South Korea's Finance Minister Koo Yun-cheol urged vigilance against potential energy supply disruptions due to renewed Middle East geopolitical tensions, vowing preemptive measures to maintain stable supplies and export momentum.
Prime Minister Narendra Modi addressed the media before the Monsoon Session, emphasizing Indian youth's aspirations and national achievements like Skyroot's rocket launch. He urged the opposition to use logic in Parliament, while also taking a veiled swipe at Rahul Gandhi amid protests over issues like the NEET-UG paper leak.
Oil prices dropped sharply Monday after President Trump declared the Iran deal complete and announced the immediate, toll-free reopening of the Strait of Hormuz, easing fears of energy supply disruptions. Brent crude fell to $83.75 and WTI to $80.87.
India is burning more coal to meet surging electricity demand caused by extreme heatwaves and energy supply disruptions linked to the conflict in the Middle East, challenging the nation's long-term net-zero goals.
The IMF warns that the Middle East conflict has triggered a major global energy supply shock, driving up fuel prices and threatening world economic growth. Escalating hostilities have disrupted critical trade routes, exacerbating global food insecurity for millions.
