Economy

Fico says oil prices driven by Trump’s mood as Brent hits four-year high

Slovak PM Robert Fico said oil prices depend on Donald Trump’s mood after crude hit a four-year high amid reports of Iran strike plans

Global markets left reeling by Strait of Hormuz fuel crisis, EU says, as Russia expands oil sales

EU warns the Strait of Hormuz fuel crisis leaves global markets reeling, drives fuel price spikes, while Russia expands its oil sales

Halt in oil shipments through Druzhba pipeline sparks panic in German city

Kazakh oil imports via the Soviet pipeline operated by Russia have been used to supply one of Germany’s biggest refineries providing fuel to Berlin

Japan's Taiyo Oil buys Russian oil as part of supply diversification efforts

The company representative noted that "supplies of Sakhalin Blend oil are not subject to sanctions"

Gas carrier with Indian cargo safely traversed Hormuz

ANI reported that MT Sarv Shakti carries 46,313 metric tons of liquefied petroleum gas, with twenty crewmembers on board

Dmitriev Assesses US Tariffs on EU Cars

Kirill Dmitriev, head of the Russian Direct Investment Fund and Special Representative of the President of the Russian Federation for Investment and Economic Cooperation with Foreign Countries, noted that the introduction of new US tariffs on European cars and trucks amid the energy crisis will hit the EU's industrial sector hard. RIA Novosti, 05/02/2026

Air India to cut 100 flights as fuel costs bite

Air India will reportedly cut 100 international flights as jet fuel costs surge, adding to losses from Pakistan’s airspace closure and higher expenses.

Indo-Russian BrahMos venture revenue hits $548 mn as Vietnam eyes $611 mn missile deal

Indo-Russian BrahMos Aerospace posts record 2025-26 revenue with 48.6% growth. Vietnam eyes $611.5 mn deal for supersonic missiles as India expands global defense exports

Trump hikes tariffs on European cars

US President Donald Trump has said he is hiking tariffs on European automotive industry products over alleged non-compliance with the US-EU trade deal

Japan purchases Russian oil amid situation in Hormuz Strait

The oil tanker Voyager is expected to arrive at the port of Kikuma on Shikoku Island where a Taiyo Oil refinery is located on May 3

Trump announces tariff increase on EU vehicles to 25%

The European Union is not complying with a fully agreed to trade deal, the US president said

Algeria backs OPEC and OPEC+ as UAE prepares to leave oil alliance

Algeria says it remains committed to OPEC and OPEC+ after the UAE announced its exit, calling the producer groups key to global oil market stability