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Not ‘a litre of oil’ to pass Strait of Hormuz, expect $200 price tag: Iran

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Not ‘a litre of oil’ to pass Strait of Hormuz, expect 0 price tag: Iran

Warning comes as 400 million barrels of oil are being released from global reserves during waterway’s closure.

Iran’s Islamic Revolutionary Guard Corps (IRGC) says it will not allow “a litre of oil” through the Strait of Hormuz as the closure of the key Gulf waterway continues to roil global energy markets during the US-Israeli war on Iran.

A spokesperson for the IRGC’s Khatam al-Anbiya Headquarters said on Wednesday that any vessel linked to the United States and Israel or their allies “will be considered a legitimate target”.

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“You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel,” the spokesperson said in a statement. “The price of oil depends on regional security, and you are the main source of insecurity in the region.”

Global oil prices have fluctuated wildly this week during continued US-Israeli attacks against Iran, which has retaliated by firing missiles and drones at targets across the wider Middle East.

The closure of the Strait of Hormuz, through which about one-fifth of the world’s oil supplies transit, and production slowdowns in some Gulf countries have raised concerns of further disruptions.

Concerns around the duration of the war, which began on February 28 and has shown no sign of abating, are also adding to uncertainty, sending oil prices soaring.

On Wednesday, three ships were hit by projectiles in the Strait of Hormuz, maritime security and risk firms said, including a Thai-flagged cargo vessel that came under attack about 11 nautical miles (18km) north of Oman.

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Release of oil reserves

World leaders, including members of the Group of Seven (G7) and the European Union, have been mulling what action to take in response to the war’s impact on global economies.

Christian Bueger, a professor of international relations at the University of Copenhagen and an expert in maritime security, said Europe will be facing “a major energy supply crisis” if the Strait of Hormuz is not reopened.

“For the shipping industry right now, it’s impossible to go through the Strait of Hormuz,” Bueger told Al Jazeera. “And if there are not stronger signals in the near future that they can at least try to go through the strait, then we are looking at a major shipping crisis, which can last weeks if not months.”

On Wednesday, the International Energy Agency (IEA) announced that its 32 member countries had unanimously agreed to release 400 million barrels of oil from their emergency reserves to try to lower prices.

“This is a major action aiming to alleviate the immediate impacts of the disruption in markets,” IEA Executive Director Fatih Birol said during an address from the agency’s headquarters in Paris.

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“But to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz,” he added.

The reserve supplies will be made available “over a timeframe that is appropriate” for each member state, the IEA said in a statement without providing details.

German Economy and Energy Minister Katherina Reiche said earlier in the day that the country would comply with the release while Austria also said it would make part of its emergency oil reserve available and extend its national strategic gas reserve.

Meanwhile, Japan’s Ministry of Economy, Trade and Industry said it would release about 80 million barrels from its private and national oil reserves.

Japanese Prime Minister Sanae Takaichi said the country, which gets about 70 percent of its oil imports through the Strait of Hormuz, would begin releasing the reserves on Monday.

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Box Office: ‘The Odyssey’ Stuns With $124 Million Opening Weekend, Third-Biggest Debut of the Year

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Box Office: ‘The Odyssey’ Stuns With 4 Million Opening Weekend, Third-Biggest Debut of the Year

It’s a box office debut fit for a king. Christopher Nolan‘s action epic “The Odyssey” ignited to $124.5 million from 3,919 domestic theaters over the weekend, defying expectations and setting up the R-rated spectacle for a long, long journey in theaters.

These ticket sales are notable as Nolan’s biggest debut since 2012’s “The Dark Knight Rises” ($160 million) as well as the third-largest opening of the year following “Toy Story 5” ($159 million) and “The Super Mario Galaxy Movie” ($131 million). They’re also impressive not just because “The Odyssey” is a nearly three-hour sword-and-sandal adventure, a genre that’s rarely made these days, but also because it is rated R, which limits who can buy tickets.

