energy

A war-triggered chokehold on the Strait of Hormuz has unleashed what the International Energy Agency describes as the most severe oil supply disruption the world has ever seen, after the US-Israeli attack on Iran sent shockwaves through global energy markets. And the turmoil is still unfolding. Analysts say the fallout from the energy shock could be felt for years - even decades, depending on how quickly the conflict ends - piling fresh pressure on economies and households already struggling to stay afloat. It’s only four…

Europe moved on Thursday to blunt the immediate shock of an energy crisis set off by the US-Israel war on Iran, with the European Commission unveiling a package of emergency and medium-term steps aimed at shielding households, businesses and heavy industry from surging costs. At the heart of the response is a temporary easing of EU state aid rules, giving member states more room to deploy public money to soften the blow of higher energy prices for consumers and industry. That support could take the form of price controls,…

Wednesday April 22, 2026 Mogadishu (AX) — Somali Prime Minister Hamza Abdi Barre on Tuesday opened the new headquarters of the Ministry of Energy and Water Resources in Mogadishu, presenting the move as part of a broader drive to modernize state institutions and improve public services. At the inauguration, Barre said the new facility would give the ministry stronger institutional backing and better support its work as the government moves to expand access to basic services. “This modern building, equipped to meet the needs…

With energy costs climbing again, Europe is being urged not to repeat the expensive policy mistakes made during the 2022 crisis. European Economic Commissioner Valdis Dombrovskis said governments should make sure any support for households and businesses is tightly targeted and comes with a clear end-date. Speaking at the International Monetary Fund, Mr Dombrovskis said efforts to blunt the impact of rising prices linked to the closure of the Strait of Hormuz, following the US-Israeli war on Iran, must not end up encouraging…

Saturday April 11, 2026 Mogadishu (AX) — Somalia and Türkiye took a major step Friday toward the country’s first offshore deep-water oil drilling project, as President Hassan Sheikh Mohamud met with Turkish Energy and Natural Resources Minister Alparslan Bayraktar in Mogadishu. The talks centered on deepening the two countries’ strategic ties, with energy, natural resources and the blue economy high on the agenda. President Mohamud said the partnership had entered what he called a historic phase, underscoring the arrival of…

The escalating conflict in the Middle East is prompting a significant shift in oil procurement strategies among European and Asian buyers, who are increasingly turning to African oil-producing nations. These countries not only offer lower insurance costs but also promise more consistent delivery timelines compared to the high-risk regions of the Middle East. According to industry analysts, leading African energy players—namely Nigeria, Libya, Angola, Gabon, Mozambique, Namibia, and Tanzania—are being regarded as safer…

By Omar M. ElmiWednesday April 1, 2026 A war far from Ethiopia’s borders is already sending tremors through the country’s economy. The fighting in the Middle East is inflicting heavy human and material losses, but its reach is extending well beyond the battlefield, with disruptions that could hit trade, fuel supplies and food production in countries thousands of kilometers away. Ethiopia, landlocked and home to more than 120 million people, sits squarely in that danger zone. The risk is rooted in a basic structural…

The energy shock triggered by the US-Israeli war on Iran is “probably the worst ever”, Taoiseach Micheál Martin has said, warning that the fallout could outstrip even the supply crisis of the 1970s. Iran shut the Strait of Hormuz after the United States and Israel launched attacks on the country on 28 February. Mr Martin made the remarks after talks with Finnish Prime Minister Petteri Orpo in Helsinki, before heading to Warsaw for a meeting with Polish Prime Minister Donald Tusk. The discussions are part of a wider round of…

With the war’s economic shockwaves still rippling through energy markets, Ukrainian President Volodymyr Zelensky has called on Russia to agree to a reciprocal pause in strikes on energy infrastructure, arguing that such a move could help calm pressure on global oil prices. Mr Zelensky told reporters that Kyiv was prepared to mirror any such step if Moscow stopped targeting Ukraine’s energy network. "If Russia is ready to stop hitting Ukrainian energy facilities, we will not respond against their energy sector," he said. He…

Katya AdlerEurope EditorThursday March 19, 2026 Turbulence in the Middle East has sent a fresh shudder through Europe’s energy system, stirring memories of past shocks that rattled the European Union. Seven months after Russia launched its full-scale invasion of Ukraine in February 2022, the President of the European Commission rose in the European Parliament to charge Moscow with distorting the EU’s energy market. "They prefer to flare the gas than to deliver it," proclaimed Ursula von der Leyen, as spiralling energy…