UK diesel prices experienced their most substantial monthly drop in 26 years during November, with experts attributing the decline to easing geopolitical tensions and a reduction in crude oil costs. This follows a period of elevated prices linked to Middle East instability.
Ceasefire negotiations between Israel and Hamas have reached an impasse, leading to Israeli preparations for renewed military action in Gaza. Reports indicate the US may sanction an expansion of Israeli 'operations' as Hamas refuses to disarm, a key Israeli demand, while Hamas cites Israeli violations of humanitarian commitments.
An Iranian ballistic missile strike on Qatar's Ras Laffan gas complex on 18 March disrupted 17% of global LNG supply, costing QatarEnergy an estimated $20 billion annually. This attack, following Israeli bombing of Iran's South Pars gas field, has inflicted up to $58 billion in damage across Gulf states, exacerbating regional economic instability and jeopardising diversification efforts.
