Latest News
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US Energy chief says Saudi Arabian oil pipeline could be back in days
Chris Wright, the U.S. Energy Secretary, told CNBC that crude oil would be flowing through Saudi Arabia's East-West pipeline in a few days after it was temporarily closed by Iran-aligned group attacks. Wright told reporters on the sidelines of a G20 meeting in Houston that "it's still detailed, but it will be measured by days." He said Saudi Arabia is taking steps to get more oil out the Strait of Hormuz, with the help of the U.S. Military. Since the U.S. War on Iran, the 1,200-km (745-miles) East-West Pipeline that runs across the Arabian Peninsula has served as the primary route for Middle?Eastern Oil supplies to the world. The strait connecting Iran and Oman is now largely closed. The pipeline was moving between 4 and 5 million barrels a day, which is 4% to 5.0% of global oil supply. This spared Saudi Arabia from the disruption that has hit other Gulf oil and?gas?exporters. Washington has so far refused to support Saudi Arabia's requests for direct military action beyond intelligence assistance, according to three sources. Monday. U.S. president Donald Trump stated that he spoke with the Saudi crown Prince over the weekend. He also said that Iran-aligned Houthis who have launched drone and missile attacks against the kingdom from Yemen had contacted Washington to urge it to remain out of the conflict.
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Sources say that uranium prices in India have risen due to supply shortages.
Three sources reported that the Russian Urals crude premiums have risen to $8 per barrel against Brent for delivery in Indian ports. This is the highest level since May as a result of a 'lower crude supply' from Gulf producers because of 'the Iran War. The oil prices rose on Tuesday, after an attack on Saudi Arabia's energy infrastructure knocked out the East-West Pipeline. This sparked fears that repairs to damaged energy infrastructure and transport routes may take longer. Sources claim that cargoes from Russia's Urals are trading at an $8 premium per barrel delivered to India, compared to the $1 premium for Brent in August. The price of the Russian Far East ESPO blend oil grade, which is mainly bought by China, has also risen significantly due to high demand. This was fueled by a shortage of Middle Eastern and Iranian oil. This also supported Urals prices in India as these two countries are the main buyers of Russian oil. The 'lower loadings' at the Black Sea port Novorossiysk in this month are also supporting urals prices. The port, according to traders, is still shipping oil at a lower capacity because of 'high security risks' and the lack of tankers. Due to drone attacks in August, Novorossiysk's crude exports, and transit shipments, fell by more than half from July. They dropped to less than 350.000 barrels per day, from 800,000.
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UN considers moving Ukraine's aid underground after a warehouse attack
The U.N. humanitarian coordination in Ukraine announced 'on Tuesday that his organization is considering moving aid supplies underground, to avoid Russian strikes. These 'attacks have hit 10 of its warehousing facilities this year, destroying supplies worth millions of dollars. Matthias Schmale, U.N. Humanitarian coordinator in Ukraine, said that Matthias Schmale: In Geneva. After briefing the states on the needs in 'Ukraine five years after Russia's full scale invasion, he stated: "These deliberate attacks against warehousing capacity (...) are a new trend of the last couple of months." He said that they are considering moving aid into underground bunkers, and delaying the purchase of aid supplies to the last minute in order to minimize exposure to strikes. He said: "This is increasingly feeling like the frontline is moving up into the sky." "That also means additional costs to taxpayers who, at the end, 'pay for the goods brought in by the U.N. or other humanitarians," he said. He added that such costs weren't foreseen within the $2.3 billion aid budget of the UN for 2026. He said that the U.N. was investing in equipment for staff protection, including more armored vehicles and drone detection devices, and is also considering requests from Ukraine to build'mobile drone shelters' in the street, near bus shelters and other public places, in response to a rise in civilian casualties.
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Emirates airline is working to keep ticket prices down by hedging jet fuel.
A senior executive said on Tuesday that Emirates is well-prepared to deal with higher fuel prices and is trying to avoid passing on the rising costs to its customers. This is as airlines struggle to cope with the impact the Iran War has had on the fuel market. Adnan Kazim, the airline's chief commercial officer and deputy president, said in an interview that the company's position is "half protected and half open" to the market. He?added, "We are reducing the price as much as we can today due to the high costs of operation." Travel was disrupted earlier this year by the Iran war, which caused fuel prices to rise and flight delays, cancellations, and diversions throughout the Middle East. The Strait of Hormuz shipping lane has been effectively closed, and the energy infrastructure has also been attacked. This region is the largest supplier of jet?fuel in the world. Brent crude?approached $100 a barrel on Sunday. Kazim stated that "we are trying to do as much manoeuvring as we can, and you can't raise the prices because we would displace traffic." Emirates stated in May that it was 'well hedged for fuel until 2028/29, and had'secured enough supplies to support the current operations and return to pre-disruption capability.
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Aena's Spanish Airports served 34.9 millions passengers in August
Aena, the airport operator, reported that 34.9 million passengers travelled through its Spanish 'airports' in August. This is 4.7% more than in a similar month last year. The growing number of tourists in Spain is a testament to its resilience, even as the airline industry struggles with geopolitical instability and labour shortages. * The number of passengers in the first eight months of 2026 was 225.5 million. This is 4.1% more than one year earlier * Adolfo Suarez-Barajas Airport in Madrid remained the busiest airport of Spain. Josep Tarradellas Barcelona El Prat?and Palma de Mallorca followed. * The number of passengers at all?airports? operated by Aena, which includes 46 airports, two heliports, and 17 'airports' in Brazil as well as London Luton, Leeds Bradford, and London Luton, increased a 4.7% in August to 41.4 million.
