The global oil market is under intense pressure as tensions rise around the Strait of Hormuz.

Korea will expand exports to Vietnam to include the country’s entire meat market, a step up from Cheong Wa Dae’s announcement last week that the two nations had reached a quarantine agreement for Korean poultry exports to the Southeast Asian economy.

S&P Global Energy has reduced its global oil demand forecast for 2026 by 700,000 barrels per day, as the U.S.–Iran war disrupts energy supplies from the Middle East and weakens demand in the second quarter, consultant Ethan Ng said on Thursday.

Editor’s note: Faig Mahmudov is a journalist based in Azerbaijan covering regional security, foreign policy, and geopolitical developments. The views expressed in this article are his own and do not necessarily reflect the official position or editorial stance of News.Az.

Indonesia can absorb the economic impact of rising global oil prices driven by tensions in the Middle East for up to 10 months without cutting fuel subsidies, a senior minister has said.

A United Arab Emirates (UAE) minister on Sunday warned of mounting risks to global supply chains as disruptions intensify in the Strait of Hormuz, one of the world's most critical energy corridors.

Rising oil prices are traditionally seen as an unequivocal benefit for hydrocarbon-exporting countries. For Azerbaijan, whose economy largely depends on the energy sector, this factor indeed plays a key role. However, in modern conditions, the impact of oil prices on the country’s economy is far more complex and multifaceted than it may appear at first glance.

Global energy markets are currently experiencing heightened volatility due to a combination of geopolitical tensions, supply constraints, and shifting demand patterns. The price of Brent crude oil, which serves as a key international benchmark, has been particularly sensitive to developments in major producing regions.

Fatih Birol, head of the International Energy Agency (IEA), said he is prepared to release additional oil reserves as energy prices soar worldwide.

China’s position as the largest buyer of Iranian oil is coming under renewed pressure following a temporary US sanctions waiver that could reshape global supply dynamics.