The US and Iran have announced a preliminary agreement to end their conflict, potentially resolving the global energy crisis. The deal aims to reopen the Strait of Hormuz, a vital oil and gas route, which has been closed since February 2026, impacting global prices and supply.
The US and Iran have announced a preliminary agreement to end their conflict, potentially resolving the global energy crisis. The deal aims to reopen the Strait of Hormuz, a vital oil shipping route, which was closed by Iran in February 2026, causing significant oil supply disruptions and price hikes. While the agreement offers hope, experts caution that restoring normal energy flows will take months due to damaged infrastructure and logistical challenges.
President Trump celebrated his 80th birthday with a peace deal with Iran, leading to a global stock rally and oil price drop. However, he also warned France of a new trade war over digital taxes. Meta's AI efforts show progress with the Muse Spark model.
PM Narendra Modi will attend the G7 summit in France, representing the Global South and discussing West Asia conflict consequences, including energy crisis and freedom of navigation. He will also hold bilateral meetings with leaders like Macron, Trump, and Carney.
Philippine farmer Dan Rae Hugo faces doubled diesel costs and reduced profits due to the Iran war's impact on global energy prices. Meanwhile, ASEAN leaders convened in Cebu to address the energy shock affecting all 11 member states, agreeing to accelerate an energy security framework and a regional power grid. Philippine President Ferdinand Marcos Jnr stressed the urgent need for these measures, stating they were needed 'yesterday'.
Spain faces a critical juncture in harnessing AI for its youth. Despite high education levels, youth unemployment persists. A national strategy focusing on AI research, workforce preparedness through public-private partnerships, and a supportive regulatory environment is crucial to unlock economic potential and ensure opportunities for the next generation.
The US has imposed sanctions on Cuba's state-owned oil and gas company, Union Cuba-Petroleo (CUPET), under Executive Order 14404. This action follows positive bilateral talks between senior Chinese and Cuban officials on cooperation and party-to-party ties.
Japan relies on Malaysia for 15% of its LNG imports, making it a crucial supplier. This is important as Japan seeks to diversify from supply routes like the Strait of Hormuz.
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.
Cuba claims the US oil blockade is preventing the UN from distributing $6.3 million in humanitarian aid due to fuel shortages. Foreign Minister Bruno Rodriguez stated the blockade also hampers the Cuban economy and international organizations' work. The UN High Commissioner for Human Rights called for an immediate lifting of US sanctions, citing children dying due to lack of medical supplies.
President Trump invokes Defense Production Act to invest $700m in US coal industry, aiming to reduce energy costs and create jobs amid the war with Iran, despite promoting coal over renewable energy.
Havana faces an escalating garbage crisis as an energy blockade cripples services, leaving streets choked with refuse. Residents and officials highlight unsanitary conditions and disease risks, while grassroots initiatives offer a glimmer of hope.
Russian Deputy PM Alexander Novak stated that the global market has not yet fully experienced the energy crisis stemming from the Middle East conflict, attributing this to existing fuel reserves and previous oversupply. He made these remarks on the sidelines of the St. Petersburg International Economic Forum (SPIEF-2026).
Russian Deputy Prime Minister Alexander Novak stated that the energy crisis caused by the Middle East conflict is "unprecedented" in scale, even compared to the 20th century. He noted that the global market is losing about 12 million barrels of oil daily but has not yet fully felt the impact due to existing fuel reserves, which could last for another three months.
A German delegation, including parliament member Markus Frohnmaier, is attending the St. Petersburg International Economic Forum (SPIEF) to discuss the conditions for approximately 1,500 German companies operating in Russia and the ongoing energy crisis in Germany.
Ukrainian officials warn of a harsh winter due to damaged energy infrastructure, with nearly 95% of thermal power plants destroyed by Russian attacks. Kyiv's mayor previously warned of a critical heating situation.
Iran is grappling with an escalating energy crisis due to high summer demand for air conditioning and economic pressures from conflicts with Israel and the US. Despite vast oil and gas reserves, the country faces fuel shortages, import needs, and fears of blackouts. Subsidized energy prices, corruption, and mismanagement exacerbate the problem, leading to limited price reforms and potential social unrest.
The EU proposes limited fiscal flexibility to address the energy crisis, suggesting an extension of the national safeguard clause for defense to include measures accelerating the transition away from fossil fuels. Up to 0.3% of GDP annually for 2026-2028 could be used for energy resilience, with a cumulative limit of 0.6% of GDP over three years.
Germany's solar energy sector is experiencing an unexpected boom, driven by rising oil and gas prices due to the Iran conflict and anticipated cuts to solar subsidies. Demand from homeowners for rooftop solar systems has surged, with installation companies reporting a significant increase in orders and inquiries.
The European Commission will allow member states to use up to 0.3% of their GDP annually for energy crisis aid, partially easing budget rules. This decision, influenced by Italy's request, offers flexibility outside the Stability and Growth Pact constraints.
The European Commission is set to recommend that Italy's broad energy cost mitigation measures be replaced with targeted support for vulnerable households and energy-intensive firms, citing fiscal inefficiency and echoing IMF concerns. Rome seeks fiscal flexibility to address rising costs, but Brussels emphasizes the need for temporary, targeted aid compatible with fiscal discipline.
Italy's government is exploring aid measures to combat the energy crisis exacerbated by the Middle East war. Facing budget constraints, Rome is pushing the EU for fiscal flexibility, particularly for energy investments, to support vulnerable populations and reduce fossil fuel dependency.
Asian nations are prioritizing fuel needs over security risks associated with Russian oil imports, driven by high energy prices and supply disruptions. India's imports have surged, and Indonesia plans to import significant volumes from Russia.
China's manufacturing PMI fell to 50 in May, signaling a halt in expansion. While high-tech sectors show strength, domestic demand is weak due to a property slump, impacting retail sales. The nation remains relatively shielded from the global energy crisis due to strategic reserves and diversified energy sources.
