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Trump calls off attacks against Iran: Update
Trump calls off attacks against Iran: Update
Updates with Trump's cancellation of attacks Washington, 11 June (Argus) — President Donald Trump on Thursday called off the threat of a massive military attack against Iran he announced just hours earlier, citing progress in negotiations with Iran on resolving a war that has lasted more than 100 days. Trump this morning had threatened to launch a "VERY HARD" wave of military strikes tonight against Tehran, which he said would be followed up at some point by "taking" control of Iran's Kharg Island in the Mideast Gulf, along with "other oil infrastructure points." Five hours later, Trump said the planned attack would not go forward. "Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," Trump wrote on Truth Social at 1:28pm ET. Nymex WTI prompt month crude futures fell to $86.72/bl at 1:52pm ET, down from more than $90/bl immediately before the post. Trump's latest military threat — and rapid reversal — followed two days of heavy clashes between the US and Iranian armed forces and of attacks on shipping in the Middle East. Trump said that the US would keep enforcing a naval blockade against Iran "until this Transaction is finalized — Time and place of the signing to be announced shortly." The low intensity clashes between the US and Iranian forces that have been underway since late May escalated into an exchange of strikes on 10-11 June that are more reminiscent of the active phase of the war in March-April. The US has pounded Iran's defensive and — according to Tehran — civilian infrastructure near the strait of Hormuz and across Iran. Iran's military has responded with attacks on US bases in Jordan, Kuwait and Bahrain. Both the US and Iranian navies have attacked commercial vessels in the Gulf of Oman and the strait of Hormuz, respectively. Control of navigation through the critical Mideast Gulf waterway appears to be the cause of the latest flare up. Trump claimed on Wednesday that the US military had been running a clandestine operation to unblock Hormuz and that over 100mn bl and hundreds of vessels traveled the strait under the US military umbrella. Iran, which also claimed to be directing limited traffic through the strait, said on Thursday that the strait of Hormuz is "closed" following overnight US strikes on Iran. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
N Zealand may need billions to meet NDCs
N Zealand may need billions to meet NDCs
Beijing, 11 June (Argus) — New Zealand may need to pay up to 5bn New Zealand dollars ($2.89bn) to purchase international carbon credits to meet its climate targets under the Paris Agreement. This is because domestic emissions reductions will likely fall short of its Nationally Determined Contributions (NDCs) commitments, a Treasury paper published on 11 June found. The country's targets under economy-wide NDCs covering 2021–30 and 2031–35, which the Treasury referred to as NDC1 and NDC2, respectively, are not fully aligned with domestic emissions budgets for respective periods. New Zealand may, therefore, rely on offshore mitigation — through purchases of verified emissions reductions or removals from other countries — to bridge the shortfall. New Zealand faces the highest potential cost exposure for NDC1, which targets a 50pc reduction in net emissions below 2005 gross levels. The target corresponds to an emissions limit of 575mn t CO2 equivalent (CO2e) in 2021–30. The Treasury's modelling suggests offshore mitigation towards meeting commitments for this first period may cost around NZ$4.4bn-5.0bn. This suggests the Treasury estimates the average cost of international credits around NZ$7.65-8.70/t CO2e ($4.42-5.03/t CO2e). By contrast, NDC2 "closely aligns" with the corresponding domestic emissions budget, implying a smaller potential gap. Estimated offshore mitigation costs for achieving the NDC2 target are NZ$0.2bn-1.6bn, depending on which side of the commitment range — 51pc-55pc — the country is going to achieve, the Treasury said. The report highlights substantial uncertainty around these cost estimates and the Treasury said although the information was provided to "support transparency over possible future costs, it does not reflect government decisions or intentions regarding offshore mitigation". Domestic policy decisions will directly affect emissions outcomes and, in turn, the volume of offshore mitigation required. Limited liquidity in the international voluntary carbon markets, procurement strategies — including decisions on credit types, sourcing and price limits — will be key drivers for cost. The government will not spend billions of dollars overseas to meet its climate commitments, prime minister Christopher Luxon said, according to Radio New Zealand. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Global warming set to exceed 1.5°C by 2030: Scientists
