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Al Jazeera
2 days ago
- Politics
- Al Jazeera
Russia-Ukraine war: List of key events, day 1,213
Here is how things stand on Saturday, June 21: Fighting Drones and missiles launched by Russia overnight have damaged energy infrastructure in central Ukraine's Kremenchuk district in Poltava, said local military authorities. One person was injured in the attack, according to Volodymyr Kohut, the region's military governor, who did not provide further details on the extent of the damage. Russia had targeted the district's refinery, according to a report by online news outlet Politics and diplomacy Ukraine and Russia exchange more prisoners of war, officials from both countries said, the second swap in two days under an agreement struck in Turkiye earlier this month. All the captured soldiers were wounded, ill or under 25 years old. Neither side said how many soldiers had been freed. At Russia's flagship economic forum in Saint Petersburg, President Vladimir Putin said he did not 'rule out' his forces taking control of Ukraine's northeastern city of Sumy as part of efforts to create a buffer zone along the border. The Sumy region is not one of the regions Moscow has formally annexed, although Russian forces have recently made inroads there for the first time in three years, with Putin claiming his troops had advanced up to 12km (7 miles) in the region. In a string of hawkish remarks, Putin also appeared to repeat his denial of Ukrainian statehood. Ukraine said Putin's comments showed 'disdain' for the peace process. The German military considers Russia to be an 'existential risk' to the country and Europe, according to a Spiegel news magazine report that cites a new Bundeswehr strategy paper. Russia is verifiably preparing for a conflict with NATO, particularly by strengthening forces in western Russia 'at the borders with NATO,' the report cites the strategy paper as saying. Germany can only counter this threat 'with a consistent development of military and society-wide capabilities,' the document concludes. Putin has reaffirmed Moscow's opposition to the spread of weapons of mass destruction, including any potential acquisition by Iran. Putin told Sky News Arabia that Russia supports Iran's right to develop nuclear energy for peaceful purposes, emphasising that the International Atomic Energy Agency (IAEA) has found no evidence suggesting Tehran seeks to build nuclear weapons. Putin also stated that Russia is prepared to assist Iran in the development of its civilian nuclear programme. Economy At the economic forum in St Petersburg, Putin also urged officials not to let Russia fall into recession 'under any circumstances', as some in his own government warned of a hit to economic growth. Economists have warned for months of a slowdown in the Russian economy, with the country posting just 1.4 percent year-on-year growth in the first quarter of 2025, the weakest pace in two years. A decision by the OPEC+ group of leading global oil producers to speed up production now looks far-sighted and justified amid the Middle East conflict, said Igor Sechin, head of Russia's largest oil producer Rosneft, at the forum. Sechin also said that there will be no oil glut in the long term despite the production rise, and that the European Union seeks to reduce Russia's oil cap to $45 to improve the profitability of its purchases, not to cut Russia's budget revenues.
Arab News
15-06-2025
- Politics
- Arab News
Russia says it struck oil refinery that supplies Ukrainian army with fuel
MOSCOW: Russian forces carried out an overnight strike on the Kremenchuk oil refinery that supplies fuel to Ukrainian forces in the Donbas region, Russia's defense ministry said on Sunday. President Volodymyr Zelensky denounced the attack on the central Poltava region as a vile strike against Ukrainian energy infrastructure. 'Unfortunately, there was damage to the energy infrastructure,' Zelensky said in his evening address to the nation. 'This is Russia's (effort to) spit on everything that the international community is trying to do to stop this war.' He said it occurred 'after the Americans asked us not to strike at Russian energy facilities.' The Russian defense ministry's statement said that missiles had been fired at the refinery in Ukraine's Poltava region from both sea and air and that strike drones were also used in what it said had been a successful attack. Russia has claimed Ukraine's eastern Donbas region as its own and controls most of its two regions, Donetsk and Luhansk. Ukraine is fighting to stop Russia from taking control of the rest of Donbas and has said it plans to retake territory it has lost, through a combination of force and diplomacy. The Russian Defense Ministry said separately that its forces had taken control of the village of Malynivka in the Donetsk region, known in Russia as Ulyanovka. It also said its forces had advanced deep into enemy defenses in Ukraine's Sumy region and inflicted heavy losses on Ukrainian units there. Sumy is not one of the regions Russia has formally claimed as its own, but it has spoken of creating a buffer zone there. Zelensky said on Saturday that Ukrainian forces had recaptured Andriivka village in northeastern Sumy as part of a drive to expel Russian forces from the area. He said Russia has amassed 53,000 troops in the vicinity.
