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.
Current prices are around $100, according to the Intercontinental Exchange (ICE) market, after suspected attacks by Iran on multiple vessels in the critical Strait of Hormuz.
All 32 members of the International Energy Agency's (IEA) agreed the extraordinary move to release 400 million barrels of Brent crude oil in reponse, to try and bring the price down. Earlier this week, the price rose to almost $120.
Iran's Islamic Revolutionary Guard Corps (IRGC) is warning prices could rise to $200 a barrel. A spokesperson said any ship from the U.S., Israel or allies will be targeted in the Strait of Hormuz, a vital shipping lane between Iran and Oman.
"You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel," the spokesperson said. "The price of oil depends on regional security, and you are the main source of insecurity in the region."
As the conflict pushes petrol prices up across the world, countries scramble to mitigate its domestic impact, with the American Automobile Association saying a gallon of petrol is now above $3.50.
Schools in Pakistan are being forced to close for a fortnight from next week and government departments will operate only on a four-day week, similar to the Philipines and Bangladesh.
South Korea introduced a price cap for the first time in 30 years on Monday as others like China, raise prices.
The prices are also flucuating due to what appears to be mixed signalling from U.S. President Donald Trump around the length of the war in Iran.
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European leaders gathered in Dublin on Thursday, 12 November, for the ninth European Political Community (EPC) summit, with security, defence and energy high on the agenda. Azerbaijani President Ilham Aliyev held talks focused on peace, trade and regional cooperation.
Iran’s Assembly of Experts has backed withdrawing from the Nuclear Non-Proliferation Treaty (NPT) and overhauling the country’s defence doctrine, calling both steps essential to national security and deterrence.
President Vladimir Putin agreed on Thursday to let European representatives join the next round of Ukraine peace talks while the United States continues to work towards what could become the largest prisoner exchange of the Russia-Ukraine war.
Microsoft struggled to restore its services on Friday after a major outage disrupted Outlook, Teams and Copilot across the United States and Asia-Pacific region.
Here's your AnewZ Technology Daily Brief for the 13th of November. This week, a Microsoft outage hit Australian agencies, Google restricted mapping data in South Korea, a lawsuit targeted advanced AI development, and Nvidia faced a leadership crisis after Jensen Huang's resignation.
Hungarian authorities have recovered nearly $20 million in cash hidden in buildings and buried in forests as part of a bribery investigation into Miklós Seszták, a former minister under ex-Prime Minister Viktor Orbán.
U.S. President Donald Trump, Russian President Vladimir Putin and Chinese President Xi Jinping are set to hold a historic trilateral meeting in Shenzhen on 19 November. The White House says the talks will focus on nuclear arms reductions, with Iran also on the agenda.
U.S. negotiators floated the idea of Ukraine withdrawing from the eastern Donbas region in exchange for NATO membership, Ukrainian President Volodymyr Zelenskyy has said.
China is taking its space technology ambitions beyond its borders, with a major deal to build a network of 20 artificial intelligence-powered satellites for Oman.
Europe will send a team of diplomats to Ukraine peace talks rather than a single envoy, EU leaders agreed on Friday at the end of a summit in Dublin.
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