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Saudi Arabia has temporarily shut down its 1,200-kilometre East-West oil pipeline after it was hit by a drone attack, with Riyadh and Baghdad sayin...
Iran has rolled out changes to how fuel is priced at the pump. The move is aimed at managing demand without triggering public anger.
Iran has introduced a new three-tier pricing system for subsidized gasoline, marking the country’s first fuel price adjustment since 2019. Under the revised scheme, which took effect on Saturday, motorists can purchase up to 60 litres per month at the lowest subsidized rate. An additional 100 litres is available at a higher price, while any fuel beyond 160 litres is charged at a new top rate. Authorities say the measure is aimed at curbing rising fuel consumption amid a weak currency and ongoing economic sanctions.
Despite the changes, gasoline prices in Iran remain among the lowest in the world. Officials have approached the adjustment cautiously, mindful of the 2019 fuel price hike that triggered nationwide protests and a deadly crackdown.
Reactions on the streets of Tehran were mixed but largely calm. Taxi driver Majid Ebrahimi expressed frustration with the government’s focus on fuel prices, saying it would be better to control the rising costs of other goods such as dairy, which “go up five or six times a year,” rather than fuel. Meanwhile, a motorcycle driver welcomed the change, noting that “fuel was very cheap in Iran, and it is the right way to start with these three rates,” calling the move the right choice.
Officials say the new system is designed to ease economic pressure while managing fuel demand, without sparking public anger or repeating the unrest of the past.
Overnight Iranian strikes on an air base in Jordan damaged multiple U.S. aircraft and left one without a wing, American media reported. Meanwhile, explosions were heard across parts of southern Iran according to local media reports.
Iranian President Masoud Pezeshkian arrived in New Delhi on Friday to attend the weekend BRICS summit, amid the ongoing U.S.-Iran conflict, joining a host of foreign dignitaries.
Ukrainian forces struck a Russian oil refinery in Siberia and a seaport in Dagestan in the past 24 hours, President Volodymyr Zelenskyy said. He will meet Canadian Prime Minister Mark Carney on Thursday to discuss air defences for Ukraine over winter.
Mexico and the U.S. are racing to secure a trade deal before the U.S. midterm elections in less than eight weeks, according to six sources familiar with the talks, with failed negotiations between Washington and Canada adding urgency.
A Russian strike on a gas station in Kyiv has killed two people, the city's Mayor Vitali Klitschko said in a statement on Telegram. In Russia, online marketplace Ozon has suspended operations in Saratov, southwestern Russia, following a drone strike on a warehouse in the region.
Volkswagen’s supervisory board has approved a major overhaul aimed at cutting 100,000 jobs by 2030 as the German carmaker battles weaker sales, falling profits and intensifying global competition.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
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Online fast-fashion retailer Shein is seeking to raise up to $1.77 billion in a Hong Kong IPO after its valuation fell around 70 per cent from its private-market peak four years ago.
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