International News
Egypt Freezes Fuel Prices For One Year After Fresh Hike Amid IMF Reforms
The Egyptian government has announced a one-year freeze on domestic fuel prices following another increase in petroleum product costs, as part of ongoing economic reforms supported by the International Monetary Fund (IMF).
In a statement on Friday, the Petroleum Ministry said prices of various fuel products were raised by between 10.5% and 12.9%, marking the second increase this year.
The government said the decision to freeze prices afterward was aimed at stabilising the economy and protecting citizens from further inflationary shocks.
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The latest adjustment, published in Egypt’s official gazette, reflects the government’s efforts to gradually reduce energy subsidies and bring domestic prices closer to global market levels.
Under the new rates, diesel prices used widely in transportation and agriculture rose by 2 Egyptian pounds, moving from 15.50 to 17.50 pounds per litre.
Prices for gasoline also climbed depending on grade:
- 80 octane increased to 17.75 pounds per litre,
- 92 octane rose to 19.25 pounds, and
- 95 octane reached 21 pounds per litre.
The government said it will continue to subsidize diesel, even if that requires raising prices of other fuels above cost, to balance fiscal demands.
Egypt’s fuel price reform comes as part of an $8 billion IMF loan programme, which requires Cairo to phase out fuel, electricity, and food subsidies while expanding social safety nets to protect low-income households.
In March, the IMF noted that Egypt remained committed to aligning domestic energy prices with real costs by December, a move seen as critical to reducing the country’s widening current account deficit.
According to the Central Bank of Egypt, the deficit stood at $2.2 billion in the second quarter of 2025, while oil product imports rose to $500 million, up from $400 million a year earlier.
The freeze, expected to last until late 2026, is part of a broader government effort to balance fiscal discipline with social stability amid high inflation and a depreciating local currency.
Officials hope the move will help restore confidence and contain further price volatility in the energy sector.
Exchange Rate: $1 = 47.55 Egyptian pounds
International News
After Turbulent Elections, Portugal Swears In Seguro as President
Portugal officially inaugurated its new president, Antonio Jose Seguro, on Monday, pledging to bring stability to a nation shaken by political uncertainty and natural disasters.
Seguro, the centre-left candidate, won last month’s presidential run-off against far-right rival Andre Ventura, following weeks of catastrophic storms that killed at least seven people and caused approximately €4 billion ($4.6 billion) in damage.
Speaking at his swearing-in ceremony in Lisbon’s parliament, Seguro emphasized cooperation with the minority right-wing government and vowed to end the country’s “electoral frenzy.”
SEE MORE: Spain, Portugal Plunge Into Darkness Amid Widespread Power Outage
“I will do everything I can to put an end to this electoral frenzy,” he said, pointing to the inability of previous governments to complete their terms.
Amid global crises, including conflicts in the Middle East and a more isolationist US approach under President Donald Trump, Seguro stressed the importance of multilateralism.
“The force of law has been replaced by the power of the strongest,” he remarked.
Seguro succeeds Marcelo Rebelo de Sousa, a conservative who leaves office at 77 after serving two five-year terms.
While the Portuguese presidency is largely ceremonial, Seguro’s leadership signals a commitment to political stability and international engagement.
International News
US-Israel-Iran War: Day Four Updates from the Middle East
The war involving the United States, Israel and Iran intensified on its fourth day Tuesday, with fresh explosions reported in Tehran, missile interceptions over Jerusalem, and rising tensions spreading across Lebanon and Gulf states.
AFP journalists in Tehran reported loud blasts across several parts of the Iranian capital, though officials did not immediately confirm the exact targets.
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The conflict began over the weekend after coordinated US and Israeli strikes reportedly killed Iran’s Supreme Leader, triggering retaliatory attacks across the region.
Iran Appeals to UN
Iran called on the United Nations Security Council to intervene and halt the war. Foreign ministry spokesman Esmaeil Baqaei said the council had a responsibility to act, insisting there were no legal obstacles preventing immediate action.
Oil Surges as Hormuz Disrupted
Global oil prices spiked amid fears of supply disruption, particularly as the strategic Strait of Hormuz — a crucial oil shipping route — was effectively closed.
Brent crude rose more than eight percent to $85.12 per barrel, its highest level since mid-2024. Meanwhile, precious metals fell sharply, with gold dropping over four percent and silver plunging more than 12 percent as investors shifted toward energy and the US dollar.
Iran Issues Fresh Threats
Iran’s Revolutionary Guards warned of intensified attacks on US forces and Israeli targets.
A spokesman vowed that “continuous punitive attacks” would follow, declaring that the “gates of hell” would open against both nations.
Israeli Troops Advance in Lebanon
Israeli ground forces reportedly advanced into areas near Kfar Kila and the Khiam plains along the Lebanon border.
Israel said the move was aimed at creating a buffer zone to protect its northern communities.
The escalation has displaced at least 30,000 people in Lebanon, according to the UN refugee agency.
Nuclear Site Damaged
The International Atomic Energy Agency confirmed that Iran’s Natanz Fuel Enrichment Plant sustained recent damage to entrance buildings at its underground facility. However, the agency said no radiological consequences were expected.
Gulf Capitals, US Embassy Hit
Explosions were also reported in Manama and Doha as Iranian strikes continued into a fourth day.
In the UAE, drone debris sparked a fire in an oil zone in Fujairah, though authorities said the blaze was contained.
Two drones reportedly struck the US embassy in Riyadh, causing a fire. Saudi officials condemned the attack as unjustified.
Tech Infrastructure Targeted
US tech giant Amazon confirmed that two of its data centres in the UAE were directly hit by drones, disrupting cloud services in parts of the Middle East. A nearby facility in Bahrain was also damaged.
Global Reactions
US President Donald Trump criticised UK Prime Minister Keir Starmer over disagreements on the use of British military bases, saying relations were “not like they used to be.”
France deployed Rafale fighter jets to protect its bases in the UAE, while China urged all sides to ensure safety in the Strait of Hormuz and called for an immediate ceasefire.
International News
Iran Presses UN Security Council to Intervene in Escalating War with Israel, U.S
Iran has called on the United Nations Security Council to urgently intervene and halt the ongoing war involving the Islamic Republic, Israel and the United States.
Speaking during a weekly foreign ministry briefing on Tuesday, Iranian Foreign Ministry spokesman Esmaeil Baqaei said the global body has both the authority and responsibility to act in order to prevent further escalation of hostilities.
SEE ALSO: US, Israel Wipe Out Iran’s Top Military Brass as War Enters Third Day
“The United Nations Security Council has a duty… if it wishes, it can certainly act, because there is no obstacle to its action except its own will,” Baqaei stated.
His remarks come amid rising tensions and continued military exchanges that have heightened fears of a broader regional conflict.
Iran maintains that international institutions must step in decisively to prevent further loss of life and instability across the Middle East.
Tehran’s appeal places renewed pressure on the Security Council’s five permanent members, whose divisions have often stalled unified action in past conflicts involving major global powers.
Analyst say any meaningful intervention would require consensus among key stakeholders, including Washington and its allies.
The war has drawn global concern, with several countries calling for restraint and diplomatic engagement to avoid further deterioration of security in the region.






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