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World Economy Mar 23, 2026

Global Energy Crisis Worsens: IEA Head Warns of Worst Crisis Since 1970s Oil Shocks

The world is facing a severe energy crisis, worse than the 1970s oil shocks and the Ukraine war com…
The world is currently experiencing a severe energy crisis, surpassing the combined impact of the 1970s oil shocks and the Ukraine war, according to Fatih Birol, Executive Director of the International Energy Agency (IEA). Speaking at a media event in Australia, Birol warned that the energy crunch prompted by the US-Israel war on Iran has exceeded the 1973 and 1979 oil shocks and gas shortages stemming from Russia's 2022 invasion of Ukraine.Birol stated that the crisis is equivalent to two oil crises and one gas crash combined. He noted that the effective closure of the Strait of Hormuz and attacks on energy facilities have reduced global oil supplies by about 11 million barrels per day (bpd), more than double the combined shortfalls of the 1970s crises. Additionally, liquefied natural gas (LNG) supplies have been reduced by about 140 billion cubic meters, compared to a shortfall of 75bcm in the aftermath of Ukraine's invasion by Russia.At least 40 energy facilities across nine countries have been severely damaged in the conflict, according to the IEA chief. Birol emphasized that the global economy is facing a major threat and expressed hope that the issue will be resolved soon.Birol also expressed concern that the scale of the crisis had not been fully understood, which prompted him to speak publicly about the situation. The IEA has proposed measures to reduce energy consumption, including facilitating remote working and carpooling, and lowering speed limits on motorways.The IEA chief is in consultation with different countries about releasing more strategic oil reserves if needed. However, he emphasized that the single most important solution to the crisis is to unblock the Strait of Hormuz, which usually carries about one-fifth of global oil and LNG supplies.
#oil #energy #iran
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World Economy Mar 23, 2026

Global Energy Crisis: Iran War and Ukraine Fallout Rivals 1970s Oil Shocks

The global energy crisis triggered by the Iran war and Ukraine conflict is comparable to the twin o…
The global energy crisis caused by the war in Iran and the fallout from the Ukraine conflict is equivalent to the combined force of the twin oil shocks of the 1970s, according to the head of the International Energy Agency (IEA).Fatih Birol, the IEA's executive director, warned that the growing fallout could be seriously compounded by interruptions to the 'vital arteries of the global economy', including petrochemicals, fertilisers, sulphur, and helium.The crisis, which started with bombings against the regime in Tehran on 28 February, already represents the loss of 11m barrels of oil per day and about 140 bcm of gas. This is comparable to the losses seen in the 1973 and 1979 oil crises, which saw a loss of about 5m barrels of oil per day each, and Russia's 2022 invasion of Ukraine, which removed about 75bn cubic metres (bcm) of natural gas from international markets.Birol said that at least 40 energy assets in the Gulf region had been severely or very severely damaged, so even an end to the conflict would not immediately restore energy supply. He also noted that the Asia Pacific region had been badly affected by the closure of the Strait of Hormuz, through which about 20% of the world's oil supply is transported.The IEA has taken emergency measures, including the release of 400m barrels of oil from strategic reserves, the largest emergency measure in its history. Birol said he is consulting world leaders about another possible release of emergency oil supply, noting that the initial move was only 20% of overall stocks.
#iran #ukraine #iea
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Sports Mar 23, 2026

Arsenal's Gyökeres Transforms Carabao Cup Defeat Into Motivation for Trophy Treble

Arsenal's Viktor Gyökeres vows to use the team's Carabao Cup final defeat against Manchester City a…
Viktor Gyökeres has articulated the hurt and defiance within the Arsenal dressing room following their 2-0 Carabao Cup final defeat by Manchester City and promised to use it as fuel in the club's pursuit of other trophies this season.Arsenal produced their worst performance of the season in the final, with nearly every player falling below their standard – with the possible exception of William Saliba. The period from the beginning of the second half until Nico O'Reilly scored his second goal in the 64th minute proved particularly difficult, as City established complete dominance, leaving Arsenal pinned back and struggling to mount any meaningful attack.The recovery mission has already begun, with some at the club hoping the international break will provide a timely change of environment and focus. For Gyökeres, there is also the matter of Thursday's World Cup playoff with Sweden against Ukraine in Valencia. If his country advances, they will face Poland or Albania next Tuesday for a place at the finals.Despite the setback, Arsenal remains nine points clear of City at the top of the Premier League, albeit having played one game more, and has progressed to the Champions League quarter-finals, where they will face Sporting. Their next domestic challenge comes in the FA Cup quarter-final at Southampton on the following Saturday."Of course, we don't feel great right now but it's not like we have a game in three days," Gyökeres said. "For sure, we will go again and be even more motivated for those games."The turning point at Wembley came when Arsenal's backup goalkeeper Kepa Arrizabalaga – who Mikel Arteta started ahead of first-choice David Raya – dropped a cross to allow O'Reilly to score his first goal, although City had already established firm control of possession."We created some chances at the beginning of the game and then I think it was maybe 10 minutes from the break where they got the momentum," Gyökeres reflected. "I think they had the ball … maybe they didn't create so many dangerous chances but they had the ball a long time and it looked the same in the second half."Normally, when it's two top teams it can be like that [with the first goal being crucial]. In the moment of the game where they scored … yeah, it was difficult to get going afterwards."
#arsenal #city #keres
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World Economy Mar 21, 2026

