United News of Bangladesh

The International Energy Agency (IEA) has outlined 10 immediate ways households, businesses and governments can save money as oil prices surge above $100 per barrel following what it calls the largest supply disruption in global oil market history. The crisis stems from the US-Israel war on Iran, which has severely reduced shipping through the Strait of Hormuz — a key artery that normally carries around 20 per cent of global oil consumption, or roughly 20 million barrels per day. The loss of these flows has tightened markets sharply, pushing up not just crude prices but also refined fuels such as diesel, jet fuel and liquefied petroleum gas (LPG), reports GulfNews. While countries have already responded with supply-side measures — including a record 400 million barrel release from emergency reserves — the IEA says these alone are not enough. “The war in the Middle East is creating a major energy crisis, including the largest supply disruption in the history of the global oil market. In the absence of a swift resolution, the impacts on energy markets and economies are set to become more and more severe,” said IEA Executive Director Fatih Birol. “As the global energy authority, the IEA is doing everything we can to support the stability of energy markets. We have recently launched the largest ever release of IEA emergency oil stocks – and I am in close contact with key governments around the world, including major energy producers and consumers, as part of our international energy diplomacy,” Birol said. Measures to adopt In addition, Birol said today’s report provides a menu of immediate and concrete measures that governments, businesses and households can take on the demand side to shelter consumers from the impacts of this crisis. “It draws on the IEA’s decades of expertise in this field and highlights measures that have been proven to work in practice in different contexts. I believe it will be of use to governments around the world, in both advanced and developing economies, in these challenging times,” Birol added. Why demand cuts matter The agency stressed that reducing demand is a “critical and immediate tool” to ease pressure on consumers, improve affordability and support energy security until normal supply flows resume. Road transport — which accounts for around 45% of global oil demand — is the biggest focus, though the recommendations also cover aviation, cooking and industry. The 10 ways to save money So, what are the 10 ways to save money? IEA’s report highlights simple, proven actions that can quickly cut fuel use and lower household expenses: 1. Work from home where possible Cuts fuel use by reducing daily commuting. 2. Reduce highway speed limits by at least 10 km/h Lower speeds reduce fuel consumption across vehicles. 3. Use public transport Switching from private cars to buses and trains reduces oil demand. 4. Alternate private car access in cities Number-plate rotation systems can cut congestion and fuel use. 5. Car sharing and efficient driving Higher occupancy and eco-driving lower fuel consumption. 6. Improve efficiency in deliveries and freight Better driving, maintenance and load optimisation reduce diesel use. 7. Divert LPG use from transport Preserves LPG for essential needs like cooking. 8. Avoid air travel where alternatives exist Reduces demand for jet fuel, especially business travel. 9. Switch to modern cooking solutions Electric cooking can reduce reliance on LPG. 10. Improve industrial efficiency and switch feedstocks Helps reduce oil consumption and free up fuel for critical uses. The IEA said that while these demand-side measures cannot fully offset the scale of the supply disruption, widespread adoption can “play a meaningful role” in lowering costs, reducing market strain and preserving fuel for essential uses.

U.S. stock markets moved lower on Friday, heading toward a fourth straight week of losses, although a slight drop in oil prices helped calm markets in other parts of the world. The S&P 500 fell 0.5% in early trading and was on track for its longest weekly losing streak in a year. The Dow Jones Industrial Average dropped 126 points, or 0.3%, while the Nasdaq Composite declined 0.8%. Rising bond yields continued to put pressure on U.S. stocks. Higher yields make borrowing more expensive for businesses and consumers, which can slow economic growth and reduce investment demand. Yields have been increasing since the war with Iran began, as investors worry that higher oil and gas prices could push inflation up. Due to these concerns, traders are now less hopeful that the Federal Reserve will cut interest rates this year. According to market data, some investors are even considering a small chance of a rate hike in 2026 — something that seemed very unlikely before the conflict. Lower interest rates usually support economic growth and stock prices, and Donald Trump has repeatedly called for cuts. However, reducing rates too quickly could worsen inflation. Outside the United States, markets showed more stability after Thursday’s sharp declines. Stock indexes rose slightly in Europe and gained 0.3% in South Korea, although markets in China fell. The relative calm came as oil prices eased. Brent crude slipped 0.3% to $108.29 per barrel, while U.S. benchmark crude remained nearly unchanged at $95.53. Oil prices have been highly volatile since the war began, rising from around $70 per barrel. Markets are closely watching how long the conflict will last and its impact on energy supplies, especially in the Strait of Hormuz, a key route for global oil shipments that Iran has restricted. Among individual companies, Super Micro Computer shares plunged 28.2% after U.S. authorities accused a senior executive and others of illegally exporting advanced chips to China. The company said it is cooperating with investigators and has suspended the employees involved. On the positive side, FedEx rose 2.8% after reporting stronger-than-expected quarterly profits. In the bond market, the yield on the 10-year U.S. Treasury climbed to 4.32%, up from 4.25% a day earlier and significantly higher than 3.97% before the war began.

