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US intelligence indicates that Iran's leadership is still largely intact and is not at risk of collapse any time soon after nearly two weeks of relentless US and Israeli bombardment, according to three sources familiar with the matter.
The United States will release 172 million barrels of oil from its Strategic Petroleum Reserve over the next four months, part of a coordinated international effort by major economies to stabilise energy markets.
At least three commercial vessels have been hit by "unknown projectiles" in the Strait of Hormuz, the world's busiest oil shipping route, as the American-Israeli war with Iran continues to squeeze the oil-rich Gulf region amid global energy concerns.
US-Israel-Iran War Live Updates: Iran has allowed India-flagged tankers to pass through the Strait of Hormuz following talks between External Affairs Minister (EAM) S Jaishankar and his Iranian counterpart, Abbas Araghchi.
Officials from President Donald Trump's administration estimated during a congressional briefing this week that the first six days of the war on Iran had cost the US at least $11.3 billion, a source familiar with the matter said on Wednesday.
Trump has said that US military action against Iran would help bring down global oil prices, telling supporters in Kentucky that a coordinated release of emergency crude reserves and continued pressure on Tehran would stabilise energy markets.