The reopening of the Strait of Hormuz eases immediate energy supply threats, but analysts warn economic damages like inflation will persist for months due to lingering price impacts on food and energy supply chains.
ASEAN Secretary-General Kao Kim Hourn stated at the Russia-ASEAN Business Forum that the bloc's energy demand is growing and expressed interest in Russian energy supplies and technologies, including LNG, energy networks, and low-carbon solutions.
India anticipates safe passage for 34 stranded ships in the Persian Gulf following the successful transit of LNG carrier Disha through the Strait of Hormuz. While 16 ships carrying fertilizers are expected to reach Indian ports, immediate relief from improved energy supplies is uncertain due to damage at Qatar's Ras Laffan and UAE's Habshan facilities.
India anticipates safe passage for 34 stranded ships in the Persian Gulf after the LNG carrier Disha successfully navigated the Strait of Hormuz. The transit raises hopes for improved energy and fertilizer supplies, despite facility damage in Qatar and UAE.
Global oil and gas markets have seen prices fall after a US-Iran peace deal was confirmed, potentially reopening the Strait of Hormuz. Brent crude dropped to $83 a barrel and gas prices fell 6%, easing fears of severe economic consequences.
Leaders at this year's summit face a more hostile crowd due to the Iran war's economic impact. Inflation, energy supply disruptions, and concerns over AI supply chains and global growth are key issues. European nations hope to secure the strait with a deal, while the US focuses on trade and other policy areas.
President Trump faces a hostile G7 summit crowd due to the Iran war's economic fallout, including inflation and disrupted energy supplies. European leaders seek a deal with Iran and discuss reopening the strait, while economists warn of AI supply chain impacts and slower global growth.
The US and Iran engaged in a second day of retaliatory strikes, with explosions reported near the Strait of Hormuz and US forces targeting Iranian military capabilities. Iran responded by striking US bases in Bahrain and Kuwait, claiming to have closed the Strait of Hormuz, a claim the US denied. Tensions escalate as US President Trump criticizes stalled negotiations.
The GCC has called on the UN Security Council to intervene and hold Iran accountable for attacks on Arab countries, citing repercussions on regional security and energy supplies. This comes after a series of retaliatory strikes involving the US and Iran.
Russia is prepared to increase its supply of low-carbon energy resources, oil, and gas equipment to Thailand at competitive prices, according to Russian Economic Development Minister Maxim Reshetnikov at the St. Petersburg International Economic Forum.
The OECD warns that prolonged energy supply disruptions from the Middle East due to the Iran war would severely impact the global economy, causing recession, inflation, and unemployment. Asian economies are particularly vulnerable, but global growth would significantly slow, potentially leading to a recession.
Hong Kong's Financial Secretary Paul Chan stated the Middle East war has had a limited impact on local inflation, citing the city's service-based economy and stable energy from mainland China as mitigating factors.
Malaysia's Economy Minister stated the country has sufficient energy supplies until the end of July due to disruptions from the war in Iran. Shipping costs to the Middle East have increased significantly, impacting Malaysia's primary commodities sector. Meanwhile, the GCC and UK concluded free trade agreement negotiations, aiming to boost trade and investment.
Petrol and diesel prices saw a third hike in under 10 days, with prices rising by up to 87 paise for petrol and 91 paise for diesel per litre. This surge is attributed to escalating global crude oil prices driven by the West Asia conflict and disruptions at the Strait of Hormuz.
Asia sees a 20-year high in capital expenditures across sectors like defense, AI, and energy, driven by geopolitical crises and trade disputes. Morgan Stanley predicts a 'super cycle,' boosting economic power and jobs in the region.
Abu Dhabi speeds up West-East pipeline to Fujairah, aiming to double ADNOC's export capacity by 2027, bypassing the vulnerable Strait of Hormuz amid global energy pressures.
The escalating US-China legal arms race, amid the US-Iran conflict disrupting global energy and economies, forces businesses worldwide to navigate conflicting regulatory regimes, risking non-compliance with one side while adhering to the other.
India requests US extension on Russian oil import waiver due to Strait of Hormuz disruptions, despite US pressure to reduce purchases amid Ukraine war, as global oil supplies face strain.
US President Donald Trump meets Chinese leader Xi Jinping in Beijing amidst a fragile trade truce, strategic rivalry, and global disruption from the US-Iran war, focusing on stability and practical outcomes.
Datacentres now consume 6% of the UK's and US's electricity, with global usage rising 15% in two years, prompting community resistance and calls for transparency from tech companies amid energy shortages and environmental concerns.
Russian Foreign Minister Sergey Lavrov claims the West is attempting to ban Russian gas and oil to 'punish' Moscow, while asserting Russia's reliability in fulfilling energy supply obligations to all partners.
US President Donald Trump's visit to China amid US-Iran war and global energy uncertainty, with China diversifying trade relationships to minimize external vulnerabilities
Middle East conflict jitters are pushing oil prices higher, with Brent crude and WTI futures seeing gains. Ceasefire talks with Iran are reportedly "on life support" following Tehran's response to a US proposal, which included broader regional demands. The Strait of Hormuz, a vital oil passage, remains a key flashpoint, with Iran asserting control, raising concerns about global energy supplies.
US President Donald Trump’s landmark visit to China comes as the US-Iran war disrupts global energy supplies, fuels economic uncertainty and adds fresh strain to Washington-Beijing ties. In this story, part of a series examining how rivalry, interdependence and geopolitical crises are reshaping the relationship between the two powers, we examine how artificial intelligence (AI), chip controls and competing technology ecosystems are redefining US-China rivalry. Nvidia CEO Jensen Huang was the...