Oil prices surged in early Asian trading, with Brent crude rising 4% to $112 (£84.34) per barrel, while US benchmark crude gained 3% to reach $99.27. The spike followed an attack on Iran’s South Pars gas facility, one of the largest natural gas fields in the world. In response, Iran reportedly struck a major liquefied natural gas export facility in Qatar, causing extensive damage and heightening concerns over global energy supplies. Despite the latest increase, oil prices remain below earlier highs in the conflict, when crude nearly reached $120 per barrel, though they are still significantly higher than pre-war levels. Meanwhile, Asian stock markets opened lower on Thursday. South Korea’s Kospi dropped 3%, Japan’s Nikkei 225 fell 2.8%, and Australia’s ASX 200 declined by 1.6%. With inputs from BBC

Asian markets bounced back Tuesday after steep losses the previous day, as investors bet the war with Iran might be short-lived. Tokyo’s Nikkei 225 surged 2.9% to 54,248.39 following revised economic data showing Japan’s economy grew 1.3% annually in the last quarter of 2025, stronger than the initial 0.2% estimate. Analysts said solid business investment helped lift the economy. “Positive comments from President Trump overnight are giving markets hope that the conflict could ease,” said Neil Newman, managing director at Astris Advisory Japan. Australia’s S&P/ASX 200 rose 1.1% to 8,692.60, South Korea’s Kospi jumped 5.4% to 5,532.59, Hong Kong’s Hang Seng climbed 2.1% to 25,937.59, and Shanghai’s Composite index gained 0.6% to 4,120.45. The rebound followed a steep drop in oil prices, which had spiked near $120 per barrel amid Middle East tensions before falling to about $90. Benchmark U.S. crude dropped $5.78 to $88.99 a barrel, while Brent crude slipped $5.79 to $93.17. In the U.S., markets recovered from early losses. The S&P 500 rose 0.8% to 6,795.99, the Dow Jones added 239 points to 47,740.80, and the Nasdaq gained 1.4% to 22,695.95. Investors remain wary of prolonged oil price surges, which could strain household budgets and corporate costs, raising fears of global stagflation. Concerns center on the Strait of Hormuz, through which a fifth of the world’s oil passes. President Trump said he was considering “taking it over” if Iran disrupts the flow. In bonds, the 10-year U.S. Treasury yield fell to 4.10% from 4.15%, while currency markets saw the dollar edge slightly higher against the yen at 157.48.

Crude oil prices surged sharply while global stocks fell, as investors reacted to the fallout from the US-Israeli attacks on Iran. Brent crude climbed as much as 13 percent in Asia on Monday morning before easing slightly, with the international benchmark trading around $76.48 per barrel by midday Tokyo time, up about 5 percent. Asian equities opened lower, with Hong Kong’s Hang Seng Index down roughly 2 percent and Japan’s Nikkei 225 falling about 1.5 percent. In the US, stock futures—which trade outside regular market hours—showed notable declines, pointing to a volatile session ahead on Wall Street. Futures tracking the S&P 500 and Nasdaq Composite both fell roughly 0.7 percent. Iran continues to strike US assets across the Gulf after the killing of Supreme Leader Ayatollah Ali Khamenei and up to 40 top Iranian officials. The attacks have killed one person in Bahrain, with Iraq and Kuwait reporting more Iranian raids. Israel says it is striking at the ‘heart of Tehran’ and is launching attacks on Lebanon after Hezbollah fired a barrage of rockets at northern Israel. Iranian state media says Israeli attacks have killed at least 20 people in Tehran’s Niloofar Square and caused damage to the Gandhi Hospital and a police building.” Iran’s retaliatory strikes on Israel have hit the cities of Tel Aviv and Jerusalem, and killed at least nine people in the central city of Beit Shemesh. US President Donald Trump has warned that attacks on Iran will continue until all of Washington’s objectives are achieved, and has promised to avenge the deaths of three American soldiers. Source: Al jazeera

