Indian Foreign Secretary Vikram Misri pressed Sri Lanka to accelerate the Trincomalee oil hub project during bilateral talks in Colombo on Sunday, warning there is 'no further time to lose' on the strategic initiative. Misri met Sri Lankan President Anura Kumara Dissanayake alongside India's Vice President C.P. Radhakrishnan, signaling high-level urgency from New Delhi. The three-way agreement between India, Sri Lanka, and the UAE, signed a year ago after two years of negotiations, covers a multi-product oil pipeline linking the two South Asian neighbors and development of the Trincomalee oil storage complex. The project has been under discussion since 2023 but has yet to break ground. Trincomalee already hosts a 99-tank British colonial-era storage farm, with only 14 tanks active under an existing deal with an Indian oil firm, leaving significant latent capacity. The timing is pointed: Sri Lanka, which imports all its oil and coal, has raised fuel and electricity prices since the U.S. and Israel began bombing Iran in late February, disrupting global energy supply chains. Both sides also discussed a cross-border electricity-sharing power line and a potential refinery addition to the hub. Watch whether UAE financing commitments and construction timelines emerge from follow-on working-level talks.
Venezuela's earthquake death toll has reached 1,430 with the US Geological Survey warning fatalities could top 10,000, placing it among Latin America's deadliest in a century. US military planes are landing in Caracas, Washington is mobilising $150 million in aid, and rescue teams from 17 countries are on the ground.
Iranian armed forces attacked a cargo ship in the Strait of Hormuz on Thursday, briefly halting traffic through the waterway. The strike threatens a fragile US-Iran arrangement and could push shipping insurance costs and oil prices higher.
The US has struck Iran, with President Trump citing an Iranian attack on a ship in the Strait of Hormuz as justification. The action raises immediate risks for global oil flows through one of the world's most critical shipping chokepoints.
The US struck ten Iranian targets on the second consecutive day of military action, putting a fragile ceasefire under serious pressure. The escalation raises immediate risks for Gulf shipping, global oil supply, and regional stability.
