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...
Start your day informed with AnewZ Morning Brief: here are the top news stories for May 26th, covering the latest developments you need to know.
1. Trump delays EU tariff threat, sets new July 9 deadline
President Trump has agreed to extend the deadline for implementing steep tariffs on European Union imports, postponing the 50% tariff until July 9 following a call with European Commission President Ursula von der Leyen. The initial threat, announced for June 1, had shaken global markets and heightened tensions between the U.S. and its European allies.
While Trump initially claimed disinterest in a deal, he reversed course after the EU requested more time for negotiations. Financial markets reacted positively to the delay, with the euro and U.S. dollar gaining ground. This latest development highlights the rocky trajectory of U.S.-EU trade talks amid broader concerns over Trump's unilateral trade approach and its global impact.
2. Erdogan and Sharif push for stronger Türkiye-Pakistan ties
During their meeting in Istanbul, Türkiye and Pakistan reaffirmed their commitment to deepening cooperation across key sectors such as defence, energy, and transportation. President Erdogan and Prime Minister Shehbaz Sharif also addressed regional and global challenges, including counterterrorism efforts.
The meeting was attended by Türkiye’s top foreign and defence officials. Despite Türkiye’s historically cordial relations with both Pakistan and India, Erdogan’s recent support for Pakistan following India’s military response in Kashmir has led to boycotts of Turkish goods in India.
3. Germany’s military told to be fully equipped with weapons by 2029
Germany’s Chief of Defence, Carsten Breuer, has issued a directive to prepare the country's military for full operational readiness by 2029. This move comes as NATO officials, including Breuer, warn that Russia could be capable of launching a large-scale attack on NATO territory by then. The directive prioritizes key areas such as air defense, deep precision strike capabilities, ammunition stockpiles, electronic warfare, and space-based systems.
Funding will be supported by relaxed fiscal rules introduced earlier this year. The document underscores Germany's intention to align more closely with NATO’s strategic goals amid a shifting security landscape.
4. Second blackout hits Nice as France probes sabotage
A second power outage in two days has struck France’s Riviera region following a fire at a substation in Nice overnight.
Authorities suspect the blaze was caused by a malicious act after finding the substation door broken and tyre marks at the scene.
At least 45,000 homes were affected by the fire.
The incident comes just a day after Cannes experienced a major blackout during the international film festival, also believed to be an act of sabotage. No link has yet been established between the two cases.
Nice Airport, the tramway network, and nearby towns were impacted before power was restored later in the morning.
Authorities have stepped up security around electric sites in Nice and launched an investigation into the incident.
5. Spain hosts European, Arab foreign ministers to discuss Gaza
Lawmakers from European and Arab countries have met in Madrid to discuss the war in Gaza.
Some of Israel’s longtime allies have joined the growing international pressure after it expanded military operations against Gaza’s Hamas rulers, whose 2023 attack on Israel triggered the devastating conflict.
A nearly three-month aid blockade has deepened shortages of food, water, fuel, and medicine in the Palestinian territory, raising fears of famine.
Aid organizations say the limited supplies recently allowed in by Israel fall far short of what is needed.
The high-level talks mark the fifth official meeting of what is known as “The Madrid Group.”
Spanish Foreign Minister Jose Manuel Albares has called for humanitarian aid to enter Gaza “massively, without conditions and without limits, and not controlled by Israel.”
Representatives from European countries including France, Britain, Germany, and Italy joined envoys from Egypt, Jordan, Saudi Arabia, Türkiye, Morocco, the Arab League, and the Organisation of Islamic Cooperation.
Norway, Iceland, Ireland, and Slovenia—countries that, like Spain, have recognized a Palestinian state—also took part, along with Brazil.
6. Malaysia PM has written to President Trump to organise U.S.-ASEAN meeting
Malaysian Prime Minister Anwar Ibrahim announced on Monday that he had personally written to U.S. President Donald Trump to request a meeting between the United States and the Association of Southeast Asian Nations (ASEAN), amid growing concerns over proposed U.S. tariff increases.
Speaking at the opening of a regional summit in Kuala Lumpur, Anwar noted that the letter was sent in line with a consensus reached by ASEAN foreign ministers earlier this year.
"A shift in the global geopolitical landscape is underway, and the international trading system is under mounting pressure due to the recent imposition of unilateral U.S. tariffs," Anwar said. "We are witnessing a resurgence of protectionism as multilateralism appears to be unraveling."
Malaysia currently holds the rotating chairmanship of ASEAN, which comprises 10 member nations. This summit marks the first of two major ASEAN gatherings scheduled for the year.
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.
U.S. President Donald Trump threatened further attacks on Iran on Saturday (7 March), while the United Arab Emirates and Saudi Arabia continued to shoot down missiles in their airspace. Meanwhile, Iran’s President Masoud Pezeshkian said Tehran would stop attacking its neighbours.
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.
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.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment