Oil prices jump more than 5pct after Israel strikes Iran
Brent crude futures rose US$3.91, or 5.64 per cent, to US$73.27 a barrel by 0146 GMT, the highest since April 3. US West Texas Intermediate crude was up US$4.09, or 6.01 per cent, at US$72.13 a barrel.
Israel said early on Friday that it struck Iran, and Iranian media said explosions were heard in Tehran as tensions mounted over US efforts to win Iran's agreement to halt production of material for an atomic bomb.
"The Israeli attack on Iran has heightened the risk premium further," MST Marquee senior energy analyst Saul Kavonic said.
"The conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is actually materially impacted," he said, adding that Iran could hinder up to 20 million barrels per day of oil supply via attacks on infrastructure or limiting passage through the Strait of Hormuz in an extreme scenario. (Reporting by Sam Li and Florence Tan; Editing by Christian Schmollinger)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Tatler Asia
7 days ago
- Tatler Asia
'No beauty is innocent': Is sustainable fashion truly sustainable?
It offers more than garments, reflecting a wider value system: a commitment to people, the planet, and production ethics. Each fabric thread weaves together a generation's hopes for what lies ahead. Because of this sense of stewardship, sustainable fashion moves away from mass production. Instead of rapidly filling shelves or cutting costs for profit, many brands opt for small-batch production, on-demand design, conscious consumption, and predominantly manual craftsmanship. The process is slower and costlier. Above Materials are one of the greatest contributors to higher costs (photo: kilomet109) Above Fibres like hemp or banana require intensive manual steps such as stripping, drying, and spinning, all of which demand time and labour (photo: kilomet109) Materials are one of the greatest contributors to higher costs. Sustainable labels prioritise natural and locally sourced fibres such as linen, hemp, silk, pineapple and banana fibres. Unlike synthetics, these cannot be mass-produced, and their availability is shaped by seasons, climate, and traditional farming methods, making their procurement more expensive. Moreover, fibres like hemp or banana require intensive manual steps such as stripping, drying, and spinning, all of which demand time and labour. Then comes production. A hand-dyed linen shirt might take two to three weeks to craft, while a mass-produced cotton shirt can be made in mere hours. The difference lies not just in the outcome, but in the philosophy. Ethical labels actively avoid cheap labour, commit to fair pay, and uphold safe, dignified working environments. Above Ethical labels actively avoid cheap labour, commit to fair pay, and uphold safe, dignified working environments (photo: norlha_atelier) Above To achieve GOTS certification for organic fibres, for example, a brand must invest thousands or even several thousands of US dollars annually in independent testing alone (Photo: norlha_atelier) Beyond labour, these brands also absorb a host of hidden expenses: organic and fair-trade certifications (such as GOTS and Fair Trade), investments in traceability software, and transparent emissions and wastewater reporting. To achieve GOTS certification for organic fibres, for example, a brand must invest thousands or even several thousands of US dollars annually in independent testing alone. Lifestyle not for the masses? The high price of sustainability has quietly erected a barrier, shutting out low-income communities, particularly in developing countries like Vietnam. When 'living green' comes at a premium, it begs the question: is sustainability still truly sustainable if it is out of reach? And in casting fast fashion as morally flawed, are we unintentionally deepening social divides, turning pragmatic decisions into ethical failings? In this light, sustainable fashion finds itself in a paradox: celebrated as a moral compass, yet increasingly reserved for the middle and upper classes. See more: How to prevent 'flight face' while travelling When 'being ethical' becomes a privilege A shirt crafted from handwoven, naturally dyed linen might cost three to five times more than a similar piece from a fast fashion label. Though widely regarded as a hallmark of ethical consumption, sustainable fashion places many low-income consumers in a bind: to buy affordably is seen as irresponsible, yet opting for sustainable choices is often out of financial reach. Suggestions like 'shop second-hand' may appear sensible, but in practice require time, skill, and lifestyle conditions not available to all. In many regions, the second-hand market itself has become curated and costly, catering to a more affluent demographic. As a result, sustainable living is becoming entwined with privilege shaped by access to education, disposable income, and leisure time. These resources are not distributed equally. Above In many regions, the second-hand market itself has become curated and costly, catering to a more affluent demographic (photo: norlha_atelier) The pressure to consume 'ethically' This pressure is partly shaped by brands and media, where ethical consumption is often portrayed as a civic duty. Messaging like 'if you don't go green, you're harming the planet' can instil guilt in consumers who cannot afford to adopt sustainable habits. Increasingly, 'sustainability' has been distilled into a narrow checklist of approved actions: buy the right brands, wear the right 'green' labels, choose the right materials. See also: The link between fine sustainable jewellery and the blockchain Though framed as a holistic solution for the planet and people, today's sustainable fashion movement is reproducing invisible class lines in marketing language and campaign imagery. 