By shifting crude sourcing to Russia, absorbing demand destruction, and shielding domestic households from soaring LPG and natural gas costs, India has managed the West Asian oil shock—though at a heavy cost to trade balances and commercial sectors.
ADEN/DUBAI — New strikes on Saudi Arabia and on ships in the Gulf tested nerves in the Middle East on Sunday, after an attack on a Saudi oil pipeline and an advance by Yemen's Houthis threatened to worsen the wartime disruption to global energy supplies. Oil traders were expecting prices to rise again when markets reopen on Monday, following the weekend developments that jeopardise supplies from the world's biggest exporter, Saudi Arabia. The British maritime security agency UKMTO said on Sunday that a vessel had been struck by a projectile as it moved through the Strait of Hormuz, causing a fire and forcing the crew to be evacuated. Iran, for its part, said one person was killed and four crew wounded aboard an Iranian commercial vessel struck off its coast. In Saudi Arabia, state media released video of damage to homes and a mosque from the purported latest cross-border attack by the Houthis, in Jazan province in the south. The Houthis claimed separately to have struck a Saudi military base in a neighbouring province. Southern Saudi cities have experienced regular alerts since last we
Representatives from both nations will officially seal the arrangements during the Global Fusion Summit taking place in London on Monday
A surge in the U.S. average price for diesel to an all-time high of $6 a gallon has reinforced concerns about higher global inflation.
US President Donald Trump says Ukraine should stop striking Russian diesel supplies as the impact is harming the global economy. Trump's comments come as he continued his two-day visit to Ireland which blend a bit of high-level meetings with personal leisure.
Americans are facing a rising tab as a multi-decade borrowing binge collides with a spike in energy prices caused by the Iran war.The big picture: Long-term interest rates are surging, as are consumer prices.It's a toxic mix of near-term inflation pressures and years of fiscal imbalance.Driving the news: The yield on the benchmark 10-year U.S. Treasury note rose to 4.97% Friday, up a full percentage point since the end of February, and only a hair below its high since 2007.The rate on a 30-year fixed-rate mortgage has risen in lockstep, reaching 7.08% Friday, per Mortgage News Daily — the highest in more than a year.State of play: The immediate catalyst Friday was an inflation report that showed consumer prices surging higher in August, with gasoline prices accounting for more than a third of the gain. Gasoline is now at a national average of $4.29 a gallon, while the price of diesel has climbed to over $6 a gallon.All this means that the Federal Reserve is now expected to raise its target interest rate this week.But longer-term borrowing rates are set in global markets — and determined by bigger forces.The U.S. government is spending about $2 trillion a year more than it raises in taxes at a time the cumulative debt is already roughly 100% of a year's GDP.Long-term bond yields have been rising worldwide, reflecting both high government borrowing and demand for capital from the AI buildout.The intrigue: The recent spikes have taken place in spite of interventions by Treasury Secretary Scott Bessent to try to smooth turbulent bond markets — efforts that haven't succeeded in making borrowing cheaper.And rather than focus on the deficit reduction the bond market wants, President Trump has floated the notion of $5,000 payments to all U.S. adult citizens if Republicans win midterm elections.The U.S. government is already spending around $1 trillion a year in interest on the debt, on track to rise to $2 trillion over the next decade, a new high as a share of the economy. If the recent surge in rates is sustained, those numbers will grow even higher.The bottom line: The combination of near-term energy-driven inflation and the long-term debt trajectory means that it will cost more to borrow money for the foreseeable future.
Russian forces launched approximately 2,100 strike drones, 78 missiles, and 1,700 guided aerial bombs against Ukraine over the past week, President Volodymyr Zelensky announced on Sunday, Sept. 13. Zelensky highlighted that a substantial share consisted of jet-powered Shahed drones designed to batter Ukraine’s economy and life-support networks, citing Sunday strikes on energy, railway, and residential infrastructure across Odesa, Ternopil, and Konotop, as well as an attack near the Polish border in Volyn.
China, Iran's biggest trading partner and a key customer of Tehran's energy exports, is willing to work with BRICS towards peace in the region, Xi said.
