The Philippines declares energy emergency on March 24, 2026, as President Marcos cites Strait of Hormuz closure and Middle East conflict threatening the nation’s fuel supply and energy stability.
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Sri Lanka has raised fuel prices for the third time in less than a month, with auto diesel rising 36 per cent since February, as the island nation grapples with soaring global oil costs triggered by the ongoing conflict in the Middle East.
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Russia accuses Ukraine of reckless drone strikes on the TurkStream gas pipeline, accusing Kyiv of attempting to halt energy supplies to European consumers.
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Asian countries are scrambling to contain a deepening energy crisis following the closure of the Strait of Hormuz, with governments from South Korea to Bangladesh capping fuel prices, rationing supplies, and imposing emergency working-from-home measures.
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Global oil prices have cratered more than 10 percent in one of the most dramatic reversals in energy market history, plunging from three-year highs above $119 per barrel to below $85 as diplomatic signals and potential intervention by major economies calmed supply fears.
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Global oil prices have surpassed $100 per barrel for the first time since 2022 as the escalating Iran-Israel-US war disrupts shipping through the Strait of Hormuz, removing 20 million barrels from daily supply and forcing G7 ministers to consider emergency reserve releases.
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The ILO’s Employment and Social Trends 2026 report reveals stable global unemployment at 4.9% masks deteriorating job quality, with 2.1 billion in informal work and 260 million youth disengaged from employment or education.
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China sets lowest GDP target in decades (4.5-5%) at NPC. Li Qiang announces 4% fiscal deficit, 1.9T defense budget, 700M tonnes grain as 15th FYP begins.
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Global Markets Tumble as Iran Conflict Sparks Oil Surge, Safe-Haven Rush Reverses
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IRGC closes Hormuz—”ships will burn.” Brent $82+, gas +46%. 150 tankers stranded, insurance cancelled. Morgan Stanley forecasts $80-200 as Qatar LNG offline.
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Brent +10% $80+, S&P futures -1.5%, gold +3% $5400 as Hormuz closure fears escalate. OPEC+ production boost announced amid US-Israel-Iran war market turmoil.
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A structural analysis of how GDP, inflation, trade, exchange rates, sovereign debt, and central banking interact to shape the modern global economy.
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