Oil Prices

The Indian rupee weakened further to breach 94 and approach 95 against the US dollar—a new record low—following its prior plunge to 93.73 last week. Surging crude oil prices from Red Sea tensions and fears of a prolonged Gulf war drove the slide, while Indian stocks extended losses into a fifth consecutive week. Limited Reserve Bank of India intervention has heightened concerns of additional depreciation.

26 Mwezi wa tatu, 2026 Imeripotiwa na AI

China National Offshore Oil Corporation (CNOOC), the country's largest producer, plans to boost oil and gas output to 780-800 million barrels of oil equivalent (BOE) in 2026, up to 3% from 2025's record. The announcement follows an 11.5% drop in 2025 net profit due to low oil prices despite record volumes.

Hong Kong's Fire Services Department reported 221 complaints about illegal petrol stations in the first two months of the year, 42 per cent higher than the 2025 monthly average. The rise coincides with surging oil prices from the US-Israel war with Iran, which has driven standard petrol prices up by 56.4 per cent. Authorities noted that illegal operators are converting vehicles into mobile refuelling points, heightening public safety risks.

12 Mwezi wa tatu, 2026 Imeripotiwa na AI

Malacañang pushed back against Vice President Sara Duterte's criticism of the government's handling of rising oil prices tied to Middle East tensions. Palace Press Officer Claire Castro questioned why Duterte did not alert authorities if she foresaw the oil crisis as early as 2022. Castro emphasized that as vice president, Duterte had a duty to inform officials to allow public preparation.

Global airlines are increasing ticket prices as jet fuel costs soar due to the US-Israel conflict with Iran. Airspace closures in the region are forcing reroutes and cancellations, exacerbating the disruptions. Oil prices have fluctuated sharply, impacting carriers worldwide.

10 Mwezi wa tatu, 2026 Imeripotiwa na AI

The U.S. Bureau of Labor Statistics reported that the Consumer Price Index for February 2026 rose 0.3% month-over-month and remained at 2.4% year-over-year, matching economist expectations. Core CPI, excluding food and energy, increased 0.2% monthly and stayed at 2.5% annually. While inflation showed stability before the recent U.S.-Israel-Iran war, surging oil prices are expected to push future readings higher.