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koreatimes.co.kr | 5 hrs. 36 min. ago

President Lee reassures public over oil prices amid escalating Middle East tensions

#Barrel #CAP #crude #crude oil #Don #energy #Export #export control #Import #loss #media #oil #oil price #R #Saudi Arabia #sea #Swap

President Lee Jae Myung reassured Koreans on Saturday that the government is taking all necessary measures to stabilize oil prices amid a surge in global crude prices caused by escalating tensions in the Middle East. In a post on the social media platform X, Lee highlighted the government's efforts to diversify crude oil imports to reduce the country's reliance on the Middle East, with the region's share of imports falling from about 70 percent to 50 percent. He also cited measures including oil price caps, export controls and a strategic oil reserve swap system. Lee reaffirmed the government's commitment to cracking down on oil hoarding and price collusion, while compensating local refiners for losses stemming from government price stabilization measures. "You don't have to worry about oil prices at all," Lee wrote. The remarks came as disruptions in the Red Sea and the Strait of Hormuz fueled concerns over global energy supplies, pushing oil prices back above $100 per barrel. Adding to the supply concerns, Saudi Arabia shut down its East-West pipeline after the key oil conduit came under

npr.org | 7 hrs. 44 min. ago

Yemen's Houthis capture a Red Sea island in threat to shipping

#Export #Island #oil #R #Saudi Arabia #sea #Shipping #Yemen

Iranian-backed Houthi rebels in Yemen have captured a strategic island in the Bab el-Mandeb Strait. The move threatens Saudi oil exports through a key commercial lane. And Saudi Arabia said it shut down a major oil pipeline as a precaution after it came under attack.

al-monitor.com | 12 hrs. 52 min. ago

Saudis shut down oil pipeline as Houthis tighten grip on Red Sea shipping

#crude #crude oil #Export #Iraq #oil #R #Saudi Arabia #sea #Shipping

By Mohammed Ghobari, Eman Abouhassira and Yasmine GhaniaADEN/DUBAI, Sept 12 (Reuters) - Saudi Arabia has shut down its East-West pipeline after the vital oil conduitcame under aerial attack in the widening Middle East war.The world’s largest crude oil exporter temporarily closed the pipeline after a drone attack that both Baghdad and Riyadh said had originated in Iraq, where Iranian-backed militias operate. Iraq dismissed a military commander on Saturday in response to the attack.

france24.com | 14 hrs. 59 min. ago

Iran-backed Houthis seize near control of vital Bab el-Mandeb shipping lane

#energy #Export #Iran #Island #oil #R #sea #Shipping #Yemen

Yemen's Iran-aligned Houthi rebels captured the strategic Perim Island in the Bab el-Mandeb Strait, located at the southern entrance to the Red Sea, officials said on Friday. The lightning move opens a new front in the Iran war and threatens energy supplies, especially Saudi oil exports, from passing through one of the world's key shipping lanes.

theguardian.com | 16 hrs. 24 min. ago

Man To Man review – Tilda Swinton’s perfect pacing makes this multi-character monologue compelling

#employment #Germany #R #recession

Royal Court Theatre, LondonStarting in Germany in the 1930s, there is a stinging topicality to Manfred Karge’s play addressing the renaissance of Nazi ideologyEarly autumn London theatre has already featured two Oscar winners: Cate Blanchett in Electra / Persona and Mark Rylance in Tartuffe (Remixed). Now Tilda Swinton makes a trio. This shows the commendable dedication of some screen talent to theatre but also the box office need, in recessions, for famous faces. Unusually, there was a first night red carpet outside the Royal Court, leading a writer long associated with the venue to express “shock” to ushers at such Hollywood vulgarity.Swinton is reprising Manfred Karge’s Man To Man, which she first performed 39 years ago, in a production heading to Edinburgh, Berlin and New York. The piece is a multicharacter monologue starting in Germany in the 1930s. When her husband, Max, dies, Ella Gericke puts on his clothes and takes over his job as a crane operator. She seems to act from some combination of bereavement denial, cross-gender curiosity and proto-feminist belief in equal employment. Continue reading...

