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Economy

Explainer: Why Kharg Island is vital to Iran and the global economy

Strikes have already hit military infrastructure on a small Iranian island in the Persian Gulf — but if oil facilities are targeted next, the global economy could face a serious shock.

Economy

Oil prices rise as Trump presses allies to secure the Strait of Hormuz

Oil prices continue to rise as the Iran war enters its third week, with President Trump pushing allies to help secure the Strait of Hormuz as investors react to threats facing Middle Eastern export facilities.

Europe News

Ministers to discuss extending EU naval mission to Strait of Hormuz

EU foreign ministers meeting in Brussels on Monday are set to discuss extending the bloc's naval mission Aspides to the Strait of Hormuz, as the Iran war pushed global energy prices up. Over the weekend, US President Trump called on several countries to send ships to secure the passage.

Economy

US expands Russian oil waiver to all countries in bid to cool prices

The US has expanded a temporary sanctions waiver on the purchase of stranded Russian oil from India alone to all countries worldwide as part of ongoing efforts to ease pressure on global energy prices.

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Brussels, My Love?

Podcast: From energy to security, how the Iran war is hitting Europe

The escalation of the Iran war is putting Europe’s security and economic systems to the test. Is Brussels able to weather this storm?

Economy

Could oil prices really reach $200 a barrel as claimed by Iran?

As the Iran war approaches the two-week mark, energy markets are bracing for a potential "super shock". The IRGC has repeatedly threatened to push oil prices up to $200 per barrel, leveraging its control over the Strait of Hormuz, but how realistic is this scenario?

Economy

Trump admin could suspend a century-old law in bid to curb oil prices

The Trump administration is allegedly set to suspend the Jones Act, a century-old federal maritime law. A waiver would allow foreign tankers to transport cargo between US ports as oil prices remain above $100.

Economy

Iran strikes neutralise record IEA reserves release as oil tops $100

Oil spiked above $100 a barrel on Thursday following fresh Iranian attacks on Omani oil storage facilities, reversing any downward pressure from the IEA's record release of 400mn barrels announced the previous day.

Markets

Oil steadies as IEA and G7 move to release record reserves

Oil is trading flat in expectation that the International Energy Agency could trigger the largest-ever release of oil reserves, exceeding the 182 million barrels in 2022 after Russia’s invasion of Ukraine. The G7 will also meet on Wednesday to discuss using the reserves.

Economy

Iran war shocks continue to ripple through the global economy

The Iran war is driving up energy and fertiliser prices, threatening food shortages in poor countries, destabilising fragile states and complicating inflation control at central banks worldwide.

Markets

Oil prices fall as Trump floats possible sanctions relief

Oil markets got their first significant relief in days as Trump signalled Washington could ease sanctions on some countries to cool crude prices.

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Oil prices: Drivers rush to fill tanks in China before fuel price hike

Drivers queued at petrol stations in Nanjing ahead of a nationwide fuel price increase set to take effect at midnight as global oil prices surged above $100 per barrel.

Europe News

EU eyes oil reserves as Iran war sends energy prices surging

Ministers are exploring measures to curb energy prices and inflation at a series of meetings in Brussels, with the release of oil reserves being discussed. Germany stated that it supports keeping the option on the table, but emphasised that now is not the right time to use it.

Markets

G7 yet to approve emergency oil release as Iran war drives prices up

After oil prices jumped above $100 a barrel overnight, finance ministers from the G7 countries held a conference call on Monday but did not agree on releasing oil stockpiles to stabilise the market.

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Long fuel queues form in Bangladesh amid fears of supply shortages

Motorists in Bangladesh queued for hours at petrol stations as concerns grow that the war involving Iran could disrupt fuel supplies.

Markets

European markets dip as oil prices soar and European gas prices jump

Leading European stock market indexes started the week with a big sell-off, following a major drop across Asian markets and surging oil prices, as the Middle East crisis escalates further.

Markets

Oil prices soar above $100 a barrel as Iran conflict impacts supplies

Crude prices surged on Monday morning as investors weighed the prolonged impact of the war in Iran on energy supplies.

Business

Oil prices jump after Qatar warns disruption could push crude to $150

Oil prices surged on Friday after warnings from Qatar that the war will force Gulf to stop energy exports "within days".

Markets

European markets show mixed sentiment as oil prices climb further

European stock markets lost their enthusiasm by the early afternoon following a positive trend in the first half of the trading lead by strong performances in Asia. Meanwhile, oil prices are rising further.

Business

Passage denied: Oil and gas swing wildly as Hormuz crisis drags on

Oil prices are climbing, albeit at a slower pace, as the US and Israel's war with Iran enters its fifth day, with little to ease concerns over the safety of the Strait of Hormuz — a vital artery for the global energy supply.