Energy expert warns higher prices will drive up food costs
Primary Vision strategist Osama Rizvi expects consumers’ energy bills to rise in the months ahead as the upward trend in energy prices persists.
Primary Vision strategist Osama Rizvi expects consumers’ energy bills to rise in the months ahead as the upward trend in energy prices persists.
Bulgaria’s rapid expansion of battery storage is proving valuable as summer drought affects power plants. Experts point to low administrative hurdles, a receptive clean-energy market and EU funding as factors behind the country’s leading role in the region’s green-energy sector.
S+Consulting senior consultant Pavel Petrov says a persistent global copper shortage is emerging and could total 10 million metric tons over the next decade, lasting at least until 2030. He describes copper as strategically comparable to oil and gas and urges Russia to use its importance to strengthen technological sovereignty.
The United States is expected to remain dependent on China for rare earths well into the 2030s, despite rapidly expanding its own mining and processing capacity. That stark imbalance will confront Donald Trump as he meets Chinese President Xi Jinping on Thursday.
Xi Jinping arrived in Maryland for a US state visit, where Donald Trump greeted him at a ceremony featuring flags, military honours and a flyover.
Chinese President Xi Jinping and his wife, Peng Liyuan, arrived in the United States for a state visit and stepped out of the aircraft at Joint Base Andrews, where Trump greeted them at the airport.

US President Donald Trump and Chinese President Xi Jinping are expected to discuss trade, artificial intelligence and the Iran war at their third in-person meeting in a year. Taiwan, tariffs, prisoners and an extended trade truce are also likely to feature, with the two sides expected to issue separate statements afterward.

Experts say Donald Trump and Xi Jinping’s summit is more likely to focus on rebuilding trust and preserving a trade truce than producing major agreements. Trade, AI safety and security will be discussed, but tariffs, critical-mineral supplies, chip restrictions and wider distrust could limit concrete results.
U.S. President Donald Trump is welcoming Chinese President Xi Jinping to the White House on Thursday for a lavish state summit expected to emphasize symbolism over substance. Both leaders want to project stable ties despite their deep underlying rivalry.

Xi Jinping arrived in Washington for his first state visit to the United States in 11 years, receiving a personal welcome from Donald Trump. Peng Liyuan, Cai Qi and Wang Yi accompanied him, while Melania Trump helped plan the visit. The summit is expected to cover AI competition, Taiwan, tariffs and Iran, but the lavish welcome has drawn Republican criticism and exposed divisions over China policy.
As world leaders convene at the United Nations for their annual diplomatic ritual, the two most powerful figures in global politics, Donald Trump and Xi Jinping, are set to meet separately at the White House on Thursday.
Taiwan’s government thanked the United States on Thursday for its support and said it was maintaining communications ahead of a Washington summit between President Donald Trump and Chinese leader Xi Jinping.
Treasury Secretary Scott Bessent said the United States and China had agreed to extend their trade truce by two months. Xi Jinping arrived in the US for his first state visit in 11 years and received a rare welcome from Donald Trump.

Donald Trump welcomed Xi Jinping at Joint Base Andrews with a red carpet, military flyover and marching band as the Chinese leader began a three-day Washington summit. Treasury Secretary Scott Bessent said the US and China had agreed to extend their trade truce until January, while talks are expected to cover trade, AI, the Iran war and Taiwan.
Australian diesel prices could rise above A$3 a litre if Donald Trump’s administration bans US diesel exports amid stalled negotiations with Iran. Prices have climbed nearly 40 cents this month as Middle East hostilities disrupt supply. A ban could intensify competition for Asian shipments, raising inflation risks and pressure for higher interest rates.

Shares traded mixed early Thursday as investors sought to assess recent swings in oil prices and the US bond market.
Oil prices retreated on Thursday after rising 4% in the previous session, as Iran said it remained open to diplomacy to end the war with the United States. The two countries, however, remain far apart over how to achieve that.
More than half of the EU’s electricity generation came from renewable sources in the second quarter of 2026, according to new data. The renewable share nevertheless fell from a year earlier despite a major surge in solar power.
An accidental disclosure by a Hong Kong-based Morgan Stanley employee has alarmed the city’s banking industry, listed issuers and regulators, according to people familiar with the matter. A Tuesday email included a file detailing more than 100 Greater China deals in the pipeline, covering IPOs, private equity arrangements, pension fund positions and other projects.

