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Middle Eastern governments are reviving proposals for overland pipelines and new rail-sea corridors as wartime disruptions threaten the Strait of Hormuz and Red Sea. Led by Saudi Arabia, Turkey, and the UAE, these efforts aim to link the Indian Ocean to the Mediterranean, with Syria positioning itself as a potential energy hub.
Key OPEC+ members, including Russia and Saudi Arabia, are set to discuss June oil production targets at a monthly online meeting. The talks come amid the UAE's withdrawal from the group and reports of a planned output increase.
The UAE officially left OPEC and OPEC+ on May 1, ending nearly six decades of membership. The decision, attributed to national interests and long-simmering quota disputes, underscores a deepening rift with Saudi Arabia and rising tensions among Gulf states amid the Iran war. Analysts see the move as a significant blow to the cartel’s cohesion.
Nigel Farage is under formal investigation by the UK parliamentary standards watchdog over an undisclosed £5m gift from crypto billionaire Christopher Harborne. The gift, received before the 2024 election, was not declared, and Farage claims it was for personal security. The Electoral Commission is also considering whether to investigate.
Iranian envoys have reiterated Tehran's preference for diplomatic engagement with Washington, even as they rejected European naval deployments near its coast and asserted that the US 'lost' on the battlefield, as reported by TASS.
As the 60-day deadline set by the War Powers Resolution approaches for the US-Iran conflict, President Trump asserts he does not need congressional authorization to continue military operations, while lawmakers explore legal challenges. The deadline, which falls on May 1, has sparked debate over the limits of presidential war powers and the role of Congress.
Australia has confirmed it is in discussions with the US over a proposal to form an international coalition to reopen the Strait of Hormuz. Foreign Minister Penny Wong says Australia is engaging with partners including the UK, France, and the US, while reports indicate Australia may contribute its E-7A Wedgetail aircraft to a related mission.
Russian Deputy Prime Minister Alexander Novak says the global oil market is in deep crisis, with 10-12 million barrels per day not reaching buyers and about 600 million barrels lost since the conflict began. He warns that prices may keep rising if the Middle East situation persists, and confirms an OPEC+ meeting is set for Sunday.
On April 8, Israel launched over 100 air strikes across Lebanon in just 10 minutes, killing at least 357 people and injuring over 1,000. Israel claims it targeted Hezbollah operatives, but UN experts and residents describe the attacks as indiscriminate, with civilian casualties mounting. The strikes, part of Operation 'Eternal Darkness,' came amid a fragile US-Iran ceasefire and escalating regional tensions.
The Pakistan Stock Exchange's KSE-100 index fell sharply on Thursday, dropping as much as 4,786 points intraday before paring losses. Rising global oil prices, geopolitical tensions, and concerns over the cost of doing business kept investors cautious, according to reports from Dawn.
Russia's Deputy Prime Minister Alexander Novak confirmed Moscow's continued participation in OPEC+, stating the agreement effectively mitigates oil market risks. The remarks come as the UAE's withdrawal from both OPEC and OPEC+ took effect in May 2026. Analysts suggest this may lead to a more flexible Russian approach within the alliance.
Reports say e& (formerly Etisalat) is reviewing its investment in Pakistan's PTCL as part of a broader portfolio optimisation, but PTCL insists its shareholders remain committed and no change is planned.
The death of Samsung patriarch Lee Kun-hee in 2020 triggered a succession crisis marked by a massive inheritance tax and the jailing of his son Jay Y. Lee for bribery. Years later, an AI-driven surge in semiconductor valuations has helped the Lee family cement control and grow wealthier, even as Jay Y. Lee returns to the public eye.
The United Arab Emirates has officially left OPEC and OPEC+ effective May 1, 2026, a move reported across multiple outlets as a response to ongoing regional conflicts and a shift toward national energy priorities. The decision comes amid significant disruptions to oil flows through the Strait of Hormuz due to the US-Israel war with Iran, with some sources suggesting the move is a rebuke to neighboring states. The UAE has also left OAPEC but remains a member of the Arab League, according to an official statement.
President Trump said new US strikes on Iran depend on ongoing negotiations, while Tehran warns it is prepared for any scenario and could expand the conflict beyond the Middle East if attacked again. Washington’s counterterrorism strategy signals continued military pressure, even as diplomatic efforts remain stalled.
Ethiopian Prime Minister Abiy Ahmed has intensified calls for direct sea access, citing economic necessity for the landlocked nation, while Eritrea rejects the demands as threats to its sovereignty. Multiple outlets report escalating rhetoric and regional concerns, with analysts pointing to historical grievances and external influences. Tensions have persisted for over a year without descending into open conflict.
US President Donald Trump has warned Iran to 'get smart soon' and capitulate on nuclear talks, as the US naval blockade continues to pressure Tehran's economy. Reports indicate Trump rejected an Iranian proposal to reopen the Strait of Hormuz, and oil prices have soared amid the impasse.
The United Arab Emirates has announced its withdrawal from OPEC and OPEC+ effective May 1, 2026, a decision that experts say reflects a broader shift toward market-driven energy arrangements. While some analysts predict higher oil prices in the medium term, others see opportunities for price softening and increased competition.
Russia has said it will not follow the United Arab Emirates out of OPEC+ and hopes the format will continue despite the UAE's decision to leave. Kremlin spokesman Dmitry Peskov stressed the importance of dialogue in balancing global energy markets and said Moscow would keep contacts with the UAE on energy issues.
Iran’s economy is facing severe strain as the rial hits record lows, inflation soars to around 70%, and prices of essentials surge. The war with the US and Israel, along with US sanctions and a naval blockade, have crippled key industries, leading to job losses and a struggling middle class. The government has raised the minimum wage by 60% and introduced coupon programs, but economists warn these measures could stoke inflation further.