Zelenskyy says ‘Russia wants to kill the Ukrainian economy’ as Moscow steps up attacks on infrastructure. What we know on day 1,663Russian airstrikes killed nine people, injured dozens and damaged buildings and infrastructure across Ukraine on Saturday, as Kyiv braces for a “very difficult” winter amid intensified attacks on the country. The civilian death toll has risen sharply in Ukraine over the past two months as Russia steps up attacks on power plants and other infrastructure. Ukraine has hit energy facilities and warehouses in distant parts of Russia, and both sides have targeted each other’s shipping.Ukrainian president Volodymyr Zelenskyy, writing on Telegram, said Russia had deployed nearly 500 drones against Ukrainian targets since early morning. “Basically, the Russians have expanded the war away from the front, where they have no success, into the economy, and their tactics are as basic as it gets: destroying every site that could help people cope with the conditions of war,” he wrote. “Russia wants to kill the Ukrainian economy and break our resistance.”The city council in Kramatorsk, one of Ukraine’s frontline “fortress cities” that Russia wants to capture, said Russian forces attacked private cars, killing three people in three incidents over a 90-minute period. Four people were injured. “These are not military targets,” the council said. “They are ordinary civilian cars. People were going about their business.”The governor of Ukraine’s Zhytomyr region, Vitaliy Bunechko, said a Russian strike on a grocery store killed two people in the town of Zviahel, west of Kyiv. Bunechko said two petrol stations also came under attack.Earlier, Zelenskyy reported attacks on the south-eastern city of Zaporizhzhia and Kryvyi Rih, his home town. The governor of Zaporizhzhia region, Ivan Fedorov, said two people were killed and 11 injured in assaults on Zaporizhzhia and other localities.In Odesa region, governor Oleh Kiper said 37 people, including an infant, were injured in a series of overnight attacks, while two people were missing. Russia’s defence ministry said Russian forces have maintained their strikes on Ukrainian ports, hitting a cargo ship in Odesa that it said was carrying goods for military use.Ukrainian officials said the country was bracing for a brutal winter as intensified Russian attacks on infrastructure and key export industries compound a deepening budget crisis. The economy minister, Oleksandr Kravchenko, said damage to infrastructure and fixed assets from Russian airstrikes was estimated at close to $10bn this year, while the broader economic costs of the attacks and the de facto blockage of its ports had cut 1.5 percentage points of GDP. “We anticipate a very difficult winter in terms of both critical infrastructure, which is being destroyed every day by Russian attacks, but also in terms of overall economic conditions in the country,” he said.With fighting on the frontline largely stalled, Russia and Ukraine have increasingly targeted logistics networks and other economic assets in an effort to undermine each other’s war effort. For more than two weeks, Russia has carried out near constant attacks on Kyiv using faster jet-powered drones, disrupting life, business and government operations. Moscow has also effectively blocked Ukraine’s Black Sea ports by intensifying its air attacks on the country’s southern regions. Ukraine’s main exports – agricultural products and iron and steel – are shipped via these ports.In Moldova on Ukraine’s western border, authorities closed national airspace for nearly an hour after a drone was detected near the border. Seven border crossings were temporarily closed.Zelenskyy said he would be willing to meet Putin at the G20 summit in Miami for talks on ending the war, in a media interview released Saturday, but the Kremlin immediately ruled it out. “It is impossible,” Kremlin spokesperson Dmitry Peskov told AFP in New Delhi on Saturday, repeating Moscow’s demand that a meeting can only take place in the Russian capital. The gathering of world leaders takes place on 14-15 December and there has been no confirmation yet as to whether Putin would attend. Putin has repeatedly rejected offers for a face-to-face meeting with Zelenskyy. Continue reading...
Two of the most important corridors for international energy shipments are blocked by Iran and its proxies, oil prices are up and the global economy is reeling.
Most battery cells currently rely on raw materials from China. GM is seeking to establish domestic supply chains both for EVs and energy storage.
Joint declaration at BRICS urges need to work together to maintain smooth flow of global trade, supply chains and energy
President Lee Jae Myung reassured Koreans on Saturday that the government is taking all necessary measures to stabilize oil prices amid a surge in global crude prices caused by escalating tensions in the Middle East. In a post on the social media platform X, Lee highlighted the government's efforts to diversify crude oil imports to reduce the country's reliance on the Middle East, with the region's share of imports falling from about 70 percent to 50 percent. He also cited measures including oil price caps, export controls and a strategic oil reserve swap system. Lee reaffirmed the government's commitment to cracking down on oil hoarding and price collusion, while compensating local refiners for losses stemming from government price stabilization measures. "You don't have to worry about oil prices at all," Lee wrote. The remarks came as disruptions in the Red Sea and the Strait of Hormuz fueled concerns over global energy supplies, pushing oil prices back above $100 per barrel. Adding to the supply concerns, Saudi Arabia shut down its East-West pipeline after the key oil conduit came under
As tensions escalate in the Middle East with no diplomatic resolution in sight, growing disruptions to key oil-shipping waterways are raising fears of a global energy crisis.