Largely overlooked because of the burgeoning conflict in the Middle East, “open war” has erupted between Pakistan and Afghanistan’s Taliban leadership. The fighting all along its southern rim represents a major setback for Central Asia’s global trade agenda. The Pakistani-Afghan conflict shows no signs of easing after almost a week of fighting. On March 2, Pakistan conducted air strikes on a key military site near Kabul, Bagram Air Base, which served as the hub for US military operations during the 20-year American presence…

Nowhere To Run There don't appear to be many safe havens as the situation in Middle East continues to evolve. Not in markets, and not in the region either. At the time of writing, Israel has launched a new strike on Iran. And the US is considering arming Kurdish forces, trying to convince them to take part in a ground offensive against the regime. Iran, meanwhile, has retaliated not only against the US and Israel, but against various countries in the region and against both military and civilian targets. Maybe this is simply an attempt to…

Bloomberg News headlines indicate that Iraq has begun shutting down oil output at Rumaila, the world's largest "supergiant" oil field, while other Gulf states have idled some of the world's largest refineries and major energy hubs following Iranian drone strikes. This signals that a massive energy disruption is set to hit global energy markets as the Strait of Hormuz remains paralyzed. Goldman analysts led by Duffy Fischer have released a note assessing whether U.S. chemical manufacturers have exposure to Middle East energy disruptions. They find…

The U.S. government will exempt the German units of Russian oil major Rosneft PJSC from sanctions indefinitely, Reuters reported on Wednesday, noting that the exemption applies to Rosneft Deutschland and RN Refining & Marketing, both of which have been under German federal trusteeship since 2022. According to Germany's Economy Minister Katherina Reiche, the U.S. issued a "Letter of Comfort" on Tuesday, acknowledging that the two businesses had been fully separated from their parent company in Russia. The indefinite status succeeds a previous…

Ever since Donald Trump slapped tariffs on Canadian goods on Feb. 1, 2025, Prime Minister Mark Carney has been encouraging trade with nations other than the United States. The former central banker turned politician wants to double non-US exports over the next decade. Towards that goal, Carney met with Indian Prime Minister Narendra Modi in Delhi on Monday as part of a four-day trip to deepen trade and diplomatic ties. The centerpiece was a deal between the Indian government and Saskatchewan-based uranium producer Cameco (TSX:CCO) to supply nearly…

The United States and Japan have been considering the inclusion of a nuclear power project involving Westinghouse in the $550-billion package of investment that Japan has pledged in the U.S. under the bilateral trade deal, sources familiar with the plans told Reuters on Wednesday.   Last year, as part of the U.S.-Japan trade agreement, Japan pledged to buy $8 billion worth of American products per year. The Government of Japan has also agreed to invest $550 billion in the United States, the White House said. At the time, U.S. Secretary…

The United States and Japan have been considering the inclusion of a nuclear power project involving Westinghouse in the $550-billion package of investment that Japan has pledged in the U.S. under the bilateral trade deal, sources familiar with the plans told Reuters on Wednesday.   Last year, as part of the U.S.-Japan trade agreement, Japan pledged to buy $8 billion worth of American products per year. The Government of Japan has also agreed to invest $550 billion in the United States, the White House said. At the time, U.S. Secretary…

Crude oil inventories in the United States increased by 3.5 million barrels during the week ending February 27, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 439.3 million barrels according to government data, which is still 3% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories rose by 5.6 million barrels in the period.…

QatarEnergy has declared force majeure on liquefied natural gas (LNG) supplies after suspending production at key export facilities, sending fresh shockwaves through global energy markets already rattled by the escalating conflict involving Iran, the company posted on X.  In a notice to buyers, the state energy giant said the declaration follows its decision to halt LNG and associated production after Iranian strikes targeted facilities linked to Ras Laffan and Mesaieed Industrial City. The shutdown affects LNG output as well as downstream…

Donald Trump calls for a US-backed insurance following news that most of the world’s largest maritime insurance firms are set to cease covering war risks for ships entering the Persian Gulf.  On 5 March, various members of the London-based International Group of Protection and Indemnity Clubs will automatically terminate war-risk cover if vessels enter the Persian Gulf. Those include Gard AS, NorthStandard, Steamship Mutual Underwriting Association, Assuranceforeningen Skuld, American Steamship Owners Mutual Protection and Indemnity…

