Drones carrying explosives targeted a city in northern Iraq where US forces are stationed, while sirens rang out in Bahrain. Iran's Revolutionary Guards claimed responsibility for targeting an Amazon data center in Bahrain, hours after the US completed its 13th night of strikes against Iran, escalating regional tensions.
Analysts view a proposed Indonesia-Philippines power link as crucial for addressing Philippine domestic energy issues, despite geographical and supply-chain challenges. The Philippines, as ASEAN chair, is advancing regional energy cooperation, while also addressing US-Iran tensions at ministerial meetings.
Three Saudi crude oil tankers bound for China and India reversed course in the Red Sea, heading for the Suez Canal after Yemen's Houthi militia warned against using Saudi ports, signaling disruptions to global energy supplies and trade.
Global stock markets and oil prices surged Wednesday after President Trump questioned the Iran ceasefire, sparking fears of supply disruptions. Wall Street opened lower, with the S&P 500 down 0.5% and Dow Jones down 1%. Brent crude rose 4.8% to $77.74.
The IMF projects India's growth at 6.4% for the current year, citing strong private consumption and services. It raised the next fiscal year's GDP growth forecast to 6.7%. Globally, the IMF noted resilience despite the Middle East conflict but warned of risks.
Russian President Vladimir Putin stated that Kyiv is attempting to disrupt energy supplies and the tourist season through its strikes. He mentioned this information is being received through various channels and asked Deputy Prime Ministers Alexander Novak and Marat Khusnullin for updates.
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.
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.
ASEAN Secretary-General Kao Kim Hourn stated at the Russia-ASEAN Business Forum that the bloc's energy demand is growing and expressed interest in Russian energy supplies and technologies, including LNG, energy networks, and low-carbon solutions.
India anticipates safe passage for 34 stranded ships in the Persian Gulf following the successful transit of LNG carrier Disha through the Strait of Hormuz. While 16 ships carrying fertilizers are expected to reach Indian ports, immediate relief from improved energy supplies is uncertain due to damage at Qatar's Ras Laffan and UAE's Habshan facilities.
India anticipates safe passage for 34 stranded ships in the Persian Gulf after the LNG carrier Disha successfully navigated the Strait of Hormuz. The transit raises hopes for improved energy and fertilizer supplies, despite facility damage in Qatar and UAE.
Global oil and gas markets have seen prices fall after a US-Iran peace deal was confirmed, potentially reopening the Strait of Hormuz. Brent crude dropped to $83 a barrel and gas prices fell 6%, easing fears of severe economic consequences.
President Trump faces a hostile G7 summit crowd due to the Iran war's economic fallout, including inflation and disrupted energy supplies. European leaders seek a deal with Iran and discuss reopening the strait, while economists warn of AI supply chain impacts and slower global growth.
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.
The GCC has called on the UN Security Council to intervene and hold Iran accountable for attacks on Arab countries, citing repercussions on regional security and energy supplies. This comes after a series of retaliatory strikes involving the US and Iran.
Russia is prepared to increase its supply of low-carbon energy resources, oil, and gas equipment to Thailand at competitive prices, according to Russian Economic Development Minister Maxim Reshetnikov at the St. Petersburg International Economic Forum.
The OECD warns that prolonged energy supply disruptions from the Middle East due to the Iran war would severely impact the global economy, causing recession, inflation, and unemployment. Asian economies are particularly vulnerable, but global growth would significantly slow, potentially leading to a recession.
Hong Kong's Financial Secretary Paul Chan stated the Middle East war has had a limited impact on local inflation, citing the city's service-based economy and stable energy from mainland China as mitigating factors.
Malaysia's Economy Minister stated the country has sufficient energy supplies until the end of July due to disruptions from the war in Iran. Shipping costs to the Middle East have increased significantly, impacting Malaysia's primary commodities sector. Meanwhile, the GCC and UK concluded free trade agreement negotiations, aiming to boost trade and investment.
Petrol and diesel prices saw a third hike in under 10 days, with prices rising by up to 87 paise for petrol and 91 paise for diesel per litre. This surge is attributed to escalating global crude oil prices driven by the West Asia conflict and disruptions at the Strait of Hormuz.
Asia sees a 20-year high in capital expenditures across sectors like defense, AI, and energy, driven by geopolitical crises and trade disputes. Morgan Stanley predicts a 'super cycle,' boosting economic power and jobs in the region.
Abu Dhabi speeds up West-East pipeline to Fujairah, aiming to double ADNOC's export capacity by 2027, bypassing the vulnerable Strait of Hormuz amid global energy pressures.
The escalating US-China legal arms race, amid the US-Iran conflict disrupting global energy and economies, forces businesses worldwide to navigate conflicting regulatory regimes, risking non-compliance with one side while adhering to the other.
India requests US extension on Russian oil import waiver due to Strait of Hormuz disruptions, despite US pressure to reduce purchases amid Ukraine war, as global oil supplies face strain.
