US

Fears of fuel shortage in Pakistan as tankers wait to fill up

  • But Mazhar Mahmood, a tanker driver's assistant, said: "The drivers went to the depot today as well, but the depot staff said there is no fuel available."
  • Tanker drivers in Pakistan said they were facing long waits at depots due to a shortage of fuel, as the government played down fears of another rise in prices.
  • But Mazhar Mahmood, a tanker driver's assistant, said: "The drivers went to the depot today as well, but the depot staff said there is no fuel available."
Tanker drivers in Pakistan said they were facing long waits at depots due to a shortage of fuel, as the government played down fears of another rise in prices.
The US-Israeli war with Iran has disrupted shipping and damaged oil and gas facilities in the Middle East, raising global oil prices as countries scramble to deal with concerns over supply.
Dozens of tankers, which supply fuel across Pakistan, were seen parked at the side of the road on Tuesday at depots near Lahore, the capital of Punjab, the country's most populous province.
"There is no petrol at the depot for the past four days," said one tanker driver, Abdul Shakoor. 
"Iran has closed the border from their side. The depot is lying empty," he told AFP.
Pakistan depends on oil and gas from the Gulf, and vessels transporting fuel were given naval escorts this week to ensure continuity of supplies during the Middle East crisis.
Last week, the government in Islamabad hiked prices by about 20 percent, triggering long lines and panic buying at filling stations across the country.
Petroleum Minister Ali Pervaiz Malik said in an interview broadcast late on Tuesday that there will be "no immediate significant changes" in the cost of fuel.
Prime Minister Shehbaz Sharif on Monday announced an austerity plan designed to save fuel, including slashing the working week for government employees to four days and shutting schools.
But Mazhar Mahmood, a tanker driver's assistant, said: "The drivers went to the depot today as well, but the depot staff said there is no fuel available."
He said he was told that fuel will be available in the next five to six days.
"The situation in the country is not good. There is no petrol in the country, which is why the vehicles are parked here."
video-sma/phz/lga

Global Edition

Stocks rise again, oil stabilises as report says IEA considers release

  • Hopes were given an extra boost by a Wall Street Journal report saying the IEA proposed a release of reserves that would exceed the 182 million barrels member countries put on the market following Russia's 2022 invasion of Ukraine.
  • Asian equities extended gains Wednesday while oil stabilised after a report said the International Energy Agency was considering the release of a record amount of its reserves to counter soaring prices.
  • Hopes were given an extra boost by a Wall Street Journal report saying the IEA proposed a release of reserves that would exceed the 182 million barrels member countries put on the market following Russia's 2022 invasion of Ukraine.
Asian equities extended gains Wednesday while oil stabilised after a report said the International Energy Agency was considering the release of a record amount of its reserves to counter soaring prices.
The crude market has been hit by wild volatility since the United States and Israel began striking Iran at the end of last month, with Tehran retaliating by attacking targets across the oil-rich Gulf and effectively shutting down the crucial Strait of Hormuz.
Fears that the conflict could drag on for some time -- choking off energy supplies -- sent both main crude contracts soaring on Monday to within a whisker of $120 a barrel, the highest since 2022. Gas prices also rocketed.
However, prices tanked on Tuesday after US President Donald Trump said war on Iran was "going to be ended soon" and it emerged that the Group of Seven developed nations would discuss tapping stockpiles.
Hopes were given an extra boost by a Wall Street Journal report saying the IEA proposed a release of reserves that would exceed the 182 million barrels member countries put on the market following Russia's 2022 invasion of Ukraine.
The plan was circulated at an emergency meeting of energy officials from the IEA's 32 member countries on Tuesday, with a decision expected Wednesday, according to the Journal.
Brent and West Texas Intermediate dropped about five percent Wednesday but pared the losses as investors remain concerned about the crisis, which shows no sign of ending despite Trump's remarks.
Equity markets rose but pared their earlier rally. 
Tokyo and Seoul, which have seen the widest swings since the crisis unfolded, both finished more than one percent higher. Hong Kong was flat, while Shanghai, Sydney, Wellington, Taipei, Bangkok and Manila rose.
Mumbai and Singapore edged down.
Meanwhile, France's finance minister said Monday the G7 was "not there yet" in terms of any release of strategic reserves as members held crisis talks on the economic fallout of the Middle East war.
"Despite the apparent calm, the bigger question for markets is whether energy flows in the region can return to normal," wrote Fawad Razaqzada at Forex.com.
"The Strait of Hormuz remains the critical focal point. As one of the world’s most important oil shipping routes, any disruption to traffic through the strait would immediately reignite supply fears and likely send crude prices sharply higher again.
"Until traders see clear confirmation that shipping routes are secure and production across the region is stabilising, oil prices are unlikely to retreat significantly further from current levels."
A US Department of Energy spokesperson told AFP that officials "are closely monitoring the situation, speaking with industry leaders, and having the US military draw up additional options to keep the Strait of Hormuz open, including the potential for our Navy to escort tankers".
Iran has responded to the strikes by vowing to block Gulf oil exports and asserting that it, not the US, would "determine the end of the war".
Trump warned Tehran against mining the waterway, through which nearly 20 percent of the world's crude oil usually transits from the Gulf to world markets.
"If for any reason mines were placed, and they are not removed forthwith, the Military consequences to Iran will be at a level never seen before," he said Tuesday in a social media post.
National Australia Bank's Skye Masters raised questions about Trump's claims that the war would be over soon.
"Guidance out of Israel and the US is showing a divergence around the endgame, with President Trump having suggested the end is insight while Israeli Prime Minister (Benjamin) Netanyahu's comments suggest he is not ready to de-escalate," she said.

Key figures at around 0700 GMT

West Texas Intermediate: UP 0.4 percent at $83.78 per barrel
Brent North Sea Crude: DOWN 0.3 percent at $87.55 per barrel
Seoul - Kospi: UP 1.4 percent at 5,609.95 (close)
Tokyo - Nikkei 225: UP 1.4 percent at 55,025.37 (close)
Hong Kong - Hang Seng Index: FLAT at 25,961.01
Shanghai - Composite: UP 0.3 percent at 4,133.43 (close)
Euro/dollar: UP at $1.1635 from $1.1612 on Tuesday
Pound/dollar: UP at $1.3448 from $1.3415
Dollar/yen: DOWN at 158.00 yen from 158.06 yen
Euro/pound: UP at 86.52 pence from 86.48 pence
New York - Dow: DOWN 0.1 percent at 47,706.51 (close)
London - FTSE 100: UP 1.6 percent at 10,412.24 (close) 
dan/lga

earnings

Cathay Pacific expects to carry more passengers in 2026

  • "We expect to grow passenger capacity by around 10 percent in 2026 as we add frequencies and destinations to our network, which will also contribute to increased cargo capacity," he said.
  • Hong Kong carrier Cathay Pacific said on Wednesday it expected to boost its capacity to carry passengers by around 10 percent this year despite a "volatile" geopolitical environment.
  • "We expect to grow passenger capacity by around 10 percent in 2026 as we add frequencies and destinations to our network, which will also contribute to increased cargo capacity," he said.
Hong Kong carrier Cathay Pacific said on Wednesday it expected to boost its capacity to carry passengers by around 10 percent this year despite a "volatile" geopolitical environment.
The Cathay Group reported an attributable profit of HK$10.8 billion ($1.39 billion) in 2025, an increase of 9.5 percent on the previous year, which it said was driven by "increased capacity, solid passenger load factors and resilient cargo demand".
The firm said this represented a third consecutive year of solid financial performance during "a period of rapid rebuilding".
"The prevailing global geopolitical environment is volatile, causing unexpected shifts in passenger and cargo traffic flows as well as jet fuel prices," chairman Patrick Healy said in a statement.
"We expect to grow passenger capacity by around 10 percent in 2026 as we add frequencies and destinations to our network, which will also contribute to increased cargo capacity," he said.
Total revenue rose 11.9 percent from the previous year.
The group also announced a second interim dividend payment of HK$0.64 per share, bringing total dividends for the year to HK$0.84 per share, or HK$5.2 billion.
Cathay's overall costs increased due to capacity growth, with net fuel costs rising by 11.2 percent.
It said it plans to reduce exposure to fuel price risk by hedging its expected consumption.
Cathay also said extra flights to Europe would be operated in March to cater for an upsurge in demand.
The carrier suspended all March flights to Dubai and Riyadh this week because of the war in the Middle East, extending earlier suspensions.
Energy concerns arising from the war have driven up oil prices, with some Asian airlines hiking ticket fares.
"With fuel cost being a significant operating expense, the jump in jet fuel prices is expected to hurt profit for the June quarter at the least," Lorraine Tan, Morningstar's equity research director, said in a March 3 note about Asian airlines.
Carriers all hedge a portion of their fuel costs but margins could still be affected, Tan said.
Hong Kong Airlines said on Tuesday it will raise the fuel surcharge on most of its flights from Thursday.
twa/pbt/jm