Liquid Gold Rush: Heating Oil Thefts Escalate in Northern Ireland as Prices Soar

The conflict in Iran has triggered a surge in heating oil thefts across Northern Ireland, where 62%…
In rural Northern Ireland, the unmistakable sight of heating oil tankers making deliveries has become a double-edged sword. While these deliveries provide essential warmth, they also inadvertently mark homes as targets for criminals who monitor these visible supply routes.The decades-long issue of heating oil theft has intensified dramatically following the conflict in the Middle East, which has driven up the price of what locals now call 'liquid gold' to unprecedented levels. 62% of households across Northern Ireland depend on oil for heating, with rural reliance reaching 80%, making the region particularly vulnerable to both price shocks and related criminal activity.Since the US and Israel began attacking Iran on February 28, the cost of heating oil has almost doubled to approximately £1,000 for 900 litres. This price surge has transformed what was once a nuisance crime into a serious financial threat for many families.'Rural homes and farms are increasingly being targeted by opportunistic thieves,' said Gary McCartney, regional director of Countryside Alliance Ireland. 'A tank can be drained in minutes.'The consequences extend beyond financial loss. Gareth Kelly and Aimee Leigh Brolly, a couple in Limavady, County Derry, recently woke to choking fumes from an oil line severed by thieves, forcing them to vacate their home with their newborn son due to safety concerns.Police have issued security recommendations, including high-quality padlocks, motion-sensor lighting, and oil-level detection alarms. 'Long term, use fencing or prickly hedging to keep your tank out of sight from the road,' authorities suggest.Experts describe the phenomenon as opportunistic rather than organized crime. 'To call it organised crime is a stretch. This is low level,' said Jonny Byrne, a criminology lecturer at Ulster University. A former police officer agreed, noting that while organized crime groups might eventually become involved, 'it is more opportunistic than organised' at present.The Rural Community Network believes theft is significantly underreported, especially in isolated areas. 'Theft is more noticeable when prices are high,' said CEO Kate Clifford. 'Oil is like liquid gold. It's highly valuable and easy to steal.'This pattern mirrors similar spikes during Russia's invasion of Ukraine in 2022, when the Rural Community Network itself lost £1,700 worth of fuel to thieves who went undetected for an extended period.
#oil #heating #rural
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World Economy Mar 19, 2026

UK Defence Spending Boost Doesn't Mean Abandoning Global Values

The UK government is increasing defence spending while reducing overseas aid, sparking concerns abo…
The world is currently experiencing unprecedented levels of global instability and insecurity, with multiple conflicts erupting in regions such as the Middle East, Ukraine, Gaza, Sudan, and Lebanon. In response, the UK has increased its defence spending at the fastest pace since the end of the Cold War. This increase is being funded partly through a reduction in overseas aid spending over the next three years, a decision also made by several allied countries. Despite this, the Labour government emphasizes that its commitment to international development remains strong, viewing it as a fundamental part of its moral purpose and national interest. The reduction in aid does not signify a withdrawal from global responsibilities, but rather a strategic shift in prioritizing spending. The government plans to focus on areas with the greatest needs, particularly in fragile and conflict-affected countries such as Sudan, Palestine, Ukraine, and now Lebanon. Support for these regions is crucial for preventing humanitarian crises and promoting global stability. The new approach to development will prioritize: Innovative development strategies that deliver more impactful results Partnerships over paternalism, working closely with countries to build their own capacities Conflict prevention and resolution, particularly through education in conflict zones Climate and nature action to mitigate the effects of extreme weather Unlocking new sources of finance to drive growth and economic development The UK aims to lead reforms in international development, modernizing multilateral institutions and increasing investment in critical areas such as women's health and the BBC World Service. The government asserts that its values have not changed, and it remains committed to justice and global stability, even in the face of new security challenges.
#our #development #not
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Tech Mar 18, 2026

Russian‑Linked UNC6353 Deploys Darksword iPhone Spyware Against Ukrainians

A Russian‑aligned hacking group identified as UNC6353 used a new iPhone spyware kit called Darkswor…
Rapid‑Action Spyware: The Darksword Campaign UnveiledResearchers at Google, iVerify and Lookout traced a fresh wave of iPhone attacks against Ukrainian users to a toolkit they named Darksword. The tool, linked to the threat actor UNC6353, infiltrates devices via compromised Ukrainian websites, siphons passwords, photos, messaging app data and wallet credentials, then vanishes within minutes.Technical Footprint and Quick‑Turnover MetricsInfection vector: malicious scripts on Ukrainian‑hosted sites, active only for visitors inside Ukraine.Data exfiltration window: minutes of dwell time, depending on volume of harvested information.Capabilities: extraction of WhatsApp, Telegram, SMS, browser history, and cryptocurrency wallet keys.Design: modular architecture allowing rapid addition of new functions, mirroring the earlier Coruna toolkit.Geopolitical and Security ImplicationsThe Darksword operation underscores a growing trend of state‑aligned actors deploying highly specialized mobile spyware for short‑term, high‑value “smash‑and‑grab” missions. While the campaign was geographically limited to Ukraine, its sophistication suggests that similar tools could be repurposed for broader espionage or financial theft, raising concerns for iPhone users worldwide and prompting a reassessment of mobile threat models.Future Outlook: Modular Spyware on the RiseAnalysts predict that the success of Darksword will encourage further development of modular iPhone exploits that prioritize rapid data theft over persistent surveillance. Defensive measures will likely focus on hardening web‑delivery chains, improving app‑store vetting, and enhancing on‑device anomaly detection to counter fleeting, high‑impact attacks.
#Russia #Ukraine #iPhone
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