New Delhi, April 6 (IANS) Saudi Arabia on Monday increased the price of its flagship crude as state-owned Saudi Aramco has set the official selling price of its Arab Light crude for May shipments at a record premium of $19.50 per barrel over the regional benchmark for Asian buyers.The steep hike comes as energy flows through the Strait of Hormuz face severe disruptions, according to reports.The move follows heightened tensions linked to the ongoing conflict involving the US, Israel, and Iran, wh…
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New Delhi, March 27 (IANS) Bangladesh’s annual fossil fuel import bill is projected to soar by $4.8 billion, a 40 per cent increase from 2025 levels, due to the Middle East crisis, according to a new analysis by Zero Carbon Analytics (ZCA).“This type of crisis is repeating itself, echoing the price shocks caused by Russia’s invasion of Ukraine, causing the costs of Bangladesh’s dependence on fossil fuels and its delayed energy transition to mount,” the ZCA analysts wrote in its latest …
Washington, March 10 (IANS) Oil prices hovered near $90 a barrel on Tuesday as the war involving Iran sent shockwaves through global energy markets, raising fears of prolonged supply disruptions through the critical Strait of Hormuz and pushing US lawmakers to propose emergency measures to curb rising fuel costs. Brent crude, the global benchmark, traded around $91.94 a barrel, while US crude slipped to about $88.87 after volatile trading earlier in the week, according to CNBC and CNN.Energy mar…
New Delhi, March 3 (IANS) US stock markets are set to open sharply lower on Tuesday, as rising tensions in the Middle East continue to shake investor confidence and push oil prices higher.Futures linked to the S&P 500 and the Dow Jones Industrial Average were down nearly 2 per cent in pre-market trade, while futures of the Nasdaq Composite fell around 2.5 per cent — indicating a weak start for Wall Street.The decline comes as tensions between the United States, Israel and Iran intensify.Con…