US

New wave of Iran attacks as oil reserve release weighed

BY AFP TEAMS IN TEHRAN, JERUSALEM, WASHINGTON, DUBAI AND BEIRUT

  • Crude prices spiked five percent late Tuesday, before turning lower Wednesday after the reserve release report.
  • Iran unleashed a wave of attacks against Israel and Gulf nations on Wednesday, including targeting a Saudi oilfield, as reports of a proposed record release of oil reserves helped calm markets and prices.
  • Crude prices spiked five percent late Tuesday, before turning lower Wednesday after the reserve release report.
Iran unleashed a wave of attacks against Israel and Gulf nations on Wednesday, including targeting a Saudi oilfield, as reports of a proposed record release of oil reserves helped calm markets and prices.
The war sparked by US-Israeli strikes on Iran has spread across the region and beyond, causing spiking energy costs, fuel rationing, and even school closures.
G7 leaders will meet by video conference later Wednesday to discuss the war's economic consequences, particularly the "energy situation," the French presidency said, and the International Energy Agency will decide on a proposal for its largest-ever oil reserve release, the Wall Street Journal reported.
The United States on Tuesday said it was hitting Iranian ships capable of mining the Strait of Hormuz, the crucial passageway for oil that has been effectively closed by Iranian threats.
The US military posted video footage of Iranian boats blasted apart, saying it had destroyed 16 minelayers near the strait through which one-fifth of the world's oil passes.
"If for any reason mines were placed, and they are not removed forthwith, the Military consequences to Iran will be at a level never seen before," President Donald Trump wrote on social media.
Trump faces mounting political risks over the surging cost of oil, months before US elections. Crude prices spiked five percent late Tuesday, before turning lower Wednesday after the reserve release report.
Trump has said the US military could accompany tankers through the strait, but his administration acknowledged that a post by the energy secretary announcing a first such escort was untrue.
Early Wednesday, the UK maritime agency said a container ship off the coast of the United Arab Emirates had been hit by an "unknown projectile," illustrating the ongoing risks to transport through the region.
With an eye on jittery markets, Trump on Monday said the war would be short, although his defence secretary, Pete Hegseth, then said Tehran would be hit by unprecedented fire on Tuesday.

'Not seeking ceasefire'

The Israeli-US attacks came weeks after Iranian authorities ruthlessly crushed mass protests, although the United States and Israel say they are not necessarily seeking to topple the Islamic republic.
Iranian authorities warned against dissent at home, with the country's police chief saying protesters will be be viewed and dealt with as "enemies".
"All our forces are also ready, with their hands on the trigger, prepared to defend their revolution," said national police chief Ahmad-Reza Radan in comments aired by IRIB.
Tehran also intensified its assault on targets in the region, with the government announcing it carried out its own "most intense and heaviest" salvo, firing missiles for three hours at cities across Israel.
AFP journalists heard air raid sirens and explosions in Jerusalem. Emergency services reported no immediate injuries, although Channel 12 said several people were hurt in Tel Aviv. New salvos were reported early on Wednesday, with no reports of injuries.
Iran's Revolutionary Guards said they also fired on Bahrain and Iraqi Kurdistan, both of which have a heavy US presence, and also targeted a US air base in Kuwait, Iranian media said. 
Kuwait said it had downed eight drones, without offering further details.
Drones and ballistic missiles were also intercepted elsewhere in the Gulf, including multiple drones heading to the Shaybah oil field in Saudi Arabia, its defence ministry said.
Earlier, Iranian parliament speaker Mohammad Bagher Ghalibaf, a former top commander in the elite Revolutionary Guards, said in an English-language post on X: "Certainly we aren't seeking a ceasefire."
"We believe the aggressor must be punished and taught a lesson that will deter them from attacking Iran again," he added.
Seven US military personnel have been killed and about 140 injured since the start of the war, according to the Pentagon. 

Fright in Tehran

The United States and Israel launched the war on February 28 with an attack that killed Iran's veteran leader, Ayatollah Ali Khamenei. His son Mojtaba Khamenei has been named his successor, though he has yet to appear in public.
In Tehran, one woman in her 40s said she found some reassurance in her impression that the bombings "don't target ordinary buildings".
But she said, "The noise of the bombings is extremely disturbing."
Iran's health ministry said on March 8 that more than 1,200 people had been killed, and over 10,000 civilians injured.
The conflict has spread as far as Sri Lanka, where US forces torpedoed an Iranian ship, and Australia, which said Wednesday it granted asylum to two more members of the Iranian women football team.
Iraq and Lebanon, both home to Iran-backed fighters, have become proxy grounds in the war.
In Iraq, Iranian-linked groups said Tuesday that five of their fighters died in strikes they blamed on the United States.
In Lebanon, hundreds of people have been killed and hundreds of thousands have fled their homes following Israeli airstrikes and ground operations targeting Iran-backed Hezbollah. 
New Israeli strikes were reported in Beirut's southern suburbs on Wednesday, with the health ministry saying another five people had been killed in the southern town of Qana.
An Israeli strike also hit a central Beirut neighbourhood on Wednesday morning, state media reported.
Iran complained to the United Nations that four of its diplomats died in a strike on a seafront hotel in central Beirut on Sunday, which Israel said was aimed at "key commanders" from Iran's Revolutionary Guards.
The effects of the war are being felt globally, with the UN trade and development agency warning of rising costs for essentials like fuel and food hitting the world's most vulnerable people.
In Egypt, which increased the cost of fuels by up to 30 percent, mother-of-six Om Mohamed fretted about the future.
"We were barely getting by as it is. I don't know how people will manage," she told AFP at a Cairo market.
burs-sah/hmn

Israel

Kharg Island: Iran's vital oil hub in the crosshairs?

BY SUSANNAH WALDEN

  • The island, located around 30 kilometres (19 miles) off the Iranian mainland, handles roughly 90 percent of Iran's crude exports, according to a JP Morgan note released Sunday. 
  • Kharg Island, a scrubby stretch of land in the northern Gulf, handles almost all of Iran's crude exports and any attempt to seize it would mark a major escalation in the conflict, analysts say.
  • The island, located around 30 kilometres (19 miles) off the Iranian mainland, handles roughly 90 percent of Iran's crude exports, according to a JP Morgan note released Sunday. 
Kharg Island, a scrubby stretch of land in the northern Gulf, handles almost all of Iran's crude exports and any attempt to seize it would mark a major escalation in the conflict, analysts say.
The US and Israel have so far treaded carefully around the island, but an Axios report over the weekend cited Trump administration officials saying capturing Kharg was on the table as the war in the Middle East persists.
The island, located around 30 kilometres (19 miles) off the Iranian mainland, handles roughly 90 percent of Iran's crude exports, according to a JP Morgan note released Sunday. 
Any move on the territory, which is about one-third the size of Manhattan, would have swift repercussions, experts say. 
"A direct strike would immediately halt the bulk of Iran's crude exports, likely triggering severe retaliation in the Strait of Hormuz or against regional energy infrastructure," JP Morgan said. 
Iranian strikes have all but halted maritime traffic in the Strait of Hormuz -- through which a fifth of global crude oil and liquefied natural gas normally pass -- and have also impacted oil infrastructure in other Gulf states.  
But Iranian energy assets have not been degraded so far and targeting the island would be "a very risky move", Farzin Nadimi, senior fellow at the Washington Institute for Near East Policy, told AFP. 
Iran is not only "experienced in using alternatives" in wartime, it could "cause a lot more damage on the Gulf oil and gas installations if they want to and they can do a lot more very quickly, and everybody knows that". 
"I don't think that seizing the island will go any further than US Congressional debates," he added -- the prospect having been discussed in Washington since the hostage crisis that started in 1979 during the foundation of the Islamic republic. 
Kharg underwent key developments during Iran's oil expansion in the 1960s and 1970s, with much of the country's coast too shallow for supertankers. 
Iran has looked to diversify its export capabilities by opening the Jask terminal outside the Strait of Hormuz chokepoint in the Gulf of Oman in 2021, but Kharg remains "a critical vulnerability" for Iran, JP Morgan said. 
"It is a cornerstone of Iran's economy and a major source of revenue for the Iranian Revolutionary Guard," JP Morgan added, referring to the well-resourced ideological branch of the Islamic republic's army. 

