Iran’s ⁠huge Pars gas field was hit on Wednesday in the first reported strikes on Iran’s Gulf ⁠energy infrastructure of the US-Israeli war, prompting Tehran to announce it would respond with attacks on oil and gas targets throughout the Gulf. Oil prices shot up after the attack, a major escalation in a war that has already halted shipping from the world’s most important energy-producing region and could now bring lasting damage to its infrastructure. Benchmark Brent crude prices rose around 5...

US President Donald Trump has announced a temporary 60-day suspension of the Jones Act, the century-old law that mandates cargo moving between domestic ports be transported on vessels built, operated and staffed by American citizens or permanent residents. The move comes in response to the blockade of the Strait of Hormuz – a key chokepoint – amid the escalating US-Israeli war against Iran, which has triggered the most severe global oil supply disruption in recent history. The waiver allows...

Pakistan announced on Wednesday a pause in strikes against Afghanistan, saying the decision was made ahead of the Muslim holiday of Eid al-Fitr at the request of Saudi Arabia, Qatar and Turkey. In a statement, Pakistan’s information minister Attaullah Tarar said the pause in strikes on “terrorists and their support infrastructure in Afghanistan” would take effect at midnight on Wednesday and remain in place until midnight on Monday. “Pakistan offers this gesture in good faith and in keeping with...

Hong Kong authorities have raided three illegal fuelling stations and arrested two men, seizing more than 1,800 litres (475.5 gallons) of petrol with an estimated market value of HK$54,000 (US$6,891) as oil prices continue to spike amid the widening conflict in the Middle East. The joint crackdown by the Fire Services Department and the Customs and Excise Department in the past week also led to the detention of three vehicles and the arrest of a suspected station operator and...

Visits to China by foreign leaders are tightly choreographed and meticulously planned affairs, even by the usual standards of international diplomacy. But the chaotic nature of Donald Trump’s White House and his request to delay a planned visit to China in the wake of his decision to attack Iran are widely believed to be causing increasing frustration in Beijing. The South China Morning Post has previously reported that preparations for the visit had been dogged by problems, with the Chinese...

Hong Kong’s securities regulator on Wednesday recommended strengthening the stock exchange’s regulations to better protect investors following a review of 2024 compliance and enforcement cases. The Securities and Futures Commission (SFC) submitted its findings after vetting listed companies’ internal control reviews, their handling of late auditor resignations and the processes of the Hong Kong stock exchange’s listing division. The regulator noted that while thestock exchange “had taken steps...

Ukrainian President Volodymyr Zelensky on Wednesday urged the European Union to overcome a veto by Hungary on a €90 billion (US$103 billion) loan vital for his country. Zelensky, during a visit to Madrid to meet Spanish Prime Minister Pedro Sanchez, said he considered that the “main issue” of an EU summit to be held Thursday and Friday in Brussels. “We are really counting on the countries and the EU to find ways to resolve this issue,” he said. Hungary’s Prime Minister Viktor Orban – Russian...