Oil prices rise as attacks dent hopes for Strait of Hormuz reopening
Brent crude climbs as renewed violence dampens hopes for a return to stability in energy markets.
![Soaring prices in Gaza Strip fuel heavy demand for fan and lighter repairs [AP]](/wp-content/uploads/2026/08/image-1786473859.jpg?resize=770%2C513&quality=80)
![A file photo of late Senator Lindsey Graham from November 19, 2025. The US Senate on Friday passed a sweeping sanctions legislation package targeting Russia's energy revenues, championed by Graham. [File: /Julia Demaree Nikhinson/AP Photo]](/wp-content/uploads/2026/08/AP26218679962056-1786142915.jpg?resize=770%2C513&quality=80)
![A girl and her grandfather travel on a raft through floodwaters following heavy monsoon rains at a village in Assam's Sivasagar district on July 27, 2026. [Biju BORO/AFP]](/wp-content/uploads/2026/08/image-1786071140.jpg?resize=770%2C513&quality=80)
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Petrol prices strain US households as oil giants Chevron, Exxon profits soar
Low-income US households are hit hardest, spending more than 10 percent of monthly income on petrol as prices rise.
Cuba’s power grid collapses again despite restoration efforts
Cuba’s grid remains fragile after repeated collapses this year, worsened by fuel shortages tied to US sanctions.
![A man rides his bicycle down a street during a blackout in Havana on August 1, 2026. [YAMIL LAGE / AFP]](/wp-content/uploads/2026/08/AFP__20260802__C3RN68N__v1__HighRes__CubaUsSanctionsEnergyBlackout-1785728819.jpg?resize=770%2C513&quality=80)
Rubio’s bypass plan: Can the world escape the Strait of Hormuz chokepoint?
Experts warn that Marco Rubio’s Hormuz bypass plan is hindered by pipeline limits and severe Red Sea threats.
Hungary plans to shut down only nuclear power plant amid drought
Officials say they must shut down nation’s sole nuclear plant as record-low Danube water levels disrupt reactor cooling.
Turkiye and Iraq sign one-year oil pipeline deal amid global shift
The renewed agreement ensures crude flow of 750,000 barrels a day through the Iraq-Turkiye pipeline, officials confirm.
Russia appears to infiltrate first ‘fortress city’ as Ukraine changes guard
Reports emerge from the front that Russia has infiltrated most of Kostiantynivka as it tries to regain the offensive.
EXPLAINER
How US Senate Russia sanctions could spell 100% tariffs for India, China
Russian energy exports could face sweeping tariffs under bill named for late Senator Lindsey Graham.
EXPLAINER
Why is Saudi Arabia forming a coalition to protect the Red Sea?
The alliance aims to defend shipping from attacks by Iran-backed Houthis in Yemen.
Libya electricity blackout protests expose country’s failing grid
Libyans protest severe power cuts, demanding an end to corruption and grid decay.
Nvidia plans $250bn push to bolster OpenAI’s infrastructure ambitions
Political backlash grows as US states propose bans on new data centres, raising challenges for Nvidia and AI industry.
