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Cuba

Russia plans to send second oil tanker to Cuba, energy minister says

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Business

TotalEnergies reaps $1bn windfall from Middle East oil war bet

The French energy giant is reported to have dominated the Middle East crude market in March, snapping up dozens of oil cargoes as wartime disruptions created a historic opening for traders.

Economy

Germany's armed forces association calls for shift to 'war economy'

The German Armed Forces Association is warning of a growing Russian threat, a weakened Europe and an unreliable Washington — while the Iran conflict pours billions into Putin's coffers.

Europe News

EU delays proposal to ban Russian oil amid Iran war and price spikes

A law to permanently ban Russian oil from the European Union has been pushed back amid rising prices fuelled by the war in the Middle East.

Business

Portugal could declare an energy crisis — but what does that mean?

An existing energy crisis scenario allows the government to act directly in limiting prices, but this can only happen after an EU-level decision.

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Europe News

EU pushes early gas refills while easing storage targets on Iran war

Goal is to avoid panic buying while ensuring that EU countries' gas storage is replenished by next winter. The European Commission also told member states to refill below the 90% level set by law in 2022.

Europe Today

Spain is spending €5bn to lower energy costs — will others follow?

Spain's Prime Minister Pedro Sanchez just took drastic action, rolling out a €5bn energy emergency package featuring 80 different measures. What are they and will they help to cut the bills?

Iran

Iran launches strikes on Gulf states day after US threatens oil assets

Bahrain, Saudi Arabia and the UAE warned people that they were working to intercept incoming projectiles, a day after Iran called for port evacuations, threatening for the first time a neighbouring country’s non-US assets.

World News

France's Macron opposed to lifting sanctions against Russia

French President Emmanuel Macron also said he had "no confirmation" Iran was laying sea mines in the Strait of Hormuz.

Europe News

'Self-defeating': EU and US clash over Russia sanctions relief

Granting sanctions relief to Russia would be "self-defeating", Commissioner Valdis Dombrovskis said after Donald Trump's announcement.

Europe News

Hungary demands EU lift sanctions on Russian energy as prices surge

Hungarian PM Viktor Orbán has written to EU leaders demanding a suspension of sanctions on Russian energy as energy prices surge. The European Commission has not responded yet.

Business

Bahrain declares force majeure as Iran sets its only refinery ablaze

Bapco Energies invoked force majeure on Monday after a strike set the Al-Ma'ameer facility ablaze, joining Qatar and Kuwait in suspending shipments as Iran escalates its attacks on Gulf energy infrastructure.

Business

The country likely winning from Iran's Hormuz gambit? Russia

The world's most critical shipping chokepoint is becoming a geopolitical battleground — and Russia may be the unlikely winner.

Economy

US offers India 30-day waiver to buy stranded Russian oil

The United States has issued a temporary 30-day waiver allowing Indian refiners to purchase Russian crude oil currently stranded at sea, as disruptions from the Iran conflict threaten global energy supplies.

Markets

Crypto's 24/7 platforms dominated Iran war trading when markets closed

Over the weekend, as US and Israeli strikes on Iran unfolded, decentralised crypto exchanges operating around the clock became the primary venue for real-time price discovery in oil, gold and other assets.

Business

What does the US-Israel attack on Iran mean for oil prices?

The US and Israel launched a joint operation at Iran on Saturday morning. Iran retaliated as it had threatened, with explosions reported in the United Arab Emirates, Qatar, Bahrain and Kuwait, risking a wider conflict across the region.

Climate

Is Germany backtracking on its renewable climate targets?

A revision of an existing law will now allow homeowners to use oil and gas as heating fuel instead.