oil

Monday April 13, 2026 A ship at the Strait of Hormuz Oil markets surged back above $100 a barrel on Monday as trading resumed in Asia, after US-Iran talks collapsed without a fresh agreement and President Donald Trump said he would blockade Iranian ports. Brent crude, the global benchmark, climbed 7.3% to $102.30 (£76.32), while US West Texas Intermediate rose 8.7% to $104.94. The breakdown in weekend negotiations has deepened fears that the worldwide energy crunch could worsen. Crude had fallen sharply below $100 last…

MOGADISHU, April 13, 2026 — Somalia’s Prime Minister Hamza Abdi Barre on Monday issued a stark warning that the country’s natural wealth, including its prospective oil reserves, could be vulnerable to outside pressure unless Somalia develops a military strong enough to protect it. Barre, speaking in the context of shifting global power and rising rivalry over strategic resources, said the erosion of confidence in international institutions and the weakening of the traditional rules-based order have made resource competition…

MOGADISHU, Nov 17 — Turkey said on Saturday that its offshore drilling campaign off Somalia could begin yielding oil within six to nine months, after Ankara launched its first deep-sea energy project beyond its own waters. Energy and Natural Resources Minister Alparslan Bayraktar called the start of drilling a “historic” moment in Turkey-Somalia ties, saying it opens a new chapter in efforts to tap Somalia’s offshore energy resources. At a ceremony in Mogadishu on Friday to receive the Çağrı Bey ship, Bayraktar said the…

Saturday April 11, 2026 Türkiye is preparing to launch its first deep-sea drilling project abroad, a milestone that Energy and Natural Resources Minister Alparslan Bayraktar said on Friday in Mogadishu will usher in a new era for the country’s energy ambitions. The Curad-1 well, located offshore Somalia, is the centerpiece of the effort. Situated about 372 kilometers from Mogadishu, the well will probe a geological formation flagged as promising after months of seismic work carried out by Türkiye's Oruc Reis vessel.…

Friday April 10, 2026 Mogadishu (AX) — Somalia marked a major energy breakthrough on Friday as Turkey’s deep-sea drilling vessel Çağrı Bey arrived off Mogadishu’s coast, setting the stage for the country’s first offshore deep-water oil exploration project. President Hassan Sheikh Mohamud, Prime Minister Hamza Abdi Barre, senior government officials and other dignitaries gathered at Mogadishu port to استقبال the vessel, which will anchor the opening drilling campaign under a bilateral energy agreement between Somalia…

Türkiye’s deep-sea drilling vessel Çağrı Bey has reached Mogadishu, setting the stage for Somalia’s first offshore oil drilling campaign, officials from both countries said Friday. Energy and Natural Resources Minister Alparslan Bayraktar described the mission as “historic,” saying it would “open a new chapter in Turkish energy history.” The work stems from a hydrocarbon agreement signed in 2024, which gave Türkiye’s state-owned energy company TPAO the right to explore three offshore blocks, each covering about 5,000 square…

MOGADISHU, Somalia - Somali Member of Parliament Abdirahman Abdishakur Warsame has sounded the alarm over Somalia’s oil exploration agreement with Turkey, warning that the deal could leave the country with little control over its own resources as the drilling vessel Çağrı Bey moves into Somali waters. Warsame said the arrangement is "deeply imbalanced" and argued that its structure appears to tilt overwhelmingly in favor of one party. According to his assessment, more than 90 percent of the benefits would go to a single…

President Netumbo Nandi-Ndaitwah used her State of the Nation Address to unveil an ambitious plan to jump-start growth, anchoring it on targeted investment, energy stability, and a renewed push in agriculture. She outlined headline domestic commitments, notably the introduction of fully subsidised tertiary education for qualifying students, supported by broader access to financial aid. Calling the moment “decisive,” the president pressed Parliament to fast-track the petroleum amendment bill, cautioning against the…

With a ceasefire now taking hold between the United States and Iran, Ukrainian President Volodymyr Zelensky is pressing for Washington to restore full energy sanctions on Russia, arguing that the reopening of the Strait of Hormuz removes the rationale for easing pressure on Moscow’s oil exports. "Now a ceasefire is beginning in the Middle East and the Gulf. And I am waiting for sanctions on Russian oil to be fully reimposed, as they were before," Mr Zelensky said. Last month, the United States relaxed some sanctions on…

Tensions are mounting around a fragile two-week ceasefire between the US and Iran, with Washington accusing Tehran of failing to honour commitments on the Strait of Hormuz and Israel launching strikes on Lebanon that Iran says breach the truce. There was still no indication that Iran intended to ease its near-total blockade of the strait, a choke point that has triggered the most severe disruption ever seen in global energy supplies. Iran pointed to Israel's continuing assault on Lebanon, including what were described as the…