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Oil prices are up and markets are tense after the outbreak of war in Gaza

By Gayatri Suroyo and Fransiska Nangoy

Global demand for fossil fuels is likely to peak before the end of the decade, with mounting shocks to the global energy system caused by geopolitical uncertainty hastening the move to renewable energy, according to the International Energy Agency. The IEA, a Paris-based group of some of the world’s biggest energy users, said demand for coal, oil and natural gas should all peak this decade, with increasing use of electric vehicles and renewable energy offsetting demand for carbon-based fuel sources.

Also Read: From high inflation to import bill - the domino effect of rising crude oil prices on Indian economy With major oil producers Saudi Arabia and Russia announcing oil supply cuts of a combined 1.3 million barrels per day (mbpd) till the end of the year, the global economy already faces an oil market deficit. Now, with oil prices hovering above the $90 per barrel-mark, the escalation of the conflict towards other Middle Eastern oil producers is concerning and requires careful monitoring, especially given the global economy's 'higher for longer' interest rate scenario. The oil supply is unlikely to be threatened unless the issue expands to other nations in the region and becomes a proxy conflict between the US and Iran.

Screenwriters Guild of Israel has criticized the Writers Guild of America for failing to comment on the October 7 attacks in southern Israel by the Hamas terrorist organization, which resulted in the killing of around 1,400 people, the majority of whom were civilians. “It's sad that the professional writers' guild can't find the courage to speak out against the terrorist group that is holding 200 hostages right now. Some of the hostages are toddlers and babies who were taken from their cribs while their mothers were raped in the same room.

By Jorge Otaola

World Cup on Monday. Chasing a 283-run target, Afghanistan were lifted by Ibrahim Zadran (87), Rahmat Shah (77 not out) and Rahmanullah Gurbaz (65) as they scored 286-2 in 49 overs. Pakistan had made 282-7 in their 50 overs with 74 from skipper Babar Azam and 58 from opener Abdullah Shafique but the total did not prove tough enough for a clinical Afghanistan.

By Nelson Bocanegra

Volatility in vegetable prices has increased in the last four years not just because of weather-related events but demand-supply mismatches, causing a problem for consumers, farmers and policymakers, according to a Crisil report released Monday. “The inflation volatility is bad for consumers and farmers and distracts policymakers in the short term, forcing frequent and repeated price smoothening measures,” Crisil said. Vegetables have a 6% share in the overall inflation basket and account for 15.5% weight in the food category. “In the past 100 months, CPI vegetable inflation was above its period average of 3.8% in 49 months. It was above 7% in 35 months, above 10% in 30 months and above 20% in 13 months,” Crisil economists noted in their report, pointing to higher volatility during the FY20-23 period compared with FY16-19. The report highlighted that potatoes, onions and tomatoes were the primary reason for the volatility in food prices, rising 9.1% on average during this period, compared with 4.8% annual inflation for other vegetables. Tomatoes, Onions and Potatoes account for a 5% share of India’s food basket. The high prices of tomatoes was one of the reasons for the vegetable price shock, which drove retail inflation to a 15-month high of 7.4% in July and 6.8% in August. Data released earlier this month showed that inflation eased to 5% in September as tomato prices declined. “Prices of tomatoes (a major driving force) and several other vegetables fell sharply by September.

Reserve Bank of India and government officials may brush aside the seasonal bumps in vegetable prices terming it 'transient'. Yet, structural issues mean that the instances of such spikes have only increased in recent times, forcing the policymakers to focus on the short-term, analysts said on Monday. Higher incomes have meant that Indians now prefer higher consumption of non-cereal products like meat, pulses, fruits and vegetables.

Susan Hodgson returned from her vacation to find her Atlanta family property demolished by mistake. The house, which had been vacant and boarded up for about 15 years, was reduced to rubble. A neighbor had called Hodgson during her absence, inquiring if she had authorized the demolition. Hodgson had not, and she confirmed this when asked by the neighbor. The worker involved responded rudely, telling the neighbor to mind her own business. Hodgson, perplexed and angry, sent a family member to speak with the worker. It turned out that he had made a grave error in identifying the correct address. He swiftly packed up and left upon realizing his mistake. Hodgson has taken legal action by filing a police report and seeking legal counsel, but her next course of action remains uncertain. The company responsible for the demolition, «You Call It, We Haul It,» has not yet reached out to her. In a statement to FOX5, the company stated that they are conducting an investigation. Hodgson expressed her disbelief that someone could cause such destruction without taking responsibility for their actions. She emphasized that they did not offer any apologies or assistance in rectifying the situation. The accidental demolition has left her in a state of shock and uncertainty.

