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Oil prices steady as U.S., Israeli strikes on Iran snarl Hormuz shipping and force Iraq output cuts Oil prices were steady after sharp swings Wednesday as U.S. and Israeli strikes against Iran escalated the conflict and left shipping through the Strait of Hormuz effectively shut for a fifth day, disrupting vital Middle East oil and gas production and trade. Brent crude fell 0.3% to $81.13 a barrel around 4 p.m. GMT, while West Texas Intermediate slipped 0.4% to $74.30. Both benchmarks had closed Tuesday at recent highs—Brent…

Russian President Vladimir Putin’s pledge to maintain “uninterrupted shipments” of fuel to India crystallized the central dilemma at the heart of his state visit to New Delhi: energy security versus geopolitical cost. At a summit dominated by energy, defence and trade, President Putin and Prime Minister Narendra Modi sought to translate decades-old ties into concrete guarantees even as the United States applies heavy pressure — including 50% tariffs imposed by President Donald Trump — to penalize New Delhi for continued…

Fed pivots toward steady cuts to shield jobs, betting inflation will cool The Federal Reserve on Wednesday delivered a quarter-point interest-rate cut and signaled more to come this year, a shift that underscores a growing concern among U.S. policymakers: the danger of a weakening labor market now looks larger than the risk of rekindled inflation. The move, supported by most of President Donald Trump's appointees on the Fed’s policymaking committee, reflects a central bank juggling two aims — price stability and full…