Latest News
-
Bangladesh increases fuel prices up to 17% in response to global oil price spike
The government of Bangladesh is trying to stem mounting losses due to rising oil prices in the world and increased shipping costs associated with the Middle East conflict. New rates that will be effective on Monday are expected to increase transportation and production costs in the import-dependent economies, increasing inflationary pressures during a time when industries such as the key garment export sector of the country are already struggling with an acute energy shortage. The Energy Ministry reported that international fuel prices have?more than doublated since March 2026. Freight charges, meanwhile, have risen dramatically due to regional instability. Diesel prices increased 17.4% under the new rates to 135 taka/litre from 115?taka. The price of octane gas increased from 145 to 165 per litre, petrol to 160 from 140, and kerosene to 155 from 135 per litre. The government raised fuel prices in April and June to offset the rising costs of imports due to higher global oil prices. The ministry stated that state-owned Bangladesh Petroleum Corporation suffered losses of 228.76 billion takas ($1.9 billion) from March to August. It said the price increase could reduce annual losses by about 100 billion takas, while conserving foreign exchange reserves and curbing fuel theft into neighbouring countries with higher prices. The ministry also cited substantial subsides for?liquefied gas, stating that the?government continued to support the supply of electricity and gas despite increased import costs resulting from the regional energy crises.
-
Investors assess Saudi export recovery as oil prices fall
Oil prices fell on Monday, as investors hoped for a recovery of shipments from Saudi Arabia. This was despite the ongoing attacks by the?Yemeni Houthis which have escalated the tensions in the Middle East. Brent crude futures fell 81 cents or 0.78% to $103.06 per barrel at 0031 GMT, after falling 0.91% Friday. US West Texas Intermediate crude traded at $99.41 per barrel, down by 89 cents or 0.89% after a 1.58% drop in the previous session. Yemen's Iran supported Houthis claimed they attacked "sensitive sites" in Saudi Arabia's capital, Riyadh, on Saturday using?missiles or drones. They also said that an Aramco oil export facility in Yanbu in the Red Sea was targeted. After halting shipments via Yanbu, Saudi Aramco has increased exports through the Strait of Hormuz this month and in the coming months. According to preliminary data from analytics company Kpler, this has allowed exports to the OPEC kingpin to recover to just under 4?million barrels a day (bpd), so far in September. In August they had fallen to 2.4 million bpd, the lowest level since at least 2013. JPMorgan analysts stated in a note dated September 18 that Middle East oil flow remains surprisingly strong, despite disruptions to Saudi Arabia's East West pipeline. They added that total oil flows in the past 10 days averaged 17,1 million bpd, only 6.1 million below the average for 2025. The analysts noted that Saudi Arabia has made the most significant pivot, as satellite data showed a?Saudi oil flowing through the Strait of Hormuz at an average of 2.9 million barrels per day over the last six days, up from just 700,000 in August. According to three Iranian sources with knowledge of the situation, China asked Iran to help rein the Houthis in after Saudi Arabia appealed to Beijing following the attacks. Iran and the US exchanged threats on Sunday, amid the deadlock. However, President Donald Trump stated that he was open to meeting Iranian president?Masoud Peshkian who will be in New York for the United Nations General Assembly this week. In an interview with Al Jazeera, Mohsenrezaei, Iran's chief of security, said that Iran had conveyed to mediators its conditions for re-engaging negotiations aimed at ending war with the US.
-
Europe faces a Q4 jet-fuel supply deficit despite South Korea becoming the latest major supplier
Analysts and shipping data indicate that Europe faces a jet fuel deficit in the fourth quarter, despite turning to "far-flung" suppliers, such as South Korea. South Korea is expected to increase its jet exports into Europe to four-year-high levels by September. Since the Iran War broke out over a half-year ago, Europe has imported more jet fuel, including from Nigeria, the United States, and Canada. The war had a devastating impact on Middle East supplies, and cut off about?half of Europe’s jet imports. Europe is still highly vulnerable to further disruptions in supply as tensions increase in the Middle East. According to?Consultancy Energy Aspects, Europe is expected to have a jet fuel deficit in the fourth quarter of 510,000 barrels compared with surpluses in?the United States of 18,000 barrels a day and Asia-Pacific of 419,000 barrels bpd. The trend for the third quarter is similar. According to data on flows, South Korea was the largest source of jet fuel shipments to Europe in September. According to Kpler commodities intelligence, European imports from South Korea of jet fuel in September have reached 129,000 barrels a day. This is the highest level since October 2022. LSEG data shows similar volumes. James Noel Beswick, the head of commodities for market intelligence firm Sparta Commodities, says that Europe will continue to import jet fuel as long as there is a shortage on the continent. Jet fuel is a middle distillate, along with diesel and gasoil. This week, European diesel reached a new record high. It was firmer than the Asian diesel markets. Noel Beswick said that the widening gap between Asian and European benchmarks makes it more profitable to import barrels into Europe. EUROPE'S JET FUEL STOCKS DROP Imports from South Korea ?also coincide with low inventories, with stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) oil refining and storage hub hitting ?their lowest in ?seven years in the week to September 10. Asia is the swing supplier of jet-fuel to Europe, and traders usually turn there when they judge that 'the arbitrage' - or the relative price difference between the two regions – is profitable. Kpler data revealed that average monthly exports were around 1.5 million barrels. South Korea's July jet fuel production hit a seven-year-high of nearly 13.89 million barrels. Exports also reached a three-and-a-half-year-high. This increase is due to a rise in the'refinery crude processing rate.' Traders expect August crude runs to be stronger than July. The government's provisional data for July showed refining output at 2.7 millions barrels per day. This is up 16% from the previous month.