Europe’s car market continued to grow in August as demand for electrified vehicles offset a steep drop in petrol and diesel sales, according to data from the European Automobile Manufacturers’ Association.
The global bond sell-off is intensifying as oil prices remain above $100. Rising yields are putting pressure on public finances, while expectations of a Federal Reserve rate increase in October have climbed to about 70%.
Record diesel prices and refining margins have driven European oil majors up between 40% and 87% this year. The ten strongest performers are highlighted.
The founder of Pioneer Natural Resources alleges that Exxon and regulators orchestrated claims accusing him of colluding with Opec in an effort to prevent him from securing a board seat.
Oil prices fell Thursday as traders assessed a report indicating that Asia is on track to import its largest volume of crude since the US-Iran war began.

Debt markets came under pressure on Thursday, with Japanese government bonds tracking Treasuries lower. Asian stocks were mixed as investors considered persistent Middle East tensions and the possibility of talks between the United States and China.
The US has no diesel shortage, but Republicans’ prospects in the midterm elections appear to be worsening. That makes a diesel-export ban, despite being a poor policy, look increasingly likely.
A diesel export ban promoted by President Donald Trump could send countries including Brazil and the UK scrambling to secure fuel. With the Iran war constraining global supplies, the measure risks pushing already near-record prices even higher.
US oil industry groups are opposing a proposed ban on diesel exports after the president signalled he may halt shipments abroad. They say there is no “silver bullet” for the fuel price crisis.
US ultra-low-sulfur diesel futures dropped 4% on Wednesday after Politico reported that the White House was preparing a 90-day diesel export ban. The Trump administration denied the report.

The Trump administration’s suggestion that it could ban or limit diesel exports has triggered an angry response from the US oil industry. Politicians are seeking to curb soaring energy prices before November’s midterm election, while critics warn that a ban would create supply problems and raise prices at home and abroad. The OECD says the global economy is weathering the energy shock better than expected, partly because of AI investment.

Experts say a diesel export ban would offer only temporary relief before prices climb again as refiners reduce production.
A White House official on Wednesday denied a report that the United States was preparing a 90-day diesel export ban to try to contain record fuel prices. Diesel is widely used by farms, trains and trucks.
The Trump administration is preparing a 90-day ban on diesel exports, Politico reported, citing five people familiar with the discussions. The proposal faces divisions within the administration and with the oil industry and is intended to lower energy prices weighing on Republicans ahead of the midterms.
Suspending foreign sales of the vital fuel may look beneficial in the short term, but the United States would soon suffer as a result.
European diesel prices are climbing as markets weigh the possibility that Washington could suspend overseas sales. Analysts warn that such a move would be “catastrophic” for global supplies.
Kenya has suspended Tata Chemicals Magadi’s mining operations and ordered the company to leave while outstanding issues are addressed. The government cites mining-law compliance, royalties, community benefits, local jobs and procurement, and wants more soda ash value processed in Kenya. Tata disputes that it ignored regulations and says it has submitted a response.

BHP said operations at its Escondida copper mine in Chile were suspended on Wednesday after a worker died in an accident. Escondida is the world’s largest copper mine.
Petrobras may add the Sirius offshore gas project in Colombia to the production curve in its 2027-2031 business plan, due later this year, a company executive said on Wednesday.
The 10-year US Treasury yield jumped Wednesday to return near its highest level in almost 20 years, as fresh data pointed to strong business activity and mounting inflation worries.
US Treasury yields surged after strong economic data encouraged investors to bet on additional interest-rate increases. A closely watched survey highlighted concerns that parts of the world’s largest economy may be overheating.
USA Rare Earth, a small magnet maker, drew $1.6 billion in bets from Commerce Secretary Howard Lutnick and Cantor Fitzgerald, the firm he once ran. The investments focused on the company’s unproven assets.
A Financial Times investigation says hard currency from state oil group Rosneft was central to Russia’s efforts to circumvent sanctions through a Kremlin-backed money-laundering network.
Ghana’s central bank will prioritise rebuilding foreign exchange reserves in the coming months, Governor Johnson Asiama said, as the country faces a weaker current account, declining reserves and a halt in gold exports by state buyer GoldBod since August.
US Secretary of State Marco Rubio said contacts between Washington and Tehran have produced no progress so far, though the sides are exchanging ideas and messages. He described the indirect conversation at the UN as positive and significant, but not a major breakthrough, while noting that the United States remains open to dialogue over conflicts and disagreements.