 'Very difficult'

The war has sent oil prices soaring, although US President Donald Trump's suggestion on Monday that the conflict could end soon has calmed the market. 
Over the weekend, the director of the White House National Energy Dominance Council Jarrod Agen told Fox News that "what we want to do is get such massive oil reserves in Iran out of the hands of terrorists". 
Also in recent days, the Washington Post reported heightened speculation that US ground forces could be being prepared to deploy, citing analysts saying Kharg Island would be an early target. 
Nadimi said Washington could move to seize the island when hostilities end, but that it was "not a wise move" during combat when Kharg is "almost an entire island of oil facilities and pipelines and tank farms". 
"It is very difficult to wage a military operation on that particular island," he said. 
But other oil infrastructure could be in the crosshairs, with Trump repeatedly referencing his operation to topple Venezuelan president Nicolas Maduro and gain access to the country's oil reserves in January as a blueprint.
Iran -- the fourth-biggest crude producer within the Organization of the Petroleum Exporting Countries (OPEC) -- vowed not one litre of oil would be exported from the Gulf while the war continues.
Any attack on its infrastructure would get an "eye for an eye" response, it said. 
On Saturday, Israel launched its first attack of the war on oil facilities in Iran, but it said they were used "to operate military infrastructure".
The same day, Israeli opposition leader Yair Lapid argued for stronger steps, saying in an X post: "Israel needs to destroy all of Iran's oil fields and energy industry on Kharg Island; that's what will crush Iran's economy and bring down the regime."
sw/adp/smw/jfx

business

'Stealth hit' Pokemon game sends Nintendo shares soaring

BY KATIE FORSTER

  • Nintendo shares were up nine percent in mid-morning trade on Wednesday, also likely boosted by the release of the final trailer for the star-studded upcoming "Super Mario" movie sequel.
  • Fan buzz around life-simulation game "Pokemon Pokopia" sent Nintendo shares soaring on Wednesday, with some hailing the new title as a welcome antidote to global conflicts.
  • Nintendo shares were up nine percent in mid-morning trade on Wednesday, also likely boosted by the release of the final trailer for the star-studded upcoming "Super Mario" movie sequel.
Fan buzz around life-simulation game "Pokemon Pokopia" sent Nintendo shares soaring on Wednesday, with some hailing the new title as a welcome antidote to global conflicts.
Japan's Nintendo has enjoyed bumper sales for its latest Switch 2 console, but some have called the line-up of new games for the device lackluster.
So early success for "Pokemon Pokopia", released on March 5 to rave reviews and reports of store sell-outs around the world, has relieved investors.
"Pokemon Pokopia" launched as a Switch 2 exclusive, "immediately becoming a viral stealth hit", analyst Atul Goyal from investment bank Jefferies said.
"The title successfully bridges the gap between core gamers and casual audiences," Goyal said.
The new Pokemon game has an aggregated review score of 89 on Metacritic, which Goyal described as a high for the three-decade-old video game franchise.
Nintendo shares were up nine percent in mid-morning trade on Wednesday, also likely boosted by the release of the final trailer for the star-studded upcoming "Super Mario" movie sequel.
Players have compared the game, in which they control a human-like character to rejuvenate a village, to "Animal Crossing" -- another Nintendo life-sim that became a hit during the pandemic.
"If you're looking for a mental break from the world def get Pokopia, it's like therapy," US-based influencer Ashley Duncan wrote on X.
"For Covid we had Animal Crossing. For WW3 we have Pokopia. Thank you for the distractions, Nintendo," said another X post from fan account Pokemon Daily Post, which has nearly 90 million followers.
The basic premise of Pokemon, inspired by the Japanese summer childhood tradition of bug-collecting, is to catch and train in battle hundreds of round-eyed "pocket monsters".
The phenomenon has evolved since the first 1996 game release with anime series, movies, a trading card game and the augmented reality smartphone app "Pokemon Go".
Nintendo's Switch 2, the world's fastest-selling games console, launched in June 2025 as the successor to the first Switch.
The original is now the second top-selling console of all time after Sony's PlayStation 2, boosted by the popularity of games including "Animal Crossing".
kaf/tc

US

Middle East war: global economic fallout

  • Oil prices, which have increased over supply concerns, stabilised following news of the proposal.
  • Here are the latest economic events in the Middle East war on Wednesday: - IEA reserve proposal stabilises oil prices - The International Energy Agency (IEA) has proposed its largest ever release of oil reserves to counter soaring crude prices driven by the US-Israeli war with Iran, the Wall Street Journal reported.
  • Oil prices, which have increased over supply concerns, stabilised following news of the proposal.
Here are the latest economic events in the Middle East war on Wednesday:

IEA reserve proposal stabilises oil prices

The International Energy Agency (IEA) has proposed its largest ever release of oil reserves to counter soaring crude prices driven by the US-Israeli war with Iran, the Wall Street Journal reported.
Oil prices, which have increased over supply concerns, stabilised following news of the proposal.
The reported release would exceed the 182 million barrels IEA member countries put on the market in 2022 following Russia's invasion of Ukraine, the Journal said Tuesday. 
A decision was expected Wednesday.

Saudi Arabia intercepts drones heading to oil field

Saudi Arabia's defence ministry said Wednesday that it intercepted two drones heading towards an oil field in the southeast of the country.
"Two drones heading towards the Shaybah oil field were intercepted and destroyed," the ministry said in a post on X.
In later posts it reported a further five interceptions of drones heading towards the oil field.

G7 to discuss war's economic impact

G7 leaders will meet by video conference later Wednesday to discuss the war's economic consequences, particularly the "energy situation", the French presidency said.
"This will be the first discussion on these issue between G7 members. Economic coordination is a key issue for an effective and useful response to the situation," the Elysee said. The meeting will start at 1400 GMT.

European bank chief vows to control inflation

European Central Bank chief Christine Lagarde said that "everything necessary" will be done to keep inflation in check during the war.
"We will do everything necessary to keep inflation under control and ensure that the French and the Europeans do not experience inflation increases like those we saw in 2022 and 2023" partly caused by Russia's invasion of Ukraine, Lagarde told French broadcasters.

Hormuz confusion

The United States energy secretary said in a video on X that the US Navy had escorted an oil tanker through the Strait of Hormuz -- but the post was deleted within minutes.
The White House subsequently stated that the US Navy had not escorted any tankers through the strategic Gulf passage.
Iran's Revolutionary Guards said no US Navy vessel has "dared" approach the strait, which they virtually closed in retaliation to the US-Israeli strikes that killed their supreme leader.
Trump warned Iran to not place mines in the strait.
- Stocks recover - 
The Paris and London stock markets gained over 1.5 percent after European gas prices sank 15 percent, helping ease concerns over a renewed surge of global inflation. Frankfurt ended the day up 2.4 percent. 
Asian stock markets rallied, with Seoul up more than five percent and Tokyo ending with a gain of 2.9 percent, but US stocks, which were in positive territory for much of Tuesday, finished mostly lower.

UAE refinery

The region's biggest single-site oil refinery, at Ruwais in the United Arab Emirates, was closed as a precaution after a drone attack on the industrial complex that houses it caused a fire, a source familiar with the situation told AFP.
A driver working at the complex, who requested not to be named, told AFP they saw "bursts of fire rising from the complex, with loud sounds like explosions".

Egypt hikes fuel prices

Egypt raised domestic fuel prices by up to 30 percent, blaming "exceptional" global energy pressures caused by the war, which has disrupted oil supplies and shipping routes.
The increases, announced by the petroleum ministry, apply to gasoline, diesel and natural gas used in vehicles.