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Libya's NOC may declare force majeure following protests at oil facilities
The National Oil Corporation announced on Tuesday that operations were suspended in two oilfields, as well as a pumping station, after members of the security force charged with protecting Libya's oil industry closed a valve at the main Hamada to Zawiya crude loading pipeline. NOC stated that it could declare force majeure in the event of a valve remaining closed, or if similar forced shutdowns are imposed on other fields. The company reported that production at the Hamada?and Tahara?fields and at a?pumping station had been completely halted. Since the 2011 uprising, Libyan oil production has been closed repeatedly for both political and technical purposes. The Petroleum Facilities Guard demanded in a statement, obtained by, that their agency, which is responsible for the security of Libya's oil fields, pipelines, and terminals be placed "financially, and administratively, under the National Oil Corporation". The NOC and Prime Minister were urged to set up a timeline for the implementation of the project and to make urgent arrangements to finish the administrative and finance aspects. The agency is currently under the?defence ministry. The Guard announced that it would cut production for a week starting on Tuesday in several?fields, including Wafa Al-Khamsa El Feel. They also said a total?shutdown could follow if their demands weren't met. The main source of Libya's economy is oil production, which accounts for approximately 90% of its total?economy. The NOC said in a press release that "shutting down oilfields and halting production at this critical time -- when the world is witnessing a rise in crude?oil?prices -- would be a devastating blow to the national economy."
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Carney: Canada will seek private investment for major airports
Mark Carney, the Prime Minister of Canada, said that the country is looking for?private investments through long-term concessions to 'operate' the four largest airports in the nation as part a campaign to stimulate the economy. Toronto, Montreal Calgary and Vancouver are the airports. Last year, the Liberal government announced that it was exploring ways to boost airport investment but did not provide specific details. Carney will welcome dozens of international investors to Toronto in the coming 'week. He hopes to attract investments for more than 160 projects, which he believes are crucial to Canada's economic survival during a trade conflict with the United States. Carney stated in his opening remarks at the summit that "we will seek private investments through long-term contracts to operate Canada's largest airports." "We will retain ownership of underlying land and asset, but we will unlock the true value by bringing in new capital and expertise to their operations and growth." Two asset managers said they were interested in investing airports on the sidelines of the summit. Canadian labor groups have stated that they are against privatization. They claim it would increase travel costs.
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Poland strengthens border protection with Ukraine
After Russian 'drone attacks' on the border, Poland has reinforced its border crossings with Ukraine. Defence Minister Wladyslaw KosiniakKamysz announced this on Tuesday. On Sunday, a Russian drone struck a passenger rail on Ukraine's border to Poland while another struck a truck in a nearby petrolstation. Later, border guards?said that they had to suspend crossings and evacuate people from vehicles. "Recent events show that Russia's actions are a threat to the security of Europe as a whole." Kosiniak Kamysz, writing on X, said that the Border Guard's infrastructure is being strengthened in?accordance to our?government?s decision. The 18th Engineer Regiment is already performing tasks that will strengthen the infrastructure and checkpoints near the Polish-Ukrainian Border. In a separate posting, the Polish 'army command' said that engineer regiments were building border fortifications with collapsible containers lined with wire mesh. These containers can be filled with sand and gravel to act as blast walls or retaining structures. It said that construction work also included observation posts and guard posts near the Polish-Ukrainian Border close to crossings at Dorohusk Medyka and Korczowa.
US FAA: billions of dollars more required to modernize air traffic management
The Federal Aviation Administration's head said that the first phase of a plan to "modernize air traffic control" will cost "billions of dollar more than Congress approved."
The Congress approved $12.5 billion in funding for air traffic control, which included $9 billion to modernize air traffic and $3.5 billion to build new facilities.
Bedford told a U.S. House of Representatives subcommittee that phase one would cost $16 billion. He said that the FAA was funding the 'gap' out of their facilities and equipment budget. Bedford, FAA's director of project management, urged lawmakers for approval. The FAA is asking for at least $10 billion more to complete phase two.
Bedford said, "The agency is working to scale up in order to get it done and done correctly."
In a report released by the Government Accountability Office on Tuesday, the FAA was found to have underestimated the costs associated with operating the new system and failed to set out a schedule for reform completion.
GAO estimates that the FAA has more than 11,000 projects in phase 1, which it previously estimated to be worth $10.6 billion. Bedford stated last year that it was looking for $15 billion to $16 billion in phase one. This is what caused the shortfall.
Congress approved funding for the upgrade of the "aging air traffic control" system and to increase the hiring of controllers. This comes after decades of complaints about airport congestion, flight delays, and "a series of technological issues".
GAO reported that the?cost of telecommunications upgrades jumped from $4.75 billion dollars to $5.91billion dollars. Bedford said that outdated copper wires for telecoms should be replaced completely by September 2027.
In December, the FAA awarded a $1.5billion contract to Peraton (owned by Veritas Capital) for overseeing modernization efforts.
(source: Reuters)