A Chinese VLCC carrying nearly 2 million barrels of Iraqi crude has exited the Strait of Hormuz after more than two months stranded in the Gulf, heading to Zhoushan with an expected June 1 arrival. Info via Reuters. Summary: The VLCC Yuan Hua Hu, carrying nearly two million barrels of Iraqi Basrah Medium crude, transited…
Manu Sharma” post_date=”May 13, 2026 06:58″ pUrl=”https://www.fairobserver.com/world-news/middle-east-news/fo-talks-the-iran-war-could-crash-the-global-economy-heres-how/” pid=”162442″ post-content=” Editor-in-Chief Atul Singh and FOI Partner and geopolitical analyst Manu Sharma discuss how the Iran war reaches far beyond the battlefield into everyday economic life. What began as a military conflict in the Gulf has quickly spread through shipping lanes to fuel markets, agriculture, finance and…
Baghdad (IraqiNews.com) – In a move reflecting Iraq’s efforts to continue oil exports despite security tensions in the region, tracking data showed on Wednesday that a Chinese supertanker carrying approximately two million barrels of Iraqi crude is attempting to transit the Strait of Hormuz. The supertanker Yuan Hua Hu navigated past Iran’s Larak Island, heading…
Israeli Deputy Foreign Minister Sharren Haskel speaks at the at the “Energy Transition Summit: East Med & Southeast Europe” in Athens, organized by the Financial Times in partnership with Kathimerini. Plans for a new global trade route linking Europe with India through the Middle East offer huge economic potential and a promise of stability in…
Energy analysts warn that continued instability could significantly impact global inflation and fuel prices. Regional Economies Face Growing Strain as Conflict Impacts Markets The near-closure of key shipping lanes has forced oil-producing nations to reduce exports, tightening global supply chains and markets remain highly sensitive to developments in the Gulf region, with traders reacting strongly…
At a working session held at EL AL Airlines’ headquarters on May 12, representatives of the Vietnamese Embassy and Trade Office and the Israeli national carrier discussed measures to promote the opening of direct flights between the two countries. Speaking at the meeting, Shlomi Zafrany, EL AL Airlines’s Chief Commercial Officer, highlighted Vietnam’s strong market…
A study released by Brown University’s Watson School of International and Public Affairs estimated that US consumers have paid over $37.3 billion in additional energy costs since Washington and Israel launched strikes on Iran on Feb. 28. Fuel prices surge across the United States The university’s Iran War Energy Cost Tracker showed that petroleum-related costs…
US Department of Energy moves to transfer 53.3 million barrels amid rising oil prices. Published On 12 May 202612 May 2026 The United States has announced its latest release of emergency oil stockpiles in coordination with the International Energy Agency (IEA). The US Department of Energy said on Monday that it had begun transferring 53.3 million barrels from the strategic petroleum…
The Middle East crisis has disrupted maritime trade routes and exposed a structural reality of the global economy. Currently, trade flows through several vulnerable corridors shaped by geography and geopolitics. Uncertainty is at its peak with the realisation that key shipping routes, the Strait of Hormuz, Bab-el-Mandeb, and the Suez Canal, have become strategic bottlenecks….
A three-day Russia-Ukraine ceasefire proposed by US President Donald Trump expired at 2100GMT on Monday. Trump said Friday that Moscow and Kyiv agreed to a truce for May 9-11, along with a 1,000-for-1,000 prisoner exchange, describing the move as a possible step toward ending the war. Trump’s statement “Hopefully, it is the beginning of the…