Iranian President Masoud Pezeshkian adopted a defiant tone in his Wednesday address to the United Nations General Assembly, marking the first appearance there by a leader of a country at war with the United States.

Iranian president Masoud Pezeshkian called the US the real bully and terrorist in the Middle East during a defiant UN speech, while saying Tehran was ready for dialogue, diplomacy and negotiations without coercion. He said Iran would not submit to Washington and defended its right to a peaceful nuclear programme.

Iranian President Masoud Pezeshkian used his UN General Assembly address to push back against Donald Trump’s speech. He displayed images of Iranian civilians killed in US strikes, saying they showed the effects of US and Israeli military action against Iran. The US delegation walked out during the address.

Iranian President Masoud Pezeshkian is addressing the UN General Assembly on Wednesday in his first speech there since the United States and Israel launched their conflict with Iran. His appearance follows Donald Trump’s warning at the assembly a day earlier that he could “annihilate the Islamic Republic” and “drive them into hell.”

Iranian President Pezeshkian delivered a defiant address at the UN General Assembly in New York, blaming the United States and Israel for global instability. He opened by holding up photos of children he said had been killed by U.S. and Israeli bombs.

Analysts say a deal this week is unlikely. During the UN General Assembly, the US and Iran held three hours of indirect talks while several actors explored ways to revive negotiations, but fundamental disagreements between Washington and Tehran remain unresolved.
The leaders of Qatar, Türkiye and Jordan called for dialogue with Tehran and urged the international community to apply greater pressure on Israel at the United Nations.

Qatar is determined to make diplomacy work to end the conflict between the United States and Iran, Foreign Ministry spokesman Majed al-Ansari tells Al Jazeera. On Tuesday, Doha oversaw the first US-Iran meeting in months on the sidelines of the UN General Assembly.

Iran rejected claims that it had abandoned its preconditions for reopening the Strait of Hormuz after three hours of Qatar-mediated talks with U.S. envoys in New York. Donald Trump described the meeting as highly productive and suggested more talks could follow soon, sending Brent crude below $100 a barrel.
The United States and Iran held their first shuttle talks in months on Wednesday, raising hopes that the adversaries could move toward ending the Middle East war. Neither side, however, indicated that its position had changed.

US President Donald Trump threatened to “annihilate” Iran at the UN General Assembly, then described a meeting between US and Iranian officials as “very good”. Iran’s Armed Forces General Staff warned it was ready to launch attacks that would be “more crushing and less predictable”. The first in-person talks between the two sides in months revived diplomacy, amid disputes over sanctions, Strait of Hormuz navigation and Iran’s nuclear programme.
Donald Trump praised talks with Iran, reviving hopes that diplomacy could make progress.
Brent crude was below $100 on Wednesday morning after Donald Trump characterized talks involving US and Iranian representatives as “very productive.” Reports that Saudi Arabia was bringing a key oil pipeline back into service added to the downward pressure on prices.
Russia’s total gas production, including natural and associated petroleum gas, rose 3.4% year on year to 446.5 billion cubic meters in the first eight months of 2026, Rosstat said. Natural gas output reached 379 bcm, while LNG production increased 13.7% to 23.1 million tonnes and associated gas edged down 0.1%.
Austria’s government said it will strengthen its so-called petrol price brake to cushion consumers from higher oil prices linked to the conflict in the Middle East, while restoring a cap on retailers’ margins that was scrapped in June.
India has lowered the basic import duty on crude and refined edible oils, including palm, soybean and sunflower oil, according to a government notification issued late Wednesday. The move aims to reduce prices during the peak festive season.
U.S. Treasury bond yields surged Wednesday to nearly a 20-year high as oil prices also climbed back above $100.