India tightens gas controls

India ordered tighter controls over natural and cooking gas following import disruptions, with restaurants warning the war could spark widespread closures.
The world's most populous nation is the fourth largest liquefied natural gas buyer and second-largest buyer of liquefied petroleum gas used for cooking -- much of which is sourced from the Middle East.
burs-bgs/mlm/lga/jfx

textile

Bangladesh sari weaving tradition hangs by a thread

BY SHEIKH SABIHA ALAM

  • With demand falling and costs rising, many weavers have abandoned the craft, turning to driving or construction work to survive.
  • Bangladesh's Tangail sari is fighting for survival as weavers warn that automation and economic pressures are pushing the centuries-old craft to the brink despite its global acclaim.
  • With demand falling and costs rising, many weavers have abandoned the craft, turning to driving or construction work to survive.
Bangladesh's Tangail sari is fighting for survival as weavers warn that automation and economic pressures are pushing the centuries-old craft to the brink despite its global acclaim.
The detailed designs and fine textures of the garments made in the central Tangail city won UNESCO recognition in December as intangible cultural heritage reflecting "local social and cultural practices".
But it has brought little relief to crowded local workshops where a shift to automated looms, evolving fashion choices, unstable yarn prices and a lack of government support have squeezed weavers at every turn.
Ajit Kumar Roy, who spends the day interlacing warp and weft threads while paddling the shuttle back and forth, says the honour has done little to ease his daily hardship.
"It's all hard work," the 35-year-old weaver told AFP as he worked the handloom he has operated for nearly two decades.
"Hands, legs and eyes must move together. If I make a mistake then there is a problem."
Men typically lead the weaving, dyeing and design work, while women prepare threads, apply rice starch and add finishing touches.

High-profile clients

Once considered a well-paying profession, weaving has suffered from a market slump that began during the Covid-19 pandemic and never recovered.
Roy said his factory owner used to run 20 handlooms but now has only 10.
"Some factories have shut down entirely," Roy said.
With demand falling and costs rising, many weavers have abandoned the craft, turning to driving or construction work to survive.
"We earn 700 taka ($6) per sari, and it takes at least two days to make one. How can a family of four live on 350 taka a day?"
Raghunath Basak, president of a local sari traders' association, whose family has preserved Tangail weaving for generations, fears the craft may end with him. 
His ancestors migrated in search of weather and water suitable for weaving before settling in Tangail, nestled in a low-lying floodplain near the Jamuna River.
"I brought my son into the profession too, but I don't know how he will cope after I am gone," Basak, 75, said from his showroom, where shiny crests line the walls.
Despite high-profile clients -- from political leaders in India's West Bengal state to ousted Bangladeshi prime minister Sheikh Hasina, who wore his sari to deliver a speech to the UN General Assembly -- Basak says the industry is struggling.

Cultural symbol

A halt to land-port trade with neighbouring India following a diplomatic fallout has also affected business. 
"We used to export saris by road and import yarn when local prices shot up. Now land ports on both sides are sealed. Export has become almost impossible," he said.
In the 1960s, the sari emerged as a cultural symbol as Bengalis in what was then East Pakistan embraced their ethnic identity. 
But consumer preference is slowly shifting.
Kaniz Neera, 45, buys two dozen Tangail saris a year, favouring their distinctive patterns and comfortable design, but worries that the younger generation is drifting away.
"Sari is integral to our identity," she said. "My mother wears sari at home and outside. I wear it mostly outside. (But) girls now wear sari only on special occasions."
But researchers remain cautiously optimistic.
Shawon Akand, author of a book on the subject, notes that the Tangail sari is a relatively recent evolution by the descendants of Dhakai muslin weavers whose creations once captivated Mughal rulers and European aristocracy. 
"The Tangail weavers inherited fine yarn techniques from their ancestors and adapted with unique designs in Tangail sari," Akand told AFP.
"Tangail sari will evolve. It will endure."
sa/abh/lkd/mjw/lga

banking

CEO of Brazil's Nubank on pending US market entry, Trump, AI: interview

BY FACUNDO FERNáNDEZ BARRIO

  • Below are excerpts from AFP's interview with Velez, edited for clarity.
  • Nubank CEO David Velez, whose massive Brazil-based digital bank is on the verge of entering the prized US market, hailed a "positive" regulatory climate under President Donald Trump in an interview with AFP. Promising to free users from banking bureaucracy, the company -- which has 131 million clients in Brazil, Mexico and Colombia -- has become one of the most valuable firms in the region.
  • Below are excerpts from AFP's interview with Velez, edited for clarity.
Nubank CEO David Velez, whose massive Brazil-based digital bank is on the verge of entering the prized US market, hailed a "positive" regulatory climate under President Donald Trump in an interview with AFP.
Promising to free users from banking bureaucracy, the company -- which has 131 million clients in Brazil, Mexico and Colombia -- has become one of the most valuable firms in the region.
In 2025 it posted record revenues of $16.3 billion, a 45 percent increase from the previous year.
Founded by Colombian entrepreneur Velez and two partners, the company was launched in 2013 in Brazil's financial capital Sao Paulo with the aim of eliminating physical bank branches.
More than a decade later, six in ten Brazilian adults are customers.
Nubank received conditional approval in January to operate as a bank in the United States, the world's largest financial market, and is now awaiting a final license.
Velez, 44 -- whose family left Colombia because of drug-related violence when he was a child -- says the company has long-term "global" ambitions, with artificial intelligence (AI) as a central pillar.
Below are excerpts from AFP's interview with Velez, edited for clarity.
QUESTION: Why do you think Nubank will succeed in the United States, typically a hostile market for foreign fintechs?
ANSWER: "For a long time the United States was closed to granting new banking licenses. That changed with the Trump administration. 
"We can reach many consumers who are currently underserved financially. Our operational cost advantage -- because we are 100 percent digital -- gives us an interesting opportunity."
Q: How do you view the financial sector under Trump?
A: "It has been positive. The previous administration created uncertainty around new business models, for example cryptocurrencies. The regulator was also very reluctant to allow new banks. That benefited large banks a lot. This administration has begun to promote more competition and lower barriers to entry."
Q: Will traditional banks disappear?
A: "The digital banking model is the winning model for digitizing 90 percent of the world's population. Our cost to serve a customer is 4 percent or 5 percent of the cost of a traditional bank. In the future some traditional banks will have transformed and will still be around, and others won't."
Q: Will physical banking services disappear?
A: "There will always be some space for them, but much smaller. Ninety to 95 percent of global financial services can be digitized."

Customers aged 90

Q: Could digitization exclude older people?
A: "They eventually become digital too. We have 90-year-old customers. They don't give us quality metrics as high as those of 25-year-olds, but they can use the product quite well. AI allows much more specific personalization."
Q: What problems does AI pose in the financial sector?
A: "The biggest challenge is data control and respecting user data. What AI executes must be based on existing regulation. For example, if an algorithm gives financial advice to a client, it must comply with the same regulation that already requires a human to give correct advice."
Q: Will AI replace human jobs in the sector?
A: "Not completely. Efficiency can be improved with automation in many processes. But there are also key areas, such as credit models, that require human verification and decisions. Many of these AI models still have hallucination problems, which can be a huge risk for any bank."
Q: How do you see Brazil's financial market under the government of Luiz Inacio Lula da Silva?
A: "One thing Brazil has done very well is that financial regulation has been surprisingly consistent across administrations. Competent players in the financial industry have made money in Brazil."
ffb/app/fb/des

Dassault

Dassault pitches latest private jet against US, Canadian rivals

  • Dassault, which also makes the Rafale fighter jet, hopes its advanced flight-control system and smaller size needing shorter runways than rivals will be advantages when compared to the top-line planes offered by US manufacturer Gulfstream and Canada's Bombardier.
  • France's Dassault on Tuesday unveiled its latest private jet, the Falcon 10X, pitched to rival the flagship planes from Gulfstream and Bombardier.
  • Dassault, which also makes the Rafale fighter jet, hopes its advanced flight-control system and smaller size needing shorter runways than rivals will be advantages when compared to the top-line planes offered by US manufacturer Gulfstream and Canada's Bombardier.
France's Dassault on Tuesday unveiled its latest private jet, the Falcon 10X, pitched to rival the flagship planes from Gulfstream and Bombardier.
The aircraft -- which still has to undergo flight tests and will not be available for two years, according to Dassault CEO Eric Trappier -- will be for deep pockets only, with a price tag upwards of $80 million.
But those who do settle into its luxury cabin will be able to fly nonstop from Paris to Beijing, or New York to Shanghai, thanks to its 14,000-kilometre (8,700-mile) range, putting it nearly on par with the biggest commercial airliners.
Dassault, which also makes the Rafale fighter jet, hopes its advanced flight-control system and smaller size needing shorter runways than rivals will be advantages when compared to the top-line planes offered by US manufacturer Gulfstream and Canada's Bombardier.
"Often it's the pilots who influence the boss on a plane's purchase. In the business aviation market, there are a lot of ex-air force pilots," Didier Brechemier, an aerospace expert at the management consultancy Roland Berger, told AFP.
The Falcon X10 will go up against the Gulfstream G700 and the Bombardier Global 7500, which have similar ranges and speeds. 
The Dassault jet was presented in a hangar near the Dassault factory in Merignac, southwest France, in a nightclub ambience with music and lights. 
Once brought to market, it will supersede Dassault's current flagship private jet, the Falcon 8X, which has a range of 12,000 kilometres.
The United States is by far the top market for private jets, with big corporations and several celebrities -- including Taylor Swift and Kylie Jenner -- opting for them.
Last year, Gulfsteam and Bombardier each delivered more than 150 jets each, compared with 37 for Dassault.
The business jet market is estimated to be worth $26.6 billion this year, up from $25.7 billion last year, and is projected to reach $31.6 billion in 2031, according to the Indian market research company Mordor Intelligence.
neo/ngu/rmb/tw

