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Oil prices rise as Russia fuel export ban stokes supply concerns

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Oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted fears that slowing economies and high interest rates could crimp demand, Reuters reported.

Brent futures were up 78 cents, or 0.84%, at $94.08 a barrel by 1443 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by $1.02, or 1.14%, to $90.65 a barrel.

For the week, both benchmarks were relatively flat, after rising more than 10% in the previous three weeks on concerns about tight global supply.

Russia’s Transneft suspended deliveries of diesel to the key Baltic and Black Sea terminals of Primorsk and Novorossiysk on Friday, state media agency Tass said.

Russia temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect to stabilise the domestic fuel market, the government said on Thursday, without a specified end date.

The ban will “bring new uncertainty into an already tight global refined product supply picture and the prospect that the impacted countries will be seeking to bid up cargoes from alternative suppliers,” RBC said in a note.

Russian wholesale gasoline prices were down nearly 10% and diesel down 7.5% on Friday on the St. Petersburg International Mercantile Exchange, read the report.

But macroeconomic headwinds continue to weigh on oil demand sentiment.

“It is signals on the demand side that are mainly likely to affect oil prices in the short term,” Commerzbank analysts said in a note.

The euro zone economy is likely to contract in the third quarter, according to Purchasing Managers’ Index (PMI) data released on Friday.

A contraction in UK economic activity deepened further in September compared to August, additional PMI data showed.

The U.S. Federal Reserve on Wednesday maintained interest rates, but stiffened its hawkish stance, buoying fears that higher rates could dampen economic growth.

“Progress on inflation is likely to be slow given the current level of monetary policy restraint,” Fed Governor Michelle Bowman said on Friday. “Energy prices could rise further and reverse some of the progress we have seen,” she added.

U.S. offline refinery capacity was expected to reach 1.4 million barrels per day (bpd) this week according to IIR Energy versus 800,000 bpd offline last week.

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Mosque blast in northeastern Nigeria kills five, injures dozens

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At least five people were killed and more than 30 others injured when a bomb exploded inside a mosque during prayers in Maiduguri, northeastern Nigeria, police said Wednesday night.

Authorities believe the blast was a suicide attack, citing recovered fragments of a suspected explosive vest. Security forces have cordoned off the area and are searching for additional devices.

No group has claimed responsibility, though such attacks have previously been linked to Boko Haram, which has waged a long-running insurgency in the region.

 
 
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Libyan army’s chief dies in plane crash in Turkey

Turkish Justice Minister Yilmaz Tunc said an investigation into the crash was under way.

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The Libyan army’s chief of staff, Mohammed Ali Ahmed Al-Haddad, died in a plane crash on Tuesday after leaving Turkey’s capital Ankara, the prime minister of Libya’s internationally recognised government said, adding that four others were on the jet as well, Reuters reported.

“This followed a tragic and painful incident while they were returning from an official trip from the Turkish city of Ankara. This grave loss is a great loss for the nation, for the military institution, and for all the people,” Libyan Prime Minister Abdulhamid Dbeibah said in a statement.

He said the commander of Libya’s ground forces, the director of its military manufacturing authority, an adviser to the chief of staff, and a photographer from the chief of staff’s office were also on the aircraft.

Turkish Interior Minister Ali Yerlikaya said on social media platform X that the plane had taken off from Ankara’s Esenboga Airport at 1710 GMT en route to Tripoli, and that radio contact was lost at 1752 GMT. He said authorities found the plane’s wreckage near the Kesikkavak village in Ankara’s Haymana district.

He added that the Dassault Falcon 50-type jet had made a request for an emergency landing while over Haymana, but that no contact was established.

The cause of the crash was not immediately clear.

Turkish Justice Minister Yilmaz Tunc said an investigation into the crash was under way.

The Tripoli-based Government of National Unity said in a statement that the prime minister directed the defence minister to send an official delegation to Ankara to follow up on proceedings.

Walid Ellafi, state minister of political affairs and communication for the GNU, told broadcaster Libya Alahrar that it was not clear when a crash report would be ready, but that the jet was a leased Maltese aircraft. He added that officials did not have “sufficient information regarding its ownership or technical history,” but said this would be investigated.

Libya’s U.N.-recognised Government of National Unity announced official mourning across the country for three days, read the report.

Turkey’s defence ministry had announced Haddad’s visit earlier, saying he had met with Turkish Defence Minister Yasar Guler and Turkish counterpart Selcuk Bayraktaroglu, along with other Turkish military commanders.

The crash occurred a day after Turkey’s parliament passed a decision to extend the mandate of Turkish soldiers’ deployment in Libya by two more years.

NATO member Turkey has militarily and politically supported Libya’s Tripoli-based, internationally recognised government. In 2020, it sent military personnel there to train and support its government and later reached a maritime demarcation accord, which has been disputed by Egypt and Greece.

In 2022, Ankara and Tripoli also signed a preliminary accord on energy exploration, which Egypt and Greece also oppose, Reuters reported.

However, Turkey has recently switched course under its “One Libya” policy, ramping up contacts with Libya’s eastern faction as well.

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Trump administration recalls dozens of diplomats in ‘America First’ push

The State Department declined to name those affected, with a senior official calling the recalls a routine step for new administrations.

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The Trump administration is recalling nearly 30 U.S. ambassadors and senior career diplomats to ensure embassies align with President Donald Trump’s “America First” agenda, a move critics say could weaken U.S. credibility abroad.

The State Department declined to name those affected, with a senior official calling the recalls a routine step for new administrations. The official said ambassadors are the president’s representatives and must advance his policy priorities.

However, officials familiar with the matter said the recalls largely affect career Foreign Service officers posted to smaller countries, where ambassadors are traditionally non-partisan. Those ordered back to Washington were encouraged to seek other roles within the State Department.

The American Foreign Service Association said some diplomats were notified by phone without explanation, calling the process “highly irregular” and warning that such actions risk harming morale and U.S. effectiveness overseas. The State Department did not respond to the criticism.

The move, first reported by Politico, comes as Trump seeks to place loyalists in senior roles during his second term, after facing resistance from the foreign policy establishment in his first.

Democrats have criticised the decision, noting that around 80 ambassadorial posts remain vacant. Senator Jeanne Shaheen said the recalls undermine U.S. leadership and benefit rivals such as China and Russia.

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