Norway says a project billed as Europe’s largest rare-earth mine is planned for 2028. Environmental concerns have delayed it, particularly objections to locating mineral-processing facilities in a forested area.
Russian Deputy Foreign Minister Andrey Rudenko said energy cooperation with China has grown stronger each year. The Power of Siberia pipeline is operating at full capacity, the Power of Baikal project is being carried out, and construction is underway on a Far Eastern route for gas exports to China.
A report says higher fuel prices are costing the EU an average of €270 million a day. Diesel makes up most of the additional road-fuel expense; T&E estimates that EU diesel drivers paid €142 more during the period studied, while a German long-haul truck incurred an extra €236 per week.
The European Commission says it will work with Washington to minimise disruption from Donald Trump’s latest tariffs on Russian energy, as the measures threaten to worsen Europe’s LNG supply squeeze.
The global oil crisis pushed petrol and diesel prices above €2.4 and €2.5 per litre at their peak. Adjusting the figures for the cost of living offers a clearer picture of which European countries are bearing the heaviest burden.
Coal deliveries to Russia’s domestic electric power sector are projected to grow by nearly 30% by 2050 under a government-approved development program for the coal industry. Supplies are expected to reach 90–100 million tons by 2030 and 85–125 million tons by 2050, compared with 95.4 million tons in 2024.
Under the target scenario of the government-approved coal sector development program, Russia’s coal production is projected to grow from 442 million tons in 2024 to 662 million tons in 2050. Domestic supplies are expected to increase from 179 million tons to 231.7 million tons over the same period.
Russia’s government-approved coal-sector development program projects exports will rise from 197.6 million tons in 2024 to 350.1 million tons in 2050 under its target scenario. Exports are forecast at 266.7 million tons in 2030 and 320.2 million tons in 2036, while imports are planned at 13 million tons in 2030 and 12 million tons in both 2036 and 2050.
Under the target scenario in the government-approved revised coal-sector development program, Russia’s share of global coal exports is projected to rise from 13% in 2024 to 27% by 2050. The industry could contribute 3.6 trillion rubles to nominal GDP, while specific air-pollutant emissions fall to 1.5 kg per ton of output.
The union representing supervisors at BHP’s Escondida copper mine in Chile says it will urge members to reject the company’s latest contract proposal, bringing a strike at the world’s largest copper mine closer.
The United Kingdom’s growth outlook has weakened as energy prices rise.
European shares edged up on Wednesday as falling oil prices improved risk sentiment. Investors also assessed business activity data showing that euro zone growth accelerated unexpectedly this month.
Nikolay Novik of the HSE Institute said restrictions on Russian energy and declining EU refining capacity have made Europe’s fuel market more vulnerable. Refineries historically focused on gasoline and relied on imports for diesel, while the Russian diesel ban and the closure of the Strait of Hormuz have further disrupted supplies.
TotalEnergies and Nigerian partner AMNI have approved the final investment decision to develop the offshore Ima gas field in Nigeria. The French oil major said the project will supply gas to a Nigeria LNG liquefaction plant.
Chevron will begin seismic research this year in offshore blocks near Greece, the country’s energy ministry said on Wednesday.
Bitcoin briefly revisited Monday’s high near $87,300 before facing renewed selling and falling below $86,000. Bitcoin Cash jumped 28% after a CME futures listing, while Zcash gained 9%.


Bitcoin is consolidating near $86,000 as the rally becomes narrower, while Brent crude falls below $100. Thirty-eight of the 100 CoinDesk 100 constituents declined on the day, while bitcoin cash gained 32% in 24 hours following its CME futures listing.
Russian flour exports are forecast at 528,000 metric tons worth $162 million in 2026, broadly matching 2025 levels of 529,000 tons and $163 million. Flour output this year is projected at 9.487 million metric tons, while wheat and rye harvests are expected to reach 88.5 million and 900,000 tons, respectively.
Russia holds 102.8 million metric tons of copper reserves, ranking sixth globally, the Natural Resources Ministry told TASS. Its largest deposits include Udokan, Oktyabrskoye, Talnakh and Peschanka. December copper futures reached a record $6.9275 per pound after rising 2.44% on September 22.
The OECD raised its 2026 global growth forecast to 2.9%, saying investment in artificial intelligence was supporting expansion. It warned that the Middle East war was fueling inflation and that prolonged fighting could further weaken growth.


