The escalation of conflict involving the United States, Israel, and Iran since 28 February 2026 has moved beyond a regional security crisis to become a systemic shock to the global economy and our pockets.
China is raising domestic petrol and diesel prices under temporary measures to manage a sharp surge in global oil costs, aiming to support fuel suppliers while maintaining market stability during a period of heightened volatility.
Member countries of the International Energy Agency have unanimously agreed to release 400 million barrels of oil from emergency reserves to stabilise global markets disrupted by the war involving Iran.
China has raised the retail prices of petrol and diesel after global oil prices climbed sharply. The country’s top economic planning body, the National Development and Reform Commission (NDRC), announced the move after reviewing international oil market trends.
The Group of Seven (G7) finance ministers will meet on Monday to discuss a global rise in oil prices and a joint release of oil from emergency reserves coordinated by the International Energy Agency, the Financial Times reports.
The European Commission sees no immediate impact on the European Union's security of oil supply from the escalating conflict in the Middle East, it said in an email to EU governments, seen by Reuters on Monday (2 March).
Shares of major U.S. oil and energy companies surged on Monday even as crude prices showed little movement, revealing a growing divergence between energy equities and the underlying commodities market.
International oil prices rose sharply on Wednesday after U.S. President Donald Trump ordered a “total and complete blockade” of all U.S.-sanctioned oil tankers entering and leaving Venezuela.
Oil prices rose by about 2 percent on Wednesday after U.S. crude stockpiles fell far more than expected, while investors awaited the outcome of efforts to end the conflict in Ukraine, with sanctions on Russian oil still in place.
Oil prices rose on Wednesday amid renewed supply concerns following U.S. President Donald Trump’s threat to impose tariffs on India for continuing to purchase oil from Russia.
Oil prices plunged more than 12% last week, ending a three-week rally, with experts expecting them to stabilize around $60 if the fragile ceasefire between Israel and Iran holds.
Oil prices fell on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August improved supply expectations amid persistent uncertainty over the outlook for global demand.
Oil prices fell sharply for a second day after Israel confirmed a U.S.-brokered ceasefire with Iran, easing fears that the conflict would disrupt global energy supplies.
Crude oil prices inched higher on global exchanges, reflecting cautious optimism amid ongoing market fluctuations.
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