'Green living' is coded in minimalist visuals, technical jargon, and aspirational ethics that remain inaccessible to many. Meanwhile, those who feel the sharpest consequences of the fashion industry: the garment workers in exploitative conditions and low-income communities in polluted cities are often absent from this conversation. They are rarely reflected in campaigns, let alone able to afford the products they promote. Above When ethics are packaged like luxury goods, is 'sustainability' truly sustainable, or merely a status symbol for the privileged few? (photo: stellamccartney) Above When ethics are packaged like luxury goods, is 'sustainability' truly sustainable, or merely a status symbol for the privileged few? (photo: stellamccartney) According to a report by the Hot or Cool Institute and the Rapid Transition Alliance (2022), the wealthiest 20 per cent of consumers are responsible for fashion emissions 20 times greater than those of the poorest 20 per cent. Meanwhile, the BoF Sustainability Index (2022) reveals that several luxury groups, Prada, Richemont and Capri among them, rank lower in sustainability than certain mass-market brands. No beauty is innocent. When ethics are packaged like luxury goods, is 'sustainability' truly sustainable, or merely a status symbol for the privileged few?
Libyan Express
22-07-2025
- Libyan Express
Over 867,000 migrants in Libya, most based in the west
BY Libyan Express Jul 22, 2025 - 01:53 Over half are based in the west, with Sudanese, Nigerien, and Egyptian nationals most represented The International Organisation for Migration (IOM) has revealed that Libya is currently host to 867,055 migrants, with more than half residing in the western region of the country. The most represented nationalities are Sudanese, Nigerian, and Egyptian. According to the IOM's latest report , adult males comprise 78% of the migrant population, while women and children each account for 11%. The majority — also 78% — are employed in labour-intensive sectors, primarily construction, manufacturing, and agriculture. Despite this, the unemployment rate among migrants stands at 21%, with a particularly high rate among women at 55%, compared to 18% among men. The report also highlights the importance of remittances, with over half of the migrants relying on them as their families' main source of income. On average, the cost of migrating to Libya is estimated at 657 US dollars per person, according to the IOM. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express. How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@ Please include 'Op-Ed' in the subject line.
Libyan Express
22-07-2025
- Libyan Express
Libya opens doors to 40+ oil firms
Oil and gas revival gains momentum. Photo via Reuters Libya has attracted participation from over 40 international oil and gas companies in its latest licensing round, signalling renewed global confidence in the country's energy sector. The companies represent a wide geographical range, including North America, Europe, Southeast Asia, and the MENA region, reflecting increasing investor interest in Libya's upstream potential. The ongoing licensing round is part of a broader effort to reposition Libya as a competitive destination for energy exploration. It follows recent steps to align financial and contractual frameworks with international standards, aiming to make the country's energy environment more attractive and predictable for global investors. As part of these efforts, Libyan authorities have conducted a comprehensive review of past contracts through internal auditing and external benchmarking led by the consultancy firm Wood Mackenzie. The review identified the need for more competitive financial terms and clearer mechanisms for sharing investment risks—both of which are being incorporated into the current licensing strategy. In parallel with oil exploration, Libya is also intensifying its focus on natural gas, particularly in support of regional energy demand. A major development is the Structures A&E offshore gas project, carried out in partnership with Eni. The project is expected to contribute approximately 750 million standard cubic feet per day, helping to compensate for declines in offshore output and enhancing the country's export and domestic supply capacity. Libya has also reaffirmed its commitment to ending routine gas flaring by 2030. This environmental goal aligns with broader international climate strategies and supports Libya's positioning as a responsible energy supplier in the context of Europe's shift toward low-carbon fuels. The country's energy strategy further includes investment in solar power, with the aim of reducing dependence on diesel and heavy fuel oil for electricity generation. This transition will allow for more efficient use of natural gas reserves and open new opportunities for export. Additionally, carbon capture and storage (CCS) is emerging as a priority area for investment, with estimated potential in the range of US $1 billion. The integration of CCS technologies complements Libya's commitment to sustainable development and climate-resilient growth. Overall, the licensing round and accompanying reforms mark a broader shift in Libya's energy policy—balancing the redevelopment of traditional oil fields with a long-term vision for cleaner, more diversified energy sources.
