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France Denounces Iran's Seizure of Two Greek Tankers

The seized oil tanker Pegas is seen anchored off the shore of Karystos, on the Island of Evia, Greece, April 19, 2022. REUTERS/Vassilis Triandafyllou/File Photo
The seized oil tanker Pegas is seen anchored off the shore of Karystos, on the Island of Evia, Greece, April 19, 2022. REUTERS/Vassilis Triandafyllou/File Photo
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France Denounces Iran's Seizure of Two Greek Tankers

The seized oil tanker Pegas is seen anchored off the shore of Karystos, on the Island of Evia, Greece, April 19, 2022. REUTERS/Vassilis Triandafyllou/File Photo
The seized oil tanker Pegas is seen anchored off the shore of Karystos, on the Island of Evia, Greece, April 19, 2022. REUTERS/Vassilis Triandafyllou/File Photo

Iran's seizure of two Greek-flagged oil tankers in Gulf waters is "a serious violation of international law", France's foreign ministry said Sunday, calling for the immediate release of the ships and their crews.

Iran's Revolutionary Guards seized the Greek tankers in the Gulf Friday, days after Athens confirmed it would deliver to Washington Iranian oil it had seized from a Russian tanker.

"We call on Iran to immediately release the crews and vessels," AFP quoted a French foreign ministry spokesperson as saying in a statement.

"France reiterates its commitment to the rules of international law protecting the freedom of navigation and maritime safety. We call on Iran to immediately cease its actions that contravene these rules," the statement concluded.

Iran said Saturday the crews of two Greek oil tankers were in "good health" and not under arrest.

But Greece has condemned Tehran's detention of the two ships as "tantamount to acts of piracy" and warned its citizens not to travel to Iran.

The Revolutionary Guards -- the ideological arm of Iran's military -- had said it seized the tankers "due to violations", without elaborating further.

Greece said one of the tankers had been sailing in international waters, while the second was near the Iranian coast when it was seized.

Nine Greeks are among the crews, the Greek foreign ministry said, without specifying the number of other sailors on board.

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World

Türkiye Says Greece-Chevron Activity off Crete Unlawful 

A Chevron gas station sign is pictured at one of their retain gas stations in Cardiff, California October 9, 2013. REUTERS/Mike Blake/File Photo
A Chevron gas station sign is pictured at one of their retain gas stations in Cardiff, California October 9, 2013. REUTERS/Mike Blake/File Photo
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Türkiye Says Greece-Chevron Activity off Crete Unlawful 

A Chevron gas station sign is pictured at one of their retain gas stations in Cardiff, California October 9, 2013. REUTERS/Mike Blake/File Photo
A Chevron gas station sign is pictured at one of their retain gas stations in Cardiff, California October 9, 2013. REUTERS/Mike Blake/File Photo

Türkiye said on Thursday it opposed Greece's "unilateral activities" in energy fields south of Crete with a consortium led by US major Chevron as a violation of international law and good neighbourly relations.

Athens responded that its policies abide international law.

The Chevron-led consortium signed exclusive lease agreements on Monday to look for natural gas off southern Greece, expanding US presence in the eastern Mediterranean.

"We oppose this unlawful activity, which is being attempted in violation of the 2019 Memorandum of Understanding on Maritime Jurisdiction between Libya and our country," the Turkish Defense Ministry said at a press briefing.

It said the activity, while not directly impacting Türkiye's continental shelf, also violated Libya's maritime jurisdiction that was declared to the United Nations in May last year.

"We continue to provide the necessary support to the Libyan authorities to take action against these unilateral and unlawful activities by Greece," the ministry said.

A 2019 agreement signed by Türkiye and Libya set out maritime boundaries in the Mediterranean Sea. It was rejected by Greece as it ignored the presence of the Greek island of Crete between the coasts of Türkiye and Libya. The Chevron deal doubles the amount of Greek maritime acreage available for exploration and is the second in months involving a US energy major, as the European Union seeks to phase out supplies from Russia and the US seeks to replace them.

Asked about the Turkish objections later on Thursday, Greek government spokesman Pavlos Marinakis told a press briefing that Athens followed an "active policy" and "exercises its rights in accordance with international law and respects international law steadfastly - and I think no one questions that, period."

There was no immediate comment from Chevron.

