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.
US Defense Secretary Pete Hegseth testified before the Senate, revealing the US-Israel war on Iran has cost $37.5bn and requesting $88bn in supplemental funding. Lawmakers expressed fury over rising costs, 17 American deaths, and the conflict's spiraling nature, questioning the administration's strategy and constitutional authority.
US Defense Secretary Pete Hegseth confirmed the official cost of the US-Israel war on Iran at $37.5bn during a Senate hearing. This figure, higher than previous estimates, comes amidst ongoing conflict, US strikes, and threats against Iran, raising concerns about the US defense budget and energy prices.
UK fuel prices are increasing again after peace talks to end the US-Israel war with Iran collapsed. Prices surged at the conflict's start, fell after a framework deal in June, but are now rising due to resurfacing tensions, with analysts predicting further hikes. The government postponed a fuel duty increase.
US President Trump expressed anger at NATO, threatening to cut ties with Spain over trade and military base issues, while reiterating his desire to acquire Greenland. NATO leaders met in Ankara to address these tensions and defense spending.
The US-Israel war on Iran is creating economic instability in Africa, affecting oil markets, shipping, and financial confidence. African nations are reassessing energy security, defense, and investment strategies, facing new risks but also accelerating efforts to boost domestic energy capacity and reduce reliance on external powers.
The conflict has caused significant disruption to merchant shipping, comparable to the COVID-19 pandemic and the war in Ukraine. While immediate impacts include attacks, delays, and increased costs, analysts suggest the long-term legacy may be minimal due to shipping's essential role and the availability of alternative routes for container vessels.
UK motorists saw the fastest monthly drop in diesel prices in June, falling 17p a litre, according to RAC. Prices have nosedived since the US-Iran conflict ended, with further drops expected by the AA, though still higher than pre-conflict levels.
A US-Israel war on Iran, launched in late February, has caused major upheaval in global energy, impacting oil prices and shipping through the Strait of Hormuz. Experts foresee long-lasting shifts, including new pipelines, diversified supply routes, and an accelerated transition to renewables, with China poised to benefit.
Hong Kong's two major electricity suppliers will provide HK$80-90 million in rebates to eligible households between August and October. This initiative aims to ease financial pressure on residents due to increased energy prices, attributed to the US-Israel war on Iran.
US President Donald Trump orders DOJ investigation into major energy companies, alleging they are 'gouging' customers by not sufficiently lowering petrol prices after global wholesale oil price decreases.
The UN's International Maritime Organization is evacuating over 11,000 sailors stranded in the Strait of Hormuz following a US-Iran agreement. Shipping traffic has increased, but the strait's full reopening timeline remains uncertain.
Donald Trump signed an "Islamabad MOU" at the Palace of Versailles with French President Emmanuel Macron. Pakistani PM Shehbaz Sharif announced the deal, which includes Iran reopening the Strait of Hormuz and the US lifting its naval blockade. Analysts suggest the US made greater concessions due to its desire to end the war.
The US Federal Reserve decided to maintain interest rates at 3.5-3.75% due to persistent inflation, driven by energy prices and Middle East conflict. Despite expectations, future rate hikes are possible by late 2027.
Oil prices are falling as markets anticipate stability following a potential US-Iran framework agreement. Brent crude futures dropped nearly 1% on Wednesday, extending previous declines, with analysts citing sentiment-driven trading and the prospective reopening of the Strait of Hormuz.
A ceasefire ends the 108-day US-Israel war on Iran, resulting in thousands of deaths and hundreds of billions in economic losses. Despite tactical successes like assassinating leaders and degrading infrastructure, strategic goals of capitulation were not met, leading to a 'freeze' rather than a clear victory or defeat.
Donald Trump announced the Strait of Hormuz will be fully open from Friday following a US-Iran deal, but G7 leaders are working to prevent the agreement from unraveling due to Israeli actions and Iran's claims on fees. The deal's details and Iran's nuclear program remain points of contention.
The US-Israel war against Iran has caused significant global economic disruption, leading to thousands of deaths, millions affected by price hikes, and widespread uncertainty. The conflict's impact rivals major historical events, stalling investment and employment, with costs ranging from military hardware to unquantifiable loss of life and opportunity.
Donald Trump informed Vladimir Putin during a Sunday phone call that ending Russia's war in Ukraine is critical and he is prepared to assist. Trump also mentioned a potential US peace deal with Iran, according to a Putin adviser.
Global stock markets rebound sharply after US President Donald Trump announces cancellation of planned strikes against Iran and an imminent peace deal, easing geopolitical tensions and boosting investor confidence.
China's ports topped the 2025 Container Port Performance Index, with 7 in the global top 10, amid critical roles in managing supply chain disruptions post-Red Sea crisis and US-Israel war on Iran.
Oil prices surged as Iran declared the Strait of Hormuz closed. Meanwhile, Malaysia's Akmal stated the country has secured fuel supply until end-July, rejecting shortage concerns and noting Petronas' role in assessing refinery readiness for diverse crude sources.
BYD, the Shenzhen-based EV maker, has seen a strong rebound in overseas deliveries, surging 76% year-on-year to nearly 300,000 units in April and May. This recovery, driven by rising oil prices due to the US-Israel war with Iran, has bolstered founder Wang Chuanfu's ambition to become the world's largest carmaker by 2030.
US consumer inflation reached a three-year high in May, rising 4.2% year-on-year, driven largely by a more than 60% increase in energy prices. President Trump expressed satisfaction with the report, linking inflation to energy costs and the ongoing conflict with Iran.
