8 related stories
Oil and stock trading volumes surged minutes before Donald Trump's social media announcements regarding a delay in Iran strikes, leading to a sharp drop in oil prices as he backed off threats, raising questions about potential insider trading and speculation with state secrets.
The ongoing Middle East conflict has severely impacted India's private sector, causing manufacturing to slump and disrupting rice exports, with new warnings of a beer shortage due to the Iran war hitting supply and increasing production costs. In response, the Centre has constituted seven empowered groups to handle the fallout on specific sectors, including oil, gas, fertilisers, supply chains, and inflation, with the war also hitting Indian kitchens with a surge in edible oil prices and pushing up plastic packaging costs.
Cagayan de Oro City has implemented a new tiered fare matrix for 'motorela' (motorcycle-driven passenger cabs) that dynamically adjusts based on fuel costs, aiming to provide relief to the local public transport sector.
President Ferdinand Marcos Jr. has declared a national energy emergency in the Philippines due to soaring oil prices and supply risks from the Middle East conflict, leading the country to purchase Russian oil for the first time in five years and allotting P20 billion to buy 2 million barrels of diesel to bolster local stockpiles. Marcos also stated that grounding airplanes is a 'distinct possibility' amid the fuel shortage.
Experts warn that the ongoing war in the Middle East, particularly involving Iran, is causing fuel and food prices to soar globally, with one financial giant predicting a global recession if oil prices reach $150.
Following a double-digit increase in diesel and kerosene prices, the Philippines has declared a national emergency over high fuel costs, with Olongapo City adopting a four-day workweek and work-from-home Fridays as a conservation measure.
Global markets are showing volatility in response to signals of de-escalation in the Iran conflict, with US oil prices tumbling and gold's fall reversing, while the Tokyo stock market saw a significant rise in stock prices as caution over the Iran situation receded.
The ongoing Middle East conflict continues to drive up petrol and diesel prices across Europe, prompting various national responses and debates over policy, with calls for tax cuts instead of price caps and arguments against slashing gas taxes as a long-term solution.