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Hormuz Disruption Worsens; Iran Sets New Shipping Conditions, Oil Prices Fluctuate
WorldReutersbloombergle-figaro+24SCMPFrance 24vgdie-pressepublicodeloThe Independentindex-hr+16 more19h ago27 sources

Hormuz Disruption Worsens; Iran Sets New Shipping Conditions, Oil Prices Fluctuate

The Middle East conflict continues to cause significant volatility in global energy markets and broader economic slowdowns. Western powers are struggling to secure shipping in the Red Sea, and the Strait of Hormuz remains a treacherous battleground, with Iran setting new conditions for passage, banning US, Israel, and their allies. Oil prices have fluctuated as Iran stated 'non-hostile' ships can pass, though vessel transits remain significantly reduced.

Philippines Declares National Energy Emergency Amid Supply Shortages
WorldBBCbloombergNYT+22Al Jazeeratimes-ukSCMPNHK WorldThe Independentindex-hrstraits-timesdanas+14 more20h ago25 sources

Philippines Declares National Energy Emergency Amid Supply Shortages

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, with the House of Representatives now prepared to move with urgency to deliver relief measures as the country faces an 'imminent danger of a critically low energy supply'.