newsbeep.com | 17 hrs. 10 min. ago

The Bab al-Mandeb Strait, a lifeline for the global economy, is in jeopardy

#Djibouti #economy #global economy #R #sea #Yemen

London —  A narrow waterway located at the mouth of the Red Sea between Yemen and Djibouti has provided…

nytimes.com | 17 hrs. 27 min. ago

Saudi Oil Exports Face Heightened Threats After Attacks on Pipeline

#Export #oil #R #sea

Ship operators already faced severe risks in navigating the region, and now the danger is higher as Houthi militias assert control in the Red Sea.

ecb.europa.eu | 22 hrs. 23 min. ago

Philip R. Lane: Outlook for the euro area economy

#economy #Euro #R
koreatimes.co.kr | 23 hrs. 49 min. ago

Iran-backed Houthis seize key island, opening new front in Iran war

#crude #Export #Gas #gas price #Iran #Island #market #oil #R #Saudi Arabia #sea #Shipping #United States #Yemen

CAIRO — Yemen’s Iranian-backed Houthi rebels captured a strategic island at the southern entrance to the Red Sea, two officials said Friday, opening a new front in the Iran war and further threatening Saudi oil exports through one of the world’s key shipping lanes. The Houthis’ biggest territorial gains in years, along the Bab el-Mandeb Strait , could boost Iran’s strategy of driving up world oil and gas prices to pressure the United States. Saudi Arabia struck the airport in the nearby port city of Mokha that the Houthis seized Thursday, a Houthi broadcaster said. There were no reports of damage or deaths. The capture of Mayun , a tiny, barren volcanic island inside the strait also known as Perim, was confirmed by a senior military official with Yemen’s internationally recognized government and by a Houthi official. Both spoke on condition of anonymity because they were not authorized to talk to journalists. Saudi Arabia, the world's largest oil exporter, has increasingly relied on the Red Sea to get its crude to market as an alternative to the Strait of Hormuz, where Iran h

nypost.com | 1 days ago

Ron DeSantis shoots down Trump’s $5K dividend proposal: ‘More inflation’

#dividend #Inflation #R #Trump

Sen. Ted Cruz (R-Texas) has suggested the giveaway could be "structured as a tax refund" for working Americans.

theguardian.com | 1 days ago

Iran’s Houthi allies capture strategic island on vital oil shipping route

#Export #Iran #Island #Li #loss #oil #R #sea #Shipping #Yemen

Rampant Yemeni fighters take control of island in narrow point of Bab al-Mandab strait, which Saudi is relying on for oil exportsViolence in Yemen: why it matters and how it is linked to the US-Iran warYemen’s rampant Houthi forces have captured a strategic island in the Bab al-Mandab strait, expanding their control of the narrow waterway, one of the ​world’s vital shipping routes.The Iran-aligned Houthis took control of the volcanic island after forces allied to the UN-backed, Aden-based government left in the latest of a dramatic series of reverses along Yemen’s west coast in recent days, including the loss of the port city of Mocha on Thursday. Continue reading...

axios.com | 1 days ago

Vance: MAGA's millennial messenger for the midterms

#Barrel #BIT #bond #Bonds #Boom #crude #Diesel #Gas #gas price #India #Iran #KID #Li #media #Mexico #mortgage #oil #oil price #R #sea #Support #Trump #Yemen

