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How long can the EU’s oil reserves last?

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Economy

Explainer: Why Kharg Island is vital to Iran and the global economy

Strikes have already hit military infrastructure on a small Iranian island in the Persian Gulf — but if oil facilities are targeted next, the global economy could face a serious shock.

Earth News

Fossil fuel shocks strengthen Gulf investment in African renewables

Gulf oil money is flowing into African renewables – and the Iran war is only accelerating the trend.

Economy

Hormuz becomes world's costliest waterway after 300% premium surge

Missile threats, soaring insurance premiums and suspended voyages are reshaping the trade that once went through Hormuz — and consumers will feel it within weeks.

Economy

Oil prices rise as Trump presses allies to secure the Strait of Hormuz

Oil prices continue to rise as the Iran war enters its third week, with President Trump pushing allies to help secure the Strait of Hormuz as investors react to threats facing Middle Eastern export facilities.

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Qatar

The Iran war could trigger deeper economic fallout than markets expect

Beyond the battlefield, the Iran war is exposing fragile economic chokepoints from energy routes to fertilisers and industrial gases, raising concerns among economists that supply disruptions could shape global prices and trade long after the conflict ends.

Economy

US expands Russian oil waiver to all countries in bid to cool prices

The US has expanded a temporary sanctions waiver on the purchase of stranded Russian oil from India alone to all countries worldwide as part of ongoing efforts to ease pressure on global energy prices.

Economy

Could oil prices really reach $200 a barrel as claimed by Iran?

As the Iran war approaches the two-week mark, energy markets are bracing for a potential "super shock". The IRGC has repeatedly threatened to push oil prices up to $200 per barrel, leveraging its control over the Strait of Hormuz, but how realistic is this scenario?

Europe Today

Iran escalation risks 'stagflation shock' for Europe, Dombrovskis says

EU economy chief says intensity and duration of the Iran war will define fallout of the crisis on Europe as global coalition agrees to the biggest release of oil reserves in history to stabilise energy market.

Economy

IEA approves historic 400m barrel oil release amid Iran crisis

The 32-member International Energy Agency has unanimously agreed to release 400 million oil barrels from its global strategic reserves in an attempt to prevent supply disruptions and ease market fears caused by Iran war shortages.

Ukraine

Zelenskyy says Druzhba pipeline could be restored in month and a half

"Ukraine can repair the Friendship oil pipeline in a month or a month and a half, although it sees no technical or safety reason to do so," Zelenskyy said. "I will be frank: my position, which is shared with European leaders, is that I would not repair the pipeline."

Economy

Another oil tanker hit by drone boat as Strait of Hormuz tensions rise

An oil tanker has been struck near the Strait of Hormuz, marking another attack in the area that triggered an explosion and left one crew member dead.

Economy

First oil tanker attacked in the Strait of Hormuz according to Oman

An oil tanker was attacked off the coast of Musandam in the Strait of Hormuz. Four people were injured and all 20 crew members were evacuated, according to Oman's Maritime Security Centre.

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.

Markets

Oil prices jump after OPEC+ announces modest monthly output hike

Analysts forecast that the rise may be short-lived as soft demand threatens a supply glut.

Europe News

Hungary and Slovakia under pressure as US and EU target Russian energy

Hungary and Slovakia will be squeezed by the US and the EU to drop Russian fossil fuels, a sector expert claims. As pressure from Washington grows, Hungary has signed a long-term gas contract with Shell to complement its Russian supplies.

Europe News

Budapest threatens Kyiv with electricity cut after strikes on pipeline

The tensions between the two countries escalated after Ukraine bombed the Drushba pipeline on Russian territory, effectively stopping oil deliveries to Slovakia and Hungary.