World & Politics
European Commission calls on EU countries to coordinate their actions amid the energy crisis - 04/01/2026
European Commissioner for Energy, Dan Jorgensen, urged EU member states to get ready for a possible long-lasting energy crisis and to work together in a coordinated manner. In the context of market instability caused by the Middle East crisis and the shutdown of the Strait of Hormuz, the Commissioner urged EU Member States to work together to guarantee the supply of oil and petroleum products, as...
South Korea approves $17 billion in stimulus to mitigate impact of Iran conflict - 04/01/2026
South Korea has unveiled a stimulus package worth 26.2 trillion won, which is approximately $17.3 billion, aimed at reducing the economic effects of the conflict in the Middle East, according to Bloomberg. The increasing cost of oil due to the conflict is affecting both families and companies in South Korea, as the country's economy depends a lot on importing energy. The country ranks as the...
G7 ministers ready to work to ensure energy market stability - 03/31/2026
The finance ministers of the G7 declared in a statement that they are prepared to implement all required measures to maintain stability in the energy market, reports The Guardian. The ministers declared that they are prepared to "implement all essential actions in close collaboration with partners to uphold the stability and security of the energy market." The G7 nations acknowledge the...
European Commission will present tax measures to mitigate rising energy prices - 03/30/2026
Valdis Dombrovskis, the Commissioner for Economic Affairs, stated that the European Commission, acting on behalf of the European Council, is working on specific temporary measures aimed at dealing with the increasing energy costs. He stated at a press conference in Brussels on Friday, following the Eurogroup's discussion on the EU's economic situation, that the EC will propose measures to lower...
Australian government halves fuel tax amid rising petrol and diesel prices - 03/30/2026
The Australian government has decided to temporarily reduce the fuel tax by half in order to shield consumers from the effects of rising global energy prices, which have increased due to the ongoing conflict in the Middle East, according to Bloomberg, which is quoting official statements from Australian authorities. On April 1, the tax on petrol and diesel will be lowered by about AUD 0.26...
Bloomberg: US prepares for oil price hikes to $200 - 03/27/2026
According to Bloomberg's sources, the US presidential administration is evaluating the economic consequences of a potential increase in oil prices to $200 per barrel. Based on these sources, US officials aim to be ready for every possibility, including an extended conflict in the Middle East. The agency stated that prior to the initiation of the US military operation against Iran, US Treasury...
European Parliament approves trade deal with the United States - 03/27/2026
The European Parliament endorsed legislative measures to fulfill the EU's obligations under the trade agreement with the United States. A total of 417 legislators backed the bill, 154 opposed it, while 71 chose to abstain. "Today's vote is a significant procedural move and a political message that the EU honors its commitments," stated European Commissioner for Economic Affairs Valdis Dombrovskis...
Orban announces suspension of gas supplies to Ukraine due to the situation with the Druzhba pipeline - 03/26/2026
Hungarian Prime Minister Viktor Orban announced that Budapest will suspend gas supplies to Kyiv until oil transit through Ukraine via the Druzhba pipeline is resumed. "As long as Ukraine does not supply oil, it will not receive gas from Hungary," he wrote on Facebook. Orban said that Hungary needs to make sure its energy security is safe and that gasoline prices should stay at a protected level...
Iran begins charging ships for transit through the Strait of Hormuz - 03/25/2026
Iranian officials have started charging fees to ship crews that pass through the Strait of Hormuz. Bloomberg’s sources report that a fee of $2 million per ship is being charged on an individual basis, which is effectively acting as an informal fee for using the sea route. The sources mentioned that some ships have already made payments, though the exact method of payment remains unclear,...
US navy ships carrying marines approach the Arabian Sea - 03/24/2026
A US amphibious assault unit, made up of three amphibious vessels transporting Marines, is set to reach the Arabian Sea in the upcoming days, within the operational area of the US Central Command in the Middle East (CENTCOM), as reported by the British newspaper The Sun. By the week's end, they are anticipated to reach the northern Arabian Sea, where the US Navy's carrier strike group, commanded...
