Global

Oil prices pulled back on Tuesday as traders weighed signs that shipping could resume through the Strait of Hormuz, even as fresh clashes between the United States and Iran kept a floor under the market and underscored the risk of wider disruption. Brent crude futures were down $4.18, or 3.6%, at $110.26 a barrel this evening, after closing 5.8% higher yesterday. US West Texas Intermediate crude dropped $4.34, or 4.1%, to $102.08, following a 4.4% rise in the previous session. Maersk said the Alliance Fairfax, a US-flagged…

By Awes Hagi Yusuf AhmedSaturday May 2, 2026 Somali President Hassan Sheikh Mohamud speaks with journalists about security policy at Villa Somalia, the presidential palace and main office, on April 22, 2025, in central Mogadishu, Somalia. In world affairs, where a nation sits can matter almost as much as what it says. For years, Somalia was mostly a topic of debate in international security circles, not a power helping to steer them. That is beginning to change, and the implications are both practical and symbolic.…

The United Arab Emirates has announced it will withdraw from the OPEC and OPEC+ oil alliances, a dramatic move that lands a significant blow on the producers' bloc as an extraordinary energy crisis sparked by the US-Israeli war on Iran lays bare growing rifts across the Gulf. The departure of the UAE, a longtime OPEC member, threatens to erode the group's influence. OPEC has typically worked to project unity even when disputes over geopolitics and output targets have simmered beneath the surface. UAE Energy Minister Suhail…

By Maha El DahanTuesday April 28, 2026 Saudi Foreign Minister Faisal bin Farhan al Saud receives United Arab Emirates' Deputy Prime Minister and Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan ahead of an exceptional meeting of the Gulf Cooperation Council (GCC), the first in-person meeting of Gulf leaders since their states became a front in the Iran war two months ago, In Jeddah, Saudi Arabia, April 28, 2026. Saudi Press Agency/Handout via REUTERS Purchase Licensing Rights The United Arab Emirates said on…

Meta, the parent company of Facebook, is preparing to shed 10% of its global workforce — a move that would amount to about 8,000 jobs. It remains unclear how the planned cuts will affect the company’s Irish business, where roughly 1,800 people are employed. A spokesperson for Meta Ireland declined to discuss the specifics of the redundancies, but confirmed the details of a Bloomberg report that first revealed the worldwide layoffs. The reductions were set out in a memo to employees, which also said Meta will leave thousands…

By Omar M. ElmiTuesday April 14, 2026 With President Ismail Omar Guelleh having secured 97.81% of the vote on April 10 and preparing to enter a sixth term, Djibouti again finds itself in a familiar but uneasy position: politically tight, economically fragile, and strategically impossible to ignore. In this small state on the Horn of Africa, power is measured not only in votes, but in geography, military rents, and the ability to keep rival interests in delicate balance. Few countries have leveraged their location as…

A prolonged US blockade of one of the world’s most critical maritime chokepoints threatens to send fresh shocks through energy markets and supply chains, raising new risks and costs for economies far beyond the Gulf. By Sanjoy Paul, University of Technology Sydney For weeks, the global economy has been fixated on a single question: when will the Strait of Hormuz fully reopen? Following Iran’s war with Israel and the United States, Tehran has in effect shut the narrow passage, a route that normally carries about one-fifth of…

Wycliffe Muia, NairobiSunday March 29, 2026 Giant African harvester ants - seen here in Kenya - have become highly sought after by hobby collectors across the world Right now, the ants are taking flight in Kenya. In the rainy season, clouds of them rise from thousands of anthills around Gilgil, a quiet farming town in Kenya's Rift Valley that has unexpectedly become the hub of a lucrative illegal trade. The mating ritual sends winged males out of the nest to fertilise queens, which also take to the air at this time. That…

The global trading order is under siege, World Trade Organization director-general Ngozi Okonjo-Iweala warned as delegates convened for the WTO ministerial in Yaounde, calling the disruption the most severe the system has faced in eight decades. "The world order and the multilateral system we used to know has irrevocably changed," she said, stressing: "We cannot deny the scale of the problems confronting the world today." With 166 member states represented, the WTO meets in the Cameroonian capital amid stark divisions among…

Thursday March 26, 2026 Hargeisa (AX) — Drivers and businesses across North Western State of Somalia are facing fresh fuel price hikes after authorities on Wednesday rolled out new official pump rates, pointing to surging global oil prices and tighter supply conditions. The revised pricing sets gasoline at 12,500 North Western State of Somalia shillings per liter, while diesel will sell for 10,500 North Western State of Somalia shillings per liter. Officials said the new rates were agreed after consultations involving the…