live Oil climbs past $119 a barrel as Iran crisis squeezes global supply - Monday 9 March
Global oil prices continue to rise, currently surpassing $119 a barrel this Monday, an almost four year high following fresh U.S.-Israeli...
Hungary will take legal action at the European Union’s top court to challenge new EU rules phasing out imports of Russian gas, Foreign Minister Peter Szijjarto said on Monday.
Szijjarto said Budapest will ask the Court of Justice of the European Union to annul the regulation once it is formally published, arguing that the decision breaches EU treaties by interfering with national authority over energy policy.
"We will use every legal means to have it annulled," Szijjarto said in a post on X.
He claimed the EU had used a "legal trick" to pass what he described as a sanctions-style measure as a trade decision, allowing it to be adopted without unanimous approval by member states.
"The treaties are clear: decisions on the energy mix are a national competence," Szijjarto said. "Banning Hungary from buying oil and gas from Russia goes against our national interest and would significantly increase energy costs for Hungarian families."
The European Union on Monday formally adopted new rules to gradually phase out imports of Russian pipeline gas and liquefied natural gas (LNG), with the measures approved by all 27 member states, according to the EU Council.
Under the regulation, restrictions on Russian gas imports will begin six weeks after the rules enter into force. Existing contracts will be allowed to continue during a transition period to limit market disruption and price shocks.
A full ban on LNG imports from Russia will apply from the beginning of 2027, while pipeline gas imports will be prohibited from autumn 2027.
EU member states will be required to verify the origin of gas before authorising its entry into the bloc. Companies must also inform national authorities and the European Commission of any remaining contracts involving Russian gas.
The regulation includes monitoring requirements, supply diversification obligations and penalties for violations, including fines of at least €2.5 million for individuals and €40 million for companies, or up to 3.5% of a firm’s global annual turnover.
Trump says the United States "don’t need people that join wars after we’ve already won," targeting his criticism at UK Prime Minister Keir Starmer. Israel continues to fire missles at strategic sites in Iran and Gulf regions report more strikes from Iran.
Global oil prices continue to rise, currently surpassing $119 a barrel this Monday, an almost four year high following fresh U.S.-Israeli strikes targeting oil depots. Stock markets shares slumped on fears the conflict with Iran could disrupt shipments through the Strait of Hormuz.
Mojtaba Khamenei, son of the late Ayatollah Ali Khamenei, is a hardline cleric with strong backing from the Islamic Revolutionary Guard Corps. His rise signals continuity in Tehran's anti-Western policies.
Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader on Monday (9 March), signaling that hardliners remain firmly in charge, as the week-old U.S.-Israeli war with Iran pushed oil above $100 a barrel.
Entry and exit across the state border between Azerbaijan and Iran for all types of cargo vehicles, including those in transit, will resume on 9 March, according to a statement by the Cabinet of Ministers of Azerbaijan.
U.S. President Donald Trump and UK Prime Minister Keir Starmer spoke by phone on Sunday as tensions between Washington and Westminster deepened over the conflict involving Iran. The call came less than a day after Trump criticised Britain’s response to U.S. strikes on Iranian targets.
Norwegian police are searching for a suspect after an explosion at the U.S. embassy in Oslo on 8 March caused minor damage but no injuries, in what authorities say may have been a deliberate attack linked to the Middle East crisis.
An explosion damaged a synagogue in the Belgian city of Liège early on Monday (9 March) in what authorities said was an antisemitic attack that caused damage but no injuries.
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.
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.
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