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Oil prices resume their climb and Asian markets decline as US prepares for blockade of strait

TOKYO (AP) - Oil prices resumed their climb and Asian markets mostly declined Monday as the U.S. military prepared to blockade ships entering or leaving the Strait of Hormuz, where most shipping has been stalled by Iran since the start of the war. U.S. President ...
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Iran war’s global energy crisis sharpens China’s advantage in clean tech

HONG KONG (AP) - China is poised to benefit from the Iran war as global energy disruptions accelerate a shift away from fossil fuels and toward clean technologies and renewable power, industries that China dominates. Most of the oil and gas from the now mostly ...
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An underwater bus in Havana becomes the ride that matters during Cuba’s fuel crisis

HAVANA (AP) - On a recent sweltering afternoon in the Cuban capital, dozens of commuters on bicycles, scooters and electric motorcycles gathered in a tidy row at the entrance of the Havana Bay Tunnel. They were waiting for the Ciclobús, a bus specially fitted ...
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Trump says gas prices may remain high through November midterm election

MIAMI, April 12 (Reuters) - President Donald Trump said on Sunday that the price of oil and gasoline may remain high through November's midterm elections, a rare acknowledgement of the potential political fallout from his decision to attack Iran six weeks ago. "It could be, ...
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Irish prime minister announces fuel tax cuts to stop protests over soaring pump prices

LONDON (AP) - Irish Prime Minister Micheál Martin said Sunday that his government will offer new fuel tax cuts to try to end crippling protests over soaring gas costs, though he slammed the tactics of farmers and truckers who had blocked access to the ...
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‘The Super Mario Galaxy Movie’ rockets to $629 million worldwide at the box office

"The Super Mario Galaxy Movie" enjoyed otherworldly success at the box office in its second weekend in theaters. The Universal and Illumination sequel added $69 million from 4,284 theaters in the U.S. and Canada, according to studio estimates Sunday. That brings its running domestic total ...
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Dollar jumps as failed US/Iran peace talks spark fresh safe-haven push

By Amanda Cooper LONDON, April 12 (Reuters) - The dollar jumped against other major currencies in thin trading late on Sunday, as investors sought the relative safety of the U.S. currency after marathon talks between Washington and Tehran failed to yield a peace deal, plunging ...
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Iran aims to restore majority of refining capability within two months, oil ministry official says

DUBAI, April 12 (Reuters) - Iran expects to restore most damaged refining and distribution facilities to 70-80% of their pre-attack capacity within one to two months, a senior oil official said, as authorities work to recover from a wave of strikes on energy infrastructure. Deputy ...
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Economic shock of Middle East war to cast shadow over IMF, World Bank meetings

By Andrea Shalal WASHINGTON, April 12 (Reuters) - Top finance officials from around the world will convene in Washington this week under the shadow of the war in the Middle East, which has delivered a third major shock to the global economy after the COVID ...
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Lessons learned in ’70s have made US, world economies less vulnerable to oil shocks

WASHINGTON (AP) - The world economy is experiencing a disorienting flashback to the 1970s. Oil prices are once again surging in the wake of war in the Middle East, driving up the cost of gasoline, diesel and jet fuel and threatening a return to stagflation ...
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China’s Chery looking to expand car production in Europe, top executives say

PARIS, April 12 (Reuters) - Chery is looking to expand car production in Europe through partnerships with other automakers allowing it to use existing factories, top executives at the Chinese carmaker said at an event in Paris. "The company is looking for other production capacities ...
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South Korea close to securing oil supplies from Kazakhstan, minister says

(Corrects paragraph 3 to cut erroneous references to Oman, Saudi Arabia) SEOUL, April 12 (Reuters) - South Korea is close to securing crude oil supplies from Kazakhstan, the industry minister said on Sunday, as the country looks for alternative energy sources amid the war in ...
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