Southeast Asian governments face renewed energy shocks and trade disruptions due to revived US-Iran hostilities, prompting ASEAN foreign ministers to express grave concern and urge an immediate cessation of fighting.
The Philippine economy faces fragility due to internal political turmoil, a corruption scandal, energy shocks, and extreme weather, despite inflation easing to 6.4% in June. ING's report highlights ongoing economic pressures, suggesting the central bank may not yet declare victory over inflation.
UK's likely next Prime Minister, Andy Burnham, faces a critical decision on expanding North Sea oil drilling or focusing on renewables, amidst a global energy crisis exacerbated by the Iran war and Russia's conflict in Ukraine. Business leaders and some unions back drilling for energy security and jobs, while others advocate for clean energy. Key fields like Rosebank and Jackdaw are central to the debate.
The Aberdeen South by-election on June 18 is a pivotal contest on North Sea oil politics. Reform UK and Scottish Conservatives are campaigning on reviving oil and gas production, challenging the SNP's net zero commitments. The outcome could signal a wider debate on the economic burden of net zero ahead of a UK general election.
UK government announces cost of living measures like VAT cuts & free bus rides, but they fail to address energy import shocks. Rising energy bills and global crises threaten household finances, highlighting the need for faster transition to clean power and greater state-led resilience.
Indonesia proposed an Asean oil storage hub to bolster regional fuel reserves amid supply disruptions from the Middle East. Analysts cite political distrust and Asean's history of untested mechanisms as potential obstacles.
Food prices are on track to be 50% higher in November 2026 than at the start of the cost of living crisis in 2021, according to ECIU thinktank research. Climate and energy shocks have driven an almost quadrupling of food price growth, with costs rising in five years at roughly the same rate as the previous two decades. Staples including pasta, chocolate, eggs and beef are significantly more expensive, while household food bills rose by £605 over 2022-2023.
A leading ratings agency that previously expressed concerns about China’s local debt woes has cast a vote of confidence in the world’s second-largest economy, raising the country’s sovereign credit outlook to “stable” from “negative”. This week’s move by Moody’s Ratings was closely watched, as energy shocks from the US-Israel war in Iran have exacerbated concerns about the global economy’s trajectory. The agency had dropped China’s sovereign rating from Aa3 to A1 in 2017, its first downgrade for...
USTDA concluded a technical delegation visit to Baku advancing the Trump Route for International Peace and Prosperity corridor, a 42km rail-road link through Armenian territory connecting Central Asia to Europe. The visit supports the US-Azerbaijan Charter on Strategic Partnership signed in February. USTDA is exploring projects across LNG, nuclear energy, electricity transmission, AI infrastructure and cybersecurity. Azerbaijan's position as a key energy partner for Europe, with exports to nearly 30 countries and 16 for gas including 10 EU states, makes it central to Washington's strategy of reshaping East-West logistics flows.
In Cyprus, the bloc's leaders (minus Viktor Orbán) talk Middle East, security and the next big cash pot.
The German government has officially halved its economic growth forecast for 2026, citing the severe impact of energy shocks stemming from the Iran war. This revision reflects a significant cooling for Europe's largest economy.
Pakistan's nascent economic recovery is under pressure as the US-Iran conflict drives up fuel costs and forces rolling blackouts. Small businesses and households face severe financial strain, while the IMF has downgraded the country's 2026 growth forecast.
Despite claims of energy independence, the US faces rising gasoline prices and global energy market disruptions due to the Iran conflict, highlighting its vulnerability to international supply chain issues and the need for demand reduction.
