Global oil prices surged on Sunday as the Israel-Iran conflict continued to rattle markets, with Brent crude rising 3.9% to $80 per barrel and U.S. crude climbing 4.3% to $77 per barrel.
The ongoing tensions have caused sharp fluctuations in oil prices over the past week, fueling volatility in the U.S. stock market. Futures for the S&P 500 fell 0.6% on Sunday, and treasury yields dipped slightly amid investor concerns.
The Strait of Hormuz, a critical chokepoint for global crude supply, has become a focal point due to Iran's position as a major oil producer and its proximity to the waterway. Fears of disruptions to crude flow have driven markets to react strongly to developments in the conflict.
Analysts warn that further escalation in the Middle East could significantly impact global energy supplies and financial markets.
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The U.S. has banned government employees working in Saudi Arabia from using airports in the country without special authorisation. It comes after a deadly Houthi strike on Riyadh's King Khalid International Airport killed at least 13 people last week.
U.S. President Donald Trump has called it “a disgrace” that Ukraine has resumed attacks on Russian oil refineries. Attacks are continuing from Russia and Ukraine as media reports say Ukraine has almost run out of Patriot interceptor missiles.
An unknown projectile struck a tanker 68 nautical miles northeast of Saudi Arabia on Friday according to a report released by the United Kingdom Maritime Trade Operations (UKMTO) on Saturday.
France is preparing for a fresh wave of nationwide demonstrations this weekend as rising living costs, education concerns and growing political tensions converge into one of the most significant protest movements seen in the country in recent years.
Romanian rescuers resumed their search for seven missing sailors on Friday (16 October) after a drone strike set a chemical tanker ablaze near the country’s Black Sea coast. The attacks have raised fresh security concerns along a vital regional trade route.
Russian strikes on Ukraine’s energy and water systems, combined with damaged homes and rising living costs, could force more people to flee this winter, the International Organization for Migration (IOM) warned on Friday, as its response plan for the country remains less than 7 per cent funded.
Ukrainian President Volodymyr Zelenskyy said on Saturday that a potential meeting between Ukraine, the United States and Russia could take place during the G20 summit in Miami in December, although neither Washington nor Moscow has confirmed the talks.
Nearly half of delegates walked out of an International Monetary Fund meeting in Bangkok on Saturday as Russian Finance Minister Anton Siluanov addressed the group, exposing deep divisions over Moscow’s war in Ukraine.
Nationwide protests are set to begin in France on Saturday with students, trade unionists and remnants of the Yellow Vest movement expected to demonstrate against rising living costs amongst others.
European Union leaders wrapped up a summit in Brussels with agreement emerging on several key issues, including support for the automotive industry, trade tensions with China and financing for Ukraine.
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