Surging food and energy prices caused by the Iran war could last for more than eight months after the conflict ends, Starmer’s right-hand man has said.  Higher petrol, food and plane ticket prices will persist for “eight-plus months” following the end of the conflict, chief secretary to the Prime Minister Darren Jones said.  The minister said on Sunday: “You’re going to see prices go up a bit as a consequence of what Donald Trump has done in the Middle East.  “And quite frankly, that’s probably…

At least two tankers carrying Russian diesel to Brazil have made unusual U-turns in the Atlantic and are now traveling east toward the Suez Canal as sellers are likely chasing spot sales where the fuel fetches higher prices, traders told Reuters on Monday. Since the EU ban on imports of Russian oil products in 2023, Brazil has emerged as a key buyer of Russia's diesel and other refined petroleum products. But some supplies recently loaded at the Russian port of Primorsk on the Baltic Sea will not reach their original destinations in Brazil, according…

At least two tankers carrying Russian diesel to Brazil have made unusual U-turns in the Atlantic and are now traveling east toward the Suez Canal as sellers are likely chasing spot sales where the fuel fetches higher prices, traders told Reuters on Monday. Since the EU ban on imports of Russian oil products in 2023, Brazil has emerged as a key buyer of Russia's diesel and other refined petroleum products. But some supplies recently loaded at the Russian port of Primorsk on the Baltic Sea will not reach their original destinations in Brazil, according…

It has been said by many from the very start of the U.S.’s ‘Epic Fury’ war against Iran that no clear endgame was in sight whereby U.S. President Donald Trump could achieve his stated aims at the outset of the conflict. These were to change regime, permanently nullify Iran’s nuclear threat, destroy the country’s ballistic missile capabilities, and halt its support for terrorist proxies. It has also been said by many that Washington unaccountably failed to anticipate Iran’s blockade of the vital global transit…

Japan's biggest LNG importer and largest power producer, JERA, has secured its LNG supply through July and will adjust its procurement strategy to be more flexible amid the Middle East conflict that has trapped LNG supply behind the Strait of Hormuz. “At present, we have sufficient stock to last until July,” Masato Otaki, JERA's Executive Officer and Head of the Financial Strategy and Planning Division, said on Monday, as carried by Reuters. “Depending on how long the blockade continues, we will need to adjust our procurement…

Japan's biggest LNG importer and largest power producer, JERA, has secured its LNG supply through July and will adjust its procurement strategy to be more flexible amid the Middle East conflict that has trapped LNG supply behind the Strait of Hormuz. “At present, we have sufficient stock to last until July,” Masato Otaki, JERA's Executive Officer and Head of the Financial Strategy and Planning Division, said on Monday, as carried by Reuters. “Depending on how long the blockade continues, we will need to adjust our procurement…

US President Donald Trump said that Tehran "can call us" if it wants to talk, but he added that it must give up any plans to build a nuclear weapon or "there's no reason to meet." Meanwhile, Abbas Araqchi, Iran's foreign minister and key negotiator, arrived in St. Petersburg, where he is expected to meet with Russian President Vladimir Putin, a key ally, on April 27 as the future of Pakistani-mediated peace talks between the US and Iran remains clouded. "If they want to talk, they can come to us, or they can call us. You know, there is a telephone.…

The Iran war and the loss of oil and gas supply from the Middle East have upended the stock performance of the biggest international majors. BP, the laggard of the past six years, has moved ahead of all others, while the top performer since 2020, ExxonMobil, has seen the worst stock showing among Big Oil since the war began. To be sure, none of the five supermajors – ExxonMobil, Chevron, BP, Shell, and TotalEnergies – have been close to replicating the 45% surge in crude oil futures since February 28, according to stock market data…

Chinese Hengli Petrochemical saw its shares drop sharply by 10% today following the United States’ imposition of sanctions on the company, alleging it bought crude oil from Iran despite U.S. sanctions on the industry. Hengli Petrochemical is one of China’s largest independent refiners. The company denied the allegations, saying it “has never engaged in any trade with Iran,” and that its suppliers “guaranteed that the origins of the crude oil supplied do not fall within the scope of U.S. sanctions,” as quoted…

Goldman Sachs once again raised its outlook for oil prices, now seeing Brent crude at an average of $90 per barrel in the fourth quarter of the year, and West Texas Intermediate at $83 per barrel. At the time of writing, Brent crude was trading at $106.68 per barrel, and WTI was changing hands at $95.35 per barrel as negotiations between Iran and the United States remain on hold, with the restart uncertain. “The economic risks are larger than our crude base case alone suggests because of the net upside risks to oil prices, unusually high…

Last month, the International Energy Agency (IEA) announced the coordinated release of over 400 million barrels of oil from global strategic reserves to combat high energy prices amid the Middle East turmoil. The U.S. was to contribute approximately 172 million barrels of this total, with the release taking place over 120 days starting late March 2026 to help lower gasoline costs. And now reports have emerged that theTrump administration has authorized the release of millions of barrels of oil from the Strategic Petroleum Reserve (SPR), with Europe…

The impact of the war in the Middle East could lead to structural demand destruction on the world’s natural gas markets, the head of the Gas Exporting Countries’ Forum warned in the latest sign of the far-reaching impacts of the hostilities between the United States and Israel, and Iran. The war has already disrupted international gas flows because of the Strait of Hormuz closure and the strikes on energy infrastructure in the Persian Gulf, which were Iran’s retaliation for U.S. and Israeli strikes that began at the end of February.…

Undersea cables are vital for delivering renewable power from offshore projects and providing cross-country telecommunications connectivity. The rapid growth of undersea cable networks is helping to boost regional connectivity worldwide. However, more must be done to reduce vulnerabilities in these networks and combat the threat of sabotage. There are various types of cables running under the sea, each with its own purpose. The first undersea cables were put in place in the 19th century, with over 400 cables now active worldwide. Some submarine…

China has been consolidating its control over global lithium supplies for years now. As the lithium-ion battery sector continues to grow at a massive pace, the extreme concentration of lithium supply chains gives China a major economic and geopolitical advantage. It also creates worrying vulnerabilities for the rest of the world that has come to rely on imports of the ‘white gold’ to keep their tech and energy sectors running. Half of the global lithium market is controlled by China alone. “For over a decade, China has meticulously…

Green hydrogen gained significant traction during the post-pandemic period, as governments worldwide pledged to decarbonise their economies and energy companies looked to diversify their portfolios. Hydrogen produced using renewable energy as an input looked like the best way to provide a clean alternative to traditional fuels, as it can be used for a range of applications, including decarbonising hard-to-abate industries. However, many green hydrogen projects are now lagging behind as energy companies scale back their climate plans and governments…

The market will panic when the Strait of Hormuz closes. When it reopens, policymakers will all feel relieved. At present, we are all witnessing this in real time, but reality is definitely the opposite. The latest data coming out in April 2026 should put an end to that illusion. Even after repeated announcements by Iran and the USA that Hormuz was “open,” real-time, actual maritime traffic only shows evidence of a near collapse. Markets are still struggling to get to grips with the fact that, during the opening of Hormuz, vessel traffic…

Nigeria is finally starting to fix a long-standing imbalance: a major crude exporter that couldn’t meet its own fuel demand. That shift is now materializing in hard numbers—and it is being driven entirely by the Dangote refinery, which is already running close to full capacity and shows little sign of slowing. In a market starved of refined products, this rising refining giant is quickly emerging as one of the few reliable sources in the current supply squeeze, particularly for Europe. In March, gasoline exports rose to 55,000 b/d while…

The United States’ geothermal energy sector has gradually expanded in recent years, as states look to diversify their energy mix. While several renewable energy sectors have struggled to stay afloat under the Trump administration, the government has continued to show support for geothermal energy development. Further, innovations in enhanced geothermal technologies are expected to support greater sectoral expansion in the coming years. Geothermal energy is generated by drilling into underground heat pockets in the Earth’s surface to…

As the world adds solar and wind energy capacity at an unprecedented scale, we are increasingly faced with an energy variability crisis. Solar panels only produce energy when the sun is shining, and wind turbines when the wind is blowing. Unfortunately, energy demand curves are often directly at odds with these production trends. This creates a major dilemma for the energy grid, as well as for energy markets. And market volatility, including record-breaking negative energy prices in places where renewables have been deployed at a massive scale,…

As the United States government continues to crack down on renewable energy development, several states are being forced to backtrack on their climate goals as they view them as increasingly unachievable. This marks a significant shift away from Biden-era green transition policy aims across the U.S., when several state governments were optimistic about achieving ambitious mid- and long-term climate goals. Between 2021 and 2025, the Biden administration introduced several policies aimed at spurring a nationwide green transition to achieve ambitious…