Global warming set to exceed 1.5°C by 2030: Scientists
London, 11 June (Argus) — The rise in global temperature is projected to surpass 1.5°C above pre-industrial levels — the limit sought by the Paris climate agreement — "in about four years", an international team of more than 70 scientists said today. "Human-induced warming reached 1.37°C" in 2025, compared with the 1850-1900 average, the latest Indicators of Global Climate Change report found. The Paris agreement seeks to curb the global rise in temperature to "well below" 2°C above pre-industrial levels, and pursues a 1.5°C limit. "The rate at which heat is accumulating in the earth system suggests high levels of future warming", the report found. "The rate of human-induced warming remains at the all-time high of around 0.27°C per decade, driven primarily by record-high greenhouse gas levels." It estimated the remaining global carbon budget — the amount of CO2 that can still be emitted before the 1.5°C threshold is exceeded — is 130bn t/CO2, from the start of 2026. This estimate, which is a central one, "will be exhausted in around three years at current levels of CO2 emissions", the report found. Global greenhouse gas emissions reached a record high 56.8bn t/CO2 equivalent (CO2e) in 2024, according to the report, "mainly from the burning of fossil fuels." "Although we still have record high levels of emissions, the growth of those CO2 emissions is slowing," the EU Copernicus programme's strategic lead for climate Samantha Burgess said today. "That doesn't mean we're on track yet, but it does mean that policy, technology, and societal choices are starting to bend the curve." Burgess was speaking at climate talks underway in Bonn, Germany, hosted by UN climate body the UNFCCC. El Nino weather conditions have now developed in the tropical Pacific, the US National Oceanic and Atmospheric Administration (NOAA) confirmed today. The weather pattern, which is naturally-occurring, typically leads to higher global temperatures. Current forecasting suggest it is "likely to be a very strong event", the UK's Met Office said today. Some forecasts suggest "values that would be of record strength", the Met Office said. "It is also highly likely that the El Nino will cause a temporary spike in global annual temperature with the residual heat potentially making next year the hottest in the global series from 1850", Met Office head of long-range forecasting Adam Scaife said. The hottest year on record to date is 2024. The past three years, 2023-25, are the hottest three years recorded. The average temperature across 2023-25 was 1.48°C above pre-industrial levels — with a margin of uncertainty of 0.13°C — data consolidated by the World Meteorological Organisation show. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump escalates threats against Iran
Trump escalates threats against Iran
Washington, 11 June (Argus) — President Donald Trump on Thursday stepped up threats against Tehran following two days of heavy clashes between the US and Iranian armed forces and of attacks on shipping in the Middle East. "The United States will be hitting Iran (Whose Navy, Air Force, Radar, Anti Aircraft, and all other forms of Defense, together with most of its offensive capability, are GONE!), VERY HARD TONIGHT," Trump said in a social media post. The low intensity clashes between the US and Iranian militaries that have been underway since late May escalated into an exchange of strikes on 10-11 June that are more reminiscent of the active phase of war in March-April. The US has pounded Iran's defensive and — according to Tehran — civilian infrastructure near the strait of Hormuz and across Iran. Iran's military has responded with attacks on US bases in Jordan, Kuwait and Bahrain. Both the US and Iranian navies have attacked commercial vessels in the Gulf of Oman and the strait of Hormuz, respectively. Control of navigation through the critical Mideast Gulf waterway appears to be the cause of the latest flare up. Trump claimed on Wednesday that the US military had been running a clandestine operation to unblock Hormuz and that over 100mn bl and hundreds of vessels traveled the strait under the US military umbrella. Iran, which also claimed to be directing limited traffic through the strait, said on Thursday that the strait of Hormuz is "closed" following overnight US strikes on Iran. Trump, in his social media post on Thursday, went on to say that the US would soon take control of Iran's Kharg Island in the Mideast Gulf "and other oil infrastructure points, and assume total control of their Oil and Gas Markets, much like we have with Venezuela". By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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