US President Donald Trump announced he will not extend the memorandum of understanding with Iran after negotiations stalled, while also ordering a reduction in joint military exercises with South Korea.
Proposed new coalmining projects increased global supplies by 2.5bn tonnes in 2025, an 11% rise driven largely by India, even as overall startup of new mines fell and renewables expanded.
The IEA warns global oil stockpiles are rapidly depleting and supply will fall by 4.3 mb/d in 2026 amid ongoing conflict in the Middle East, while US military fires on a ship and Houthi rebels kill six in the Bab el-Mandeb Strait.
Iran rejected Donald Trump's claim of total US control over the Strait of Hormuz, stating the critical waterway will remain closed until Washington changes its behaviour. Meanwhile, Houthi attacks in the Bab al-Mandeb Strait killed six people.
Analysts say the upcoming Brics forum from September 12 to 13 could see parallel diplomacy amid a global energy crisis, driven by converging economic and strategic interests between India and China.
Iran's leaders believe military pressure and strategic leverage over the Strait of Hormuz will force the US to accept their control, citing diminishing US weapon stockpiles, war unpopularity, economic pressure via high petrol prices, and potential escalation through Houthi allies.
President Donald Trump announced new negotiations with Iran this week, but Iran’s foreign ministry denied talks and warned it may keep the Strait of Hormuz closed, threatening global oil supply and escalating tensions ahead of US midterms.
US President Donald Trump announced new negotiations with Iran would begin Monday, following his decision to halt military strikes. Talks will focus on the Strait of Hormuz and Iran's denuclearization, amidst ongoing regional volatility.
US President Donald Trump announced new negotiations with Iran, starting Monday, after deciding to halt planned strikes. Talks will cover the Strait of Hormuz and denuclearization. Iran reported nearing a deal with Oman on a new strait route amid continued volatility in the strategic waterway.
US Secretary of State Marco Rubio suggested a permanent geopolitical shift away from the Strait of Hormuz due to Iran's perceived threat, advocating for new energy transit routes. However, experts warn that redrawing the Middle East's energy map faces immense logistical and security hurdles, making a full bypass mathematically impossible in the near term.
The OPEC+ Joint Ministerial Monitoring Committee (JMMC) voiced concern over ongoing attacks on global energy infrastructure and disruptions to international maritime routes, highlighting their impact on supply, market volatility, and the costly, lengthy restoration process.
BP announced plans to sell its North Sea oil and gas business, which employs 1,100 people across five production hubs, to focus on high-value opportunities. The move follows declining production, tax changes, and similar divestments by other energy majors, despite recent UK government signals for a pragmatic approach to North Sea resources.
Yemen's government alleges Houthi rebels, aided by Iran's IRGC, plan to impose transit fees on ships using the Bab el-Mandeb strait, a critical oil shipping route, in a move to fund military activities, echoing Iran's blockade of the Strait of Hormuz.
Houthi threats to Saudi oil shipments via Bab al-Mandab have pushed Brent crude above $100 a barrel and raised fears of a further spike. The disruption is also tightening global diesel, petrol and gas markets.
US President Donald Trump threatened to destroy Iranian infrastructure, including bridges or power plants in or near Tehran, for any attack on ships in the Strait of Hormuz, amid escalating US strikes on Iran and the strait's closure impacting global oil trade.
Three Saudi crude oil tankers bound for China and India reversed course in the Red Sea, heading for the Suez Canal after Yemen's Houthi militia warned against using Saudi ports, signaling disruptions to global energy supplies and trade.
Market forecasts indicate a doubled likelihood of a Reserve Bank interest rate hike as escalating Middle East tensions drive fuel prices higher. Brent crude surged 23% to near $US90/barrel, impacting Australian motorists and raising stagflation concerns for the economy.
The escalating Middle East crisis has driven Brent crude prices up 23% to near $US90/barrel, doubling market forecasts for an Australian Reserve Bank interest rate hike. Australian motorists face rising fuel costs as experts warn of a critical juncture for global energy markets.
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.
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.
Global stock markets and oil prices surged Wednesday after President Trump questioned the Iran ceasefire, sparking fears of supply disruptions. Wall Street opened lower, with the S&P 500 down 0.5% and Dow Jones down 1%. Brent crude rose 4.8% to $77.74.
Kremlin spokesman Dmitry Peskov stated Russia is implementing maximum measures to mitigate the threat of attacks by the Kiev regime on global energy infrastructure, following a drone strike on the Blue Stream gas pipeline's Krasnodarskaya compressor station. Peskov described these actions as dangerous and indicative of the Kiev regime's consistent aggressiveness.
Kremlin Spokesman Dmitry Peskov stated Ukraine's attacks on energy facilities are dangerous and that Russia is taking measures to minimize threats. He also welcomed the IOC's decision to lift the suspension of the Russian Olympic Committee, calling it a major achievement for Russian athletes. Peskov commented on the domestic economy, noting stock market volatility is normal and macroeconomic stability is guaranteed.
A third commercial tanker was struck in the Strait of Hormuz within 24 hours, escalating regional tensions. Qatar directly blamed Iran for an attack on its LNG vessel, calling it an "unacceptable" assault on maritime navigation. The incidents raise concerns over global energy security.
