Middle East crisis

BP's quarterly profits more than doubled to $5.73bn in the three months to the end of June due to the Middle East crisis disrupting Gulf energy exports. This marks the company's highest quarterly profits since the first year of Russia’s war on Ukraine.

Australians bought electric and hybrid vehicles at the same rate as petrol cars between April and June, according to Australian Automobile Association data. EV sales doubled after the peak of a fuel price spike, while fuel prices are expected to rise again as federal government excise reductions end.

The State Bank of Pakistan’s Monetary Policy Committee (MPC) maintained the policy rate at 11.5% amid inflation pressures linked to the Middle East crisis and food price surges. The central bank projects inflation will decline to within its target range by mid-2026 if geopolitical tensions ease, while aiming for $20.2bn in foreign exchange reserves by December 2026.

Electric vehicles (EVs) accounted for nearly a quarter of Australia's new car sales in 2026, with more EVs sold in the first half of 2026 than the entire previous year. The surge in EV adoption is linked to uncertainty over petrol prices caused by a Middle East crisis.

Two days have passed without US or Iranian strikes, while conflict between Yemen's Houthis and Saudi Arabia continues to escalate the Middle East crisis.

Ghana is experiencing external challenges from rising oil prices and increased shipping costs due to Middle East geopolitical tensions. Standard Bank has reduced its 2026 current account surplus projection by $1 billion, mainly due to higher petroleum import costs, highlighting Ghana's vulnerability to global energy market fluctuations.

Ryanair's first-quarter profit declined 34% due to higher fuel costs and the Middle East crisis causing consumers to delay bookings. The airline's stock dropped 6%, with struggling airlines facing a 'difficult winter.'

UK heating oil customers affected by a price surge caused by the Middle East crisis are to receive up to £350 compensation each. The Competition and Markets Authority (CMA) investigated after complaints about cancelled orders and higher prices, impacting around 1,700 people.

US President Donald Trump threatened to strike Iran’s power plants and bridges next week to compel Tehran to agree to a deal amid a dispute over the Strait of Hormuz. The statement was made during a Fox News interview, where Trump warned of expanded US military action unless negotiations commence.

The US and Iran exchanged the most intense strikes since a ceasefire was extended, resulting in at least 14 deaths in Iran. The US launched airstrikes, prompting Iran to attack Gulf countries, with Trump declaring the agreement 'over'.

Africa faces declining aid, rising debt, climate pressure, and a weakening global order. Official development assistance fell by 23.1% in 2025, with a further 5.8% decline projected for 2026, exacerbated by the Middle East crisis.

A former member of Iran’s negotiating team revealed claims of secret correspondence from the supreme leader, alleging the team overstepped its mandate. The interview led to threats of prosecution and dismissal from parliament.

Pakistan's mango exports are declining due to the lingering effects of the Middle East crisis, which its government has been mediating. The country's agriculturally dependent economy is being impacted as the export market for mangoes shrinks.

Tehran announced it will charge ships in the Strait of Hormuz after a 60-day period, and US and Iranian presidents signed a peace deal. The agreement includes a memorandum of understanding extending a truce, with the Strait's status not returning to prewar conditions. Philippines President Ferdinand R Marcos Jr expressed optimism about restored navigation in the strait.

Insee has reduced its economic growth forecasts for France, citing the impact of the Middle East crisis on households. The national statistics office attributes the downward revision to increased financial strain on French consumers due to ongoing regional conflicts.

G7 leaders meet in France to discuss ending Russia's war in Ukraine and addressing the Middle East crisis, with Ukrainian President Volodymyr Zelenskyy in attendance. U.S. President Donald Trump announced an agreement to end the U.S.-Iran war, shifting focus back to Ukraine, while Russia launched attacks on Ukrainian cities. Macron aims to secure continued U.S. support for Ukraine amid ongoing tensions.

G7 leaders discuss ending Russia's war in Ukraine and addressing the Middle East crisis, with Ukrainian President Volodymyr Zelenskyy attending in France. Recent Russian attacks on Ukraine's cities killed 11 people, and U.S. President Donald Trump announced an agreement to end the U.S.-Iran war, shifting focus back to Ukraine. Ukraine began European Union membership negotiations while facing ongoing conflict.

Prime Minister Anthony Albanese has indicated the federal government may extend the temporary fuel excise cut to assist motorists amid the Middle East crisis. He also welcomed a US-Iran peace deal aimed at ending the conflict and reopening the Strait of Hormuz.

Global oil prices dropped 4% as a US-Iran peace deal raised hopes for the reopening of the Strait of Hormuz, reducing energy supply concerns. The peace deal led to optimism, with Brent crude prices falling below $84 a barrel.

Prospects for a US-Iran peace deal remain uncertain as conflicting claims by US and Iranian officials continue. US President Trump dismissed Iranian media reports suggesting a potential agreement, calling Iranians 'very dishonorable people to deal with' in social media posts.