Khaleej Times
15-06-2025
- Business
- Khaleej Times
Oil shock looms as Strait of Hormuz crisis fuels inflation fears
The intensifying Iran-Israel conflict has jolted global financial markets, with fears of a potential closure of the Strait of Hormuz — a vital conduit for 20 million barrels of oil and refined products daily — pushing oil prices toward $120 per barrel and threatening to reignite inflation worldwide. While geopolitical tensions have long simmered in the Arabian Gulf region, the recent escalation is prompting more serious concerns about a possible supply shock that could upend the global economy and drive inflation to levels not seen since the early 2020s, analysts and market watchers argue. The Strait of Hormuz, a narrow waterway in the Arabian Gulf handling 21 per cent of global petroleum liquids consumption, is a linchpin for energy markets. A prolonged disruption could destabilise economies, particularly in the GCC and energy-importing nations, by driving up costs for consumers and businesses. Oil prices surged over 13 per cent after Israel's airstrikes on Iranian energy infrastructure, including oil refineries and the Pars South gas field, before settling eight per cent higher on Friday. Brent and West Texas Intermediate benchmarks marked their largest single-day gains since March 2022. Analysts warn that a sustained blockade of the Strait could push oil prices beyond $120 per barrel, potentially lifting the US consumer price index (CPI) to five per cent. In May, US headline inflation was 2.4 per cent, with core CPI at 2.8 per cent, but rising energy costs could reverse this progress. 'The Strait of Hormuz is a critical chokepoint,' said Jorge Leon of Rystad Energy. 'Over 80 per cent of its 12 million barrels per day of crude oil flow to Asia, with total volumes reaching 20 million barrels including refined products.' While Saudi Arabia and the UAE have pipelines bypassing the Strait, their capacity covers only half the current flow, leaving markets vulnerable to supply shocks. Kristian Kerr of LPL Financial noted that Iran's potential closure of the Strait is the primary market concern, given its role in global oil and gas transit. In the GCC, higher oil prices would elevate costs for fuel, transportation, and manufacturing, squeezing household budgets. In some GCC countries, where fuel subsidies mitigate price spikes, governments may face fiscal strain to maintain these measures. In Oman and Bahrain, consumers could face sharper rises in living costs, deepening economic inequality. Globally, major oil importers like China, India, Japan, and South Korea, reliant on the Strait for over 80 per cent of their oil, would see higher energy costs fuel broader inflation. In the US and Europe, rising fuel prices could increase transportation and heating expenses, hitting consumers and businesses. J.P. Morgan's Natasha Kaneva warned that sustained oil prices above $100 per barrel could undo months of cooling consumer prices, with a preferred range of $60 to $65 per barrel to avoid inflationary spikes. Tim Urbanowicz of Innovator added that rising energy costs could permeate CPI components like food and transport, amplifying price pressures. The economic fallout would be particularly acute for import-dependent nations, where higher shipping and production costs could raise prices for goods from electronics to groceries. Despite the risks, some analysts downplay the likelihood of a full closure. Kenneth Pollack, a former CIA Arab Gulf analyst, suggested Iran would avoid such a move to prevent alienating allies like China or provoking Western intervention. George Saravelos of Deutsche Bank called a closure a 'last resort' due to its severe global impact. Mitigation options include Opec's spare capacity, particularly from Saudi Arabia and the UAE, and US strategic oil reserves, though these may only partially offset a prolonged disruption. Shipping firms are already adapting. Dubai-based Gulf Navigation has implemented enhanced risk measures, including rerouting and crew training. Bimco reported that shipowners are avoiding the Red Sea and Arab Gulf, opting for longer routes around the Cape of Good Hope, which raises shipping costs and delays. India's shipping directorate urged vessels to exercise caution in the Strait, reflecting heightened maritime risks. Past Houthi attacks on Red Sea shipping, linked to Iran's proxies, forced similar rerouting, increasing costs that could further inflate prices for GCC consumers. The conflict's economic ripples extend beyond oil. Potential disruptions by Iran's proxies, like the Houthis, add uncertainty to global trade routes. Last year's Red Sea attacks raised shipping costs, a scenario that could recur, compounding the impact of higher energy prices. For GCC households, this could mean pricier imported goods, exacerbating the cost-of-living squeeze. As tensions persist, the economic stakes are high. Analysts warn that a sustained Strait closure would spike oil prices, fuel inflation, and strain global economies. Markets remain on edge, with investors and policymakers bracing for further developments in the Iran-Israel conflict.
