Yemen's construction industry grinds to a halt due to soaring fuel prices triggered by the US-Israel-Iran war, devastating the livelihoods of labourers like Fuad Mohammed amid a broader economic crisis.
Italy faces soaring fuel prices, with petrol reaching €2.6/litre in Milan. The government considers variable excise duties to mitigate the crisis, while opposition parties demand more substantial measures, citing a projected €10.8 billion spending on fuel for Italians in 2026.
India's Akasa Air seeks $110M for expansion, while Malaysia's AirBorneo launches international service, both growing despite high jet fuel prices and Middle East conflict, signaling smaller Asian carriers' growth amidst larger airlines' capacity issues.
Two Russian men, Lev Lakshtanov and Igor Ratchin, received 8 and 11-year sentences in Angola for terrorism and spying. Accused of coup planning and organizing deadly 2025 protests, they denied charges. Prosecutors linked them to Russia's Africa Politology network, part of the Wagner group, amid Angola's shifting alliances.
The U.S. economy faces increased vulnerability to energy market disruptions from the Iran war, with thinning buffers against price spikes. Gas and diesel prices are rising, impacting Americans' standard of living and consumer spending, with no short-term solutions evident.
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.
Queensland's Liberal National government buried a report by domestic violence victim-survivors that criticized police handling of cases and advocated for civilian review mechanisms, despite promises to prioritize victims in justice policies.
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.
Ryanair's pre-tax profits fell 34% to €593m between April and June, attributed to soaring jet fuel prices due to the Middle East war and consumer hesitancy leading to lower fares. The airline expects summer fares to be modestly lower than last year.
Fuel prices in Portugal are projected to increase significantly from July 20-26, with diesel rising by 13.5 cents and petrol by 6.5 cents per litre. This surge is attributed to the ongoing Middle East conflict, prompting the Environment and Energy Minister to request inspections of petrol station pricing.
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.
Average US gasoline prices increased by five cents to $3.84 per gallon, with diesel also rising, according to AAA data, amid new Middle East conflict escalation. California has the highest prices at $5.38 per gallon.
Arvind Kejriwal criticized the Centre for high fuel prices, stating petrol should cost Rs 82 instead of Rs 102 due to falling global crude oil rates. He accused the government of enabling oil companies' 'illegitimate profit' and questioned the rationale behind high prices despite the push for E20 ethanol-blended petrol.
Renewed US-Iran tensions over attacks in the Persian Gulf have caused oil prices to spike, raising concerns about future fuel costs. Tanker traffic has halted, and while gas prices have only slightly increased, a sustained conflict could lead to higher prices for consumers.
Renewed Iran-US tensions have sparked fears of rising fuel prices as oil prices hit multi-week highs. Tanker traffic through the Strait of Hormuz has reportedly stopped, increasing geopolitical risk perception. U.S. gasoline prices saw a slight increase, with further impacts expected due to crude oil's significant share in gasoline costs.
China has significantly reduced fuel prices, bringing them close to pre-war levels as crude oil costs decrease. Indian private retailer Nayara Energy has also cut its fuel rates, while state-run firms have not yet followed suit due to substantial first-quarter losses.
Union Minister Hardeep Puri stated that Indian petrol and diesel prices could be reduced if international crude oil rates remain low for several weeks. State-run oil marketing companies are currently processing higher-priced crude from the West Asia conflict, incurring significant losses, but sustained low global prices could enable future cuts. India also plans to boost its oil storage capacity.
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.
State-run oil companies cut commercial LPG by Rs 183.5 and ATF by Rs 5/litre. Nayara Energy reduced petrol by Rs 5 and diesel by Rs 3/litre. Domestic LPG, CNG, and state-run petrol/diesel prices remain unchanged.
Australia faces economic pressures from inflation, high interest rates, and slowing demand, increasing public expectation for government support. Businesses report negative impacts from fuel prices, delaying investments and reducing workforces. An economist argues for realistic government intervention and greater entrepreneurial spirit.
Kotak Mahindra Bank is acquiring Deutsche Bank's retail, private banking, and wealth management businesses in India. Concurrently, commercial LPG and jet fuel prices have been cut due to lower global oil rates, offering relief to businesses and airlines. Separately, Pakistan has warned India regarding the Indus Water Treaty.
Several financial and policy changes took effect in India from July 1, including cheaper commercial LPG, increased passport fees, an expanded rural employment guarantee, free Aadhaar email updates, and revised credit card benefits.
The Indian government reduced jet fuel (ATF) prices by Rs 5 per litre to Rs 110, offering relief to domestic airlines after a period of high costs. This is the first reduction since the Middle East conflict caused a surge in global oil prices.
The UAE has announced a sharp reduction in petrol and diesel prices for July 2026, effective July 1. This marks the end of a four-month price increase streak, offering relief to motorists and businesses.
