The International Energy Agency (IEA) warned that renewed fighting between the US and Iran could worsen the global energy crisis. Disruptions to production and exports, particularly through the Strait of Hormuz, have already impacted oil markets, and further escalation could complicate recovery efforts.
Andy Burnham faces economic headwinds with high borrowing and debt, but falling energy prices and easing inflation offer potential relief. He must balance spending promises with fiscal rules and avoid tax speculation.
BYD, the Shenzhen-based EV maker, has seen a strong rebound in overseas deliveries, surging 76% year-on-year to nearly 300,000 units in April and May. This recovery, driven by rising oil prices due to the US-Israel war with Iran, has bolstered founder Wang Chuanfu's ambition to become the world's largest carmaker by 2030.
China's manufacturing PMI fell to 50 in May, signaling a halt in expansion. While high-tech sectors show strength, domestic demand is weak due to a property slump, impacting retail sales. The nation remains relatively shielded from the global energy crisis due to strategic reserves and diversified energy sources.
India's Great Nicobar Island project gains strategic attention amid the Hormuz blockade, potentially disrupting Chinese supply chains and alleviating the 'Malacca dilemma'.
High gas prices, exacerbated by US involvement in a conflict with Iran, are impacting truck drivers and the broader economy. Analysts predict prices will remain elevated, affecting upcoming US midterm elections and voter sentiment towards the Trump administration.
High gas prices, exacerbated by US actions against Iran, are straining truckers and impacting voter sentiment ahead of US midterm elections. Drivers face significant increases in fuel costs, affecting their livelihoods and potentially influencing election outcomes.
CNG prices in Delhi increased by Re 1 per kg to Rs 81.09, the third hike in under 10 days. This follows rising petrol and diesel prices, driven by global energy costs linked to the Middle East crisis and Strait of Hormuz disruptions.
Venezuela is now India's third-largest crude oil supplier, with shipments up 50% this month. This shift is driven by the Iran conflict, Strait of Hormuz closure, and US efforts to reshape global energy markets.
A Wood Mackenzie report warns global crude oil prices could reach $200/barrel if the Strait of Hormuz remains closed through 2026 due to ongoing conflict. This "Extended Disruption" scenario could trigger a severe global energy and economic crisis, with global economy contracting by 0.4%.
BNP Paribas lowers expectations for pure electric cars due to charging infrastructure gaps and high insurance costs, suggesting EVs and combustion engine vehicles will coexist longer. China and Europe lead in infrastructure readiness.
The global energy crisis, fueled by the Middle East conflict, is entering a new phase with summer demand increasing. Oil prices are rising, and economists warn of potential price surges and a global recession if the conflict persists.
The global energy crisis, fueled by the Middle East conflict, is escalating as summer demand rises. Around 80 countries face emergency measures, with Brent crude potentially reaching $180/barrel. A prolonged conflict could trigger a global recession.
Gazprom reports EU gas storage filling at record lows for three days, citing US-Israeli attack on Iran, disrupted Strait of Hormuz, and cold weather. EU imports of Russian LNG surged 16% in Q1.
India's opposition parties condemn the NDA government's decision to raise petrol and diesel prices by Rs 3 per litre, citing increased inflation and economic strain amid the global energy crisis.
US President Trump meets Chinese President Xi Jinping in a pivotal summit to discuss Iran war, trade, technology, and Taiwan amid global energy shocks and pre-US midterm elections.
The spectre of the global energy crisis loomed over the three-day Asean summit in the Philippines as regional leaders converge for a final day of talks in Cebu on Friday. Analysts say that while some major flashpoints were addressed – with Thailand and Cambodia’s joint statement of solidarity being a bright spot – surging fuel costs as a result of the Iran war weighed heaviest on the minds of Southeast Asian leaders. The fuel crisis was the “defining issue”, said Vu Lam, an Asean observer and...
Markets rally as US president announces ‘short’ pause to operation escorting ships through strait of HormuzBusiness live – latest updatesOil prices have fallen below $100 and stock markets rose as Donald Trump touted “great progress” towards a “final agreement” with Iran, and Tehran indicated it was ready to reopen the strait of Hormuz.The US president said he would briefly pause his “Project Freedom” operation escorting ships through the strait, which carries about a fifth of the world’s oil supplies but has been blockaded by Iran since late February, triggering a global energy crisis. Continue reading...
With Singapore facing a global energy crisis due to the conflict in the Middle East, the “storm clouds” that Prime Minister Lawrence Wong warned of at an election rally last year now appear to be an understatement. Under the scorching midday sun at a lunchtime speech in the heart of the city, Singapore’s leader last April urged voters to re-elect his tested People’s Action Party (PAP), arguing that voting for the opposition would weaken his team’s ability to navigate coming headwinds. On top of...
With Singapore facing a global energy crisis due to the conflict in the Middle East, the “storm clouds” that Prime Minister Lawrence Wong warned of at an election rally last year now appear to be an understatement. Under the scorching midday sun at a lunchtime speech in the heart of the city, Singapore’s leader last April urged voters to re-elect his tested People’s Action Party (PAP), arguing that voting for the opposition would weaken his team’s ability to navigate coming headwinds. On top of...
With Singapore facing a global energy crisis due to the conflict in the Middle East, the “storm clouds” that Prime Minister Lawrence Wong warned of at an election rally last year now appear to be an understatement. Under the scorching midday sun at a lunchtime speech in the heart of the city, Singapore’s leader last April urged voters to re-elect his tested People’s Action Party (PAP), arguing that voting for the opposition would weaken his team’s ability to navigate coming headwinds. On top of...
Chinese self-driving technology firm ZYT is edging closer to mass production of semi-autonomous trucks that can improve fuel efficiency and save logistics costs, likely to benefit the country’s manufacturing businesses amid a global energy crisis. The Shenzhen-based start-up, a spin-off from drone maker DJI, has formed partnerships with mainland China’s top six heavy-truck makers to produce models fitted with its navigation on autopilot (NOA) systems, with the first deliveries expected as early...
Indian government raises ATF prices for international airlines by 5% to USD 1,511.86 per kilolitre in Delhi. This is the second straight monthly rise driven by global energy crisis, though domestic airline rates remain unchanged following a 25% hike on April 1.
The UAE announced it will leave OPEC effective May 1, citing national interest and commitment to investors and global energy markets. The decision comes during a global energy crisis triggered by Iran's blockade of the Strait of Hormuz, with the UAE previously criticizing OPEC members for inaction during Iranian attacks on Gulf states. The exit marks a fundamental reshaping of global energy interactions, striking a blow to the oil alliance that produces a third of global supply.
