Oil

World Bank forecasts a 24% rise in energy prices in 2026, driven by the Iran conflict and the continued closure of the Strait of Hormuz, affecting global markets.

While the streets are full of people, their pockets are empty. The Iranian rial has become a liability that citizens are desperate to offload.

The exit would complicate OPEC+'s efforts to balance the market through supply adjustments because the group would have control over less of the global production.

“At a pivotal moment in the process of supporting the stability of global energy markets, the UAE adopted a long-term strategic and economic vision,” one report says.

This situation stems from the fact that the Iranian extraction and refining systems can't be shut down, with Kharg Island's infrastructure at risk of failure if the oil flow is cut.

UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision was made after a careful look at the regional power's energy strategies.

The war in Iran is weighing on China’s economy, with car sales plunging, toy factories shutting down, and thousands of workers taking to the streets following a surge in plastic and energy prices.

The gathering of ministers and officials in Santa Marta, Colombia, which starts on Tuesday, will focus on practical steps to shift economies away from fossil fuels.

The US Central Command has redirected 37 vessels since a blockade was imposed on Iran on April 13, the military said on April 25.

Last year, the US imposed sanctions on teapots Hebei Xinhai Chemical Group, Shandong Shouguang Luqing Petrochemical, and Shandong Shengxing Chemical.