Britain's BP reported a Q2 underlying replacement cost profit of $5.7 billion, beating analyst expectations of $5 billion, as high fossil fuel prices driven by the Middle East conflict boost major oil companies.
Global oil prices surged toward $100 per barrel as Middle East fighting disrupted the Strait of Hormuz and Red Sea, leaving global inventories critically low and threatening renewed inflation.
Australia's Morning Mail covers significant news including falling house prices, concerns over First Nations deaths in custody, and the start of Alan Jones' trial. International news features the Middle East crisis and wildfire tragedies.
U.S. President Donald Trump announced the cancellation of planned strikes on Iran, stating a rapid agreement had been reached with Tehran and other Middle Eastern countries to end the conflict. The deal reportedly includes opening the Hormuz Strait and ending Iran's nuclear threat, with Israel's support. Iran has not yet confirmed the agreement.
US embassies in the Middle East warned American citizens Saturday of an "unforeseen escalation" in the regional conflict, urging readiness to depart. The alert follows President Trump's threat against Iran, highlighting the war's impact on lives and global energy markets.
Satellite images reveal new damage to Amazon data centers in UAE and Bahrain, and a crucial Saudi oil facility, following missile and drone attacks by Iran and Houthi allies. The strikes, including a Houthi naval blockade in the Bab el-Mandeb Strait, threaten global oil exports and have caused a 40% drop in tanker transits, escalating conflict in the Middle East.
The Bank of England's MPC maintained the UK interest rate at 3.75%, warning that an escalation of the Iran war could drive inflation above 4% by 2027, intensifying cost of living pressures. Governor Andrew Bailey dismissed immediate rate hike expectations, despite three MPC members dissenting for an immediate rise to 4%.
The Bank of England warns that high UK inflation, potentially reaching 4.1%, is primarily threatened by the Middle East conflict's impact on oil prices, not domestic pressures. Despite current stability, the MPC fears future wage and price increases if the conflict persists, potentially necessitating interest rate hikes.
Middle East conflict drives oil price spike above $4/gallon; expert Bob McNally cites structurally escalation-prone dynamics, depleted strategic stocks, and China's rebounding oil imports as factors leading to potentially record-high gasoline prices.
Indonesia's National Economic Council Chairman, 78, expresses desire to relocate assets to Bali citing the unending Middle East conflict, amidst Indonesia's economic crisis.
India's Akasa Air seeks $110M for expansion, while Malaysia's AirBorneo launches international service, both growing despite high jet fuel prices and Middle East conflict, signaling smaller Asian carriers' growth amidst larger airlines' capacity issues.
China and Asean foreign ministers released a joint statement in Manila, addressing the ongoing energy crisis and the Middle East conflict, calling for a ceasefire and peaceful resolution, and welcoming US-Iran negotiations.
US President Donald Trump threatened to seize frozen Iranian assets to cover damages to ships and cargo in the Middle East, following Houthi rebel strikes on Saudi tankers. Iran's Foreign Minister Abbas Araghchi condemned the move as a dangerous, 'incendiary precedent' with global implications.
Global markets face a pivotal week with Federal Reserve, Bank of Japan, and Bank of England meetings, heightened by Middle East conflict, oil prices above $100, and new US tariffs. Investors also await Big Tech earnings and inflation data for interest rate clues.
Coca-Cola has increased prices in India due to severe disruptions in the Strait of Hormuz, a key supply route for aluminum cans and raw materials, following the collapse of an interim truce in the Iran conflict.
Crude oil prices surpassed $100 a barrel, driven by new threats to Red Sea shipping from Yemen's Houthis, escalating the Middle East conflict. This surge is expected to lead to higher gas and diesel prices, impacting airline stocks and mortgage rates.
Oil prices surpassed $100 a barrel for the first time in two months due to escalating Middle East tensions, including Houthi militia attacks on Saudi oil tankers in the Red Sea. This renewed conflict threatens global oil supplies, pushing up government borrowing costs and causing stock market declines amid inflation fears.
U.S. stock indexes tumbled as investors priced in a prolonged Middle East conflict, with Brent Crude futures topping $100 and 10-year Treasury yields exceeding 4.7% after new attacks on tankers, raising concerns about inflation and borrowing costs.
In May 2026, US LNG exports reached 502.8 bln cubic feet, a 6.5% decrease from April but 15.5% higher year-on-year. Europe remained the primary destination, but Asia's share significantly increased to 41.3% due to the ongoing Middle East crisis and supply disruptions from Qatar and the UAE.
Oil prices surged to $100 a barrel for the first time since May due to escalating Middle East conflict, including US strikes against Iran and Houthi attacks in the Red Sea. This reignites global inflation fears, potentially leading to higher consumer prices and pressure on central banks to maintain high interest rates.
Oil prices surpassed $100 a barrel for the first time in two months due to escalating Middle East conflict, particularly Houthi attacks on Saudi oil tankers and rising US-Iran tensions over Red Sea and Strait of Hormuz oil flows.
Oil prices surged past $95 a barrel for the first time in six weeks due to escalating Middle East conflict, including renewed US-Iran aggression and Houthi threats to shipping in the Bab el-Mandeb strait. Analysts warn prices could hit $120 by year-end without a restart of Gulf exports via Hormuz, despite IEA efforts to cushion the market.
Norway's state oil company Equinor reported nearly doubled profits of $11.5bn in Q2, exceeding predictions, driven by increased oil and gas production and soaring prices due to the war against Iran and a blockade in the Strait of Hormuz.
The US-China AI competition escalates with potential US sanctions over Chinese AI model "theft" and OpenAI's IPO efforts. The Trump administration plans new tariffs, while the Middle East conflict sees US strikes in Iran and a 10-day ceasefire proposal. Boeing and Airbus plan next-gen narrow-body jets, but airlines prioritize current deliveries.