Al Jazeera
15-06-2025
- Politics
- Al Jazeera
Second wave of Iranian missiles hits Israel
NewsFeed Second wave of Iranian missiles hits Israel Video shows a barrage of Iranian missiles making impact in Tel Aviv and other sites in Israel in its second wave of attacks, killing at least 10 people. The strikes are retaliation for Israel's bombing of civilian and energy infrastructure in Iran.
Yahoo
15-06-2025
- Business
- Yahoo
Energy markets are poised to be the next battlefield in the spiraling Israel-Iran conflict
After Israel decimated Iran's military in its initial wave of air strikes, reports on Saturday indicated Iranian energy infrastructure was under attack. Meanwhile, Tehran warned that closing the Strait of Hormuz, a critical chokepoint in the global energy trade, was under consideration. Oil prices spiked on Friday, and escalation of the Israel-Iran conflict could send them higher. The Israel-Iran conflict is poised to include economic targets as both sides seek leverage in the rapidly escalating series of attacks. After Israel decimated Iran's military in its initial wave of air strikes, reports on Saturday indicated Iranian energy infrastructure was under attack. That includes the Pars South gas field, considered to the world's largest reservoir of natural gas, as well as oil refineries. That comes as Israeli Prime Minister Benjamin Netanyahu warned on Saturday that, 'We will strike every site and every target of the ayatollahs' regime,' after he earlier urged the Iranian people to overthrow their government. On Friday, Israel's defense minister said Iran crossed 'red lines' by launching its missiles at civilian areas as part of its retaliatory attacks. Former Deputy Secretary of State Wendy Sherman told Bloomberg TV that she believed that's a signal Israel will target Iran's oil and economic infrastructure. Meanwhile, Tehran's retaliation could similarly extend into energy markets. Despite Iran launching hundreds of missiles and drones at Israel, analysts have noted that it has few viable military options and its overall capabilities have been severely degraded by Israel. An Iranian lawmaker said closure of the Strait of Hormuz, a critical chokepoint in the global energy trade, was under serious consideration. The equivalent of 21% of global petroleum liquids consumption, or about 21 million barrels per day, flows through the strait. That could spike oil prices even higher after they jumped 7% on Friday to more than $70 a barrel as markets reacted to the early stages of the Israel-Iran conflict. In a note on Saturday, George Saravelos, head of FX research at Deutsche Bank, estimated that the worst-case scenario of a complete disruption to Iranian oil supplies and a closure of the Strait of Hormuz could send oil price above $120 per barrel. Such a closure might entail use of mines, patrol boats, aircraft, cruise missiles and diesel submarines, while clearing the strait could take weeks or months. 'Given the significant global implication of such a closure, we believe that potential closure of the Strait is likely to be kept as last resort leverage and only to be considered in extremis,' Saravelos added. In a column in Foreign Affairs magazine on Friday, Kenneth Pollack, a former CIA Persian Gulf military analyst and former director for Persian Gulf Affairs at the National Security Council, said there's a low likelihood Iran would close the strait. That's because Iran would quickly go from a 'sympathetic victim to a dangerous nemesis in the eyes of most other countries,' while Western countries and perhaps even China would use force to reopen the strait, he predicted. 'And Tehran would have to worry that such a reckless threat to the world's economies would convince Washington that the Iranian regime had to be removed,' Pollack added. 'That fear is surely greater with U.S. President Donald Trump—who ordered the death of Iranian general Qassem Soleimani in January 2020—back in office.' This story was originally featured on
