World
Hormuz crisis spurs $24B Iraq trade corridor as Gulf routes shift
Iran’s Strait of Hormuz blockade fuels global oil market concerns as Trump admin meets execs
Jonathan Hunt reports live from London on Iran’s aggressive actions in the Strait of Hormuz, leading to a 95% reduction in commercial shipping traffic. Mohamed El-Erian, Gramercy Funds Management Chair, analyzes the global oil market disruption, with crude oil prices soaring. The Trump administration meets with oil executives as international allies like Japan and European nations issue a joint statement, expressing readiness to ensure safe passage through the vital waterway.
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The Strait of Hormuz crisis is driving nations’ efforts to develop alternative Gulf-to-Europe trade routes, with Iraq’s $24 billion “Development Road” project at the forefront, analyst says.
The route from Iraq’s Grand Faw Port to Turkey and on to Europe, is advancing “with discipline,” Middle East Council on Global Affairs analyst Muhanad Seloom told Fox News Digital, calling it a “permanent” and “transformative” wartime shift.
Seloom’s comments came as President Donald Trump warned Tehran against further escalation in the Gulf and signaled the U.S. is prepared to act to keep the strait open.
Iranian forces have laid mines and threatened commercial traffic in the narrow waterway. As of Sunday, the shipping route remains effectively closed.
IRAN IS ‘TRYING TO GIVE THE GLOBAL ECONOMY A HEART ATTACK’ BY CLOSING STRAIT OF HORMUZ, UAE MINISTER SAYS
A man walks along a road during a sand storm in Basra, Iraq, on March 4, 2022. (Hussein Faleh/AFP)
“Iraq’s Development Road means every container moving through Basra instead of Iranian-controlled waters is a reduction in Tehran’s leverage over Iraq,” said Seloom.
“The real scale, independent estimates put the Development Road closer to $24 billion, and the project is now moving with discipline,” he said.
Iraq’s Prime Minister Mohammed Shia al-Sudani inaugurated the first 63-kilometer stretch of the Development Road in 2025. Phase 1 is due for completion by 2028.
“What was described by the Iraqi government as a flagship of Iraqi statecraft now has a regional rationale that governments and financiers treat as essential rather than aspirational,” Seloom, an assistant professor at the Doha Institute for Graduate Studies, explained.
“Sudani seems to be positioning Iraq exactly where he thinks its geography always suggested, as a connecting state between the Gulf, Turkey and Europe,” he said.
WATCH SHIPPING THROUGH THE STRAIT OF HORMUZ GRIND TO A HALT AMID IRAN CONFLICT
Cargo ships are anchored in the Gulf near the Strait of Hormuz as seen from northern Ras al-Khaimah, United Arab Emirates, on March 11, 2026. (REUTERS/Stringer/File Photo/File Photo)
But other regional infrastructure, Seloom says, is also being pushed forward in parallel.
Saudi Arabia’s East-West Petroline pipeline is operating near its 7 million-barrel-per-day capacity, with expansion plans under review.
The UAE’s ADCOP pipeline to Fujairah is also at maximum use, with a second line under discussion, he said. “Turkey’s Zangezur and Middle Corridors bypass Iran via the Caucasus and are four to five years out.”
He added: “Six Gulf-backed overland fiber projects are also underway through Syria, Iraq and the Horn of Africa.”
Iran reimposed closure measures on the Strait of Hormuz on April 18, reducing traffic to just a handful of vessels per day compared with a pre-war average of roughly 130 to 140.
The restrictions, including on ships, have come under fire in recent days, and interceptions trace back to the start of the war on Feb. 28, when Tehran first moved to block transit following U.S.-Israeli strikes.
IRAN WAR, 11 DAYS IN: US CONTROLS SKIES, OIL SURGES AND THE REGION BRACES FOR WHAT’S NEXT
Maps4Media processed and enhanced Sentinel-2 satellite imagery shows a broad view of the Strait of Hormuz between southern Iran and Oman’s Musandam Peninsula, including surrounding islands, coastal terrain, and turquoise shallow-water zones at the entrance to the Persian Gulf. (Maps4media via Getty Images)
“Hormuz remains indispensable for energy, but it is no longer treated as a default. That shift is permanent given the war,” Seloom said.
