Global

Oil prices leap past $100 as Iran conflict chokes Hormuz, stoking global food inflation risk LONDON — Oil prices surged above $100 a barrel this week, the highest since Russia’s 2022 invasion of Ukraine, as escalating conflict involving U.S.-Israeli forces and Iran on Feb. 28 rattled energy markets and raised the specter of renewed food inflation worldwide. The Strait of Hormuz — the narrow chokepoint between the Persian Gulf and the Gulf of Oman through which roughly 20% of global oil supply moves — has seen marine traffic…

European shares fell further Monday as oil prices surged toward $120 a barrel, deepening inflation fears and rattling risk appetite amid the US-Israeli war on Iran, which shows no sign of easing. The latest bout of volatility underscored the market’s sensitivity to energy shocks and supply disruptions tied to the conflict in the Middle East. London’s benchmark slipped 1% in afternoon trade, while the Paris CAC 40 lost 1.7% and Frankfurt’s DAX dropped 1.4%. Dublin’s market fell 1.3%, with Kingspan, Cairn Homes and Ryanair…

MOGADISHU, Somalia — Fuel prices in Somalia’s capital surged nearly 77% overnight on Sunday, intensifying pressure on households and businesses already strained by rising living costs and supply disruptions across the region. The price of gasoline jumped from about $0.65 to $1.15 per liter late Friday, according to traders and drivers. By rush hour, cars queued at multiple Mogadishu stations as motorists scrambled to fill up, while taxi and three-wheeler (Bajaj) operators warned they may have to raise fares to stay afloat.…

Analysis: Macron’s nuclear bet redraws Europe’s security map — and tests its appetite for autonomy Emmanuel Macron stood before a hulking French ballistic-missile submarine in Brest and declared a new nuclear doctrine for Europe. In quieter times, the French leader’s vow to expand France’s arsenal, cease public warhead disclosures and extend a French “nuclear umbrella” over willing European partners would have sparked a week of front pages. Instead, with the United States and Israel waging war on Iran, the significance of…

Oil and gas prices jumped Monday as escalating Iranian strikes across the Middle East snarled shipping lanes, hit energy infrastructure and stoked fresh inflation fears in global markets. European natural gas futures spiked as much as 50% intraday before closing 39% higher after QatarEnergy halted liquefied natural gas production following drone attacks on facilities in Ras Laffan Industrial City, according to the country’s defense ministry. Brent crude briefly touched $82 a barrel after at least three ships were attacked…

Airspace closures across the Middle East have triggered sweeping flight cancellations and global knock-on delays, as pressure mounts on the region’s key aviation hubs in Dubai, Doha and Abu Dhabi. Dublin Airport said all services between Ireland and the Middle East scheduled for today are canceled, with 5,000 to 6,000 passengers affected so far, underscoring how the disruption is rippling through long-haul travel networks. Gulf gateways are central to east–west traffic linking Europe with Asia and Australia. Twenty-three…

United Nations Secretary-General Antonio Guterres marked the fourth anniversary of Russia’s full-scale invasion of Ukraine with an urgent appeal for an “immediate, full and unconditional ceasefire,” calling the war “a stain on our collective conscience” and warning of escalating global risks if the fighting continues. Speaking at a United Nations Security Council session convened to commemorate the anniversary, Guterres said “the cascading consequences of this blatant violation of international law” have rippled far beyond…

U.S. Supreme Court curbs Trump’s tariff powers, teeing up potential $175 billion in refunds The U.S. Supreme Court on Thursday ruled 6-3 that President Donald Trump exceeded his authority by imposing sweeping “reciprocal” tariffs under the International Emergency Economic Powers Act, a decision that curbs the White House’s latitude on trade and could trigger tens of billions of dollars in refunds to importers. Writing for the conservative-majority court, the justices concluded that IEEPA “does not authorize the president to…

NAIROBI, Kenya — Kenya moved Wednesday to ease refinancing pressures, launching tender offers to buy back up to $500 million of outstanding Eurobonds and preparing a new dual-tranche dollar issue aimed at extending the country’s debt maturities. In a regulatory notice, the government said it would repurchase up to $350 million of its 8% bond due in 2032 and up to $150 million of its 7.25% bond maturing in 2028, amounts inclusive of accrued interest. The tender offer closes Feb. 25. To fund the buybacks, Kenya plans to issue…

Somalia urges U.N. to block any forced changes to Palestinian territories, condemns Israel’s recognition of North Western State of Somalia UNITED NATIONS — Somalia on Thursday called on the international community to prevent any attempt to forcibly alter the geographic status of the Palestinian territories, while condemning Israel’s December move to recognize North Western State of Somalia and denouncing reported plans to relocate Palestinians to Somali soil. Somalia warns the U.N. Security Council against unilateral…