The real power of the Strait of Hormuz lies not in closing it, but in the threat of closure.
The European Union has removed Georgia’s Kulevi oil terminal from its sanctions list after receiving assurances from both the Georgian government and Azerbaijan’s state energy company SOCAR that the facility will no longer be used in ways that could bypass sanctions on Russian oil.
The U.S. should shut down its military bases in the Middle East, Iran's new Supreme Leader Mojtaba Khamenei said on Thursday (12 March). His words were read out by a broadcaster on state Iranian television.
Oil prices continue to fluctuate as a result of the conflict in the Middle East with Iran and the insecurity of ships sailing through the key Strait of Hormuz route. Iran has said it will target any ship linked to the U.S., Israel or their allies.
The economic consequences of war rarely remain confined to the battlefield. They ripple through markets, supply chains and investor confidence. For Türkiye, at the crossroads of Europe, the Middle East and Eurasia, the economic shockwaves from the latest Middle East crisis are already being felt.
Global oil prices reached a four year high on Monday (9 March), surpassing $119 a barrel, as conflict in the Middle East rumbled on. Meanwhile, the Turkish Military said NATO air defence systems destroyed a missile fired from Iran towards the country.
Bahrain’s state-owned oil company Bapco has declared force majeure after an attack set the country’s only refinery ablaze. The firm says domestic supplies remain secure, but operations are disrupted by the ongoing Middle East conflict, underscoring regional energy risks.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 9th of March, covering the latest developments you need to know.
A power outage struck most of Cuba, including Havana, the state electric utility said on Wednesday (5 March), as the Communist-run government grapples with increased pressure from the Trump administration that has curtailed oil shipments.
U.S. President Donald Trump said the U.S. military has enough stockpiled weapons to fight wars "forever"; in a social media post late on Monday. The remarks came hours before conflict in Iran and the Middle East entered its fourth day.
The U.S. will take action to mitigate rising energy prices due to a spike in the price of oil caused by the Iran conflict, Secretary of State Rubio said on Monday.
The United States accused Cuba of interfering with the work of its top diplomat in Havana on Sunday (1 February) after small groups of Cubans jeered at him during meetings with residents and church representatives.
Kazakhstan lost around 3.8 million tonnes of oil exports following an attack on facilities of the Caspian Pipeline Consortium (CPC), Energy Minister Yerlan Akkenzhenov said, stressing that it is still too early to assess the losses in monetary terms.
U.S. Secretary of State Marco Rubio told the Senate on Wednesday that Venezuela’s new leadership is moving towards closer relations with the United States, signalling that Washington sees no immediate need for further military action following the recent arrest of President Nicolas Maduro.
Venezuelan oil exports under a flagship $2 billion supply deal with the U.S. reached about 7.8 million barrels on Wednesday, vessel-tracking data and documents from state-run PDVSA showed.
Azerbaijan’s State Oil Fund, State Oil Fund of Azerbaijan (SOFAZ), has signed a long-term strategic cooperation agreement worth up to $1.4 billion with Brookfield Asset Management on the sidelines of the World Economic Forum in Davos, officials said.
President of Azerbaijan, Ilham Aliyev outlined Azerbaijan’s economic priorities, investment strategy and regional connectivity role while speaking at the Euronews Davos Azerbaijan Executive Breakfast on the sidelines of the World Economic Forum.
Kazakhstan has begun recalibrating its oil export logistics amid ongoing restrictions affecting the Caspian Pipeline Consortium (CPC), a vital conduit for the country’s crude supplies to global markets.
U.S. President Donald Trump said Cuba should strike a deal with the United States, warning that the island nation would no longer receive oil or financial support.
Overhauling Armenia's economic structure and strengthening state institutions is a main focus as the Armenian government adopts a 42-page Doctrine of Economic and Institutional Transformation on Thursday (8 January), Prime Minister Nikol Pashinyan announced.
U.S. oil major Chevron and private equity firm Quantum Capital Group are reportedly preparing a joint bid to acquire Lukoil’s international assets, as the sanctioned Russian energy company seeks to divest its overseas operations.
Russia is bracing for potential turmoil in global oil markets after U.S. President Donald Trump ordered a military operation that led to the capture of Venezuela’s long-time leader Nicolás Maduro, according to reports.
Venezuela’s acting president, Delcy Rodríguez, has called for dialogue and cooperation with the United States following the U.S. military capture of President Nicolás Maduro, as protests erupted in several countries condemning Washington’s actions.
India’s largest oil refiner, Indian Oil Corporation (IOC), has taken a significant step towards diversifying its crude oil supply by purchasing Colombian crude, from state oil company Ecopetrol, for the first time.
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