Jayanth R Varma said the panel needs to be patient when it comes to bringing inflation down to its target of 4%, as efforts aimed at a quicker reduction could hit GDP growth. In an interview with Bhaskar Dutta, he said the MPC should be willing to accept inflation in the 4-5% range for several quarters to prevent growth from being derailed.

Hamas, several Merkava tanks and troops have been positioned by the Israel Defence Forces (IDF) near the Gaza border in South Israel. The visuals showed a significant presence of troops, armoured vehicles, and tanks near the Gaza border. Notably, the Israeli government has announced its intention to launch a ground operation against Hamas in the near future. The Merkava, a series of main battle tanks utilized by the Israel Defense Forces (IDF), serves as the cornerstone of the IDF's armoured corps. Its development commenced in 1970, with the inaugural version, the Merkava Mark 1, officially commissioned in 1979. Over time, four primary iterations have been put into service.

Strip through the Rafah border crossing, on the second day of its opening, Times of Israel reported on Sunday. The convoy comes a day after 20 trucks carried medical aid, food and water into the Palestinian enclave. Notably, it was the second aid shipment into the Strip since the horrific Hamas attack on Israel on October 7. The aid entered the Strip ahead of Israel's looming ground offensive and as the IDF continued to carry out airstrikes on terror targets. The Rafah border crossing was opened for a short window on Saturday morning to let 20 aid trucks enter Gaza from Egypt. Though many have welcomed the brief reopening, rights groups have asserted that much more aid is needed. The United Nations has estimated about 100 trucks per day are needed to meet the needs of Gazans. The trucks carrying humanitarian aid to deliver to Gaza only carried food, water, and medical supplies but no fuel, CNN reported. Thirteen trucks were carrying medicine and medical supplies; five were loaded with food; and two were transporting water, said the Egyptian authorities at the Rafah crossing. Meanwhile, the number of confirmed hostages abducted and held in Gaza since the shock assault rose to 212. Earlier in the day, the Israel Defense Forces said that it carried out an airstrike against a Hezbollah position in southern Lebanon in response to anti-tank guided missile attacks on northern Israel earlier today, Times of Israel reported. Meanwhile, IDF spokesman Rear Adm.

By Nicolás Misculin

Hamas-Israel war. The remarks came while addressing a program to mark 350 years of the coronation of Maratha king Chhatrapati Shivaji Maharaj. “In this country, there is a religion, and culture that respects all sects and faiths.

By Nidal al-Mughrabi and Emily Rose

By Sharon Bernstein

By Aidan Lewis and Nafisa Eltahir

City shocked fans with two successive defeats before the international break in the 2023/24 season. It was a surprising turn of events for the team that started the season with six consecutive victories. The back-to-back defeats were a rarity, marking the first time Manchester City took no points from two consecutive league games since late 2018. City’s Defeats The unexpected downturn for Manchester City began with a 2-1 loss to Wolverhampton Wanderers on September 30. Wolves, who had previously won just one of their first seven games, managed to defeat the reigning champions. Gabriel Martinelli scored the only goal of the game in City's defeat to Arsenal on October 8, where they shot only once on target. Has Pep Guardiola ever experienced three consecutive Premier League defeats as City's manager? Since Guardiola took the reins at the start of the 2016/17 season, the team has never lost three consecutive Premier League matches. However, this streak could be broken if City loses to Brighton & Hove Albion on October 21. Guardiola did face a spell of three consecutive defeats twice during his tenure in all competitions—once during the 2017/18 season and again in the 2021/22 season. The latter period was notable as City's losing streak extended into the start of the 2021/22 season after their defeat to Chelsea in the Champions League final. Here's a look at the details of those three-match losing streaks, including the dates and opponents: 2017/18 Season: