Japan's industry ministry has asked domestic wholesalers to switch to Brent crude oil pricing from the Dubai benchmark when setting gasoline prices, in an attempt to contain price increases, according to a document seen by Reuters.
Oil prices extended gains on March 30, with Brent headed for a record monthly rise, after Yemeni Houthis launched their first attacks on Israel over the weekend, widening the US-Israel war with Iran in the Middle East.
The war in the Middle East is upending lives and livelihoods in the region and beyond. It is also dimming the outlook for many economies that had only just shown signs of a sustained recovery from previous crises, says key IMF directors in a blogpost.
The ongoing conflict in the Gulf and severe disruption to shipping through the Strait of Hormuz are beginning to weigh heavily on the region’s construction sector, with contractors facing mounting cost pressures, delivery delays and heightened financial risk.
The gravity of the situation in the Middle East has moved from high to severe and consequently, the potential for events to weaken credit quality across sectors has increased, says an S&P Global Ratings report.
The Kuwaiti Ministry of Interior announced on Wednesday that the Kuwait State Security Service has thwarted a terrorist plot and dismantled a network that planned to carry out assassinations of state leaders and undermine the country's supreme interests.
Global oil prices rose on Thursday, recovering part of the previous session’s losses, as market participants reassessed the outlook for a potential de-escalation in tensions involving Iran and the United States. The conflict has continued to disrupt energy flows across a critical oil-producing region.
Leading events organiser RX has confirmed that the 2026 edition of Airport Show co-located with Global Airport Leaders’ Forum and Women In Aviation Middle East Conference, originally scheduled to take place from May 12 to 14 at Dubai World Trade Centre, will now take place from October 12-14, with the venue remaining unchanged.
US President Donald Trump has indicated that the war with Iran could continue for up to four weeks, warning that further American casualties are likely as fighting intensifies across the region.
Oil prices edged lower on Wednesday after surging in the previous session, as traders weighed fresh US inventory data and signs of possible export relief from northern Iraq against continuing concerns over Middle East supply disruptions.