At the international box office, “The Odyssey” collected $139.6 million from 73 markets for a stellar worldwide tally of $264.1 million. This marks Nolan’s biggest global opening ahead of “The Dark Knight Rises” ($249 million, not adjusted for inflation), 2009’s “The Dark Knight” ($198 million, not adjusted for inflation) and “Oppenheimer” ($180 million).

Adapted from Homer’s 3,000-year-old epic poem, “The Odyssey” stars Matt Damon as Odysseus, the king of Ithaca, and chronicles his seemingly eternal, perilous voyage home after the Trojan War. Damon leads the all-star ensemble of Tom Holland, Anne Hathaway, Robert Pattinson, Lupita Nyong’o, Zendaya, Charlize Theron, Elliot Page, Jon Bernthal and John Leguizamo. Written and directed by Nolan, “The Odyssey” is one of the best-reviewed films of the year, with an “A” grade on CinemaScore exit polls and 95% from critics on Rotten Tomatoes. Males accounted for 56% of ticket buyers, while half of audience members were between the ages of 18 and 34, underscoring that Nolan appeals to all generations of moviegoers.

With stellar word-of-mouth, the frenzy around premium formats and an A-list cast that’s been taking the promotional circuit by storm, “The Odyssey” is primed for an epic box office run. Plus, it won’t have any competition until Sony’s “Spider-Man: Brand New Day” opens on July 31. That’s necessary to justify the film’s massive price tag. Universal spent $250 million to produce — a staggering cost for any tentpole these days, especially one that’s rated R — and another $125 million to market to global audiences.

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“Christopher Nolan is the only filmmaker working today who could take an ancient story like this, attract a cast as sprawling and accomplished as this, and make it a pop culture event,” says David A. Gross, who publishes the box office newsletter FranchiseRe. “Nolan has become a unique and singular talent, with a loyal and enthusiastic following.”

Nolan has long been a commercial draw, having directed outsized box office triumphs like “The Dark Knight” trilogy, “Inception,” “Dunkirk” and “Interstellar.” But the British filmmaker reached a new level of fame after 2023’s “Oppenheimer,” which became a box office juggernaut before securing the Oscar for best picture. Fueled by the “Barbenheimer” phenomenon, “Oppenheimer” launched above expectations to $82 million and earned a remarkable $330 million in North America and $975 million globally by the end of its run. While “Oppenheimer” opened in second place behind “Barbie,” another box office behemoth, “The Odyssey” gets the satisfaction of debuting at No. 1 across the globe.

“There’s a palpable excitement in theaters this weekend,” says Universal’s domestic distribution president Jim Orr. “Christopher Nolan is one of the most trusted filmmakers ever, and audiences know he’s going to deliver something that you want to experience on the big screen. We have showtimes in certain formats that are sold out for next weekend, the weekend after, and even mid-week.”

Nolan has become synonymous with premium large formats, and “The Odyssey” is notable as the first feature shot entirely with Imax cameras. It’s a feat that Nolan has called his “longest-held ambition.” Audiences have taken note of the hype around these screens. Premium large formats contributed a massive 53% of the film’s domestic tally, with Imax accounting for $51.8 million or 23% of global ticket sales. Imax, which is dedicating its entire global footprint to “The Odyssey” for three weeks, has been scheduling showtimes around the clock in the coveted 70mm auditoriums, with some determined cinephiles enduring 2 a.m. and 7 a.m. screenings of the nearly three-hour epic.

“’The Odyssey’ is among a rarified group of instant classic blockbusters in Imax history that fully leverage our platform; as bullish as we are on its success, our experience tells us that even we don’t know how this movie will grow our brand and business,” says Rich Gelfond, CEO of Imax. “With record pre-sales, critical and audience acclaim, and the way the film presents extraordinarily in Imax, we believe all the elements are in place for ‘The Odyssey’ to enjoy a very long and successful run.”

