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The World Bank could scale up financial support to as much as $100bn over the next 15 months to help developing countries withstand the economic fallout from the escalating crisis in the Middle East, the lender has announced, warning that the conflict risks pushing global growth to its weakest level since the COVID-19 pandemic….
Iranian diplomats have cast deep doubt over a proposed Washington peace deal. Tehran blames relentless Israeli military operations across Lebanon for freezing the delicate diplomatic track. The multi-front conflict has now entered its ninety-eighth day. United States mediators had initially reported significant progress toward a broad regional truce. However, the continuous bombardment of Beirut and…
American warplanes bombed targets in southern Iran on Monday as a delicate ceasefire proposal showed signs of unraveling. The Pentagon directed strikes against Iranian military sites in Qeshm and Goruk. This action followed a series of drone and missile threats to regional shipping channels. Meanwhile, Kuwaiti air defences intercepted several hostile missiles over the Gulf….
The United States and Iran accused each other of breaching their fragile truce on Thursday following a serious exchange of fire, the most dangerous flare up since the ceasefire took hold in April and a stark reminder of how close the Middle East remains to renewed all out war three months after it began. The…
The United States military launched targeted airstrikes against Iranian missile sites and mine-laying vessels in southern Iran. American combat aircraft hit multiple installations near the strategically vital port city of Bandar Abbas. United States Central Command described the operation as a defensive action to protect regional forces from immediate threats. Military planners confirmed the destruction…
Nigerian consumers may soon experience relief at the pumps as global crude oil prices plummet following significant progress in peace talks between the United States and Iran. Brent crude dropped sharply from one hundred and eleven dollars last week to ninety-seven dollars on Monday morning. The rapid decline tracked optimistic statements from Washington regarding the…
Global crude prices tumbled as traders weighed erratic diplomatic signals regarding a potential peace deal to end the US-Israel war on Iran. Brent crude fell 5 percent on Sunday to stand at $98.47 a barrel for July futures. This represents a 9 percent drop over the past month. Despite the decline, global prices remain more…
The United Nations has cut its global economic growth projections, warning that the war in the Middle East threatens to derail international trade and commodity markets. UN economists now forecast global gross domestic product to expand by 2.5 percent this year. A slightly better performance of 2.8 percent is pencilled in for next year. The…
India and the United Arab Emirates signed a series of major defence and energy pacts on Friday to shield their economies from the escalating US-Israeli war on Iran. Prime Minister Narendra Modi met UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi to formalise the agreements during a brief stopover. The diplomatic rush…
The White House confirms that Donald Trump and Xi Jinping have reached a fragile consensus to ensure the Strait of Hormuz remains open to global shipping. This agreement follows two days of intense negotiations in Beijing against the backdrop of an escalating conflict in Iran. Both leaders recognise that a total blockade of the…
