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Rohingya crisis

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  PM seeks OIC support to resolve Rohingya crisis Prime Minister Tarique Rahman today sought support from member states of the Organization of Islamic Cooperation to help resolve the Rohingya crisis. He made the appeal when ambassadors and high commissioners of OIC member countries stationed in Dhaka paid a courtesy call on him at his Cabinet Division office at the Bangladesh Secretariat this afternoon, according to Prime Minister’s Deputy Press Secretary Jahidul Islam Rony. During the meeting, the envoys congratulated Tarique Rahman on assuming office as Prime Minister. The OIC member states also reaffirmed their strong commitment to standing beside Bangladesh and strengthening bilateral cooperation in several sectors, including investment, trade, education, healthcare, textiles, and the pharmaceutical industry. Rony said the Prime Minister welcomed their remarks and, on behalf of the government and the people of Bangladesh, thanked the OIC countries for their continued support. T...
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Oil Surges Above $102 as U.S. Plans Hormuz Blockade

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Oil Surges Above $102 as U.S. Plans Hormuz Blockade

Oil prices climbed back above $100 per barrel on Monday as the U.S. Navy moved to block shipping to and from Iran through the Strait of Hormuz. The decision follows failed negotiations between Washington and Tehran to end the ongoing conflict, raising concerns over disruptions to Iranian oil exports.

Brent crude rose by $7.03, or 7.4 percent, to $102.23 a barrel by 08:10 GMT, after closing 0.75 percent lower on Friday. Meanwhile, U.S. West Texas Intermediate (WTI) gained $7.31, or 7.6 percent, reaching $103.88 per barrel after a 1.33 percent drop in the previous session.

U.S. President Donald Trump announced on Sunday that the Navy would begin enforcing a blockade in the Strait of Hormuz, escalating tensions after prolonged talks with Iran failed to produce a ceasefire agreement. The move also puts a fragile two-week truce at risk.

Trump acknowledged that oil and gasoline prices could remain elevated through the U.S. midterm elections in November, highlighting potential political consequences of the decision to launch military action against Iran six weeks ago.

According to Erik Meyersson, an analyst at Nordic bank SEB, the planned blockade suggests that the core objective of the ceasefire—reopening the Strait—may not be achievable at this time.

The U.S. Central Command (CENTCOM) confirmed that the blockade would begin at 10:00 a.m. ET (14:00 GMT) on Monday. It will apply to all vessels entering or leaving Iranian ports, including those along the Arabian Gulf and the Gulf of Oman, and will be enforced regardless of nationality. However, ships passing through the Strait en route to non-Iranian ports will not be affected.

In response, Iran’s Revolutionary Guards warned that any military vessels approaching the Strait would be seen as violating the ceasefire and would face a strong and decisive response.

Physical crude prices are already trading at significant premiums over futures, with some grades reportedly reaching record highs of around $150 per barrel. RBC Capital Markets analyst Helima Croft noted that if the blockade is fully enforced, the gap between physical and futures markets could soon narrow.

Shipping data from LSEG shows that oil tankers are avoiding the Strait of Hormuz ahead of the blockade. Still, three fully loaded supertankers managed to pass through the waterway on Saturday, marking the first departures since last week’s ceasefire agreement.

Separately, Saudi Arabia announced on Sunday that it has restored full capacity on its East-West pipeline, now pumping about 7 million barrels per day. This comes days after assessing damage to its energy infrastructure caused by attacks during the Iran conflict.

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