UK inflation remained unexpectedly at 2.8% in May, with higher transport and fuel costs offset by slower food price rises. Economists had forecast a rise to 3%. The ONS reported the flatlining figure, which follows a decline in April, as various price movements balanced out.
Falling global energy prices, potentially due to a US-Iran agreement, could offer relief to Indian refiners and gas consumers. Brent crude has dropped to nearly $83/barrel, impacting India's 88% crude import dependence. LNG prices, though moderated, remain elevated.
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.
US and Iran reach a deal to end a three-month war, with a signing set for Friday in Switzerland. The agreement includes lifting US oil sanctions and reopening the Strait of Hormuz, prompting global leaders to welcome the move towards regional stability and economic recovery.
Ireland's booming data centre sector, driven by AI, now consumes more electricity than all urban homes, leading to soaring household costs and environmental concerns. Experts warn this rapid growth outstripping renewables could serve as a global cautionary tale.
The US has become the world's largest oil exporter at 10.5 million bpd in May, surpassing Saudi Arabia (5.9 million bpd) and Russia (7 million bpd), driven by increased domestic production and strategic reserve releases amid global disruptions.
The US and Iran engaged in a second day of retaliatory strikes, with explosions reported near the Strait of Hormuz and US forces targeting Iranian military capabilities. Iran responded by striking US bases in Bahrain and Kuwait, claiming to have closed the Strait of Hormuz, a claim the US denied. Tensions escalate as US President Trump criticizes stalled negotiations.
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.
Bitcoin fell to ~$63,316 after a brief rally, as renewed Israel-Iran conflict triggered a risk-off market, surging energy prices and dragging equity markets down, highlighting crypto's vulnerability to geopolitical and macroeconomic pressures.
Saudi Energy Minister Prince Abdulaziz bin Salman stated at the St. Petersburg International Economic Forum that the global energy sector needs more stability to avoid further financial losses, emphasizing resilience amidst difficult circumstances.
The global energy sector is experiencing a slight slowdown in oil demand growth due to Middle East tensions, particularly in the Strait of Hormuz. Russia reaffirms its commitment to OPEC+ for market stability, highlighting hydrocarbons' continued dominance in the global energy mix.
Global energy consumption, including fossil fuels and renewables, is increasing, challenging the notion of a rapid energy transition. Experts at Baku Energy Week discussed expanding renewable capacity while maintaining hydrocarbon use for energy security and export revenues.
Several Indian Union ministers carpooled to a cabinet meeting, following Prime Minister Narendra Modi's suggestion to reduce vehicle fleets. This move emphasizes sustainability and leads by example amid global energy concerns.
Global energy investments are projected to hit $3.4 trillion in 2026, driven by electricity and supply security concerns following recent energy crises. Low-emission sources will dominate, with significant growth in renewables and nuclear, while fossil fuel investments show mixed trends.
Baku Energy Week 2026 opened with Azerbaijan's President Ilham Aliyev emphasizing the continued need for fossil fuels while advocating for parallel investment in renewables. Discussions focused on AI, gas geopolitics, and emissions reduction, highlighting the oil and gas sector's modernization efforts.
Baku Energy Week 2026 focused on AI, upstream investment, and gas security, showcasing how energy companies are adapting to geopolitical uncertainty through automation, digital infrastructure, and emissions reduction.
South Korea's consumer prices surged 3.1% in May year-on-year, the fastest growth in 26 months. This rise is attributed to global energy price volatility due to the Middle East war, with petroleum product prices soaring 24.2%.
India's public sector oil companies have reduced Aviation Turbine Fuel (ATF) prices for international flights by nearly 27%, while increasing commercial LPG cylinder prices by Rs 42. ATF for international airlines now costs $1,103 per kilolitre.
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.
India's Great Nicobar Island project gains strategic attention amid the Hormuz blockade, potentially disrupting Chinese supply chains and alleviating the 'Malacca dilemma'.
The UK's energy price cap will increase by 13% to £1,862/year from July to September, driven by soaring global energy prices amid the war in Iran, affecting average households with a £221 annual rise.
High gas prices, exacerbated by US involvement in a conflict with Iran, are impacting truck drivers and the broader economy. Analysts predict prices will remain elevated, affecting upcoming US midterm elections and voter sentiment towards the Trump administration.
High gas prices, exacerbated by US actions against Iran, are straining truckers and impacting voter sentiment ahead of US midterm elections. Drivers face significant increases in fuel costs, affecting their livelihoods and potentially influencing election outcomes.
