Rising grocery and fuel prices are emerging as a political vulnerability for US Republicans ahead of the November midterms, as voters express frustration over persistent inflation despite Donald Trump's pledges.
An ERSE study requested by Portugal's Environment and Energy Minister found no evidence of profiteering or the 'Rockets and Feathers' effect by fuel operators, concluding that pump prices track international refined products and high taxation accounts for differences with Spain.
Industry forecasts in Portugal point to a sharp drop in fuel prices from August 10, with diesel expected to fall by 12 cents and petrol by 12.5 cents, according to the Automobile Club of Portugal.
Treasury modelling warns UK economic growth could slump to 0.3% in 2027 if disruption in the Strait of Hormuz continues through late 2026, putting pressure on Prime Minister Andy Burnham ahead of the October Budget.
World oil demand will fall by 1.6 million barrels a day in 2026 due to the ongoing closure of the Strait of Hormuz, the International Energy Agency said Wednesday, warning that inventory buffers are rapidly depleting.
Used electric car leasing in the UK surged by 170% over the past year as drivers sought cheaper transport options to counter rising petrol prices driven by conflict involving Iran.
Britain's BP reported a Q2 underlying replacement cost profit of $5.7 billion, beating analyst expectations of $5 billion, as high fossil fuel prices driven by the Middle East conflict boost major oil companies.
Saudi Aramco reported a 33% year-on-year increase in second-quarter profit to $33.4 billion, beating expectations as oil supermajors benefit from higher prices driven by Middle East conflict and Strait of Hormuz disruptions.
US President Trump criticized ExxonMobil and Chevron for excessive profits amid high fuel prices, creating political friction ahead of the midterm elections.
President Trump demanded oil companies, including Chevron, lower gasoline prices for American consumers, criticizing them for not crediting his administration. This comes as he faces pressure over rising costs due to the US-Israel war on Iran, ahead of midterm elections.
Electric vehicle sales in India nearly doubled in July, surging 82% year-on-year to 31,788 units, driven by higher fuel prices due to the US-Iran war. This boosted EVs' share in new car sales to 7.8%, with major automakers like Maruti Suzuki, Kia, and Tata Motors ramping up production to meet demand.
California's highest U.S. fuel prices, exacerbated by the Iran war and global diesel shortages, are increasing costs for everyday products nationwide. The San Pedro Bay port complex, a major import/export hub, relies on transport powered by expensive California diesel, impacting the entire U.S. supply chain.
Australia's government is progressing gambling advertising reforms, increasing scrutiny on fuel prices after excise restoration, and adjusting its News Bargaining Incentive to tax big tech's digital advertising revenue at 2.5%, exempting AI companies.
U.S. airfares surged 26.5% year-over-year in June, driven by high fuel and labor costs, yet airlines like United and Southwest report strong demand. Carriers expect to maintain pricing power through 2026, despite geopolitical conflicts impacting jet fuel prices and the collapse of Spirit Airlines.
Australian motorists are buying electric and hybrid vehicles at the same rate as petrol cars, with EV sales doubling in Q2 2026, as fuel prices are set to rise again with the end of the federal government's excise reduction.
Australia's 16-cent fuel excise discount ends Sunday, expected to push petrol prices above $2/litre and diesel above $2.40/litre. Energy Minister Chris Bowen confirmed no extension, citing it as a temporary measure. Geopolitical tensions (US-Iran conflict) are also driving up global oil prices.
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.