DALLAS — Support for President Trump is dropping among millennials and Gen Zers — particularly young men. Vice President Vance is in charge of getting them back in the midterms.Why it matters: The 42-year-old Vance, the first millennial VP, capped off the GOP's two-day convention here with a direct appeal to families with young children that emphasized the "birthright" of U.S. citizens.Vance also sought to cast Democrats as anti-American, anti-family "crazies.""America belongs to those who love it. Not those who hate it," he said.Zoom in: Support for Republicans is slipping across all age brackets, but the disapproval among millennials and young men is an acute concern for Trump's political operation because they were crucial to his 2024 victory.Millennials, born between 1981 and 1996, are the largest generation in America.They're also the cohort with the largest number of school-age kids — and particularly feel the bite of higher food and gas prices, driving forces behind Trump's low poll numbers.In his 41-minute speech, Vance established his millennial bona fides by mentioning that he's now the father of four young children who share in the "birthright ... to inherit the blessings of the greatest country on Earth."Vance's speech fell on the one-year anniversary of the assassination of his friend and ally, MAGA activist Charlie Kirk, who was 31 when he was shot during an appearance at a Utah college."Charlie spoke to young men in particular," Vance said. "He understood that there was no greater calling for a young man ... than falling in love, starting a family and becoming a father."In contrast, Vance pointed to the now-deleted social media posts of a Michigan Democratic congressional candidate, William Lawrence, who once posted "fuck ... the nuclear family." Vance also attacked Democratic Texas Senate candidate James Talarico and suggested he was too obsessed with transgender kids: "I never want to see that guy's web browser history."The vice president also took umbrage with Michigan Democratic Senate candidate Abdul El-Sayed for suggesting that Vance's now-deceased grandfather wouldn't have loved the vice president's wife, Usha, because she is of Indian heritage. In the midst of accusing the left of opposing the "birthright" of American children, Vance was interrupted by a demonstrator waving a Mexican flag in the American Airlines Arena."Well, my friend, if you love Mexico so much, get your ass over there. I'll buy you the plane ticket," Vance said to the loudest cheers of the night for him.Behind the scenes: Earlier in the day, Vance addressed a closed-door room of Republicans and emphasized the need to talk up the administration's record on lowering costs for prescription drugs — and to attack Democrats."We have to remind the American people of all the good things that we're doing. And number two, we have to remind the American people of how effing crazy the Democrats have become over the past couple of years," Vance said.Friction point: Vance obliquely touched on the major source of the administration's unpopularity — Trump's war in Iran and the high prices it's caused — and asked undecided and unsure voters to overlook it."I'm asking you to do what Charlie did: Do not throw the baby out with the bathwater."Meanwhile, oil prices rose this week to more than $100 a barrel, and diesel in some California gas stations is almost $10 a gallon.Mortgage rates are rising and the administration's efforts to stop the jumps have proven feckless so far.And on Thursday, Houthi rebels in Yemen were closing in on a strategic Red Sea port that could threaten more oil tankers and cause oil prices to skyrocket even more.The other side: Democrats and other critics say the administration's policies, from cutting Medicaid to gutting other programs for kids, are anti-family.The big picture: The Dallas convention was all about Trump, not Vance. And it was about the upcoming Nov. 3 elections — not the passing of a torch, which Trump is loath to talk about as he nears his final two years in the White House.Vance officially hasn't decided whether he'll run for president in 2028, but few insiders believe he won't. "The president will hand over the keys to JD on Inauguration Day, but it's not a topic of discussion," one Trump adviser said. "This about winning this November."What's next: Vance and Trump plan to hit the campaign trail to support as many as 35 congressional candidates and a dozen Senate campaigns."I'm going to go to every one of those states for congressmen and for senators," Trump said Wednesday night. "And we're going to have rallies just like this."Between the lines: Vance is younger than any member of Trump's Cabinet, the freshest face in an administration led by the oldest person ever elected to the presidency — Trump, an 80-year-old Baby Boomer."The dynamic you're seeing play out in the administration between the young millennial leader and the boomer is happening in corporate boardrooms across America," an administration political adviser said."JD is uniquely qualified to talk to parents with young families. He's one of them, so this is only the start."

newsbeep.com | 1 days ago

Traditional labor market data isn’t keeping up with jobs in the ‘frontier economy’

#AI #economy #jobs #Labor Market #loss #market #R

Current debates about AI and the labor market overwhelmingly focus on job losses. If you’re a student of…

axios.com | 1 days ago

Saudi crown prince urged Trump to strike Houthis amid Red Sea threat

#energy #Export #GAV #Iran #Leverage #Li #oil #oil price #R #Regional #Saudi Arabia #sea #Stress #strike #Support #trade #Trump #United States #Yemen

