Alexey Krukovsky/iStock via Getty Images G7 finance ministers will discuss a possible joint release of petroleum from reserves coordinated by the International Energy Agency in an emergency meeting on Monday aimed at tackling the surge in oil prices following the conflict in the Gulf, the Financial Times reported on Monday. The ministers and Fatih Birol, IEA executive director, will hold a call at...
Alexey Krukovsky/iStock via Getty Images G7 finance ministers will discuss a possible joint release of petroleum from reserves coordinated by the International Energy Agency in an emergency meeting on Monday aimed at tackling the surge in oil prices following the conflict in the Gulf, the Financial Times reported on Monday. The ministers and Fatih Birol, IEA executive director, will hold a call at 8.30am New York time to discuss the impact of the Iran war, according to people familiar with the situation, including a senior G7 official. Three G7 countries, including the U.S., have so far expressed support for the idea, according to the people familiar with the talks. The 32 members of the IEA hold strategic reserves as part of a collective emergency system designed for oil price crises. The U.S. dollar ( DXY ) was last up 0.4% at $ 99.36. The dollar rose to a more-than-three-month high earlier in the session, making bullion pricier for holders of other currencies. According to the FT report, one person indicated that certain U.S. officials see a 300 million–400 million barrel release, or 25–30% of the 1.2 billion barrel reserve, as reasonable. The meeting comes as U.S. President Donald Trump faces pressure to halt the steep rise in the crude oil price since the start of the war. The average U.S. petrol price rose to $3.45 a gallon by Sunday, from $2.98 a gallon a week ago, and is destined to go higher unless the U.S. president can reverse the trend. At the time of writing, West Texas Intermediate crude ( CL1:COM ) was up 17% at $ 106.78, and international benchmark Brent ( CO1:COM ) was trading around $110.12, up 18.8%. Oil prices surged around 25% on Monday to their highest since mid-2022, with Brent on track for a record one-day gain as the U.S.-Israeli war with Iran forced some major Middle Eastern oil producers to cut supplies. U.S. oil prices began the year below $60 a barrel. There have been five collective releases by IEA member states since the organization...
Douglas Rissing/iStock via Getty Images Asian stocks traded in the red on Monday; sentiment weakened as t he US-Israeli war with Iran entered its second week with no clear resolution, while major Middle Eastern oil producers cut output and shipments through the Strait of Hormuz remained halted. Oil prices continued to surge, climbing to their highest levels since 2022. In geopolitical developments...
Douglas Rissing/iStock via Getty Images Asian stocks traded in the red on Monday; sentiment weakened as t he US-Israeli war with Iran entered its second week with no clear resolution, while major Middle Eastern oil producers cut output and shipments through the Strait of Hormuz remained halted. Oil prices continued to surge, climbing to their highest levels since 2022. In geopolitical developments, Iran named Mojtaba Khamenei as Supreme Leader following the death of his father, signaling hardliners remain entrenched a week into its conflict with the U.S. and Israel, a move denounced by President Trump as “unacceptable.” WTI crude oil futures surged 26% toward $115 per barrel on Monday, after earlier soaring as much as 31% amid a series of production cuts from major Middle Eastern producers following disruptions in the Strait of Hormuz. Gold fell below $5,100 per ounce on Monday as Middle East tensions lifted oil and weighed on Federal Reserve rate cut bets. South Korea's KOSPI index ( KOSPI ) fell nearly 7% to around 5,200 on Monday, extending last week’s losses. The South Korean won fell below 1,500 per dollar, extending losses to its weakest level since early 2009. Japan ( NKY:IND ) fell 6.62% toward 52,000 on Monday, hitting its weakest levels in two months. The Japanese yen depreciated past 158.5 per dollar on Monday, hitting six-week lows as oil topped $100 a barrel. Japan’s 10-year government bond yield rose to around 2.22% on Monday, hitting a three-week high. Japan relies on the Middle East for around 95% of its oil supplies, with about 70% coming via the Strait of Hormuz, making the country particularly vulnerable to oil shocks. Japan’s current account surplus jumped to JPY 942.6 billion in January 2026 from JPY 344.6 billion in the same month a year earlier, though it came in slightly below market forecasts of JPY 960 billion. China ( SHCOMP ) fell 0.88% to below 4,060, and the Shenzhen Component dropped 2.6% to 13,810, as oil prices surpassed $100, and th...
Hong Kong’s transport sector is considering a temporary fuel surcharge for deliveries as pump prices are expected to climb further this week amid rising Middle East tensions, industry representatives have said. Ringo Lee Yiu-pui, governor and honorary life president of the Hong Kong, China Automobile Association, said on Monday that fuel prices in the city had been climbing even though petrol reta...
Hong Kong’s transport sector is considering a temporary fuel surcharge for deliveries as pump prices are expected to climb further this week amid rising Middle East tensions, industry representatives have said. Ringo Lee Yiu-pui, governor and honorary life president of the Hong Kong, China Automobile Association, said on Monday that fuel prices in the city had been climbing even though petrol retailers were still selling inventories bought before the US-Israeli strikes on Iran, which drove up international oil prices. The price could rise further by midweek as petrol companies placed new orders, he added. Advertisement “Since the oil price increase is global, local fuel prices will more or less follow suit and rise immediately as retailers place new supply orders by midweek,” he told a radio programme. “Even if oil prices ease slightly as production increases in the future, any drop in local pump prices is likely to be slow.” Advertisement He added that oil companies in Hong Kong tended to raise prices quickly but reduce them slowly.
Iran has named a son of its late supreme leader as his successor . US President Donald Trump already had expressed disdain for Mojtaba Khamenei, calling him “unacceptable”. The Islamic Republic’s war strategy now has a new commander, and the powerful paramilitary Revolutionary Guard has pledged allegiance. Oil prices shot above US$100 a barrel. Both sides in the war struck new targets over the wee...
Iran has named a son of its late supreme leader as his successor . US President Donald Trump already had expressed disdain for Mojtaba Khamenei, calling him “unacceptable”. The Islamic Republic’s war strategy now has a new commander, and the powerful paramilitary Revolutionary Guard has pledged allegiance. Oil prices shot above US$100 a barrel. Both sides in the war struck new targets over the weekend, including civilian ones. Bahrain accused Iran of hitting one of the desalination plants that are crucial for drinking water in Gulf countries. Israel struck oil depots in Tehran, sending up thick smoke and causing environmental alerts. The US announced another soldier’s death. Saudi Arabia announced the first deaths there. Anger grew in Arab countries over Iran’s launching of hundreds of missiles and drones around the region. The Israeli military’s chief of staff warned that the war “will take a long time”. 01:19 Who is Mojtaba Khamenei, Iran’s new supreme leader Who is Mojtaba Khamenei, Iran’s new supreme leader Iran Iran’s announcement of a new supreme leader came after the country’s remaining leadership appeared to show a rift. President Masoud Pezeshkian apologised for attacks on neighbouring countries, but hardliners criticised that and said the war strategy would continue. Advertisement The new supreme leader had not been seen or heard from publicly since the war began. He has not made a statement in his new role. The younger Khamenei inherits both the war and domestic unrest after Iran earlier this year cracked down on some of its largest protests in half a century. Iran did not publicly update its death toll over the weekend from the over 1,200 previously reported. Some Iranians continued to flee the country. Israel Israel attacked both Iran and the Iranian-backed Hezbollah militant group in neighbouring Lebanon, where authorities say over half a million people have been displaced and over 300 killed.
U.S. military kills 6 in strike on alleged drug boat in the Eastern Pacific toggle caption Konstantin Toropin/AP WASHINGTON — The U.S. military said it killed six men Sunday in a strike on an alleged drug-smuggling vessel in the eastern Pacific Ocean as part of the Trump administration's campaign against alleged traffickers. Sunday's attack brought the death toll to at least 157 people since the T...
U.S. military kills 6 in strike on alleged drug boat in the Eastern Pacific toggle caption Konstantin Toropin/AP WASHINGTON — The U.S. military said it killed six men Sunday in a strike on an alleged drug-smuggling vessel in the eastern Pacific Ocean as part of the Trump administration's campaign against alleged traffickers. Sunday's attack brought the death toll to at least 157 people since the Trump administration began targeting those it calls "narcoterrorists" in small vessels in early September. As with most of the military's statements on the more than 40 known strikes in the Eastern Pacific Ocean and Caribbean Sea, U.S. Southern Command said it targeted alleged drug traffickers along known smuggling routes. The military did not provide evidence that the vessel was ferrying drugs. It posted a video on X that showed a small boat being blown up as it floated on the water. Sponsor Message President Donald Trump has said the U.S. is in "armed conflict" with cartels in Latin America and has justified the attacks as a necessary escalation to stem the flow of drugs into the United States. But his administration has offered little evidence to support its claims of killing "narcoterrorists." In a meeting with Latin American leaders on Saturday, Trump encouraged them to join the U.S. in taking military action against drug-trafficking cartels and transnational gangs, which he said pose an "unacceptable threat" to the region's national security. To that end, Ecuador and the United States conducted military operations this past week against organized crime groups in the South American country. With Saturday's gathering, Trump aimed to demonstrate that he remains committed to focusing U.S. foreign policy on the Western Hemisphere, even while waging a war on Iran that has had repercussions across the Middle East. Critics have questioned the overall legality of the boat strikes as well as their effectiveness, in part because the fentanyl behind many fatal overdoses is typical...