LVMH

Louis Vuitton takes Paris fashion week on mountain ride

  • Ukrainian designer, Lilia Litkovska, who joined the Paris fashion week calendar this year, presented her first show on the final day.
  • Models wore mountain capes, shepherds' hats and carried bags with bells attached to them as Louis Vuitton brought the curtain down on Paris fashion week with a back-to-nature show Tuesday.
  • Ukrainian designer, Lilia Litkovska, who joined the Paris fashion week calendar this year, presented her first show on the final day.
Models wore mountain capes, shepherds' hats and carried bags with bells attached to them as Louis Vuitton brought the curtain down on Paris fashion week with a back-to-nature show Tuesday.
Parading in the main Louvre courtyard, with actors Zendaya and Ana de Armas in attendance, the brand's artistic director Nicolas Ghesquiere said the aim was to take the well-heeled spectators back to founder Louis Vuitton's roots in the Jura mountains.
Louis Vuitton left the Jura region as a teenager to set up shop in Paris in 1837.
"For this show, I really wanted to highlight the idea that nature is the greatest creator. It wasn't about imitating it, but rather about sublimating nature," Ghesquiere told journalists after the event entitled "Super Nature".
The French designer, who used hemp-based faux fur for his coats, said he wanted to highlight global "nomadism" through the patchwork dresses and wide rattan hats resembling inverted traditional baskets.
The show also highlighted the work of Ukrainian artist Nazar Strelyaev-Nazarko whose paintings were on the back of jackets and the front of skirts worn by Louis Vuitton models.
Ukrainian designer, Lilia Litkovska, who joined the Paris fashion week calendar this year, presented her first show on the final day.
Litkovska said the deconstructed clothes and biker boot outfits with models walking the runway with headlamps were inspired by events in her war-stricken home country.
She said the inspiration was walking home from her Kyiv studio in complete darkness and bitter cold.
"I had a flashlight, and there were people in the street across the street with me too. It's hard to explain, but you feel you're not alone. You feel a sense of closeness in that absolute darkness. We crossed our beams, and it was like a dialogue, a silent dialogue," she said.
lrb-jfg/tw/rmb

US

Mideast tanker escort: high-risk mission for US Navy

BY W.G. DUNLOP

  • These include sea mines, fast-attack craft, missiles and one-way attack drones.
  • US Navy escorts could help increase the flow of tankers through the Strait of Hormuz, but American warships accompanying slow-moving commercial vessels would face threats including mines, missiles and drones in the narrow waterway bordering Iran.
  • These include sea mines, fast-attack craft, missiles and one-way attack drones.
US Navy escorts could help increase the flow of tankers through the Strait of Hormuz, but American warships accompanying slow-moving commercial vessels would face threats including mines, missiles and drones in the narrow waterway bordering Iran.
Iran has threatened to block oil exports via the key maritime chokepoint -- through which nearly 20 percent of the world's crude usually transits -- in response to the US-Israeli war against the Islamic republic.
President Donald Trump -- who warned of "Death, Fire, and Fury" if Tehran disrupted oil flows -- has also floated the idea of the US Navy accompanying commercial vessels, but Washington's forces have yet to begin the potentially risky mission.
"There are a number of threats that Iran...potentially could bring to bear against that type of escort mission," said Jonathan Schroden, chief research officer at the Center for Naval Analyses.
These include sea mines, fast-attack craft, missiles and one-way attack drones.
"If you put mines in the water and you can reinforce those with both surface and air threats as well, you create a layered threat that extends from under the sea all the way up through the surface into the air," Schroden said. "That just makes it much, much harder to defend."
Trump on Tuesday warned Iran against mining the strait, saying in a social media post: "If for any reason mines were placed, and they are not removed forthwith, the Military consequences to Iran will be at a level never seen before."
The United States has an array of ships deployed in the Middle East, including two aircraft carriers.
But an escort mission would be carried out by smaller vessels such as destroyers or frigates -- possibly with warplanes or helicopters providing cover overhead -- that would accompany several tankers at a time, Schroden said.

'Global economic disruption'

US Navy ships would "provide a deterrent effect," and could also "respond if the tankers get fired upon," he said.
The Strait of Hormuz -- less than 30 miles (48 kilometers) across at its narrowest point -- is shared by Iran on one side and Oman on the other.
At least 10 oil tankers in or near the strait were struck, targeted, or reported attacks between March 1 and 10, according to data compiled by the UK Maritime Trade Organisation, the International Maritime Organization, and Iranian authorities.
In addition, three bulk carriers, two container ships, a tugboat, and an oil drilling vessel have reported explosions, strikes, or suspicious activity in the area.
"It's really a global economic disruption that could escalate very, very quickly if it's not addressed," Schroden said.
The United States previously carried out a tanker escort mission -- dubbed Operation Earnest Will -- in the same region to protect ships from attacks by Tehran's forces during the Iran-Iraq war, between 1980-88.
"The major difference is in the scope and scale of military capabilities of both sides," said Schroden.
"Iran didn't have drones, for example, they didn't have nearly the missile capacity that they have now," while US forces now have "much, much greater...ability to bring air and space and cyber effects" to bear that "didn't exist back in the '80s."
Daniel Schneiderman, an adjunct senior fellow in the Center for a New American Security's Middle East Security Program, said Iran's forces remain a danger despite more than 10 days of US-Israeli strikes.
"The threats are significant and very real, even (with) what the US military has been able to do, what the Israeli military has been able to do," Schneiderman said.
A US mission to escort tankers "is absolutely a very high risk, especially when you consider the number of ships that will be involved in this kind of mission -- it's very resource-intensive," he added.
wd/sla

Global Edition

Oil prices dive as IEA eyes emergency release with Hormuz Strait in focus

  • Trump warned Iran against mining the Strait of Hormuz, through which nearly 20 percent of the world's crude oil usually transits from the Gulf to world markets.
  • Crude prices sank and equities mostly rose Tuesday as oil-importing countries discussed a possible stockpile release while monitoring the Strait of Hormuz, a key petroleum waterway emptied of traffic as the Middle East war rages.
  • Trump warned Iran against mining the Strait of Hormuz, through which nearly 20 percent of the world's crude oil usually transits from the Gulf to world markets.
Crude prices sank and equities mostly rose Tuesday as oil-importing countries discussed a possible stockpile release while monitoring the Strait of Hormuz, a key petroleum waterway emptied of traffic as the Middle East war rages.
International oil benchmark, Brent North Sea crude, plunged 11.3 percent to $87.80 a barrel, a day after it neared $120. 
The drop in oil prices gathered pace as member states of the International Energy Agency met for crisis talks to assess "the current security of supply" and the potential release of emergency stocks.
In a statement following a Paris meeting of G7 energy ministers, IEA executive director Fatih Birol said he was "in close contact" with energy ministers from key energy producers and consumers regarding the situation.
Oil prices slid to session lows near 1730 GMT after US Energy Secretary Chris Wright said the US Navy had escorted a tanker through the Strait of Hormuz, but Wright quickly deleted the post and Trump administration officials said no such expedition had taken place.
The Paris and London stock markets gained over 1.5 percent after European gas prices sank 15 percent, helping ease concerns over a renewed surge of global inflation. 
Frankfurt ended the day up 2.4 percent. 
Asian stock markets rallied, with Seoul up more than five percent and Tokyo ending with a gain of 2.9 percent. 
"Renewed optimism on the back of falling oil prices helped global stock indices recover, most strongly in Asia and Europe," said analyst Axel Rudolph at IG trading platform.
Wall Street stocks also spent much of the session in positive territory but lost ground after Wright deleted his social media post, which raised hopes that the Strait of Hormuz was back open for activity.
A DOE spokesperson said Wright's post was taken down because it was "incorrectly captioned" by agency staff.
Trump's energy team "are closely monitoring the situation, speaking with industry leaders, and having the US military draw up additional options to keep the Strait of Hormuz open, including the potential for our Navy to escort tankers," a DOE spokesperson told AFP.
The broad-based S&P 500 finished down 0.2 percent.
Jack Ablin of Cresset Capital Management said oil remains at the top of investor concerns.
"It's sort of the lifeblood of the global economy," Ablin said. "Anything that could potentially disrupt that is of concern to investors worldwide."
Investors were also digesting Trump's remarks Monday that the campaign was far ahead of his initial timeline of around a month. 
"It's going to be ended soon, and if it starts up again they'll be hit even harder," Trump told a news conference in Florida on Monday.
Iran has responded by vowing to block Gulf oil exports and asserting that it, not the US, would "determine the end of the war".
Trump warned Iran against mining the Strait of Hormuz, through which nearly 20 percent of the world's crude oil usually transits from the Gulf to world markets.
"If for any reason mines were placed, and they are not removed forthwith, the Military consequences to Iran will be at a level never seen before," Trump said Tuesday in a social media post.