The government today decided to reduce the price of edible oil, considering the price reduction in the international market, Senior Secretary to the Ministry of Commerce, Tapan Kanti Ghosh, said today (June 11, 2023). The price of bottled soybean oil has been reduced by Tk 10 per liter to Tk 189, and loose soybean oil will now cost Tk 167 per litre. Also read: Bottled soybean price hiked by Tk 12 per litre, effective from today Meanwhile, the price of palm oil has been reduced by Tk 2 per litre to Tk 133, the senior secretary said after the 7th meeting of the ‘Task Force on Review of Commodity Prices and Market Situation’ at the conference room of the Ministry of Commerce at the Secretariat. The price reduction will come into effect "within a few days," he said. Also read: 11 proposals including import of soybean oil, sugar get cabinet body’s nod The commerce secretary said: “Many issues were discussed in today's meeting, including the prices of soybean oil, onion, ginger and garlic. We’ve also discussed the current import situation.” “We’ve already reduced the price of onion after the decision to allow imports,” he said. Also read: Govt cuts soybean oil price by Tk 5 per litre, effective from Sunday The commerce secretary also said the price of edible oil may reduce further in the next 15 days, based on the reduction in price in the international market. According to the Ministry of Commerce, there is a demand for 20 lakh tonnes of edible oil annually in the country. Of this, the demand during the holy month of Ramadan is close to 3 lakh tonnes. Around 200,000 tons are produced locally, while the remainder is imported. Also read: TCB to buy 1.60 crore litres of soybean oil for OMS ahead of Ramadan

Western governments are aiming to cap the price of Russia’s oil exports in an attempt to limit the fossil fuel earnings that support Moscow’s budget, its military and the invasion of Ukraine. The cap is set to take effect on Dec. 5, the same day the European Union will impose a boycott on most Russian oil — its crude that is shipped by sea. The EU was still negotiating what the price ceiling should be. The twin measures could have an uncertain effect on the price of oil as worries over lost supply through the boycott compete with fears about lower demand from a slowing global economy. Here are basic facts about the price cap, the EU embargo and what they could mean for consumers and the global economy: WHAT IS THE PRICE CAP AND HOW WOULD IT WORK? U.S. Treasury Secretary Janet Yellen has proposed the cap with other Group of 7 allies as a way to limit Russia’s earnings while keeping Russian oil flowing to the global economy. The aim is to hurt Moscow’s finances while avoiding a sharp oil price spike if Russia’s oil is suddenly taken off the global market. Insurance companies and other firms needed to ship oil would only be able to deal with Russian crude if the oil is priced at or below the cap. Most of the insurers are located in the EU or the United Kingdom and could be required to participate in the cap. Without insurance, tanker owners may be reluctant to take on Russian oil and face obstacles in delivering it. Read: After Russian retreat, Ukrainian military plans next move HOW WOULD OIL KEEP FLOWING TO THE GLOBAL ECONOMY? Universal enforcement of the insurance ban, imposed by the EU and U.K. in earlier rounds of sanctions, could take so much Russian crude off the market that oil prices would spike, Western economies would suffer, and Russia would see increased earnings from whatever oil it can ship in defiance of the embargo. Russia, the world’s No. 2 oil producer, has already rerouted much of its supply to India, China and other Asian countries at discounted prices after Western customers shunned it even before the EU ban. One purpose of the cap is to provide a legal framework “to allow the flow of Russian oil to continue and to reduce the windfall revenue for Russia at the same time,” said Claudio Galimberti, a senior vice president of analysis at Rystad Energy. “It is essential for the global crude markets that Russian oil still finds markets to be sold, after the EU ban is operative,” he added. “In the absence of that, global oil prices would skyrocket.” WHAT EFFECT WOULD DIFFERENT CAP LEVELS HAVE? A cap of between $65 and $70 per barrel could let Russia keep selling oil and while keeping its earnings to current levels. Russian oil is trading at around $63 per barrel, a considerable discount to international benchmark Brent. A lower cap — at around $50 per barrel — would make it difficult for Russia to balance its state budget, with Moscow believed to require around $60 to $70 per barrel to do that, its so-called “fiscal break-even.” However, that $50 cap would be still be above Russia’s cost of production of between $30 and $40 per barrel, giving Moscow an incentive to keep selling oil simply to avoid having to cap wells that can be hard to restart. Read: Most Ukrainians left without power after Russian strikes WHAT IF RUSSIA AND OTHER COUNTRIES WON’T GO ALONG? Russian has said it will not observe a cap and will halt deliveries to countries that do. A lower cap of around $50 could be more likely to provoke that response, or Russia could halt the last of its remaining natural gas supplies to Europe. China and India might not go along with the cap, while China could form its own insurance companies to replace those barred by U.S., U.K. and Europe. Galimberti says China and India are already enjoying discounted oil and may not want to alienate Russia. “China and India get Russia’s crude at a huge discount to Brent, therefore, they don’t necessarily need a price cap to continue to enjoy a discount,” he said. “By complying with the cap set by the G-7, they risk alienating Russia. As a result, we do believe that the compliance with the price cap would not be high.” Russia could also turn to schemes such as transferring oil from ship to ship to disguise its origins and mixing its oil with other types to skirt the ban. So it remains to be seen what effect the cap would have. WHAT ABOUT THE EU EMBARGO? The biggest impact from the EU embargo may come not on Dec. 5, as Europe finds new suppliers and Russian barrels are rerouted, but on Feb. 5, when Europe’s additional ban on refinery products made from oil — such as diesel fuel — come into effect. Europe will have to turn to alternative supplies from the U.S., Middle East and India. “There is going to be a shortfall, and this will result in very high prices,” Galimberti said. Read: Russia-Ukraine grain deal extended in win for food prices Europe still has many cars that run on diesel. The fuel also is used for truck transport to get a huge range of goods to consumers and to run agricultural machinery — so those higher costs will be spread throughout the economy.