For Iraq’s corridor, it is “potentially transformative,” Seloom said, with $4 billion per year in projected transit revenue and a repositioning from an oil rentier state to a logistics state.
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“Turkey will be the single largest beneficiary. Combined with the Zangezur and Middle Corridors, Ankara becomes the overland bridge between Asia and Europe,” he said. “Europe will have an additional overland option on a 2028-plus timeline, but nothing for the current crisis. It marginally reduces structural dependence on the unreliable Suez–Red Sea axis.”
World
Map: 6.0-Magnitude Earthquake Shakes Off Mexico’s Coast
Note: Map shows the area with a shake intensity of 3 or greater, which U.S.G.S. defines as “weak,” though the earthquake may be felt outside the areas shown. The New York Times
A strong, 6.0-magnitude earthquake struck in the Gulf of California on Tuesday, according to the United States Geological Survey.
The temblor happened at 1:45 p.m. Mountain time about 47 miles southwest of El Progreso, Mexico, data from the agency shows.
As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.
Subsequent quakes have been reported in the same area. Such temblors are typically aftershocks caused by minor adjustments along the portion of a fault that slipped at the time of the initial earthquake.
Aftershocks detected
Quakes and aftershocks within 100 miles
Aftershocks can occur days, weeks or even years after the first earthquake. These events can be of equal or larger magnitude to the initial earthquake, and they can continue to affect already damaged locations.
The New York Times
When quakes and aftershocks occurred
Sources: United States Geological Survey (epicenter, aftershocks, shake intensity); LandScan via Oak Ridge National Laboratory (population density) | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Mountain time. Shake data is as of Tuesday, June 30 at 2:02 p.m. Mountain time. Aftershocks data is as of Tuesday, June 30 at 6:01 p.m. Mountain time.
World
Boy, 2, pulled alive from rubble six days after Venezuela’s devastating twin earthquakes
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Emergency workers in Venezuela on Tuesday rescued a 2-year-old boy who had been trapped beneath the rubble for six days, marking the only reported rescue of a survivor on the sixth day of operations following last week’s devastating earthquakes.
Venezuela’s acting President Delcy Rodríguez said in a Telegram post that Jordanian emergency workers pulled the child from a collapsed building in La Guaira, an area hit the hardest by last week’s earthquakes.
The child, identified by authorities as Klieber Moran, was rescued after spending six days trapped beneath the rubble, Rodríguez said.
Moran was taken to a hospital for treatment, she added.
TRUMP ADMINISTRATION PLEDGES $150M IN AID, DEPLOYS NAVY WARSHIPS AFTER DEADLY VENEZUELA EARTHQUAKES
A Jordanian team works to rescue a child trapped under rubble following earthquakes in Venezuela, in a location given as Caracas, Venezuela. (Jordan Public Security/Handout via REUTERS)
National Assembly President Jorge Rodríguez said in a televised address Tuesday that officials remain hopeful more survivors will be found.
“We must hold onto the hope of continuing to find people alive beneath the rubble,” Jorge said. “Early this morning, a 2-year-old boy was rescued and is currently receiving care at a health center in Caracas.”
Rescue efforts have continued since magnitude 7.2 and 7.5 earthquakes struck Venezuela’s northern coast last Wednesday.
DEATH TOLL FROM VENEZUELA EARTHQUAKES RISES TO AT LEAST 235, WITH THOUSANDS REPORTED MISSING
Emergency workers rescued a 2-year-old boy after he spent six days trapped beneath the rubble following last week’s earthquakes in Venezuela. (Jordan Public Security/Handout via REUTERS)
The death toll from the twin earthquakes rose to 1,943 on Tuesday, with more than 10,500 people injured, according to Venezuelan officials. On Monday, the death toll stood at 1,719.
Tuesday’s rescue marked another glimmer of hope amid the disaster that has devastated the South American country.
On Saturday, the U.S. State Department shared video showing American search-and-rescue teams pulling an infant alive from beneath the rubble in Venezuela.