Pro-Palestine activists anticipate a potential shift in the Labour party's stance on the Middle East crisis, citing the Green Party's success in local elections, possible leadership changes, and member polling favoring a ban on arms exports to Israel.

Vice President JD Vance claimed the US is 'very close' to achieving a peace deal with Iran, which could happen before the midterm elections, as US forces launched retaliatory strikes against Iran following the downing of an Apache helicopter near the strait of Hormuz.

Israel launched airstrikes on central and western Iran, defying a plea from Donald Trump to avoid retaliation against an earlier attack by Israel on Beirut. The strikes mark the first direct exchange between Israel and Iran since a ceasefire paused the US-Israel war with Iran in April.

The article explores whether the Middle East crisis could benefit Jim Ratcliffe’s Ineos empire. It also references renewed Gulf strikes and Federal Reserve 'forward guidance' as part of the day’s news.

Donald Trump confronted Benjamin Netanyahu over Israel's threats to resume airstrikes on Beirut's southern suburbs during an angry phone call. The call occurred after Iran announced it would suspend talks with the US over Israel's Lebanon campaign.

Cindy McCain, the executive director of the U.N. World Food Programme, warned that the ongoing crisis in the Middle East, which is causing children to face starvation, malnutrition, and lack of access to basic necessities, may result in losing a generation of children. She made these remarks during an appearance on 'Face the Nation with Margaret Brennan'.

Malta is holding a snap parliamentary election with voting currently underway. Opinion polls indicate Prime Minister Robert Abela is likely to be reelected amid the ongoing Middle East crisis.

US President Donald Trump has shared a draft peace agreement for the war with Iran among allies including Israel to prevent ceasefire breaches from escalating. Pakistan's foreign minister will meet with the US counterpart in Washington to expedite negotiations.

Iran's 88-day internet blackout, imposed during January protests, shows no immediate sign of ending despite government claims. Monitors remain uncertain whether technical or political factors are delaying the restoration.

Israel has intensified military strikes in southern Lebanon as Prime Minister Benjamin Netanyahu vowed to 'crush' Hezbollah. In response, Hezbollah launched attacks on Israeli military targets in northern Israel, citing Israeli violations of the ceasefire. The situation reflects a deteriorating ceasefire and stalled US-Iran negotiations amid escalating tensions in the Middle East.

US Senator Marco Rubio expressed optimism that a deal to end the war with Iran could materialize 'today', while President Trump stated talks with Iran are proceeding constructively. Oil prices fell amid growing hopes for a resolution, though Trump faces criticism from within his party.

Trump claims he does not make bad deals, but Republican hawks now doubt his credibility. The US has reportedly agreed to unfreeze Iranian assets despite the regime becoming harder-line, amid a Middle East crisis and ongoing tensions.

A proposed Iran ceasefire deal includes a 60-day truce, reopening the Strait of Hormuz, and revived talks on limiting Iran's nuclear program. Donald Trump mentioned a 'memorandum of understanding' in talks to end the US-Israel war on Iran, though details remain uncertain.

A proposed Iran ceasefire deal may include a 60-day truce, reopening the Strait of Hormuz, and renewed negotiations on limiting Iran's nuclear program. Donald Trump mentioned a 'memorandum of understanding' in talks to end the US-Israel war on Iran, though details remain unclear and subject to change.

The Reserve Bank of India (RBI) maintained interest rates amid a weakened rupee and economic growth challenges, while new regulatory rules for shadow banks could impact Tata Sons' potential IPO. The policy decision follows the Middle East crisis, highlighting the RBI's balancing act between currency stability and economic support.

US President Donald Trump compared the US navy to 'pirates' during a ship seizure operation amid the American blockade of Iranian ports, stating the military took control of cargo and oil, calling it a 'very profitable business.' The comments were made at a rally in Florida.

America’s new aluminum smelter is awaiting a power deal as the Middle East crisis disrupts global aluminum supplies. Iran’s attacks on Gulf smelters and the Hormuz Strait blockade are exacerbating the situation.

Europe’s smaller airports face survival risks due to jet fuel shortages caused by the Middle East crisis, leading to flight cancellations and high fuel prices. The EU’s EES entry-exit system and increased fuel costs from the US-Israel war on Iran and Hormuz Strait closure are exacerbating the situation.

Iran's foreign minister, Abbas Araghchi, is set to visit Pakistan, Oman, and Russia to explore reopening stalled US-Israeli peace talks and address Iran's demand for a permanent cessation of attacks. Discussions may also include a potential new arrangement for governing the Strait of Hormuz with Oman.

A Middle East crisis has triggered panic among motorists, leading to increased fuel purchases and higher revenues for fuel retailers. Drivers are spending large amounts on petrol and diesel amid fears of shortages.