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The Latest Breaking News from the Middle East

Calm before storm: RBA braces for spikes and hikes

The economy is expected to be hit with a savage inflation spike which will in turn increase the chances of more interest rate hikes.

AAP

Crude Oil Prices Jump on Fears of a Wider Conflict in the Middle East

May WTI crude oil (CLK26 ) today is up +3.37 (+3.82%), and May RBOB gasoline (RBK26 ) is up +0.1158 (+3.92%). Crude oil and gasoline prices are sharply higher today, recovering some of Monday’s losses amid concerns that the conflict in the Middle East could escalate. Crude prices are climbing...

Barchart

Iran war puts further strain on congressional casework

Students studying abroad. Tourists on vacation. A couple on a honeymoon. Layovers, business trips, cruise ships. As the war in Iran continues, congressional caseworkers are trying to help — and feeling extra strain — as Americans evacuate from the Middle East. “You think about these people and what they’re going…

Roll Call

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Philippine president declares national energy emergency to respond to impact of Middle East war

Philippine President Ferdinand Marcos Jr_ has declared a state of national energy emergency to respond to the impact of the Middle East war, which his administration said poses “an imminent danger of a critically low energy supply.”

The Independent UK

Is Saudi Arabia calling the shots? Crown Prince MBS urging Trump to keep Iran war alive - report

Saudi Crown Prince Mohammed bin Salman is reportedly urging US President Trump to escalate military action against Iran, viewing it as a chance to reshape the Middle East. He believes removing Iran's current government is key to addressing the threat to Gulf nations. However, Riyadh officially denies pushing for war,…

The Times of India

EU delays proposal to ban Russian oil amid Iran war, price spikes and Druzhba row

A law to permanently ban Russian oil from the European Union has been pushed back amid rising prices fuelled by the war in the Middle East.

Euronews

Rachel Reeves warns of ‘significant’ economic challenges from Iran war

The Chancellor updated MPs on the economic impact of the Middle East crisis, which has pushed up oil and gas prices.

Evening Standard

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'Sharia Law has...': Tucker Carlson says Islamic societies are 'more advanced' than Western societies, draws flak

A viral clip of US commentator Tucker Carlson has stirred a row after he suggested that societies governed by Sharia law are “more advanced” than those in the West.

The Times of India

Bellway shares hit as full-year earnings outlook disappoints

The builder cautioned over risks to the market from the Middle East conflict as mortgage rates have already begun to rise.

Evening Standard

Rio and Kate Ferdinand flee Dubai for Portugal after Iran drone attacks

The family relocated to their Portuguese villa days after the conflict in the Middle East began

Evening Standard

UK business growth ‘slowed to a crawl’ due to war in Middle East, survey shows

Businesses blamed the US-Israel war with Iran for souring customer demand, pushing up prices and disrupting their global supply chains.

Evening Standard

S&P Futures Waver as Concerns Over Middle East Conflict Persist, U.S. PMI Data in Focus

June S&P 500 E-Mini futures (ESM26) are trending up +0.02% this morning, swinging between gains and losses as optimism over a de-escalation in the Middle East conflict wanes.

Barchart

How popular tourist destinations outside of the Middle East are being affected by the Iran conflict

Many Asian countries are heavily reliant on oil that passes through the Strait of Hormuz, and some popular tourist destinations are now enacting measures to limit fuel consumption as the conflict enters its fourth week.

Euronews

Europeans anxious over wars and push for more EU independence, study finds

As conflicts in Ukraine and the Middle East intensify, Europeans are increasingly uneasy about global instability. How worried are they, and do they want the EU to step up its role on defence and international influence?

Euronews

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The Times of India

Middle East tensions to escalate? Saudi, UAE take steps to join US-Israel vs Iran war- Report

With the war entering its 25th day of tensions in the Middle East, Saudi Arabia and the United Arab Emirates have reportedly taken tentative steps that could draw them closer to the Iran conflict, pointing to a potential escalation in the region.

The Conversation

Australia has plenty of diesel for now. But running out could upend our economy

It’s been hard to ignore growing fears of a looming fuel shortage in Australia. Conflict in the Middle East has led to what the International Energy Agency has called the “largest supply disruption in the history of the global oil market”.

The Guardian - AU

Japan to begin biggest-ever oil release from national reserves as Middle East energy crisis bites

PM Sanae Takaichi says about 80m barrels of stockpiled oil to be provided to refiners – equivalent to 45 days of domestic demand

The Times of India

Middle East travel alert: Qatar Airways suspends services to 12 major destinations in Asia and Europe, Kolkata flights resumed

The regional tensions in the Gulf show no signs of winding down as the Iran-US-Israel conflict continues to persist. Along with affecting global trade and lives, the geopolitical situation has affected one of the most vital sectors in the Middle East, the airways.

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The Conversation

How and why NZ could be drawn into the Iran war – and the high stakes involved

After three weeks of war in the Middle East, it is increasingly hard to predict what might happen next. But the prospect of a prolonged conflict has obvious and serious implications for New Zealand.

The Conversation

Oil reserves last for weeks. Solar panels last for decades

Oil and gas prices are shooting up as war in the Middle East cuts down the supply of fossil fuels available, in what has been described as “the largest supply disruption in the history of oil markets”.

International Business Times UK

Is Donald Trump Destroying the World? US State Department Issues Worldwide Security Alert as WW3 Fears Mount

The US State Department has issued a rare worldwide security alert urging Americans to exercise increased caution amid rising tensions linked to the conflict involving Iran, with officials warning of potential threats to US interests around the globe.

Radio France Internationale

'Point of no return' looming in Middle East war, says Red Cross

The International Committee of the Red Cross on Monday demanded a halt to the "war on essential infrastructure" in the Middle East, warning of potential "irreversible consequences" – including harm to nuclear facilities.

The Independent UK

Bulletin world briefing: World heading for ‘worse energy crisis than 1970s’

World heading for energy crisis ‘worse than 70s oil shocks and Ukraine combined’ Why GPS interference is causing chaos in the Middle East Rome gas explosion leaves three in hospital after ‘everything destroyed’ China developing submersibles to take tourists on deep sea dives Deadly floods kill five people in Oman…

AAP

Diesel standards eased as fuel shortages deepen

Measures to help more diesel flow into the domestic market have been announced as hundreds of service stations across Australia run dry.

Evening Standard

Strait of Hormuz closure: 10 ways it could impact your finances

The Press Association looks at 10 ways that the disruption to the critical international shipping route could impact people’s finances.

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