Paris-based intergovernmental energy policy body since 1974
Japan’s real GDP has grown at a 0.3% quarter-on-quarter pace in Q2, with annualized growth of 2.1%, driven by exports and government spending. Private spending has slipped, while energy costs and the Iran war have pressured prices. The Bank of Japan maintains a cautious outlook as wage growth remains tepid.
Japan has posted another trade deficit, with imports climbing 27.8% year over year and exports rising 23.2% in July, as the weak yen and Iran-related oil costs shape the outlook. The government is supporting chip subsidies even as energy costs weigh on households.
Independent and Ecologist reports show households embracing heat pumps alongside flexible grid policies. Homeowners cite lower bills and better integration with solar and storage, while debates persist about data centres’ diesel backups in the US.
Oil prices have climbed with Brent above $95 and WTI near $93 as fighting in the Middle East continues to disrupt shipping routes. Analysts say supply fears and demand shifts, particularly from China, are shaping the rally. Markets are also awaiting inflation data and policy signals as bond yields rise globally.
Climate patterns have intensified this year, driving heatwaves, droughts and floods across multiple regions. Governments are mobilising finance, strengthening resilience, and adjusting policies as temperatures and rainfall shift. Aid budgets face pressure while activists warn of rising humanitarian needs.
The Houthis have captured Mokha and Mayun (Perim), extending their reach near a key shipping lane. The developments threaten flows through the Bab el-Mandeb Strait, a chokepoint for global oil and cargo, while Saudi exports remain stressed by past disruptions and shifting routes. Authorities note ongoing tensions and potential further escalation.
Houthi forces have struck multiple sites in southern Saudi Arabia, causing fires and injuring dozens, the Saudi energy ministry has said. The Saudi-led coalition has reported at least 73 people injured in attacks on Abha, Khamis Mushait, Jazan and Najran and has vowed a firm military response. The Houthis have promised a statement on a "large-scale military operation."
The Houthis have expanded control along Yemen’s Red Sea coast, seizing a key island in Bab el-Mandeb and threatening global oil routes. Iraq and Iran-backed militias are implicated in attacks on the East-West Saudi pipeline, prompting Saudi closure and heightened regional tension as global oil markets brace for prices to rise.
Saudi Arabia has closed its 1,200km East–West oil pipeline after a drone attack that Riyadh has blamed on Iranian-backed militias in Iraq. Officials and analysts have said repairs could take three to five weeks, jeopardising 2.6–4 million barrels per day of exports and pushing Brent above $105–$108 a barrel while Houthi gains in the Red Sea are further restricting routes.
Large-scale drone attacks have intensified between Ukraine and Russia. Ukrainian strikes have hit multiple Russian oil refineries and transport hubs, while Russian strikes have hit Ukrainian cities; both sides report civilian deaths and infrastructure damage. U.S. President Donald Trump has publicly urged Kyiv to stop targeting diesel facilities as diesel prices hit record highs.
The East-West oil pipeline has remained offline after drone attacks, forcing Saudi Arabia to reroute exports and triggering price spikes. Yemen’s Houthis have expanded control in the Bab al-Mandab region, while regional talks in Oman are postponed, complicating any near-term resolution.
Saudi Arabia’s East-West pipeline remains shut after drone attacks, with authorities citing precautionary measures. Supplies are being rerouted to mitigate disruption, while markets price in potential longer-term supply risk as regional tensions escalate.
Japan has posted a fourth straight month of red ink with August imports up 28% year-on-year to 11.15 trillion yen as Brent crude climbs above $100 a barrel. Exports rose 19.3%, led by chips and autos, while global rate expectations push the BOJ to consider a policy shift; the U.S. Fed is expected to lift rates soon.
Oil prices have risen above $100 a barrel, with Brent trading around the $105 level and WTI around $103-$107 after Middle East tensions and supply disruptions in Hormuz and Bab al-Mandeb. Analysts warn supply concerns could keep pressure on energy costs; diesel and gas prices are climbing, and bond yields are rising on inflation worries.
Global fuel prices have surged amid conflicts in the Middle East and strikes on Iranian refineries. Analysts warn diesel costs are hitting record highs in Europe and the UK, with knock-on effects on transport, food, and industry. Governments are weighing subsidies and demand-reduction measures as inflation pressures mount.
Diesel prices in the UK have reached a record average of 199.18p per litre as supply pressures from the US–Israel conflict with Iran and Russia’s war in Ukraine have driven global fuel costs higher. Chancellor Keir Healey has said the government has discussed the situation with the US and is preparing to use UK stocks if needed.
President Trump has announced that Russia will immediately release 300,000 tonnes of diesel to global markets, followed by further shipments in November and beyond. The White House has temporarily licensed Russian diesel exports and suspended related sanctions until April, triggering bipartisan criticism, questions about legal conflicts with recent sanctions and doubts from analysts about the deal's ability to lower U.S. pump prices before the midterms.
Oil prices retreat from multi-month highs as the US lifts sanctions on Russia for 60 days to assess economic impact. The move follows tensions in the Middle East and Ukraine, with analysts cautioning that this is a short-term measure and volatility may persist as markets assess supply risks and diesel shipments.
Russia has begun loading and dispatching diesel tankers under a deal with the United States that temporarily lifts U.S. sanctions on Russian fuel. Shipping trackers and Russian officials say multiple vessels carrying tens of thousands of tonnes are en route to Atlantic markets, including at least one tanker signalled for the U.S. East Coast. The shipments have provoked legal and political pushback.
The IEA reports tight diesel supply as demand remains fragile amid geopolitical shocks and shale and Gulf disruptions. The U.S. and Europe are considering stock releases to ease prices, while market volatility persists.
Iran warns it will retaliate against any renewed attacks as shipping disruptions in the Strait of Hormuz continue. Tehran says US-Israeli pressure has escalated tensions, while regional diplomacy seeks de-escalation amid talks with Mecca pact states and Mecca alliance discussions.
Global oil majors have reported booming profits as refined product margins rise and crude prices stay elevated. Analysts see continued pressure on supply from Gulf refinery bottlenecks and sanctions, with US and European firms posting record or near-record quarterly earnings. The cash windfall is shaping debates over energy policy and consumer prices.
Australian authorities designate a deep saline storage site near Darwin to inject CO2 for long-term storage, linking to the Ichthys LNG facility. Inpex leads environmental review; project faces ecological concerns and calls for robust oversight as it seeks to reduce emissions from hard-to-abate sectors.
Global climate talks COP31 see a push to double rooftop solar adoption to 300 million homes by 2030, with endorsements from multiple countries and calls for rapid grid upgrades and subsidies to turn pledges into action.
The European Union faces pressure as Germany signals a tougher stance on China with possible new trade tools. Berlin tours Brussels for alignments while signs point to Beijing adapting to Europe’s de-risking stance. EU officials plan coordinated trips to Beijing to press for currency adjustments and trade protections amid a growing Sino-European rift.