Key figures at around 2215 GMT

Brent North Sea Crude: DOWN 11.3 percent at $87.80 per barrel
West Texas Intermediate: DOWN 11.9 percent at $83.45 per barrel
New York - Dow: DOWN 0.1 percent at 47,706.51 (close)
New York - S&P 500: DOWN 0.2 percent at 6,781.48 (close)
New York - Nasdaq Composite: FLAT at 22,697.10 (close)
London - FTSE 100: UP 1.6 percent at 10,412.24 (close) 
Paris - CAC 40: UP 1.8 percent at 8,057.36 (close)
Frankfurt - DAX: UP 2.4 percent at 23,968.63 (close)
Seoul - Kospi: UP 5.4 percent at 5,532.59 (close)
Tokyo - Nikkei 225: UP 2.9 percent at 54,248.39 (close)
Hong Kong - Hang Seng Index: UP 2.2 percent at 25,959.90 (close)
Shanghai - Composite: UP 0.7 percent at 4,123.14 (close)
Euro/dollar: DOWN at $1.1612 from $1.1636 on Monday
Pound/dollar: DOWN at $1.3415 from $1.3437
Dollar/yen: UP at 158.06 yen from 157.67 yen
Euro/pound: DOWN at 86.48 pence from 86.58 pence
burs-jmb/jgc

US

White House says US Navy has not escorted tanker through Strait of Hormuz

  • In his deleted post, Wright said the "US Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets."
  • The United States has not escorted any oil tanker through the Strait of Hormuz, the White House said Tuesday, after the energy secretary's social media account posted and deleted a claim that it did so.
  • In his deleted post, Wright said the "US Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets."
The United States has not escorted any oil tanker through the Strait of Hormuz, the White House said Tuesday, after the energy secretary's social media account posted and deleted a claim that it did so.
The shift in narrative caused markets to swing, with oil dropping sharply after Energy Secretary Chris Wright's initial post.
Oil prices pared back some losses after Wright's post on X was deleted -- just minutes after publication.
"I can confirm that the US Navy has not escorted a tanker or a vessel at this time, though of course that's an option," White House Press Secretary Karoline Leavitt told a briefing.
Iran's Revolutionary Guards also said that no US Navy vessel has "dared" approach the Strait of Hormuz, calling Wright's claim a "pure falsehood."
An Energy Department spokesperson told AFP that "a video clip was deleted from Secretary Wright's official X account after it was determined to be incorrectly captioned by Department of Energy staff."
At least 10 oil tankers in or near the Strait of Hormuz were struck, targeted or reported attacks between March 1 and 10, according to data compiled by the UK Maritime Trade Organisation (UKMTO), the International Maritime Organization (IMO), and Iranian authorities.

Fluctuating prices

No US ships were confirmed to have escorted oil tankers in the key waterway since the war was launched on February 28. Wright's initial comments marked the first time a US official said this had occurred.
In his deleted post, Wright said the "US Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets."
Nearly a fifth of global oil production passes through the strait, with Tehran on Tuesday vowing that none would be exported from the Gulf while the war is ongoing.
Since March 2, more than 20 commercial vessels have been detected crossing the strait, according to AFP analysis of data from shipping tracker Marine Traffic.
Others have passed through with their transponders switched off to conceal their position, sometimes only reappearing on marine trackers once safely out of the area.
Before the war, a daily average of 138 ships transited the Strait of Hormuz.
President Donald Trump's administration has taken steps to try and reassure global markets since launching the war, offering reinsurance to shipping companies and the US Navy's services to escort tankers.
Crude prices have fluctuated sharply due to supply disruptions, jumping 30 percent on Monday to nearly $120 per barrel before retreating.
They continued to fall after comments by Trump on Monday hinting that the war may end soon, even as his defense secretary vowed a day later to carry out the "most intense day of strikes inside Iran."
The war has seen strikes carried out on oil depots in Iran and attacks on energy infrastructure in wealthy Gulf countries, previously seen as safe havens in a turbulent Middle East.
dk-aha-bys/jgc

US

Iran not seeking ceasefire as Trump steps up threats

BY AFP TEAMS IN TEHRAN, JERUSALEM, WASHINGTON, DUBAI AND BEIRUT

  • Iranian attacks on shipping have closed the strategic Strait of Hormuz, where a quarter of the world's seaborne oil and a fifth of all LNG normally pass, and Trump warned Iran against mining the strait in a post on his Truth Social platform.
  • Iran remained defiant as fresh explosions thundered out in Tehran on Tuesday, insisting it was not seeking a ceasefire even as US President Donald Trump upped his threats surrounding the strategic Strait of Hormuz.
  • Iranian attacks on shipping have closed the strategic Strait of Hormuz, where a quarter of the world's seaborne oil and a fifth of all LNG normally pass, and Trump warned Iran against mining the strait in a post on his Truth Social platform.
Iran remained defiant as fresh explosions thundered out in Tehran on Tuesday, insisting it was not seeking a ceasefire even as US President Donald Trump upped his threats surrounding the strategic Strait of Hormuz.
The conflict has engulfed the Middle East and roiled energy markets since the February 28 US-Israeli strikes that killed supreme leader Ayatollah Ali Khamenei and triggered the war, with Tehran on Tuesday vowing no crude exports would leave the Gulf if the bombardment continued.
The Pentagon had earlier announced its most intense strikes to date, but Iran has so far refused to bow to the pressure.
Iranian parliament speaker Mohammad Bagher Ghalibaf, a former top Revolutionary Guards commander and key figure after Khamenei's killing, said in an English-language post on X: "Certainly we aren't seeking a ceasefire."
"We believe the aggressor must be punished and taught a lesson that will deter them from attacking Iran again," he added.
US Defense Secretary Pete Hegseth had previously told a news conference that Tuesday would "be yet again our most intense day of strikes inside Iran -- the most fighters, the most bombers".
Iranian attacks on shipping have closed the strategic Strait of Hormuz, where a quarter of the world's seaborne oil and a fifth of all LNG normally pass, and Trump warned Iran against mining the strait in a post on his Truth Social platform.
"If for any reason mines were placed, and they are not removed forthwith, the military consequences to Iran will be at a level never seen before," he wrote.
His post came after CNN -- citing anonymous sources familiar with US intelligence reports -- reported that Iran had indeed begun laying explosives in the waterway.
Two rounds of explosions shook Tehran on Tuesday evening, AFP journalists reported, with no immediate information available about the intended targets.
In the capital, one woman in her forties said she found some reassurance in her impression that the bombings "don't target ordinary buildings".
But she noted that it was "the noise of the bombings that is extremely disturbing".
Iran's Revolutionary Guards replied by announcing a fresh salvo of missiles against Israeli cities and US targets in the region, with AFP journalists later hearing explosions in Bahrain's capital Manama.
About 140 US military personnel have been wounded since the start of the war, the majority with minor injuries, the Pentagon said on Tuesday. Seven deaths have already been announced.

'Catastrophic consequences'

Volatile oil prices again veered sharply on Tuesday, sliding after US Energy Secretary Chris Wright announced the navy had escorted a tanker through the Strait of Hormuz.
However, Wright deleted the social media post announcing the operation moments later, and the White House subsequently said no escort had taken place.
Oil prices had surged following the Iranian attacks, strikes on oil depots in Iran and attacks on energy infrastructure in wealthy Gulf countries, previously seen as safe havens in a turbulent Middle East.
The UAE's biggest oil refinery at Ruwais was closed on Tuesday as a precaution after a drone attack on the industrial complex that houses it caused a fire, a source familiar with the situation told AFP.
A driver working at the complex, who requested not to be named, told AFP they saw "bursts of fire rising from the complex, with loud sounds like explosions".
Qatar, where a suspension of LNG exports has sent European energy prices sky-high, said Iranian attacks on its civilian infrastructure were ongoing, with AFP journalists reporting explosions in Doha.
Traders and energy policymakers are nervously following the hostilities.
"There would be catastrophic consequences for the world's oil markets the longer the disruption goes on, and the more drastic the consequences for the global economy," Saudi oil giant Aramco's president and CEO Amin H. Nasser told journalists. 
"It's absolutely critical that shipping resumes in the Strait of Hormuz."

