US Department of Energy announced that it is looking to purchase one million barrels of crude oil to refill the Strategic Petroleum Reserve, aiming to take advantage of relatively low oil prices to help replenish stockpiles.

The Iranian rial plummeted to a record low against the US dollar on Sunday after the reinstatement of United Nations sanctions, according to currency-tracking websites.On the black market, the rial was trading at around 1.12 million rials against the dollar, the Bonbast and AlanChand websites reported, about a month after it had been slightly above one million rials to the greenback.

The United Nations has reinstated international sanctions on Iran, effective early Sunday, after the UN Security Council granted reactivation under the "snapback" mechanism of the 2015 Iran nuclear agreement. This move is aimed at intensifying pressure on Tehran over its nuclear activities.Germany, France, and the United Kingdom — the so-called European "E3"--issued a joint statement saying they had triggered the snapback following what they described as Tehran's failure to meaningfully engage with diplomatic demands. They called on Iran to avoid further escalation and urged full compliance with Security Council resolutions and renewed cooperation with the International Atomic Energy Agency (IAEA).According to the E3, Iran's recent proposals during negotiations were deemed "very limited" and insufficient to avert the reimposition of sanctions, which took effect at midnight GMT after the 30-day deadline expired.The restored sanctions encompass a broad range of restrictions, including an arms embargo, freezing Iranian assets abroad, bans on nuclear cooperation, and constraints on ballistic missile development and certain energy exports.US Secretary of State Marco Rubio praised the move, stating that the Security Council's action demonstrates the international community's unwillingness to accept Iranian threats. He reaffirmed that diplomacy remains open and emphasized that accountability will follow for Tehran's conduct.Earlier, a Russian-Chinese draft resolution to delay the sanction's reimposition for six months was rejected by the Security Council, effectively allowing the snapback mechanism to take effect. Russia condemned the decision, calling it a blow to diplomatic efforts with Iran.Responding to the developments, Iran recalled its ambassadors from Germany, France, and the UK for consultations in protest of the reactivation of the snapback mechanism.

The move comes in response to the activation of the dispute resolution mechanism by the three European powers, known collectively as the "E3", which paves the way for the automatic reimposition of UN sanctions previously lifted under the Joint Comprehensive Plan of Action (JCPOA). This diplomatic rupture follows the failure of a Russian-Chinese draft resolution at the UN Security Council aimed at delaying the reinstatement of sanctions for six months. The resolution fell short of the required votes, triggering the so-called snapback mechanism, which revives punitive measures linked to Iran's nuclear program. Iran, while reaffirming its commitment to the JCPOA, squarely blames the current crisis on the United States' unilateral withdrawal from the deal in 2018 and accuses European signatories of failing to uphold their obligations. Tehran insists it remains open to dialogue, provided sanctions are lifted. According to recent reports by the International Atomic Energy Agency (IAEA), Iran's nuclear activities remain under surveillance. A new agreement between Iran and the IAEA was recently reached in Cairo, underscoring ongoing technical cooperation. In a related development, Secretary of Iran's Supreme National Security Council Ali Larijani revealed in an interview with PBS that Iran had submitted proposals to avoid triggering the snapback clause. However, he warned that if sanctions are reinstated, Iran will respond by suspending cooperation with the IAEA, citing legislation passed by the Iranian parliament. All UN sanctions on Iran are set to be reimposed at midnight GMT, following the E3's formal activation of the 30-day mechanism, accusing Tehran of breaching the nuclear accord, a claim Iran vehemently denies.

The UN Security Council rejected Friday a last-ditch effort to delay the reimposing of sanctions on Iran over its nuclear program. The Council's decision came a day before Tehran's deadline, after Western countries announced that weeks of meetings with Iranian officials had not yielded "tangible" progress toward an agreement.The decision also comes a day before the so-called snapback mechanism, under which international sanctions on Iran would be restored as stipulated in the 2015 nuclear deal with world powers, is due to take effect.Russia and China sought to delay the reimposing of UN sanctions on Iran in the 15-member UN Security Council, after only four countries voted in favor of the draft resolution they submitted, nine voted against, and two abstained.For its part, Iran warned that if the trigger mechanism is activated, it will end its cooperation with the International Atomic Energy Agency.Last Friday, the UN Security Council failed to adopt a draft resolution to extend the suspension of international sanctions on Iran.

President of the European Council Antonio Costa welcomed the European Commission's proposals to suspend certain trade provisions of the Association Agreement with the Israeli Entity and impose sanctions on extremist ministers and violent settlers.In a post on the X platform, Costa confirmed that the decision is now in the hands of member states, emphasizing that these measures aim to send a clear message that Europe cannot accept the Israeli government's policies in Gaza and the West Bank.Costa described the situation in Gaza as catastrophic and unacceptable, calling for an immediate ceasefire, full access to humanitarian aid, and the unconditional release of hostages.Earlier, President of the European Commission Ursula von der Leyen announced that she had submitted a proposal to the European Council calling for sanctions against extremist ministers in the Israeli occupation government and violent settlers, and for the suspension of certain provisions related to trade exchange in the EU-Israel Association Agreement.

EU chief Ursula von der Leyen said Wednesday she would push to sanction "extremist" Israeli ministers and curb trade ties over Gaza, as she warned famine could not be used as a "weapon of war".Addressing the European Parliament, von der Leyen lamented that divisions among member states were holding back a European response and said the European Commission she leads "will do all that it can on its own"."What is happening in Gaza has shaken the conscience of the world. People killed while begging for food. Mothers holding lifeless babies. These images are simply catastrophic," von der Leyen said."For the sake of the children, for the sake of humanity -- this must stop."The German politician, 66, said the commission would put its bilateral support to Israel on hold, stopping all payments, but without affecting work with civil society groups and Israel's Yad Vashem Holocaust memorial.The measure is to affect future allocations amounting to about six million euros ($7 million) a year and the disbursement of about 14 million euros for ongoing institutional cooperation projects, the commission said.The European Union's executive will propose sanctions on "extremist ministers" -- whose actions and words "incite violence" -- and "violent settlers".And it will push for a partial suspension of an association agreement with Israel on trade-related matters.But such measures will need approval by the bloc's 27 member states, which have been deeply divided on how to respond to Israel's actions in Gaza."I am aware it will be difficult to find majorities," von der Leyen conceded."And I know that any action will be too much for some. Too little for others. But we must all take our own responsibilities".The United Nations declared famine last month in parts of Gaza, warning that 500,000 people face "catastrophic" conditions.

Doctors Michele Ghielmini, Brenno Balestra, Alessandra Guaita and Marco Franzi sit outside the Swiss Parliament building (Bundeshaus) at the start of their hunger strike over Gaza, calling on their government to apply targeted sanctions on Israel over its alleged violations of international law and to recognise a Palestinian state, in Bern, Switzerland.