South Korea’s inflation rose to a 26-month high in May, reaching 3.1 per cent year-on-year. The increase was driven mainly by higher fuel costs amid volatility in global energy markets, according to Statistics Korea.
The Gulf countries continue to consolidate their position as one of the most influential hubs in global energy markets, (with 32.7% of global oil reserves and 21.2% gas reserves) supported by a broad base of natural resources, advanced infrastructure and accumulated expertise, said a report.
Shipping through the strategic Strait of Hormuz remained severely disrupted on Wednesday as Iran intensified actions aimed at blocking the critical waterway, including attacks on tankers and suspected mine-laying operations