-
Study shows that cooling costs for Bangladeshi garment factories can be recovered in four years.
A report published on Sunday showed that manufacturers and brands can benefit financially from investing in cooling systems for garment factory workers to reduce heat stress. Climate change is a growing threat to the apparel industry. Researchers at Cornell University’s Global Labor Institute have found that cooling investments in Bangladesh factories, such as reflective paint, roof insulation, and airflow ventilation are both commercially viable and will pay off within four years. The report called on brands to ease prices for suppliers who invest in cooling workers. The authors, who cited temperature readings taken over a period of six months at eight factories in Dhaka, found that temperatures inside factories are often higher than those outside. Workers in the ironing and finishing sections were most susceptible to extreme heat. Heat stress wiped out?4,1 percent of the average annual revenue for these factories, posing a financial risk to manufacturers and global brands. Jason Judd is the executive director of Global Labor Institute. He said that the?report gives both buyers and vendors a 'context of the scale of intervention needed. If you are considering cooling investments, but don't have a clear idea of how much money is being spent on them, it can be difficult. Judd stated that apparel brands expressed an interest in the payback time for heat adaptation expenditures at factories during conversations with researchers. He said that brands have been "back-and-forth" with their manufacturers about mitigation costs, achieving GHG (greenhouse gases) targets and identifying alternative sources of energy. Heat and flooding can wipe out $65 billion of apparel exports from Bangladesh, Cambodia Pakistan, and Vietnam by 2030, according to research conducted three years earlier. Climate change is becoming more and more apparent in the apparel industry. The extent to which global brands invest in?adaptation is still an open question. Last week, the American Apparel and Footwear Association released a 'toolkit aimed to protect workers from extreme temperature. The trade group suggested that brands should share the cost of resilience measures when the manufacturer may not be able to generate enough'returns' for the investment. Nate Herman, Executive Vice President of AAFA, said that extreme heat is becoming a more common occurrence around the world. This means our industry needs to take action to protect workers at the core of our supply chain.
-
Iran warns US and its allies against escalating the conflict
Iran warned against a new major attack by the United States or its allies on Sunday, saying it had received information that such an action was in preparation. This added to the tensions already present in a region on edge following drone and missile attacks on Saudi Arabia. Iran's central military command announced on state-run media that any further attack would result in a sustained retaliation, including against US interests and bases. Washington's regional partners would also be considered as parties to the conflict. It did not provide any further details on the information that it claimed to have about an upcoming US attack. On Saturday, the US State Department released a security warning saying that there could be an unforeseen 'escalation' in the Middle East. Americans should remain vigilant and aware of any possible flight cancellations or airspace closures. The US-Iran conflict has lasted nearly seven months, and neither side is willing to make the major concessions required to end it. With global energy markets already stretched to the limit, the conflict continues spilling over into other crises around the region. The Houthis of Yemen, who are backed by Iran, made significant advances along Yemen’s Red Sea Coast after the civil war erupted in Yemen this month. They also claimed to have carried out attacks in Saudi Arabia’s capital Riyadh, and on an important oil facility located in Yanbu, the Red Sea port in the Kingdom. After overnight booms in Saudi Arabia's capital, a video shows a huge plume of black smoke billowing out of the main international airport of Riyadh. Saudi Arabia has not commented on the incident, or on Houthi claims. However, a coalition led by Saudi Arabia that is fighting the Houthis claimed to have foiled other attacks against the kingdom. US State Department alerted of Houthi hostilities, including attacks on civilian airports in Saudi Arabia. The US Department of Defense didn't immediately respond to an inquiry about Iran's claim that it knew of a US attack in the works. The recent escalation of the Houthis forced Riyadh to face a difficult dilemma: either continue airstrikes against the group in order to prevent it from seizing additional Yemeni territory, or back off and hope that drone attacks on critical infrastructure will not occur. STRIKES IN SAUDI ARABIA Houthi gains on the coast have given the group the opportunity to control shipping between the Red Sea, Asia and Europe. They can also 'blockade' the vital waterway. Iran has already blocked most shipping through the Strait of Hormuz. The oil-rich Gulf is now cut off from the global market, increasing pressure on oil prices. The US blockade of Iranian ports has meanwhile prevented Iran from selling its oil, causing major economic problems for the Islamic Republic. There is little evidence of a return from the June ceasefire that broke down in July due to disagreements over its terms. Iran reiterated its position on Sunday that it will not reopen Strait of Hormuz unless?the June agreement was met, according to their interpretation. Iranian Parliament Speaker Mohammad Baqer Qalibaf stated that Iran must continue to fight and negotiate to push its enemies back, as well as consolidate any diplomatic gains.
-
Iran warns US and its allies against escalating the conflict
Iran warned against any new major attack by the United States or its allies, saying that it had received information that such a move was being planned. This added to the tension in the 'a'region, already on edge following drone and missile attacks on Saudi Arabia. Iran's central military command announced on state-run media that any further attack would result in a sustained retaliation, including against US interests and bases. Washington's regional partners would also be considered as parties to the conflict. It did not provide any further details on the information that it claimed to have about an upcoming US attack. On Saturday, the US State Department released a security warning saying that there could be an 'unexpected escalation' in the Middle East. Americans should remain vigilant and aware of any possible flight cancellations or airspace closures. The 'US-Iran War' is now seven months old, and neither side appears to be ready to make the major concessions required to end the war. With global energy markets already stretched to the limit, the conflict has continued to spill over into other crises in the region. Yemen's Iran backed Houthis made major gains along Yemen's Red Sea Coast after the country civil war re-emerged this month. They said that they carried out strikes on the Saudi capital Riyadh as well as a major oil installation in the Red Sea port Yanbu of the Kingdom. After overnight booms in Saudi Arabia's capital, a video showed a huge plume of "black smoke" billowing out of the main international airport of Riyadh. Saudi Arabia has not commented on the incident, or on Houthi claims. However, a coalition led by Saudi Arabia that is fighting the Houthis claimed to have foiled other attacks against the kingdom. US State Department alerted of Houthi hostilities, including attacks on civilian airports in Saudi Arabia. The recent escalation of the Houthis forced Riyadh to face a difficult decision: either continue airstrikes against the group in order to prevent it from seizing additional Yemeni territory, or?step back and avoid drone strikes on vital infrastructure. STRIKES ON SAUDI ARABIA Houthi gains on the coast means the group's troops now sit along the Bab el-Mandeb Strait. This gives them better control over shipping between the Red Sea, Asia and their ability to blockade this vital waterway. The oil-rich Gulf is now virtually cut off from the global market, as Iran has already blockedaded?most shipping through the Strait of Hormuz. This puts pressure on the global oil price. The US blockade on Iranian ports has meanwhile prevented Iran from selling oil and caused major economic problems for the Islamic Republic. There is little evidence of a return from the June ceasefire that broke down in July due to disagreements over its terms. Iran reaffirmed on Sunday that it would not reopen Strait of Hormuz unless the 'terms of the June agreement as they were interpreted by them' had been met. Iranian Parliament Speaker Mohammad Baqer Qalibaf stated that Iran must continue to fight and negotiate to push its enemies back, as well as consolidate any diplomatic gains.
-
Palestinian gunman kills Israeli in West Bank; soldiers kill motorist
Police reported that violence flared up in the West 'Bank occupied on Sunday after a Palestinian suspected of being a gunman shot and killed an Israeli. Israeli soldiers then killed a Palestinian driver who, according to the military, was attempting to run over them. According to Israeli police and military, the gunman fired from his car at Israelis who were gathered near a spring in the vicinity of the settlement Neve Tzuf near Ramallah. The medics that arrived on the scene of the shooting found a man inside a car with a critical gunshot injury. Police said he was pronounced deceased at the hospital. Police said that the gunman was arrested a few hours after he was located at a Ramallah hospital. The military announced shortly after the shooting that it had "eliminated", a Palestinian driver who attempted to ram soldiers in the West Bank, near the settlement Ganim. It said that no soldiers were injured. It was not immediately able to verify the soldiers' story. The fatal incidents on the eve of the Jewish holy day, Yom Kippur were not clearly connected. Benjamin Netanyahu, the Israeli Prime Minister, said that he had instructed security agencies to bolster their forces in the region and conduct arrests. Hamas, a militant Palestinian group, praised the shooting but did not take responsibility for it. Since Hamas' attack on Israel in October 2023 and the subsequent Israeli military offensive against Gaza, violence has increased in the West Bank. West Bank violence has seen a rise in militant settler attacks on Palestinians as well as Israeli military raids on the West Bank and Palestinian attacks against Israelis.