EX-MLB PLAYER SAYS WIFE DIED IN DEVASTATING VENEZUELA EARTHQUAKES
A child receives emergency medical attention after being rescued by a Jordanian team from under rubble following earthquakes in Venezuela. (Jordan Public Security/Handout via REUTERS)
The infant, who is 9 months old, was rescued along with her mother, the State Department told Fox News Digital. Both suffered only minor injuries, according to the rescue team.
“Against impossible odds, hope endures,” the State Department posted on X.
On Tuesday, a shipment from the United Nations Children’s Fund (UNICEF) containing 47 metric tons of humanitarian supplies arrived in Venezuela.
FORMER METS PITCHER NARROWLY ESCAPES DEATH IN VENEZUELA EARTHQUAKES THANKS TO ELEVATOR MALFUNCTION
Emergency workers rescued 2-year-old Klieber Moran from beneath the rubble of a collapsed building in Venezuela six days after the country’s devastating earthquakes, according to Venezuelan officials. (Jordan Public Security/Handout via REUTERS)
The shipment includes emergency health kits for urgent medical care, including supplies for safe births, newborn care, disease prevention and treatment, according to the United Nations.
Urban Search and Rescue (USAR) teams from Virginia, California and Florida were dispatched to Venezuela on Friday to help search collapsed buildings.
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According to the State Department, the three USAR teams include 312 personnel and 18 canine teams, made up of firefighters, physicians, structural engineers and canine search specialists, and deployed with more than 200,000 pounds of specialized rescue equipment.
Reuters contributed to this report.
World
World’s oceans experience hottest June ever, scientists say more heat ahead
European Union monitors say the first half of 2026 was ‘marked by sustained and exceptional ocean warmth’ and forecast more to come.
Published On 1 Jul 2026
The world’s oceans experienced their “warmest June ever observed” and could see further record-breaking highs in the months ahead as El Niño and climate change push temperatures higher, according to a new report.
The European Union’s Copernicus Marine Service said on Wednesday that “record global sea surface temperatures” of 21.0 degrees Celsius (69.8 degrees Fahrenheit) in June beat the previous records in the same month in 2023 and 2024.
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“The first six months of 2026 were characterised by persistently elevated sea-surface temperatures and widespread marine heatwaves across much of the global ocean,” the EU’s marine environment monitor said in a statement.
“Marine heatwaves expanded steadily throughout the period, ultimately affecting around 82 percent of the global ocean,” said Simon van Gennip, lead oceanographer for the Copernicus Marine Service.
“The Mediterranean, the central North Atlantic and the equatorial Pacific all emerged as hotspots, and these regional signals paint a consistent picture of an ocean under sustained thermal stress,” Van Gennip said in a statement.
The onset of a potentially powerful El Nino weather pattern could boost global heat in the oceans and atmosphere even further in 2026, and into next year, according to scientists.
“Current conditions could indicate the beginning of a new phase, leading, once more, to uncharted territory,” said Carlo Buontempo, director of the Copernicus Climate Change Service, the EU’s climate monitor.
“With ocean temperatures at these levels and El Nino on the horizon, we are likely to see more temperature records fall in the coming months,” Buontempo said in a statement.
El Nino is marked by unusually warm waters in parts of the Pacific Ocean, releasing more heat into the atmosphere and influencing wind, cloud and weather patterns around the globe. This can raise the risk of weather extremes, ranging from floods in Peru to droughts in parts of Africa and wildfires in Australia.
Land and sea temperatures reached an all-time high in 2024 at the tail end of the last El Nino, and 2026 could be among the warmest years recorded with the onset of the next El Nino this year.
The Copernicus report follows a warning issued in a major UN scientific assessment last month, which declared that the world’s oceans were in a “deepening crisis” as seas were warming and rising faster.
Oceans are a key regulator of Earth’s climate because they absorb some 90 percent of the excess heat caused by humanity’s release of greenhouse gases, such as carbon dioxide.
Warmer oceans increase moisture in the atmosphere, providing fuel for tropical cyclones and destructive rainfall.
Hotter seas also directly contribute to sea-level rise – water expands when it warms up – and create unbearable conditions for tropical reefs, whose corals can bleach and die during prolonged marine heatwaves.
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