Saudi Crown Prince Mohammed bin Salman (MBS) called President Trump twice Thursday, urging him to launch strikes against the Houthis as the Iran-backed group closed in on a vital Red Sea chokepoint, two U.S. officials told Axios.Trump declined, and U.S. officials stressed the administration has no plans to intervene directly against the Houthis for now.Why it matters: Oil prices surged Thursday as the Houthis seized a strategic coastal city in Yemen, pushing them closer to the Bab al-Mandab Strait — a vital artery for global trade and Saudi oil exports.With Iran already disrupting traffic through the Strait of Hormuz, Houthi control of Bab al-Mandab could give Tehran a powerful new point of leverage over the U.S. and its Gulf allies.Driving the news: The U.S. is concerned about the rapidly escalating fight in Yemen and is stepping up support for Saudi Arabia while trying to avoid direct military involvement.Adm. Brad Cooper, the commander of U.S. Central Command, traveled to Saudi Arabia on Thursday for urgent coordination meetings, two sources with knowledge of the matter said.The Saudi embassy in Washington and the White House declined to comment. Catch up quick: The Saudi-Houthi confrontation reignited in July after Riyadh prevented an Iranian plane carrying senior Houthi officials home from the funeral of former Iranian Supreme Leader Ali Khamenei from landing in Sanaa.MBS asked Trump for political backing to strike the Sanaa airport, but made clear Saudi Arabia did not need U.S. military assistance. Trump gave him his support.The Houthis retaliated by attacking Saudi tankers in the Red Sea, threatening a crucial route for the kingdom's oil exports, and later expanded their attacks to Saudi energy facilities.Saudi Arabia and its Yemeni allies responded with airstrikes and ground offensives against Houthi positions.Behind the scenes: Saudi Arabia's request for direct U.S. military action marks a sharp reversal from July, when Riyadh told Washington it could handle the Houthis on its own.As the fighting intensified, however, the Saudis began seeking increasing levels of U.S. support.U.S. military and civilian officials have told their Saudi counterparts in recent weeks that Trump's directive is to keep American forces focused on Iran and the Strait of Hormuz — and avoid opening another front, sources familiar with the discussions said.On Thursday, as Houthi forces advanced on the coastal city of Mokha and Saudi-backed Yemeni forces retreated, MBS called Trump to brief him on the deteriorating situation, U.S. officials said.Several hours later, MBS called again and urged Trump to order U.S. strikes against the Houthis.Trump declined, but a U.S. official said the administration will provide Saudi Arabia with intelligence on the Houthis and targeting data.Roughly 200 U.S. military personnel are already in Saudi Arabia providing non-kinetic support, the official said.What they're saying: A senior Trump administration official signaled that Washington's priority is keeping the Red Sea open while leaving the broader fight to its regional partners."The United States is focused on protecting our core national security interests — such as ensuring freedom of navigation in the Red Sea — while empowering our regional partners to take the lead in managing and resolving regional security challenges," the official said."We are in continuous dialogue with Saudi Arabia and the Republic of Yemen Government regarding regional stability."

abc.net.au | 1 days ago

Houthis advance along Yemeni coast, threaten Saudi oil exports in Red Sea

#Export #Iran #oil #R #sea #strike

Iran-aligned Houthis advance along the Yemeni coast as Iranian strikes damage multiple US military aircraft in an escalation on two fronts of the war.

koreatimes.co.kr | 1 days ago

The Fed's credibility depends on resisting politics, not playing it

#Bank #central bank #Fed #Federal Reserve #R #Trump

At Jackson Hole last month, all eyes were on Federal Reserve Chair Kevin Warsh in his first speech at the Fed’s annual conference. But all thoughts were about the Fed’s rate decision next week. Kenneth Rogoff, a Harvard economist who was at Jackson Hole as a lunchtime speaker, offered this advice to a New York Times journalist: “If they can possibly put it off till after the midterms, it would be good for the institution.” Given President Donald Trump’s attacks on the Fed, he asked: “If you’re trying to preserve Fed independence, are you preserving it better by spitting in his face, or are you preserving it better by laying low and waiting until the winter?” But playing politics to preserve independence is a terrible strategy for the Fed. And one of the best explanations comes from a junior economist at the Fed who wrote a paper, now considered foundational to the study of central bank credibility, back in 1983. His name was … Kenneth Rogoff. Using a stylized model, Rogoff showed that economic outcomes, on average, would be better if the head of the central bank were m

theguardian.com | 1 days ago

Global bond sell-off resumes as surging oil prices stoke fears about inflation

#Barrel #bond #Bonds #crude #Dumping #Export #Government Bonds #Inflation #Iran #oil #oil price #R #sea #Yemen

Crude jumps above $107 a barrel amid concerns over Middle East conflict and out-of-control government borrowingNervous investors across big economies have been dumping government bonds, driving up the cost of borrowing, as surging oil prices amplified fears about rising inflation.The cost of a barrel of oil jumped 6% to above $107 on Thursday amid concerns that advances by Houthi rebels along the Red Sea coast in Yemen could choke off Saudi crude exports. Continue reading...

