India is bolstering its oil reserves and diversifying import sources due to global trade disruptions and geopolitical tensions. State-owned refiners have secured two months of crude supply, increasing purchases from Russia, Brazil, and Venezuela, while also planning a new strategic reserve facility.
Crimea suspended civilian gasoline sales due to escalating Ukrainian attacks on fuel infrastructure. Governor Sergei Aksyonov stated fuel would only be sold to government agencies after Ukrainian strikes killed four and wounded 28, targeting oil depots and terminals.
Cockroach Janta Party founder Abhijeet Dipke protested at Jantar Mantar over the NEET-UG paper leak, demanding water supply restoration and criticizing authorities for lack of basic facilities and harassment of donors. The group also seeks compensation for affected families and the education minister's resignation.
Polish PM Donald Tusk cautioned against a political conflict with Ukraine, calling it a strategic mistake. This follows Poland revoking Zelenskyy's top honor after he supported renaming a unit after nationalists who massacred Poles in WWII. Meanwhile, Ukraine's attacks on Russian fuel supplies in Crimea have led to civilian gas sales suspension.
Bolivia is showing signs of returning to normalcy after President Paz declared a state of emergency to end a 50-day social crisis. The Legislative Assembly approved the decree, aiming to restore transit and supply essential goods. Agreements were reached in Santa Cruz, and a La Paz federation paused protests, though demands remain.
Crimea suspended civilian gasoline sales as Ukraine intensified attacks on fuel supplies. Ukrainian strikes killed four and wounded 28, targeting oil depots and transport facilities. This marks the worst energy crisis since Russia's 2014 annexation.
A tentative US-Iran deal aims to reopen the Strait of Hormuz, but global economic fallout persists. Energy markets anticipate supply recovery, yet recession looms for Gulf economies, while US inflation rises. Analysts warn of fragile peace and long-term economic impacts.
Former Ukrainian Prime Minister Nikolay Azarov stated that the G7 summit's decisions indicate the West's intention to prolong the conflict in Ukraine, citing increased military aid and drone deliveries.
Iran's IRGC declared the Strait of Hormuz closed, accusing the US and Israel of violating a new peace deal. This follows Israeli strikes in Lebanon and Gaza, and US-led talks on Iran's nuclear capacity. The US denies the waterway is closed, stating traffic continues.
The EU will demand that gas supplied by Turkey to its member states under new contracts is not of Russian origin, according to German Economy Minister Katherina Reiche. Turkey acknowledged the EU's goal of reducing Russian commodity reliance but noted that a complete replacement is not feasible immediately.
Iran has announced the closure of the Strait of Hormuz, a vital oil shipping route, citing Israeli strikes in Lebanon and US alleged violations of a ceasefire. This move threatens a fragile interim peace deal with the US, signed just days prior, and casts doubt on upcoming talks in Switzerland.
Iran announced the closure of the Strait of Hormuz, a vital oil shipping route, citing Israeli actions in Lebanon and US alleged violations of a ceasefire. This move threatens a fragile interim peace deal with the US, signed just days ago, and casts doubt on upcoming talks in Switzerland.
Guinea is prioritizing iron ore exports to China for 'green steel' production, diverting bauxite vessels due to higher prices and upcoming seasonal rains. This move aids China's diversification from Australian and Brazilian ore, impacting major operators like Baowu Winning Consortium Simandou.
India has diversified its LPG imports by sourcing from the US, Iran, Argentina, Chile, France, and the Netherlands to reduce dependence on the Middle East following energy supply disruptions. Despite rising global prices, domestic consumers were shielded, though commercial users saw significant price hikes, leading to substantial losses for fuel retailers.
The European Commission is set to revise the EU's water protection law to expedite critical minerals mine development, despite analysis showing over half of planned "strategic" mines are in drying or water-stressed regions, raising environmental concerns.
US envoy Steve Witkoff and Iranian Foreign Minister Abbas Araqchi are heading to Switzerland for talks following a ceasefire in Lebanon. The talks aim to turn an interim Iran war pact into a lasting regional deal, potentially reviving efforts to reopen the Strait of Hormuz and stabilize oil supplies.
Ukrainian President Zelenskyy gave Belarus one week to remove Russian military equipment used in attacks on Ukraine, threatening to do so himself. He also highlighted Belarus's role in supplying Russia's oil refining industry and the Russian army. Meanwhile, EU leaders discussed diplomatic channels with Russia, and Poland's president threatened to revoke an honor for Zelenskyy over renaming a military unit.
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.
Energy shipments have resumed in the Gulf following an interim agreement between the US and Iran, allowing LNG tankers to sail through the Strait of Hormuz. This is expected to restore Qatar's LNG exports and ease Pakistan's gas shortage. The deal involves uranium dilution, sanctions waivers, and a 60-day negotiation period.
US President Donald Trump, upon arriving in Paris after a G7 summit, declined to specify if Washington would increase weapons supplies to Ukraine. He emphasized that European and NATO countries should bear the costs, contrasting it with former President Biden's policies. Trump acknowledged Ukraine's strong performance on the battlefield.
G7 nations intend to manufacture long-range missiles and air defense systems in Ukraine via licensing agreements, according to a diplomatic source cited by AFP. The announcement comes as the G7 Summit concludes in France.
Russia is in talks with ASEAN nations to boost liquefied natural gas (LNG) exports, according to Economic Development Minister Maxim Reshetnikov. The region's energy consumption is projected to rise significantly by 2050, creating opportunities for Russian energy products. Food and fertilizer exports are also areas of expansion.
UK inflation held steady at 2.8% in May, defying expectations of a rise. This suggests the Middle East conflict's impact on living costs may be less severe than feared, despite high fuel prices. Economists are downgrading inflation forecasts and questioning future interest rate hikes.
Russia increased mineral and crude oil supplies to ASEAN countries by 40% in Q1 2026 due to the Hormuz Strait crisis. Minister Maxim Reshetnikov announced plans for long-term contracts and infrastructure development to ensure energy security and competitive prices.