Iran’s Islamic Revolutionary Guard Corps (IRGC) declared it has “complete control” of the strategic waterway, with fresh attacks on commercial vessels near the Strait of Hormuz overnight intensifying fears that the escalating U.S.-Israeli war with Iran could further disrupt one of the world’s most critical energy corridors, Al-Jazeera reported.  Iranian state media carried comments from an IRGC naval official on Wednesday asserting that the Islamic Republic now controls the strait, a narrow shipping lane between Iran…

Indian state-run refiner Mangalore Refinery and Petrochemicals Limited (MRPL) has declared force majeure on all planned gasoline export cargoes for March and April as the Middle East war is halting crude supply out of the Gulf, Reuters reported on Wednesday, citing traders.    MRPL operates a refinery with a capacity of 500,000 barrels per day (bpd) in the state of Karnataka in southern India and exports about 40% of all fuel produced at the site.     The refiner has already awarded through tenders up to three…

Investors in Asia are dumping technology stocks as they brace for an inflation shock from the surging oil prices that would delay interest rate cuts or even lead to increased rates.  The Seoul market in South Korea saw on Wednesday its biggest-ever crash with selloffs focused on chip makers and technology stocks. Traders are concerned that the escalating war in the Middle East and the surge in oil and gas prices would reignite inflation and slow economic growth rates.  The key Kospi Index on the Seoul stock market plummeted by 12% on…

In October 2025, something wild happened on the global stage that clearly demonstrated one of the Western world’s most glaring weaknesses…but most people in the United States missed it entirely. This happened when President Trump boldly and publicly threatened China with 100% tariffs beginning on November 1, 2025. In response to this threat, Beijing didn’t flinch. Instead, it responded quietly with a threat to cut off all processed rare earth exports to the United States. But what happened next was largely ignored by the mainstream…

Oil prices surged for a second day running on Tuesday as global markets brace for a prolonged conflict in the Middle East. On Monday, Iran’s Islamic Revolutionary Guard Corps (IRGC) officially declared the Strait of Hormuz "closed," warning that any vessel attempting to pass will be attacked or "set ablaze". While the U.S. Central Command (CENTCOM) maintains the waterway is not formally closed, traffic has dropped by approximately 70-80%, with major global shippers, including Maersk, Hapag-Lloyd, and MSC, suspending all crossings. Brent crude…

Iraq has already begun shutting in production as exports through the Strait of Hormuz become increasingly constrained. Roughly 1.5 million barrels per day are reportedly offline, and officials have warned that figure could approach 3 million bpd if disruptions persist. At 3 million bpd, this becomes one of the largest sudden supply losses in the modern market outside of sanctions or war. Iraq’s total crude production has been running near 4.0–4.3 million bpd, according to recent OPEC secondary-source data. Exports typically average…

China has been amassing crude in strategic and commercial reserves for nearly a year—propping up oil prices throughout 2025 even though its demand growth has weakened. As we rolled into the very tumultuous 2026 with two major geopolitical events upending oil markets in as many months – the U.S. blitz to capture Venezuela’s Nicolas Maduro and the U.S.-Israel strikes on Iran – China’s oil hoarding will likely pay off in these early days of the unpredictable and already highly disruptive war in the Middle East. The Chinese…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 5.6 million barrels in the week ending February 27, after adding 11.4 million barrels in the week prior. Analysts had expected a build of 2.2 million barrels. Inventories in the US Strategic Petroleum Reserve (SPR) have stayed at 415.4 million barrels for multiple weeks in a row as of the week ending February 27. This is 310.1 million barrels shy of maximum capacity. US production fell by 33,000 bpd, sinking to an average of 13.702 million bpd…

The very recent signing of two sets of major oil deals by U.S. oil giant Chevron following the forced withdrawal of Russian firms from key energy projects in Iraq is a key turning point in the West’s resurgence in the Middle East, a senior U.S. Treasury source told OilPrice.com last week. “Iraq is the heartland of the Middle East, a major Iranian ally, vital to Russian and Chinese interests, and it’s allowing a major U.S. force into the centre of its economy,” he underlined. So, what does this mean for Iraq’s energy…

A Russian-flagged liquefied natural gas (LNG) tanker under U.S. and UK sanctions caught fire in the Mediterranean early Tuesday following a reported explosion, with the fate of its crew initially unclear, according to Reuters and the Times of Malta. The vessel, identified as the Arctic Metagaz, was reportedly destroyed around 4 a.m. local time between Malta and Libya. Multiple sources cited by the Times of Malta said a series of explosions occurred before the crew was rescued and transferred to another vessel in the area. Shipping and maritime…