U.S. President Donald Trump said he would hold a press conference later on Monday before returning to Washington from Florida, but gave no details about what he would discuss. The press conference is scheduled for at about 5:30 p.m. (2130 GMT), after the U.S. markets close. It comes as global markets slumped more than a week into the war on Iran amid soaring oil prices and fears of spiking inflation. "Many important meetings and phone calls taking place today," Trump added in the social media [Read more]

Russian President Vladimir Putin said on Monday that the Iran war had triggered a global energy crisis and cautioned that oil production dependent on transport through the Strait of Hormuz could soon come to a complete halt. Putin, though, signalled again that Russia was ready to supply oil and gas to Europe. Russia is the world's second largest oil exporter and holds the world's biggest reserves of natural gas. Speaking at a televised meeting with government officials and heads of Russi's [Read more]

Investors are now seriously considering the possibility that war in the Middle East could create a stagflationary shock, just as it did 50 years ago, when disruption to global energy supplies sent inflation surging, and battered growth “The risk of a 1970s scenario is rising,” said Kaspar Hense, portfolio manager at RBC BlueBay Asset Management. “If there is another extended war, with oil prices going up significantly further, then the safe-haven status of government bonds are at risk, and [Read more]

The Group of Seven countries are considering releasing emergency oil stocks to address the Middle Eastern supply crisis, the International Energy Agency said on Monday, as oil prices surged to as high as almost $120 per barrel. IEA member countries that are net oil importers are required to keep at least 90 days' worth of oil imports in stock. Here is how much each G7 country has in stock, though the amount that can be released per day is constrained by local infrastructure. * The [Read more]

Saudi oil giant Aramco has begun cutting output at two of its oilfields, two sources said on Monday, after the vital Strait of Hormuz was choked by the U.S.-Israeli war on Iran and subsequent attacks on the waterway. It was not immediately clear at which fields and by how much production was being curtailed. Aramco, which has been rerouting some of its crude cargoes to the Red Sea port of Yanbu, declined to comment. Several of Saudi Arabia's neighbours, which have also been subject to [Read more]

Bahrain’s Bapco declared force majeure on its group operations on Monday following an attack on its oil refinery complex, the company said, as the conflict in the Middle East continues to disrupt oil production. Here are some details: * Bapco’s 380,000 barrels per day (bpd) Sitra refinery buys Saudi crude via a pipeline between the two countries, depriving Saudi Arabia of another outlet for its production * Bapco is a major exporter of fuels including diesel, jet fuel and naphtha to [Read more]

Oil prices have soared while share markets have skidded on fears that the escalating U.S.-Israeli war on Iran will squeeze energy supplies and hamstring industries around the world. Following are actions that governments are taking or plan to take to reduce the impact of the war on their economies. SOUTH KOREA PLANS FUEL CAP South Korean President Lee Jae Myung said on Monday that authorities would cap domestic fuel prices for the first time in nearly 30 years. The country will also [Read more]

Oil prices surged 30% last week and swathes of global stocks sold off as war in the Middle East escalated, yet an air of complacency hung over Wall Street. Investors have likely been betting that the turmoil will have a short-lived, mild economic impact, much like most crises in the recent past. Is this an efficient market at work, or wishful thinking? We'll soon find out. West Texas Intermediate crude rose 35% last week, the biggest weekly rise since the U.S. oil benchmark futures were launched [Read more]

The Group of Seven (G7) finance ministers will discuss on Monday a joint release of oil from emergency reserves coordinated by the International Energy Agency, the Financial Times reported. Three G7 countries, including the U.S., have so far expressed support for the idea, the FT said citing sources, and added that the ministers and the IEA Executive Director Fatih Birol will hold a call to discuss the impact of the Iran war. The report comes as oil prices surged more than 25% on Monday to [Read more]