As Iran proxies activate in Yemen and Iraq, Trump’s Mideast morass deepens
Two of the most important corridors for international energy shipments are blocked by Iran and its proxies, oil prices are up and the global economy is reeling.
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Two of the most important corridors for international energy shipments are blocked by Iran and its proxies, oil prices are up and the global economy is reeling.
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
Austrian central bank governor Martin Kocher says risk of elevated inflation is higher than it was a few months ago
Gold prices firmed over 1 percent on Friday, rebounding from recent losses and finding a short-term floor despite strong U.S. inflation data bolstering expectations of an interest rate hike by the Federal Reserve next week. Spot gold rose 1.2 percent to $4,366.69 per ounce by 11:22 a.m. EDT (1522 GMT). The metal, however, was down about 1.4 percent for the week so far. "Gold is recovering rapidly after a brief dip, as CPI data may be cementing expectations of a Fed rate hike next week. The volatility is somewhat muted, as market had a hike 70 percent priced in," said Tai Wong, an independent metals trader. "Price action here suggests that gold is finding a short-term base after the recent retreat." U.S. gold futures gained 0.1 percent to $4,409.30. Prices fell nearly 2 percent on Thursday after the U.S. Producer Price Index data showed prices increased in line with expectations in August. The Consumer Price Index increased 0.4 percent last month after edging up 0.1 percent in July, the labor department's Bureau of Labor Statistics said on Friday. Oil prices fell on Friday, but remained on c
NEW YORK — U.S. stocks are rebounding Friday and clawing back much of their losses for the week after oil prices eased off their recent spurt. An update on inflation across the United States that came in close to economists’ expectations, even if prices are still rising too quickly for everyone's liking, also helped calm the market. The S&P 500 climbed 1 percent and was on track to break a four-day losing streak, its longest since June. The Dow Jones Industrial Average was up 479 points, or 0.9 percent, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 1.2 percent higher. They got help from a pullback in oil prices, which had jumped to their highest levels since May because of the ongoing war with Iran. The price for a barrel of Brent crude, the international standard, fell 2.5 percent to $104.93 after getting near $110 overnight. That took a bit of pressure off inflation, which remains stubbornly high. A report on Friday showed that U.S. consumers had to pay prices for gasoline, food and other costs of living that were 3.4 percent higher last month than a year earlier. Whi
Resilient start to third quarter comes as surging oil price reignites inflation fears