'Barely getting by'

The UN trade and development agency warned the Hormuz closure could increase the cost of essentials such as fuel and food for the world's most vulnerable people.
In Egypt, which increased the cost of fuels by up to 30 percent, mother-of-six Om Mohamed fretted about the future.
"We were barely getting by as it is. I don't know how people will manage," she told AFP at a Cairo market.
Experts warned the economic outlook remains extremely volatile.
"Rare are days in the markets when you get this much volatility," said Ipek Ozkardeskaya, an analyst for Swissquote Bank, warning that investors were overreacting to every bit of news, even when officials' statements contradicted each other.
"The conflict in the Middle East continues at full speed, political developments are not pointing to a near-term resolution, and there is little clarity about the US plans."
burs-imm/smw

US

US satellite firm extends Middle East image delay

BY PATRICIO ARANA

  • Both major US satellite firms, Planet and Vantor, now delay or block the release of images from the Middle East because of the conflict that erupted on February 28 with US-Israeli strikes on Iran. 
  • American firm Planet Labs PBC on Tuesday said it now imposes a two-week delay for access to its satellite images of the Middle East because of the US-Israeli war against Iran.
  • Both major US satellite firms, Planet and Vantor, now delay or block the release of images from the Middle East because of the conflict that erupted on February 28 with US-Israeli strikes on Iran. 
American firm Planet Labs PBC on Tuesday said it now imposes a two-week delay for access to its satellite images of the Middle East because of the US-Israeli war against Iran.
Both major US satellite firms, Planet and Vantor, now delay or block the release of images from the Middle East because of the conflict that erupted on February 28 with US-Israeli strikes on Iran. 
California-based Planet initially imposed a 96-hour delay last week for access to its high-resolution images, which are usually available a few hours after they are taken. 
"After consulting with experts inside and outside of government... Planet has decided to take additional, proactive measures to ensure our imagery is not tactically leveraged by adversarial actors to target allied and NATO-partner personnel and civilians," a statement said.
From now on, coverage of "all of Iran and nearby allied bases, in addition to the Gulf States and existing conflict zones" will be blocked for 14 days, it said.
Planet, founded in 2010 by former NASA scientists and whose images are widely used by media and researchers, did not say whether the decision was taken in response to an official US request.

Media reliance

For a zone running from Egypt to the Gulf states, Turkey and Djibouti the most recent images released by Planet date from March 6.
Under US legislation, any company headquartered in America that deals in high-resolution satellite images may be subject to restrictions for national security or foreign policy reasons. 
Industry leader Vantor (formerly Maxar) has had a long-standing policy of not distributing images of US or allied bases. But it denied in a statement that it had acted under any government order to hold back images. 
"During times of geopolitical conflict, Vantor may implement enhanced access controls to prevent the misuse of sensitive geospatial intelligence and to help protect allied forces and civilians," it said.
"These controls can include limiting who is able to task new imagery or purchase historical imagery over areas where US, NATO, and other allied and partner forces are actively operating, as well as over areas that are being actively targeted by adversaries."
Vantor said it "independently determines" the controls. 
"These decisions are not mandated by any government, military organisation, or third party."
During Israel's war against Hamas in Gaza, started in October 2023 and running up to a ceasefire in October last year, Planet imposed a 30-day delay while still maintaining extensive coverage of the territory.
Many media, including AFP, use satellite images from sources such as Planet and Vantor to cover the major conflicts -- including Ukraine, Gaza or the Sudan civil war -- where on-the-ground access is made difficult or virtually impossible.
pa/ico/tw/rmb

US

Global energy body discusses releasing strategic oil reserves

BY NATHALIE ALONSO

  • "I have convened an extraordinary meeting of IEA member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market," Birol added.
  • Member states of the International Energy Agency (IEA) met on Tuesday for crisis talks to assess security of supply and the potential release of emergency stocks as the Middle East war roils markets, the body's chief said.
  • "I have convened an extraordinary meeting of IEA member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market," Birol added.
Member states of the International Energy Agency (IEA) met on Tuesday for crisis talks to assess security of supply and the potential release of emergency stocks as the Middle East war roils markets, the body's chief said.
In a statement following a Paris meeting of G7 energy ministers on the economic fallout of the conflict, IEA executive director Fatih Birol said he was "in close contact" with energy ministers from key energy producers and consumers regarding the situation.
"In oil markets, conditions have deteriorated in recent days. In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market," he said ahead of the meeting.
"I have convened an extraordinary meeting of IEA member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market," Birol added.
He said the G7 meeting addressed "all the available options, including making IEA emergency oil stocks available to the market".
Italy's Environment and Energy Minister Gilberto Pichetto Fratin said that regarding the closure of the Strait of Hormuz, "countries have committed to showing solidarity by using stockpiled reserves in order to compensate for the lack of availability at the global level."
The IEA did not announce any decision after Tuesday's meeting.
Crude prices have seen sharp fluctuations due to supply disruptions, jumping 30 percent on Monday to nearly $120 per barrel before retreating later that day.
They fell further on Tuesday, reassured by US President Donald Trump stating Monday that the US-Israel war on Iran was "going to be ended soon".
Nevertheless risks remain, with Iran vowing earlier Tuesday that not one litre of oil would be exported from the Gulf while the United States and Israel press ahead with their bombardment of the country.
IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates.
- 'We want to be ready' - 
A meeting of G7 finance ministers on Monday discussed a possible release of strategic oil reserves, but French Finance Minister Roland Lescure, whose country holds the rotating presidency of the Group of Seven advanced economies, said later the situation was "not there yet".
On Tuesday, Lescure said the G7 nations wanted to prepare for any developments.
"We have asked the International Energy Agency to start working on scenarios and, of course, to update its stock data so that we have the most recent information," he told reporters. 
"We want to be ready to react at any moment," he added.
He said there were no supply issues in North America and Europe, unlike in Asia, which is dependent on oil supplies flowing through the Strait of Hormuz.
About 100 million barrels of oil are consumed globally every day.
The Paris-based IEA was created to coordinate responses to major supply disruptions after the 1973 oil crisis.
In order to ensure energy security, the IEA imposes on its members an obligation to hold emergency oil stocks equivalent to at least 90 days of net oil imports.
bur-hrc-nal-dlm-as/cc/rl

rich

Musk, already world's richest person, eyes $1 trillion fortune

  • - More billionaires - Musk's fortune amounts to more than three times that of the next names on Forbes' billionaire list, which has grown to a record 3,428 individuals and is heavily populated at the top by other tech titans.
  • Elon Musk's estimated $839 billion net worth has made him the wealthiest individual ever recorded, Forbes said Tuesday, as billionaires worldwide saw their combined fortunes surge in the past year to an all-time high of $20.1 trillion.
  • - More billionaires - Musk's fortune amounts to more than three times that of the next names on Forbes' billionaire list, which has grown to a record 3,428 individuals and is heavily populated at the top by other tech titans.
Elon Musk's estimated $839 billion net worth has made him the wealthiest individual ever recorded, Forbes said Tuesday, as billionaires worldwide saw their combined fortunes surge in the past year to an all-time high of $20.1 trillion.
Musk topped the Forbes World's Billionaires list for the second consecutive year after his fortune swelled by roughly $500 billion over the past twelve months, driven by rising valuations at Tesla and SpaceX, which is targeting a public offering in 2026. 
He is the first person ever to surpass the $800 billion mark and is on course to become the world's first trillionaire.
Musk's monumental jump in wealth reflects a rollercoaster 2025 for Tesla that saw the electric vehicle maker's stock price tumble through the spring amid consumer boycotts over the billionaire's backing of Donald Trump and other far-right politicians.
But Tesla shares rebounded in the second half of 2025 after Musk exited his Trump administration role and have remained lofty. The Forbes list is based on valuations as of March 1, 2026.
Tesla champions believe the company is poised for stratospheric growth because of Musk's access to cutting-edge technology in autonomous driving and artificial intelligence. 
While Musk remains a polarizing figure with the general public, Tesla shareholders have consistently backed the billionaire.
In a November vote, shareholders endorsed a pay package worth up to $1 trillion if Tesla meets production and valuation targets, lifting Musk's share of the company to about 25 percent.
Musk had suggested he could exit Tesla absent the package, saying ahead of the vote that he wanted a large enough stake to have a "strong influence" over the company as he builds a "robot army."
Musk has said that less than 0.1 percent of his wealth is in cash.
David Kirsch at the University of Maryland said estimates of Musk's wealth are inevitably "highly speculative" because a large share depends on equity assets whose valuations depend on whether anticipated growth pans out.
"If you were to measure the actual assets, it wouldn't be $800 bn. It might be a third of that, which would still be more than the next person," said Kirsch who characterized Musk's fortune as "staggering" and "kind of unreal."

