Some analysts said the main international oil price, which was up 6 percent on Monday, could climb much higher in the coming weeks if the Strait of Hormuz doesn’t reopen.

© Damian Dovarganes/Associated Press

With early tests suggesting the presence of crude oil, the Caribbean island has begun to debate whether it could justify becoming a producer

Jamaica is closer than ever to drilling for oil. Tests on samples from the seabed off the Caribbean island’s south coast earlier this year identified hydrocarbons, which suggest the presence of crude oil below ground.

Jamaica imports all its fuel, which costs about $1.5-2bn (£1.1bn-1.5bn) annually, depending on global oil prices. It is a persistent drag on an economy that generated $4.3bn from tourism, its biggest earner, in 2024.

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© Illustration: Eleanor Shakespeare

© Illustration: Eleanor Shakespeare

© Illustration: Eleanor Shakespeare

An analysis of oil export data offers clues about which nations have benefited from higher prices, and which have lost a lot of revenue.

© The New York Times

Iran claims it will charge US tech companies fees for using undersea Internet cables that run beneath the contested Strait of Hormuz shipping lanes. The war has already halted multiple projects and led to the suspension of cable repairs in the region—and the latest Iranian threats may accelerate efforts by Big Tech and Gulf countries to find alternative routes for bypassing the Strait of Hormuz’s digital chokepoint.

The latest assertions of Iranian authority over the Strait of Hormuz were announced in a brief statement by Ebrahim Zolfaghari, a spokesperson for Iran’s military and the Islamic Revolutionary Guard Corps. “We will impose fees on internet cables” Zolfaghari wrote in a May 9 post. It was not immediately clear how Iran might implement such fees or impose its rules on cable projects, given that the majority of routes pass through Oman-controlled waters.

But Tasnim and Fars, both Iranian state-linked media channels, laid out more detailed proposals on how Iran could charge license fees to US tech giants for the use and maintenance of undersea cables carrying regional Internet traffic, according to The Guardian. For example, the Tasnim plan described charging tech companies—specifically naming Meta, Google, Amazon, and Microsoft—license fees for cable usage while also claiming that Iran alone has the right to repair and maintain the subsea cables.

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