US oil companies poised for $63bn windfall amid Iran war

Venezuela’s interim leader Delcy Rodríguez on Friday urged Donald Trump to fully lift sanctions imposed on the country as Caracas and Washington move toward restoring diplomatic relations.

Britain’s economy showed no growth in January, according to official data released on Friday, raising concerns that economic conditions could worsen as rising oil prices linked to the Middle East conflict put pressure on global markets.

The US Federal Reserve is widely expected to keep interest rates unchanged at its policy meeting next week as the war involving Iran creates new economic uncertainty and recent data points to signs of weakness in the US economy.

The United States will release 172 million barrels of oil from its Strategic Petroleum Reserve starting next week as the conflict with Iran continues to disrupt global energy markets, the US Department of Energy said on Wednesday.

Member countries of the International Energy Agency have agreed to release 400 million barrels of oil into global markets in the largest emergency stock release in history, aiming to stabilize supply and ease rising energy prices triggered by the Middle East conflict.

The United States on Wednesday announced new investigations into what it considers unfair trade practices by dozens of countries, potentially paving the way for additional tariffs as President Donald Trump seeks alternatives after the Supreme Court struck down parts of his earlier global tariff policy.

Oil prices rose in Asian trading on Thursday despite major announcements of crude releases from strategic reserves aimed at lowering prices following the Iran war.

Chinese shipping giant Cosco announced on Tuesday that it is suspending operations at a Panama Canal port amid an ongoing dispute between the United States and China over the management of the waterway.

China’s exports surged at their fastest pace in four years during the first two months of 2026, pushing the country’s trade surplus to a record level and highlighting the resilience of the world’s second-largest economy despite ongoing trade tensions with the United States.

Group of Seven (G7) nations have said they are prepared to take “necessary measures” to support global energy supplies after the war involving the United States, Israel and Iran triggered a sharp spike in oil prices.

Oil prices fell on Tuesday after US President Donald Trump warned Iran not to disrupt shipping through the Strait of Hormuz, a key route for global energy supplies.

The escalating crisis in the Middle East is forcing global central banks to reconsider their strategies, as soaring oil prices create a difficult balance between supporting growth and controlling inflation.

Global oil prices have surged past $110 (£82.74) per barrel as the escalating conflict involving the United States, Israel, and Iran raises concerns about prolonged disruptions to oil shipments through the Strait of Hormuz.

Industrial and Commercial Bank of China (ICBC) has retained its position as the world`s most valuable banking brand for the 10th consecutive year, with its brand value increased 15% from $79.1 billion in the previous year. Overall, the total brand value of the top 500 banking brands stood at $1.8 trillion, marking five consecutive years of growth.

The United States is facing limited options to bring down sharply rising oil prices caused by the conflict with Iran, with experts warning that the most effective solution would be quickly restoring safe passage through the Strait of Hormuz.

Europe spent years trying to shore up its energy defenses but war in the Middle East threatens to plunge it into another crippling gas crisis.