#oil

In the first half of 2026, the world economy's vulnerability to oil prices was highlighted by the US and Israel's conflict with Iran. Adam Hanieh's book, "Crude Capitalism: Oil, Corporate Power, and the Making of the World Market," explores the historical ties between oil and capitalism since the 1800s. Economist Imraan Valodia interviewed Hanieh to discuss his motivations for writing the book.

Asian shares rose on Thursday, driven by gains in the technology sector, particularly in Japan and South Korea, following positive earnings reports from U.S. companies like Qualcomm and Micron Technology. Meanwhile, oil prices decreased by over $1, nearing levels seen before the onset of the war with Iran. Qualcomm's stock experienced a 12% increase in after-hours trading after announcing a raise in its earnings forecast.

The Strait of Hormuz is identified as the world's most critical oil chokepoint, with about 21 million barrels of crude oil passing through daily, accounting for approximately 21 percent of global petroleum consumption. Its uninterrupted flow is deemed essential for global stability, prompting discussions about designating it as a "special international waterway," according to Vanguard.

Uganda's oil industry is progressing towards significant milestones, particularly in the Albertine region where drilling and infrastructure development are underway, and the Tilenga project is nearing its first oil production. However, according to The Observer, many Ugandan businesses involved in the sector are experiencing a financial crisis due to a collective debt exceeding $9.7 million.

The global economy is facing uncertainty as Iran has effectively closed the Strait of Hormuz amid ongoing conflict with Israel and the United States. This strait is crucial for the passage of approximately one-fifth of the world's oil and gas. While some ships have managed to navigate the strait, they have done so under Iran's conditions, reportedly paying tolls for safe passage. The situation remains tense as the world awaits the reopening of this vital waterway.