The OECD’s interim outlook projects global growth of 2.9% in 2026 and 3.0% in 2027, with G20 growth broadly stable. G20 headline inflation is expected to reach 4.1% in 2026 before easing. The OECD warned that Middle East conflict, disruptions through the Strait of Hormuz or Bab al-Mandeb, and damage to energy facilities could drive prices higher and cause commodity shortages.
Hong Kong Exchanges and Clearing plans to introduce yuan-denominated gold futures early next year. The city’s de facto central bank also plans more yuan products and platforms to support the currency’s increasingly diversified and digital internationalisation.

Todd Boehly has formed a consortium to bid for the foreign assets of sanctioned Russian oil producer Lukoil, the Financial Times reported, citing sources. The group includes the U.S. DFC, Emirati and Qatari partners with ties to the Trump family, and is reportedly at an advanced stage. Boehly is seeking to outbid Carlyle, whose earlier agreement still awaits Washington’s approval. Lukoil’s foreign holdings are valued at about $20 billion.
Billionaire financier Todd Boehly has secured backing from US and Gulf power brokers to bid for the international assets of Russia’s Lukoil.
Billionaire Todd Boehly has won support from the US government and Gulf power brokers linked to the Trump family for his bid to acquire the international assets of Russian oil giant Lukoil, the Financial Times reported on Tuesday.
Uneven progress on commitments involving soybeans, planes and rare earths suggests that the U.S.-China trade truce remains fragile, even as both sides maintain a careful détente.

AI-driven investment is helping the global economy perform marginally better than expected this year, the OECD said Wednesday. But the energy shock is becoming more entrenched and is weighing on the outlook for 2027.
Germany’s motoring association ADAC says a rule allowing fuel stations to raise prices only once a day at noon has failed to ease costs for drivers and widened the gap between the highest and lowest prices. It is calling for the rule to be abolished and supports a temporary energy-tax cut planned for October 1.

U.S. Treasury yields moved lower across the curve early Wednesday as Brent crude prices extended their decline and fell below $99 a barrel.

Portugal’s government said its acquisition of a stake in electricity and gas grid operator REN would not affect the 25% holding owned by China’s State Grid. Lisbon wants the Chinese company to remain a key shareholder.
President Donald Trump said US officials held “very good” talks with Iranian envoys in New York. His comments revived fragile hopes for a new diplomatic off-ramp just hours after he again threatened to annihilate Iran.

Senior US and Iranian officials held their first talks since a June ceasefire collapsed, with Qatar mediating at the UN in New York. No breakthrough was reported after Donald Trump threatened to “annihilate” Iran if no deal is reached. Both sides have continued intermittent exchanges of fire.

US President Donald Trump said his envoys Steve Witkoff and Jared Kushner held three hours of talks with Iranian officials in New York during the UN General Debate. Iran reportedly said reopening the Strait of Hormuz would require lifting the US naval blockade, unfreezing Iranian assets and ending the regional war. Trump warned he could “annihilate the Islamic Republic” without a deal.

Oil prices fell Wednesday as hopes grew for a diplomatic solution to the conflict in the Middle East after Iran and the United States held talks for hours at a UN meeting.

President Trump says US officials held a “very good” meeting with the Iranian delegation at the United Nations on Tuesday.

The 81st UN General Assembly opened with US President Donald Trump threatening to ‘annihilate’ Iran. Despite the threat, US and Iranian officials held three hours of talks on the sidelines of the gathering.

Donald Trump said Iranian officials held three hours of talks with US special envoy Steve Witkoff during the UN General Assembly, with another meeting expected soon. An Iranian official said Tehran could reopen the Strait of Hormuz within a week if Washington took reciprocal steps to ease military and economic pressure, though Iranian factions disputed whether a new position had been approved.

Qatari Emir Sheikh Tamim bin Hamad Al Thani told the UN General Assembly that Qatar is more than a mediator in the US-Israeli war on Iran. He said Qatar will continue pursuing diplomacy while providing humanitarian support to people affected by the conflict.
Syria’s government says it is restructuring the economy and delivering prosperity, but ordinary people say fuel price increases and inflation are making life harder. A sharp diesel hike triggered widespread protests before the government reversed some measures and promised subsidies. Despite reports of investment and growth, critics say new projects mainly benefit affluent Syrians.

