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Trump once slammed Biden for touching US oil reserves, now he's draining it: Report
America is digging deeper into its emergency oil reserves as the fallout from the war with Iran continues to squeeze global energy supplies. Since the conflict began, the US Strategic Petroleum Reserve has lost about 50 million barrels, as the Trump administration seeks to offset supply shortages and ease pressure from rising fuel prices. These withdrawals are dragging down the country's emergency oil stockpile levels towards the lowest levels since 1980s.
Japan's services activity stagnates in May as costs surge, PMI shows
Japan's services activity stagnates in May as costs surge, PMI shows TOKYO, June 3 : Japan's services sector ground to a halt in May after more than a year of expansion, as surging costs linked to the Middle East war dampened service demand and led to a 12-year high in output price inflation, a private survey showed on Tuesday. • The S&P Global final Japan Services Purchasing Managers' Index (PMI) fell to 50.0 in May from 51.0 in April, marking the end of a 13-month expansion streak....
China’s factory activity beats forecasts in May, private survey shows, despite softer official data
BEIJING — China's factory activity expanded in May, a private survey showed Monday, beating expectations, although growth slowed from the previous month . The RatingDog China General Manufacturing Purchasing Managers' Index, compiled by S&P Global, came in at 51.8, a touch above the 51.6 expected in a Reuters poll. The reading was down from April's 52.2, indicating a slower pace of improvement in manufacturing conditions.
Airline profits plummet as US fuel costs nearly double
Airline profits plummet as US fuel costs nearly double IATA forecasts $350bn airline fuel bill for 2026, with profits dipping to their weakest margin since the COVID-19 pandemic. Jet fuel prices in the United States are rising sharply ahead of the peak summer travel season as escalating tensions between the US and Iran raise concerns about disruptions in the Strait of Hormuz, a critical passage for global energy shipments. Fuel costs surged by 78 percent to nearly $6.5bn in April, following...
By the numbers: 100 days of the US-Israel war on Iran
By the numbers: 100 days of the US-Israel war on Iran From the human cost to the economy, Al Jazeera visualises how the US-Israel war on Iran has unfolded since February 28. Sunday marks 100 days into a war that US President Donald Trump said was going to finish “very fast”. Despite a ceasefire agreed on April 8, the Strait of Hormuz remains largely closed, sporadic fire continues, and talks have repeatedly collapsed.
Oil exports through the Strait of Hormuz might not return to levels seen before the Iran war
The oil market might face a new reality after the Iran war in which exports through the Strait of Hormuz do not return to the levels once considered normal, as shipowners now have to weigh the risk that fighting could abruptly break out in the volatile Persian Gulf. And Western commercial ships will likely hesitate to sail through Hormuz if it remains under Iran's de facto control, especially if they have to coordinate with the Revolutionary Guard, putting them at risk of violating U.S....
Oil execs warn Trump that Iran war will cause gas prices to spike within weeks due to dwindling supplies: report
Oil execs warn Trump that Iran war will cause gas prices to spike within weeks due to dwindling supplies: report President Trump and administration officials have insisted gas prices will come down as soon as the war ends, but there is no deadline in sight - Bookmark - CommentsGo to comments Several oil industry executives have reportedly privately warned the White House that the ongoing closure of the Strait of Hormuz is straining global oil inventories and could lead to gas price spikes in...
Iran war: Even a peace deal won't fix energy crunch
Iran war: Even a peace deal won't fix energy crunch June 4, 2026As the Iran war approaches 100 days on Sunday, a comforting but flawed assumption has taken hold. Many policymakers, businesses and investors believe that a rapid reopening of the Strait of Hormuz will quickly bring down energy prices, once stranded oil and gas tankers can finally leave the Gulf. Yet top oil executives, shipping sector leaders and economists are predicting the opposite.
Why the world's most ambitious coal phase‑out deal has failed, and what it means for climate finance
Why the world's most ambitious coal phase‑out deal has failed, and what it means for climate finance Owen Ferguson Scientific Editor Andrew Zinin Lead Editor In December 2025, Indonesia quietly abandoned plans to close the Cirebon-1 coal power plant. This was no ordinary power plant. Cirebon-1 was supposed to be the centerpiece of a US$21.4 billion (£16.5bn) international deal backed by the US, UK, Japan and the EU to help Indonesia end coal use.
UK Exchange newsletter: English football — in a league of its own?
This report is from this week's CNBC's UK Exchange newsletter. You can subscribe here. The dispatch As Martin Odegaard, Arsenal's captain, lifted the Premier League trophy at Crystal Palace's Selhurst Park ground in south London on May 24, one could be forgiven for thinking all is well with English football (or soccer...).