Neighbors and NATO members Türkiye and Greece have been at odds over a range of issues for decades, primarily maritime boundaries and rights in the Aegean, an area widely believed to hold energy resources and with key implications for airspace and military activity.

A 2023 declaration on friendly relations prompted a thaw between the sides and leaders have voiced a desire to address remaining issues.

Arab World

Germany Moves Troops Out of Iraq, Citing Mideast 'Tensions'

FILE PHOTO: German Defense Minister Ursula von der Leyen visits the Transport Helicopter Regiment 30 (Transporthubschrauberregiment 30) at the Hermann-Koehl-Kaserne in Niederstetten, Germany, August 20, 2018. REUTERS/Ralph Orlowski
FILE PHOTO: German Defense Minister Ursula von der Leyen visits the Transport Helicopter Regiment 30 (Transporthubschrauberregiment 30) at the Hermann-Koehl-Kaserne in Niederstetten, Germany, August 20, 2018. REUTERS/Ralph Orlowski
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Germany Moves Troops Out of Iraq, Citing Mideast 'Tensions'

FILE PHOTO: German Defense Minister Ursula von der Leyen visits the Transport Helicopter Regiment 30 (Transporthubschrauberregiment 30) at the Hermann-Koehl-Kaserne in Niederstetten, Germany, August 20, 2018. REUTERS/Ralph Orlowski
FILE PHOTO: German Defense Minister Ursula von der Leyen visits the Transport Helicopter Regiment 30 (Transporthubschrauberregiment 30) at the Hermann-Koehl-Kaserne in Niederstetten, Germany, August 20, 2018. REUTERS/Ralph Orlowski

Germany's military has "temporarily" moved some troops out of Erbil in northern Iraq because of "escalating tensions in the Middle East," a German defense ministry spokesman told AFP on Thursday.

Dozens of German soldiers had been relocated away from the base in Erbil, capital of Iraq's autonomous Kurdistan region.

"Only the personnel necessary to maintain the operational capability of the camp in Erbil remain on site," the spokesman said.

The spokesman did not specify the source of the tensions, but US President Donald Trump has ordered a major build-up of US warships, aircraft and other weaponry in the region and threatened action against Iran.

German troops are deployed to Erbil as part of an international mission to train local Iraqi forces.

The spokesman said the German redeployment away from Erbil was "closely coordinated with our multinational partners".

Business

Gold Advances on US–Iran Tensions as Markets Weigh Fed Policy Path

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
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Gold Advances on US–Iran Tensions as Markets Weigh Fed Policy Path

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Gold prices extended gains on Thursday after rising more than 2% in the previous session, as lingering tensions between the United States and Iran prompted a flight to safety, while investors evaluated the Federal Reserve's monetary policy path.

Spot gold rose 0.2% to $4,989.09 per ounce by 1227 GMT. US gold futures for April delivery held steady at $5,008.60.

"Geopolitical concerns are front and centre with reports that, if the US were to take military action against Iran, it could go on for several weeks," said Jamie Dutta, market analyst at Nemo.money, Reuters reported.

Some progress was made during Iran talks this week in Geneva but distance remained on some issues, the White House said on Wednesday.

FED LARGELY UNITED

Top US national security advisers met in the White House Situation Room on Wednesday to discuss Iran and were told all US military forces deployed to the region should be in place by mid-March.

Meanwhile, the Fed's January minutes showed it largely united on holding interest rates steady, but divided over what comes next, with "several" open to rate hikes if inflation remains elevated, while others were inclined to support further cuts if inflation recedes.

The weekly jobless claims data, due later in the day, and Friday's Personal Consumption Expenditures report, the Fed’s preferred inflation gauge, will provide further clues on the central bank's policy trajectory.

Markets currently expect this year's first interest rate cut to be in June, according to CME's FedWatch Tool.

Non-yielding bullion tends to do well in low-interest-rate environments.

Spot silver rose 0.9% to $77.87 per ounce after climbing more than 5% on Wednesday.

Silver is "supported by tight supply and low COMEX stock levels ahead of the delivery period of the March contract. However, given the extent of the historic correction earlier this month, silver is not back on safer ground until it trades back above $86," said Ole Hansen, head of commodity strategy at Saxo Bank.

Spot platinum fell 0.6% to $2,059.55 per ounce, while palladium lost 1.7% to $1,686.47.