The edible oil price has increased sharply in the domestic market in the last two days after Indonesia, the world's top palm oil producer, announced an export ban. Indonesia announced on Friday a ban on palm oil exports from April 28  in a bid to stymie the soaring domestic price of cooking oil. However, analysts expect the ban to be a temporary one lasting weeks rather than months.  The soybean oil (loose) which had been selling at Tk 192-195 per litre in the capital, started selling for Tk 200 per litre on Monday. Also read: Govt doing its best to rein in prices of essential commodities: PM Some areas of the capital are not getting oil at higher prices even. Not only loose Soybean oil, but also bottled oil is seeing a shortage. Buyers at Shanti Nagar Bazar complained that shoppers are creating artificial crises to sell oil at higher prices. A retailer there told UNB that they sold loose Soybean oil at Tk 175 per liter on Sunday morning. In the afternoon on the same day, they bought the same edible oil from the wholesaler at Tk 182 per liter. On Monday morning the same oil the retailer bought at Tk 192 per liter. Talking to UNB, an additional secretary of commerce ministry in additional charge on import cell said that the Commerce inistry is working to control the price of edible oil. Also read: Palm oil price cut by Tk 3 per litre The ministry will hold a meeting with business leaders regarding alternative sources of edible oil to meet the demand of palm oil, he said, maintaining anonymity. He also hinted that a huge volume of edible oil has been imported or LCs have been opened to import, so there is no reason for price hike or to worry about shortages.

The price of edible oil in the country will come down very soon due to various initiatives taken by the government, said Law Minister Anisul Huq on Friday. "The price of edible oil has not increased so much in the last 40 in the world like now which has affected Bangladesh" he said while addressing a special extended meeting of Kasba Upazila Awami League at Kasba Upazila Parishad Auditorium in Brahmanbaria. The minister said the government has taken all possible steps to control prices. He also urged the people to be patient now. Regarding the newly formed election commission, the law minister said, “Hopefully, they will arrange the election for district councils.” Read: LGRD minister blames soaring prices of essentials on pandemic & war He also said, “If there is a need to amend the law, the government will try to do so as soon as possible for the sake of the ( district council) election.” Kasba upazila Awami League vice-president Mojibur Rahman, joint general secretary Mahabubul Bari Chowdhury Montu, Kasba upazila parishad chairman Rashedul Kawser Bhuiyan and Kasba Municipality Mayor Golam Hakkani, were present at the meeting, among others.

Finally putting an end to weeks of speculation and uncertainty, the Commerce Ministry has decided to increase the price of bottled soybean oil by Tk 8 per liter. The price of bottled soybean oil will now be Tk 168 per liter. The price of 5 liters of bottled soybean oil will be Tk795, which was Tk 760 earlier. In January, The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORVMA) proposed to the Commerce Ministry to increase the maximum retail price (MRP) of edible oil by Tk 8 to Tk 168 per litre. Also readL Edible oil price may go up further: Tipu Munshi The ministry decided to increase the price on Sunday after a lapse of about a month in the name of verification and reviewing the application. Commerce Secretary Tapan Kanti Ghosh told UNB that the price of soybean oil has been adjusted considering the international market price. Meanwhile, the Ministry of Commerce delayed the decision, but soybean oil prices rose sharply in the market. According to the Trading Corporation of Bangladesh (TCB), bottled soybean oil is currently being sold at Tk155 to Tk165 per liter. Also read: No hike in edible oil prices in 15 days, readjustment after that: Minister Last October 19, the ministry increased the price of bottled soybean oil by Tk 7 per liter to Tk 160. Before that on May 27, the price of soybean oil was increased by Tk 9 per liter.