The U.K. government has delayed some new sanctions on Russian oil in an effort to shelter Britons from the cost-of-living squeeze triggered by the effective closure of the Strait of Hormuz in the Iran war.

A trade license that came into effect Wednesday permits the import of Russian oil that has been refined into jet fuel and diesel in third countries such as India and Turkey.

The European Union approved Wednesday a tariff deal with the United States to cap tariffs on most EU exports at 15%, avoiding a direct clash with President Donald Trump ahead of his July 4 deadline.

Fierce debates raged among the 27-nation bloc's lawmakers and leaders, jeopardizing the hard-won bargain governing the massive exchange of goods and services across the Atlantic Ocean between two of the world's largest economies, now weathering dangerous fallout from the war in Iran.

The United Arab Emirates for decades has advertised itself as a haven for international business in a Middle East awash in violent upheaval. Those waves have now crashed into this nation, testing its economic model like never before.

The UAE, a close ally of the United States and Israel, faced more missile and drone attacks from Iran during the war than any other country. The attacks — and Iran's chokehold on the Strait of Hormuz — have more than halved the Emirates' exports of crude oil and natural gas. Its tourism and conference sectors have also suffered.

Oil prices turned lower in afternoon trading Monday and stock markets advanced after an Iranian media report said U.S. officials had agreed to suspend sanctions against its crude while talks on ending the war continue.

China has agreed to ramp up trade for U.S. agricultural products such as beef and poultry, buying at an annualized rate of $17 billion per year for 2026 and at that level for 2027 and 2028, the White House announced Sunday, two days after President Donald Trump returned from a high-stakes summit in Beijing where he sought to ease the impact on American farmers from the trade war he launched last year.

China would restore market access for U.S. beef and resume imports of poultry from U.S. states determined by the U.S. Department of Agriculture to be free of the bird flu, the White House said. The deals are on top of China's soybean purchase commitments last year.

Ayman al-Zain watched on a recent afternoon as a bulldozer cleared the rubble of what used to be his sports clothing store, which was one of dozens of buildings destroyed in Israeli strikes.

With a nominal truce in place that has reduced but not halted the fighting, Al-Zain tried to assess whether to rebuild the shop in Beirut's southern suburbs that he once hoped to pass down to his kids. But it's unlikely he will be able to do so anytime soon, and not only because of the fear of more airstrikes.

Foreign ministers from the BRICS nations began a two-day meeting in New Delhi on Thursday as the expanding bloc faces divisions over the war in Iran, rising energy prices and growing global economic uncertainty.

The meeting brings together diplomats from Brazil, Russia, India, China and South Africa along with newer member countries. It comes as the war in Iran has disrupted global energy supplies and driven up oil prices and coincides with U.S. President Donald Trump's meeting with Chinese leader Xi Jinping in Beijing.

Iran's grip on the Strait of Hormuz is throttling the world's energy supplies and inflicting global economic pain, but the struggles of the Islamic Republic's own economy are testing its ability to withstand the war and defy Washington's demands.

Iranians have been hit by spiraling prices for food, medicine and other goods. At the same time, the country has seen mass job losses and business closures caused by strike damage to key industries and the government's monthslong shutdown of the internet.

Calls for mutual respect dominated the Africa Forward Summit on Tuesday as French President Emmanuel Macron announced new investments and said sovereignty will be key in the new partnership that France hopes to build with Africa.

Investments worth 23 billion euros ($27 billion) will fund various sectors in Africa including, energy, AI and agriculture, Macron said, adding that 14 billion euros ($16.4 billion) will come from French companies and 9 billion euros ($10.5 billion) from African entities.

Ship operators rely on a sludgelike substance known as bunker fuel to keep vessels running. The Iran war 's closure of the Strait of Hormuz has choked off the supply of this fuel that powers the global maritime industry and its largest refueling hub in Asia.

Bunker fuel is a literal bottom of the barrel product — heavier and dirtier than the more expensive kinds of refined crude oil used by other vehicles like cars and airplanes — it sinks to the bottom of storage containers.