Oil prices rose to their highest levels since May as Middle East tanker attacks and uncertainty over Iran fueled supply fears. The surge lifted gasoline prices, bond yields and market expectations of a Federal Reserve rate hike next week.
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Oil and gas prices surged as fighting between the US and Iran disrupted Gulf energy routes, driving up inflation fears and government borrowing costs. The European Central Bank raised rates to 2.5% and warned inflation may last longer than expected.
A fire on the Liberian-flagged Ocean Melody while it was docked for repairs in Qingdao killed at least 20 people, with state media reports giving differing casualty counts. Chinese leaders called for urgent rescue work, medical treatment for the injured and an investigation into fire hazards.
Copernicus said August tied July 2023 as the hottest month ever recorded, reaching 1.65 Celsius above pre-industrial levels. Scientists cited human-caused climate change and a strengthening El Niño as key drivers.
A ferry carrying 134 passengers and crew caught fire near Coron in Palawan province, leaving at least five dead and dozens missing. Philippine authorities said rescue figures could change as search operations continue.
Declassified Spanish intelligence documents show authorities in Spain and Morocco were warned about social media calls for a mass crossing into Ceuta a day before more than 72,000 migrants entered the enclave. Prime Minister Pedro Sánchez says the warnings did not indicate the scale of the crisis that followed.
President Donald Trump said the Iran war is likely to end after the November midterm elections and predicted oil prices would fall afterward. His remarks came as oil hit $100 a barrel and U.S.-Iran hostilities intensified.
The US designated Ecuador’s Los Tiguerones gang as a foreign terrorist organization and pledged to seek $45 million in security funding for Quito. Secretary of State Marco Rubio announced the move during a regional trip focused on counternarcotics cooperation with right-wing governments.