Brent crude slipped in early Asian trading after Donald Trump said US and Iranian representatives had held what he described as “very productive” talks. Reports that Saudi Arabia is restarting a key oil pipeline also put pressure on prices.

The United States and Iran held hours of mediated talks on the sidelines of the UN General Assembly in New York. Tehran tied diplomatic progress to lifting the US naval blockade, unfreezing Iranian assets and reopening the Strait of Hormuz, while accounts differed over whether the delegations met directly.
Brent crude fell below $99 a barrel in Asian trading as talks on the Middle East conflict continued, putting oil prices on course for their longest losing run in more than a year.
Lower demand from November and larger shipments from Asia are expected to keep Europe adequately supplied with jet fuel in the coming months. Analysts nevertheless warn that smaller airports could still run out.
Lower demand from November and higher shipments from Asia are expected to give Europe sufficient jet fuel in the coming months. Analysts nevertheless warn that smaller airports could still run out of supplies.
Global AI trade is showing signs of recovery as lower oil prices, Meta Platforms’ launch of a new agentic tool and anticipation of the China-US leadership summit revive interest in technology stocks. The Nasdaq-100 reached a record high on Tuesday, while China’s chip-heavy Star Market 50 and South Korea’s Kospi have rebounded since July.

As pressure mounts to deliver on a $350bn investment deal, Seoul plans to fund a $22bn power plant in Texas.
European motorists are paying 40% more each time they fill their tanks than they did at the start of the year, with the diesel surge costing drivers €203mn a day.
The shortage of the largest supertankers has pushed rates on key Middle East-China routes to more than double their late-August level, driving tanker costs to a record $1.2mn a day as the Iran war disrupts shipping.
The District of Squamish has turned down a negotiated 10-year tax settlement that would have brought $142 million from Woodfibre LNG to the community in the Sea-to-Sky region.
South Korean solar stocks rose sharply as U.S. restrictions on Chinese solar products came into focus ahead of the Trump-Xi summit.

Asian shares were on course for a sixth straight session of gains on Wednesday, supported by signs that consumer demand for AI applications was continuing to lift technology stocks. Oil prices weakened amid reports of increased supply from the Middle East.
South Korea aims to reduce its reliance on Middle Eastern crude oil to 50% by 2035, the Industry Ministry said on Wednesday. The move comes as Asia’s fourth-largest economy seeks to diversify energy supplies after disruption caused by the Iran war.
President Donald Trump backed a diesel export ban on Tuesday as a way to reduce prices that have reached record highs amid a global supply shortage. Analysts and market watchers say the move would do little to lower energy costs and could instead deepen supply and economic disruptions worldwide.
Donald Trump said he would support suspending US sales of diesel to foreign markets, as conflicts in the Middle East and Ukraine drive up the price of the vital fuel.
President Donald Trump said Tuesday that he supported the idea of banning diesel exports. Some U.S. politicians are advocating the measure as a way to rein in soaring energy costs.

Treasury Secretary Scott Bessent said the Trump administration is assessing whether a diesel export ban could work, taking into account overall refining capacity and whether the measure should be full or partial.
Banning US diesel exports may seem like a tempting way for President Trump to demonstrate action against record-shattering diesel prices, but researchers warn the measure would likely backfire over the medium and long term.
Qantas chief executive Vanessa Hudson says the Australian airline remains confident that demand for nonstop services is strong, despite elevated fuel prices.
France will broaden targeted energy relief for those hit hardest by surging fuel prices, Finance Minister Roland Lescure said Tuesday. The measures are intended to help households cope with a spike driven by the conflict in the Middle East.

Facing pressure to support businesses and workers hit by soaring fuel prices, France is expanding targeted energy relief for those most affected. The new package costs €450 million, taking the total announced so far to €1.4 billion. President Emmanuel Macron is also calling for more biofuels in diesel, while an expert assesses the environmental risks of rapidly increasing their use.
Spain plans to ban imports of Russian liquefied natural gas from January 1, 2027, Foreign Minister Jose Manuel Albares said, despite long-term supply contracts held by Spanish companies. He said Madrid would follow the European Union’s new sanctions and could help other European countries obtain LNG from reliable partners such as the United States.
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