theguardian.com | 1 days ago

UK politics: Visitor levy powers should be in place by March 2028 in England, ministers say – as it happened

#economy #employment #Fund #growth #jobs #Li #Power #R #Regional #Russia #Taxes #Ukraine

Downing Street gives more details of plan, saying it would be charged as a percentage of accommodation costs, not a flat feeTourists in England face nightly levy on hotel and Airbnb stays under new plansThe Centre for Cities, a thinktank that focuses on promoting growth in cities, has welcomed the government’s plans to let mayors in England impose a tourism tax. This is from its chief executive, Andrew Carter.The overnight visitor levy is a great step forward for fiscal devolution. This marks the first time that mayors in England have gained more autonomy over funding.The overnight visitor levy means places will get rewarded for doing what they need to attract more visitors and grow their local economies.Labour’s solution to every issue is always to hike taxes. This is just the latest method they’ve found to squeeze more money out of hardworking families and the economy.The hospitality industry has already been hit by colossal business rates hikes thanks to Labour, on top of their Jobs Tax and employment red tape that have driven up costs. Now hotels and other businesses face another blow that will harm local economies and discourage local tourism. VAT is already charged at 20% on hotels - much higher than in other countries - and now they’ll pay VAT on this tourism tax too: a Labour double whammy. Continue reading...

koreatimes.co.kr | 1 days ago

Oil surges 6%, Brent and US crude both surpass $100 on more tanker attacks

#Barrel #Benchmark #crude #energy #Fed #Futures #Iran #market #Market Risk #oil #oil price #R #sea #Shipping #Yemen

NEW YORK — Oil prices jumped more than 6 percent on Thursday, with both major benchmarks trading at over $100 a barrel as the biggest spike in attacks on shipping since the Iran war began fed worries among traders about further disruptions to already tight supplies. Brent crude futures settled up $6.42, or 6.34 percent, at $107.63 a barrel. U.S. oil topped $100 a barrel for the first time since May as West Texas Intermediate crude futures rose $6.43, or 6.69 percent, to $102.48. Both benchmarks hit their highest since May 19 and recorded their steepest increases in nearly two months. Iran-aligned Houthis seized control of Yemen's port of Mocha on Thursday, posing a further threat to Red Sea traffic, while Gulf traffic remains restricted through the Strait of Hormuz as tanker attacks in the region have intensified in recent days. Attacks from Yemen on Saudi energy facilities introduce a fresh source of market risk, expanding concerns beyond Iran and the Strait of Hormuz, said Simon-Peter Massabni, head of business development at XS.com. The threat is no longer confined to a single choke

koreatimes.co.kr | 1 days ago

Oil surges 5%, Brent and US crude both over $100 on more tanker attacks

#Barrel #Benchmark #crude #energy #Fed #Futures #Iran #market #Market Risk #oil #oil price #R #sea #Shipping #Yemen

NEW YORK — Oil prices jumped 5 percent on Thursday, with both major benchmarks trading at over $100 a barrel as the biggest spike in attacks on shipping since the Iran war began fed worries about further disruptions to already tight supplies. Brent crude futures were up $5.39, or 5.33 percent, at $106.60 a barrel by 11:49 a.m. ET (1549 GMT). U.S. oil topped $100 a barrel for the first time since May as West Texas Intermediate crude futures rose $5.16, or 5.37 percent, to $101.21. Brent prices have surged by more than 30 percent from lows touched in early August as a permanent agreement between the U.S. and Iran to cease attacks never materialized and fighting resumed. Iran-aligned Houthis seized control of Yemen's port of Mocha on Thursday, posing further threat to Red Sea traffic, while Gulf traffic remains restricted through the Strait of Hormuz as tanker attacks in the region have intensified in recent days. Attacks from Yemen on Saudi energy facilities introduce a fresh source of market risk, expanding concerns beyond Iran and the Strait of Hormuz, said Simon-Peter Massabni, head o

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al-monitor.com | 1 days ago

Houthis seize Red Sea city, tighten grip near strategic Bab al-Mandeb: What to know

#Export #R #Saudi Arabia #sea

Taking control of the towns bordering the Bab al-Mandeb Strait deals a significant blow to Saudi Arabia, which has relied heavily on the key waterway to keep its exports afloat.

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