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Ukraine ally Britain eases new sanctions on Russian oil as fuel prices surge over Iran war

Ukraine ally Britain eases new sanctions on Russian oil as fuel prices surge over Iran war

The U.K. government has quietly delayed some new sanctions on Russian oil to help Britons cope with rising costs from the Iran war
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Ukraine ally Britain eases sanctions on Russian oil as fuel prices surge over Iran conflict

Ukraine ally Britain eases sanctions on Russian oil as fuel prices surge over Iran conflict

The U.K. government has quietly eased some sanctions on Russian oil to help Britons cope with rising costs
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US-Israel Conflict with Iran Raises Risks for Asia-Pacific Construction Insurance

US-Israel Conflict with Iran Raises Risks for Asia-Pacific Construction Insurance

The ongoing conflict involving the US, Israel, and Iran is impacting the construction insurance market in the Asia-Pacific region. Analysts have noted that while insurance costs for construction projects in Asia have been decreasing due to increased competition, the geopolitical tensions are introducing new risks that could reverse this trend by late 2026 or early 2027. The conflict is causing disruptions in supply chains and energy markets, which are critical to construction projects. The Strait of Hormuz, a vital corridor for Asia's oil and liquefied natural gas imports, is a particular point of concern. The conflict has led to increased energy price volatility and shipping disruptions, which are affecting construction risk profiles globally.
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UK Issues Sanctions Waivers on Russian Oil Amid Global Energy Crisis

UK Issues Sanctions Waivers on Russian Oil Amid Global Energy Crisis

The United Kingdom has quietly issued new licenses allowing the import of diesel and jet fuel made from Russian oil, provided these products are processed in a third country. Additionally, a separate license permits the maritime transport of Russian liquefied natural gas (LNG). These waivers come amid a global energy crisis exacerbated by the closure of the Strait of Hormuz and rising fuel costs due to the U.S.-Israeli conflict with Iran. The UK government states that these measures aim to stabilize fuel prices while maintaining pressure on Russia over its actions in Ukraine. The licenses are part of broader efforts to manage energy supply disruptions while adhering to international sanctions.
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Trump approval drops to 35% as Republican support softens, Reuters/Ipsos poll finds

Trump approval drops to 35% as Republican support softens, Reuters/Ipsos poll finds

By Jason Lange WASHINGTON, May 19 (Reuters) - Donald Trump's presidential approval rating fell to nearly its lowest level since he returned to the White House, hit by a drop in support among Republicans, according to a new Reuters/Ipsos poll.
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Iran Tightens Control Over Strait of Hormuz, Impacting Global Oil Supply

Iran Tightens Control Over Strait of Hormuz, Impacting Global Oil Supply

Iran has implemented a complex mechanism to control the passage of vessels through the Strait of Hormuz, a critical chokepoint for global oil supply. The system involves government-to-government agreements, intense vetting by the Iranian government, and sometimes fees for safe passage. The Islamic Revolutionary Guard Corps (IRGC) plays a central role in this process. The Agios Fanourios I, a tanker carrying Iraqi crude oil, was allowed to pass through the strait after a direct deal with Iran, despite initial delays and inspections by the IRGC. This control has led to a significant bottleneck, with around 1,500 vessels trapped in the Gulf, affecting the global energy market.
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Global Businesses Face $25 Billion Impact from U.S.-Israeli Conflict with Iran

Global Businesses Face $25 Billion Impact from U.S.-Israeli Conflict with Iran

Global Businesses Face $25 Billion Impact from U.S.-Israeli Conflict with Iran
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The UAE's economy and image as Mideast haven are tested by war

The UAE's economy and image as Mideast haven are tested by war

The United Arab Emirates for decades advertised itself as a haven for business in the Middle East
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Global Businesses Face $25 Billion Fallout from U.S.-Israeli War with Iran

Global Businesses Face $25 Billion Fallout from U.S.-Israeli War with Iran

The ongoing U.S.-Israeli conflict with Iran has resulted in significant financial repercussions for global businesses, with costs already exceeding $25 billion. Companies worldwide are facing challenges such as soaring energy prices, disrupted supply chains, and severed trade routes due to Iran's control over the Strait of Hormuz. A Reuters analysis reveals that at least 279 companies have taken defensive measures, including price hikes, production cuts, and seeking government assistance. The conflict has exacerbated existing global economic strains, following the COVID-19 pandemic and Russia's invasion of Ukraine. Analysts warn that the financial impact is comparable to the global financial crisis, with companies like Whirlpool and Procter & Gamble reporting substantial financial hits.
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The UAE's image as a Middle Eastern haven is tested by the Iran war

The UAE's image as a Middle Eastern haven is tested by the Iran war

The United Arab Emirates for decades advertised itself as a haven for business in the Middle East
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Global Supply Chain Disruptions Trigger $25 Billion Financial Impact on Businesses

Global Supply Chain Disruptions Trigger $25 Billion Financial Impact on Businesses

Global Supply Chain Disruptions Trigger $25 Billion Financial Impact on Businesses
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Iran's Persian Gulf Strait Authority Launches, Imposing Tolls on Shipping

Iran's Persian Gulf Strait Authority Launches, Imposing Tolls on Shipping

Iran has officially launched the Persian Gulf Strait Authority (PGSA), asserting control over the Strait of Hormuz. This new body will oversee transit through the strait, requiring ships to pay tolls and provide detailed information about their operations. The tolls, which can reach up to $2 million per passage, are payable in Bitcoin or yuan. The U.S. Treasury has announced plans to sanction any shipowners who comply with these payments, as they are prohibited under U.S. law. The PGSA will also ban ships linked to Israel and impose restrictions on U.S.-affiliated vessels. Iran's finance ministry is considering offering an insurance scheme for navigating the strait, paid for in cryptocurrency. Negotiations between the U.S. and Iran have stalled over issues including Iran's nuclear program and control of the Strait of Hormuz.