As predicted, China going after Taiwan as Trump is going after Cuba and Israel after Lebanon.
China says peaceful reunification will solve Taiwan’s energy crisis amid Iran war
China has said that peaceful reunification would resolve Taiwan’s energy supply concerns caused by the Israeli-US war on Iran.
Chen Binhua, spokesman for Beijing’s Taiwan Affairs Office, said Taiwan would benefit from “energy resources, backed by a strong motherland”.
“The mainland’s abundant power supply is more than sufficient to meet the electricity needs of Taiwan’s companies and can ensure that households across the island are freed from the inconvenience and worries of power shortages and outages during peak seasons,” he said.
Taiwan buys 70 percent of its crude oil and more than 30 percent of its natural gas from the Middle East.
Energy prices spike
Brent crude, the global oil benchmark, hit $115 a barrel this morning after Israeli strikes sparked Iranian retaliation on energy infrastructure across the Middle East, including on Qatar’s critical liquefied natural gas hub Ras Laffan.
US President Donald Trump threatened to “blow up” the world’s largest gas field, a key Iranian asset, if Tehran keeps up its attacks on Qatar. He also said the US “knew nothing” about Israel’s plan to strike the South Pars field, but sources have told CNN that the US was aware of it.
US allies that help Washington to reopen the Strait of Hormuz, the strategic waterway currently under blockade by Iranian forces, risk “complicity” in war crimes, Iranian Foreign Minister Abbas Araghchi has said.
South Korea eyes Russian oil as war roils oil markets
South Korea is considering whether to restart buying oil from Russia.
Seoul stopped importing Russian crude at the end of 2022 following Moscow’s invasion of Ukraine. It is now openly debating easing sanctions to safeguard its supplies. South Korea imports about 70 percent of its crude oil through the Strait of Hormuz.
The government has been holding a series of emergency meetings. Some measures include a price cap for refiners here – it’s the first time they have introduced such a measure since the Asian financial crisis in 1997. They are also discussing a potential rationing system for cars.
US may ease restrictions on Iranian oil: Treasury Secretary Scott Bessent
The United States may ease restrictions on Iranian oil already at sea, Treasury Secretary Scott Bessent said on Fox Business, as Washington looks to stabilise global supply.
He added that the US could also carry out a unilateral release of oil reserves.
Bessent said earlier this week that Iranian oil tankers have already been leaving the Strait of Hormuz with US awareness, helping supply global markets.
Europe gas prices could rise by more than 30 percent later this year: Report
European gas prices could surge this winter as the Israeli-US war on Iran threatens global supply, Bloomberg Intelligence warns.
Prices may climb to 90 euros per megawatt-hour ($103), up from about 66 euros ($75), as strikes on Qatar’s Ras Laffan complex risk disrupting roughly 20 percent of global LNG flows.
The forecast points to prolonged outages even if tensions ease quickly, tightening supply and increasing competition with Asian buyers. Low storage levels across Europe could add further pressure, raising concerns over affordability and energy security in the months ahead, the report added.
Pentagon seeks more than $200bn in budget request for Iran war: Report
The Washington Post says the US Department of Defense has asked the White House to approve a more than $200bn request to the US Congress to fund the war in Iran, citing a senior administration official.
Multiple other officials the Post interviewed said that the cost of the war so far has exceeded $11bn.
That's $1,200 extra per American tax payer, who pay over $6,000 a year on the US military.