More billionaires

Musk's fortune amounts to more than three times that of the next names on Forbes' billionaire list, which has grown to a record 3,428 individuals and is heavily populated at the top by other tech titans.
The cofounders of Google, Larry Page ($257 billion) and Sergey Brin ($237 billion) ranked second and third.
Amazon founder Jeff Bezos ranked fourth with $224 billion, while Meta CEO Mark Zuckerberg was fifth at $222 billion.
The current list has around 400 more billionaires than the 2025 Forbes compilation, a bounty propelled by a stock market surge due partly to bullishness about AI.
Trump moved up to 645th place from 700 a year ago. Forbes estimated Trump's fortune at $6.5 billion, up $1.4 billion.
Major drivers of the US president's rising wealth include hundreds of millions in wealth tied to cryptocurrencies he has promoted. Trump also benefited after a New York appeals court threw out a civil penalty of $518 million in a fraud case.
"Donald Trump's second term as president has so far paid off handsomely for the billionaire head of state," Forbes said.
"Whether striking deals in the Middle East, shilling his crypto coins or hosting luminaries at his properties, Trump has proven that he and his family are very much still in business."
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US

UN warns Hormuz standstill will hit world's most vulnerable

BY ROBIN MILLARD

  • The UN's World Food Programme said the costs and time lost to the Strait of Hormuz disruptions were already impacting its humanitarian operations.
  • The standstill in the Strait of Hormuz caused by the Middle East war could hammer some of the world's most vulnerable people, the United Nations warned Tuesday.
  • The UN's World Food Programme said the costs and time lost to the Strait of Hormuz disruptions were already impacting its humanitarian operations.
The standstill in the Strait of Hormuz caused by the Middle East war could hammer some of the world's most vulnerable people, the United Nations warned Tuesday.
The strait is the only sea passage from the Gulf towards the Indian Ocean, through which nearly a quarter of the world's seaborne oil supplies pass, as well as a significant amount of cargo.
Iran has all but blocked the waterway following the launch of the February 28 US-Israeli airstrikes on the country that triggered the war.
"The current shock comes at a time when many developing economies struggle to service their debt, face a tightening of fiscal space and limited capacity to absorb new price shocks," the UN trade and development agency UNCTAD said.
"Higher energy, fertiliser and transport costs -- including freight rates, bunker fuel prices and insurance premiums -- may increase food costs and intensify cost-of-living pressures, particularly for the most vulnerable," it said.
UNCTAD added that, in terms of seaborne trade volume, in the week before the conflict 38 percent of crude oil, 29 percent of liquified petroleum gas, 19 percent of liquified natural gas and 19 percent refined oil products went through the strait.
But while an average of 129 ship transited daily through the passage between February 1 and 27, that number dropped to just three on March 3.
UNCTAD said the disruptions underscored the vulnerability of critical maritime chokepoints and their potential for disruption to them to send shocks across supply chains and commodity markets.
"Rising energy, transport and food costs could strain public finances and increase pressure on household budgets, potentially heightening economic and social pressures... particularly in economies heavily dependent on imported energy, fertilisers and staple foods," it said.

Food aid hit

UN rights chief Volker Turk echoed the alarm for the effect the plunge in commercial shipping activity could have, "particularly for the world's most vulnerable".
"The impact of an oil price surge will have a knock-on effect for macro-economic and social stability in many countries, particularly those already experiencing debt distress," he said.
The UN's World Food Programme said the costs and time lost to the Strait of Hormuz disruptions were already impacting its humanitarian operations.
"This is nothing less than another seminal moment in global supply chain history," Jean-Martin Bauer, the director of WFP's food and nutrition analysis service, told reporters in Geneva.
Speaking from the WFP's Rome headquarters, he said shipping lines were diverting services and adding surcharges, leading to congestion "in places that are very far from Hormuz".
"We're seeing congestion in Asia. It's quite a severe disruption that's taking place right now," Bauer said.
"We're needing to go the long way around the Cape of Good Hope to reach some of our key geographies."
WFP's biggest operation is in Sudan, but now it is facing approximately 25 days of additional shipping time.
"It's basically 50 percent more than we would usually have. So that's really extending the supply chain and adding to cost," said Bauer.
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US

Oil crisis: Is world better placed than in 1973?

BY POL-MALO LE BRIS

  • - Pressure of US elections - Iran's threat to block Middle East exports of oil to US and Israeli allies as long as the war continues aims to keep energy prices high, heaping pressure on the United States ahead of its midterm elections in November.
  • Ten days after the first American and Israeli strikes against Iran, oil prices have cooled slightly after soaring above $100 a barrel.
  • - Pressure of US elections - Iran's threat to block Middle East exports of oil to US and Israeli allies as long as the war continues aims to keep energy prices high, heaping pressure on the United States ahead of its midterm elections in November.
Ten days after the first American and Israeli strikes against Iran, oil prices have cooled slightly after soaring above $100 a barrel.
Even if they risk rocketing once more because of ongoing military action, the situation remains very different compared with the oil shock of 1973. AFP looks at why:

Blockade versus embargo

The current crisis' mechanics differ radically from those of 1973. Back then, the shock was political -- a deliberate embargo by OPEC's Arab member countries against pro-Israeli Western nations during the Yom Kippur War. 
In 2026, the shock is logistical -- a military blockade of the Strait of Hormuz by Iran, a key transit point through which 20 percent of global production usually passes. 
In the current situation, the resource is not being refused by producers, rather it is physically blocked. 
Saudi Arabia, Iraq, the United Arab Emirates and Kuwait have the capacity to open the floodgates to stabilise the market but they are hampered by the fact that "they are all dependent on Hormuz", Francis Perrin, an energy expert at French think tank IRIS, told AFP. 
This bottleneck is the result of a lack of sufficient alternative routes to export Middle Eastern crude.
These Gulf giants have already begun reducing their production owing to a lack of local storage capacity, noted Jorge Leon, an analyst at Rystad Energy. 
"The current crisis could potentially become a major energy crisis if this is sustained over time," he told AFP.
It is this difference in nature -- a physical barrier rather than a deliberate diplomatic rupture -- that makes a price explosion similar to that of 1973, when prices quadrupled in three months, virtually impossible according to analysts.

Pressure of US elections

Iran's threat to block Middle East exports of oil to US and Israeli allies as long as the war continues aims to keep energy prices high, heaping pressure on the United States ahead of its midterm elections in November.
President Donald Trump will want to avoid at all costs a prolonged surge in oil prices, which would become his political Achilles' heel. 
On Monday, Trump contained price increases by asserting that the war could end sooner than expected.
He said he would also waive some sanctions on Russia, having allowed India to temporarily import Russian oil.

Strategic reserves

Unlike the first oil shock, when Western countries were caught off guard, OECD members can now rely on massive strategic reserves, equivalent to three months of imports. 
This safety net is managed by the International Energy Agency, an institution created in the aftermath of the 1973 crisis to address this type of emergency. 
To compensate for the Iranian blockade, the IEA could soon inject some of these reserves into the market to curb price speculation and fill the supply gap. 
It is an essential safety valve that remains "effective only if the conflict doesn't last too long", cautioned Perrin.

Affect on green transition

The balance of power has also radically changed. While OPEC took advantage of the chaos in 1973 to impose record prices, exporting countries today fear that fresh all-time peaks could form the strongest argument for a transition to green energy. 
The challenge is all the more complex because the world remains hooked on oil.
"We are still struggling to replace the king that is oil," said Perrin, recalling its indispensable role in transportation and petrochemicals. 
While crude oil's share of the global energy mix has decreased, overall consumption is reaching record highs. 
"If the conflict drags on for a few more weeks, prices could easily climb to $140," predicted Leon, weakening the global economy.
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