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Thanks to “The Odyssey,” the box office is rebounding after three consecutive duds: the Warner Bros. and DC adaptation “Supergirl,” Universal and Illumination sequel “Minions and Monsters” and Disney’s live action “Moana.” Despite those stumbles, domestic ticket sales are roughly 10% above 2025, according to Rentrak, and the summer season is expected to surpass $4 billion for the second time since the pandemic upended the industry.

“Nolan’s latest epic has arrived at the perfect time, reminding everyone of the undeniable allure of the big-screen moviegoing experience,” says Paul Dergarabedian, Rentrak’s head of marketplace trends.

“Moana” landed in a very distant second place with $19 million in its sophomore frame — a 56% decline from its disappointing $43 million debut. So far, Disney’s live-action remake has generated $82 million domestically and $178 million globally. Since “Moana” was so expensive (it carries a $250 million price tag) and theater owners get to keep roughly half of revenues, the film is primed to lose at least $100 million in its theatrical run. Disney’s summer has been mixed, with the studio fielding outsized hits like “The Devil Wears Prada 2” ($688 million) and “Toy Story 5” along with big-budget misfires like “Moana” and “Star Wars: The Mandalorian and Grogu” ($340 million against a $165 million budget).

“Minions and Monsters” tied with “Toy Story 5” for third place, with each film bringing in $14.8 million over the weekend.

For “Minions and Monsters,” those ticket sales represent a 34% drop from the prior weekend and boost revenues to $137 million domestically and $323 million globally. Since prior entries in Universal and Illumination’s “Despicable Me” franchise have reached or surpassed the billion-dollar mark with ease, the newest “Minions” may wind up as the lowest-grossing of the bunch. However, this installment was produced for $85 million and will turn a profit for the studio.

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“Toy Story 5” is one summer’s biggest hits with $430 million in North America and $958 million worldwide after five weekends of release. It’ll soon surpass $1 billion and eventually overtake its predecessor, 2019’s “Toy Story 4” ($1.07 billion), as the highest-grossing entry in the beloved Pixar franchise.

Meanwhile, “Supergirl” dropped to No. 9 with $1.5 million in its fourth weekend. After a month in theaters, the latest comic book adaptation from Warner Bros. and DC is fizzling with $69.9 million domestically and $120 million globally. Given its hefty $170 million budget, “Supergirl” is projected to lose more than $120 million in its theatrical run. It’s the second notable flop in 2026 for Warner Bros., following this spring’s “The Bride!” which flatlined with $23 million worldwide against a $90 million budget.

Elsewhere, A24’s comedy “The Invite” has collected $3.9 million over the weekend from 2,110 screens, its widest footprint to date. After about a month in limited release, Olivia Wilde’s movie has grossed a promising $15 million.

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Earthquake shakes Peru’s Andes region, killing at least 5, displacing hundreds

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Earthquake shakes Peru’s Andes region, killing at least 5, displacing hundreds

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A powerful earthquake ripped through Peru’s Andes region overnight, killing at least five people and leaving hundreds displaced as homes and a church collapsed, with authorities warning Sunday that an unknown number of people remain missing.

The magnitude 5.5 quake struck shortly after 9:20 p.m. Saturday near the city of Sicaya in central Peru, according to the U.S. Geological Survey. The quake injured more than 20 people and forced at least 300 residents from their homes, Peru’s National Civil Defense Institute said.

Officials were still trying to account for missing residents Sunday after several buildings collapsed or were left unsafe, including a local church and convent.

SECURITY GUARD SURVIVES EIGHT DAYS BENEATH COLLAPSED SHOPPING CENTER AFTER VENEZUELA EARTHQUAKES

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Residents walk amid the debris of homes that collapsed after an earthquake struck Pumpuya, Peru, Sunday, July 19, 2026. (AP Photo/Javier Ninanya)

Authorities said the region’s widespread use of traditional adobe construction likely made the damage worse. Luis Vásquez, head of the local civil defense office, said the rustic building materials “contributed to the greater impact and damage.”