-
Ten lions suspected of poisoning found dead at Tanzania wildlife reserve
The area's management authority reported that ten lions were found dead this week in Tanzania's Ngorongoro wildlife reserve. Initial findings suggest they may have been poisoned. The deaths have raised concerns about the conservation of lions within one of Africa's best-known wildlife ecosystems. The poisoning of large carnivores in East Africa is a "recurring" threat. It's often linked to conflicts involving predators and livestock owners. In a late-Saturday statement, the Ngorongoro Conservation Area Authority said that the lions had been discovered on 18 September in Ndutu?area in Endulen Ward of Arusha Region. The authority stated that preliminary findings suggested the animals died after ingesting a poison. It added that they had launched an investigation to identify the cause and those responsible. Ngorongoro Conservation Area, a UNESCO World Heritage Site located in northern 'Tanzania is one of the top tourist attractions. The area is home to a variety of wildlife, including lions. elephants. buffaloes. and endangered black rhinos. Four suspects were arrested last month in an investigation into the deaths of 18 elephants that occurred across the border in Kenya.
Oil shares decline in Asia as tech shares rise
On?Monday, Asian share markets rose as AI's demand for data boosted chipmakers. Oil eased on hopes that Saudi Arabia would boost its supply to offset news of the Houthi attack in?Riyadh.
The Silver Week holiday in Japan has been a slow one, with little trade. As a result, the dollar remained at 157.00yen on Wednesday. Investors were wary that the Bank of Japan might take advantage of this lack of liquidity and intervene to support its currency.
Nikkei reported that the yen rose on Friday, after Japanese authorities checked the rate of the currency market.
South Korea's technology-heavy index, the South Korea Tech-heavy Index, gained 1.1%. MSCI's broadest Asia-Pacific share index outside Japan increased by 0.3%.
S&P futures rose 0.3% while Nasdaq futures gained 0.4%. EUROSTOXX Futures and DAX Futures both increased by 0.2% in Europe. FTSE Futures were flat.
The bond markets remain tense following a brutal selloff that saw the yields on US 2-year bonds jump 36 basis points over the past two week to peaks not seen since late 2024, at 4.7604%.
Futures markets are betting on the Federal Reserve's recent hawkish comments. They believe that it is likely to raise rates again in October. A move by the end of the year would be considered inevitable.
Analysts at BofA wrote in a report that tightening cycles tend to be front-loaded and the Fed doesn't stop after a single?hike. "With nominal consumer expenditure up 6.3% over the past year, which is well above the 5% threshold historically associated with above-target core prices, the Fed's only choice is to reduce demand."
"We are therefore retaining our request for only two additional hikes in December and October."
OIL RESERVES RUN DRY
By the end of the year, central banks in Australia, New Zealand, Japan, EU and UK are expected to tighten up again. On Thursday, the Swiss National Bank, Sweden’s Riksbank, and Norges Bank will hold policy meetings, but are expected to remain steady.
The risk premium for French bonds has also risen to its highest level since the eurozone debt crisis.
The German debt could be under pressure on Monday, after the conservative mainstream party of Chancellor Friedrich Merz suffered its worst electoral results since 1949.
The news held the euro steady at $1.1477 after it had fallen almost 1% in the previous week, as the dollar rose broadly.
The oil price remained above $100 after Iran and the United States traded new threats, and the Houthis attack Saudi Arabia's capital. Brent oil was down 0.2% to $103.68 per barrel while US crude fell 0.3% to $100.02.
Saudi Arabia is said to be aiming to restart certain flows in its east-to-west main pipeline, which was damaged by an attack last week. Details?were missing.
Vivek Dhar is the head of commodities for CBA. He said that the closure of the East-West Pipeline has changed the state of oil markets.
We now estimate oil markets will have between 5 and 10 weeks left before global oil and refinery product inventories are depleted, as opposed to estimates that were closer to 15 or 20 weeks a fortnight earlier.
He added that this would put more pressure on Washington to?make a deal? with Iran. At least, he said, it would restore some 'flows? through the Strait of Hormuz, and keep the Bab el-Mandeb open.
US President Donald Trump is attending the United Nations General Assembly in this week. He will also meet with Chinese President Xi Jinping Thursday.
Gold, which does not pay interest, fell 0.2%, to $4,370 per ounce, as a result of the increase in yields.
(source: Reuters)