A motor tricycle is stuck amid the debris of homes that collapsed after an earthquake struck Pumpuya, Peru, Sunday, July 19, 2026. (AP Photo/Jhefry Sedano)

Images from the hard-hit farming community of Chongo Bajo showed families wrapped in blankets outside damaged homes as neighbors picked through the rubble. Animals could also be seen trapped beneath collapsed buildings.

BOY, 2, PULLED ALIVE FROM RUBBLE SIX DAYS AFTER VENEZUELA’S DEVASTATING TWIN EARTHQUAKES

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“My home has been destroyed,” resident Hermenegilda Guamalato told local radio while looking for shelter with her three children in the neighboring province of Huayucachi.

Residents stand next to the covered bodies of neighbors who were killed after an earthquake struck Pumpuya, Peru, Sunday, July 19, 2026. (AP Photo/Javier Ninanya)

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Peru sits along the Pacific “Ring of Fire,” one of the world’s most active earthquake zones. In 2007, a magnitude 7.9 earthquake struck the coastal province of Pisco, killing nearly 600 people.

The Associated Press contributed to this report.

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Italian military and police march in Rome over pay dispute

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Italian military and police march in Rome over pay dispute

Around 6,000 members of Italy’s armed forces and security services marched through Rome on Saturday, demanding higher pay, better pensions and stronger workplace protections.

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The demonstration brought together representatives of the Army, Navy, Air Force, Carabinieri and Guardia di Finanza in the first joint protest organised by the country’s main defence and security unions.

The rally came just days after the government renewed the collective agreement covering around 430,000 military and security personnel. The deal includes a gross monthly pay rise of €188 and a one-off back payment of €2,448, as well as a commitment to open talks on pension reform.

Several unions, including Sinafi, the New Carabinieri Union (NSC), Usami Aeronautica, Itamil and Silmm, refused to sign the agreement, arguing that it does not go far enough to address pay and retirement concerns. They organised Saturday’s protest to press the government for further measures.

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Marching under the slogan, “Every day we serve Italy. Today we demand respect”, protesters carried banners through the streets of Rome.

In a statement issued ahead of the rally, the unions outlined four main demands: reform of the supplementary pension system and an end to plans to raise the retirement age to 65, stronger legal protections for security personnel, pay increases that keep pace with the rising cost of living, and greater investment in recruitment, training and modernising the profession.

The protest concluded with a conference on the future of Italy’s security, defence and emergency services, attended by representatives of several unions, including the New Carabinieri Union (NSC), which refused to sign the new pay agreement.

“The reasons why we did not sign this agreement and rejected it are simple: what we were supposed to receive from an economic point of view has not been delivered,” said NSC secretary-general Massimiliano Zetti.

“Because inside those uniforms working for the state, under the state’s emblem, there are not silhouettes, there are families, there are people, women and men who work. It is only right that they should be paid fairly. Security has a cost.”

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Law enforcement protests in Europe

Although rare, protests by members of the armed forces and law enforcement have taken place in several EU countries in recent years.

In Italy, police unions organised demonstrations in 2023 to demand more funding for pay rises, salary increases in line with inflation and additional recruitment to tackle staff shortages.

In France, police unions staged strikes and pickets in early 2024, calling for bonuses and guarantees on shifts and leave ahead of the Paris Olympics, which required a major security operation.

In Spain, the Jusapol union repeatedly protested in 2024, demanding pay parity for National Police and Guardia Civil officers with regional police forces such as Catalonia’s Mossos d’Esquadra. Some police unions had also opposed the government’s Catalan amnesty law in late 2023.

Belgian police unions also organised protests in 2022 and 2023, including “white strikes”, roadblocks and a temporary refusal to issue fines for minor offences, with some demonstrations disrupting access to Brussels Airport.

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