Shibbir Ahmed, Washington DC — U.S. President Donald Trump has claimed he should have received the Nobel Peace Prize, calling the award “forever discredited” after former International Criminal Court judge Navi Pillay was named this year’s laureate. In a Truth Social post Friday following a rally in Syracuse, New York, Trump repeated his claim that he had “settled eight Wars” and said he was close to resolving two more conflicts involving Iran and Russia’s war against Ukraine.

“The United States of America, represented by me, as your President, should have received the Nobel Peace Prize, but didn’t,” Trump wrote. He also criticized Norway over the decision and questioned Pillay’s qualifications, accusing her of being hostile toward Israel.

Pillay, a South African jurist, previously served as a judge at the International Criminal Court and as the United Nations high commissioner for human rights. She also chaired a UN commission that concluded Israel had committed genocide in Gaza, a finding strongly rejected by the Israeli government.

Trump argued that international organizations had played no role in the conflicts he says he helped resolve. Pillay previously joked that she might share the prize with Trump after learning of the award.

Last year, Venezuelan opposition leader María Corina Machado presented Trump with her Nobel Peace Prize medal. However, the Norwegian Nobel Committee clarified that presenting the physical medal does not transfer the award or laureate status to another person. The committee has emphasized that the Nobel Peace Prize remains officially linked to the individual or organization selected by the committee.

DHAKA — Prime Minister Tarique Rahman has assured researchers of government support for a project to produce fuel oil from human waste, sewage, kitchen waste and agricultural residues. The prime minister gave the assurance on Saturday after viewing a demonstration of the technology at his office in Tejgaon, according to his Deputy Press Secretary Md Suzauddhowla (Sujan Mahmud).

Khulna University of Engineering and Technology (KUET) Professor Dr Md Khalekuzzaman briefed the prime minister on the research, its progress and the prospects for commercial production. The researchers have been developing the technology for nearly a decade using Hydrothermal Liquefaction (HTL), a process that converts wet organic waste into biocrude under high temperature and pressure.

Laboratory tests have reportedly achieved biocrude yields of 50 to 55 percent, with further progress in producing diesel-rich biocrude. The next step is to establish a pilot plant capable of processing one to three tonnes of waste daily to evaluate production efficiency, costs and commercial viability. The proposed facility is estimated to cost Tk 100 crore to Tk 120 crore.

According to the researchers, successful commercial-scale implementation could eventually replace 10 to 15 percent of Bangladesh’s imported crude oil and save an estimated Tk 6,500 crore to Tk 13,000 crore in foreign exchange annually.

However, the researchers acknowledged that these projections depend on successful scale-up and assessments of the technology’s economic viability. They said the project could help reduce fuel import dependence, improve waste management, curb environmental pollution and create opportunities for a domestic fuel industry.

Power and Energy Minister Iqbal Hassan Mahmood Tuku, State Minister Aninda Islam Amit, University Grants Commission member Professor Dr Abdullah-Al-Mamun, KUET Vice-Chancellor Professor Muhammad Masud and Bangladesh Petroleum Corporation Chairman Dr Md Rafiqul Islam were also present at the demonstration.

Shibbir Ahmed, Washington DC — The United States has announced new sanctions-related measures against the International Criminal Court (ICC), with President Donald Trump’s administration warning that it will continue efforts to restrict the court’s activities unless its concerns are addressed.

In a statement explaining the decision, the administration said the measures were intended to protect American citizens, military personnel, and political leaders from what it considers the ICC’s unlawful assertion of jurisdiction over US nationals.

The administration emphasized that the United States is not a party to the Rome Statute, the treaty establishing the ICC, and rejects the court’s authority to prosecute Americans. It specifically cited concerns involving US servicemembers, Border Patrol agents, and elected officials responsible for national security.

According to the statement, Washington intends to prohibit certain transactions with the court and restrict its access to resources. The administration also warned that it could expand its efforts to dismantle the institution if the ICC and its member states fail to address American concerns.

The administration said it had given the court and its member states more than a year to respond to its demands. It argued that neither the court nor its member states had taken sufficient steps to resolve the dispute.

The latest action was taken under Section 1(a)(ii)(A) of Executive Order 14203, issued by President Trump on February 6, 2025. The US Treasury Department’s Office of Foreign Assets Control also announced related measures and general licenses permitting certain transactions involving the court. <Cite refs={[“turn378094search0″,”turn378094search1”]}/>

Despite the sanctions, the administration said it remained open to a diplomatic solution. It called on countries that are parties to the ICC to engage in discussions aimed at addressing Washington’s objections, warning that additional measures could follow if negotiations fail.

The ICC, based in The Hague, Netherlands, prosecutes individuals accused of genocide, war crimes, crimes against humanity, and the crime of aggression under the conditions established by its founding treaty.

The United States has long opposed the court’s jurisdiction over American nationals, arguing that the country has not consented to the Rome Statute. The dispute has intensified amid broader disagreements over the court’s investigations and legal actions involving US interests and allies.

The ICC has previously condemned US sanctions targeting its judges and officials, describing such measures as threats to judicial independence and the international rule of law. The court has maintained that it will continue carrying out its mandate to pursue accountability for serious international crimes and provide justice for victims. <Cite refs={[“turn378094search4″,”turn378094news8”]}/>

The latest US measures are expected to further strain relations between Washington and countries supporting the ICC, while raising renewed questions about the court’s financial operations, international cooperation, and the limits of its jurisdiction.

Shibbir Ahmed, New York — The United Nations has warned that global economic growth is expected to slow to 2.6% in 2026, down from 2.9% in 2025, as escalating tensions in the Middle East, rising energy costs and growing uncertainty in international trade put pressure on the world economy.

According to the United Nations Conference on Trade and Development (UNCTAD), the latest economic outlook highlights the vulnerability of developing economies to geopolitical shocks and rising import costs. The agency cautions that the effects of the Middle East crisis are extending beyond the region, affecting energy markets, business confidence and the broader outlook for global trade.

The report comes at a time when governments and businesses are confronting a combination of geopolitical instability, inflationary pressures and changing international economic relationships.

The conflict in the Middle East has intensified concerns about global energy supplies, particularly as uncertainty surrounding oil production and shipping routes threatens to increase costs for businesses and consumers.

Higher energy prices can affect transportation, manufacturing, electricity generation and food distribution, creating additional pressure on household budgets and business operating expenses. Countries that rely heavily on imported fuel are particularly exposed, as rising import bills can weaken their financial positions and increase inflationary pressures.

UNCTAD’s assessment indicates that geopolitical instability is becoming an increasingly important factor in the global economic outlook. Continued uncertainty could discourage investment, disrupt supply chains and limit the ability of governments to support economic activity.

Developing Economies Face Growing Pressure
Developing countries are expected to experience uneven economic conditions as higher energy costs combine with existing financial challenges. Nations dependent on imported fuel and external borrowing could face greater difficulties financing infrastructure, public services and industrial development.

UNCTAD projects growth in developing economies at 4% in 2026, compared with 4.7% in 2025. Although the projected rate remains above the global average, the slowdown highlights the difficulties facing countries attempting to sustain economic expansion amid volatile international conditions.

The agency has also raised concerns about unequal access to investment, technology and higher-value industries. Economies with limited industrial capacity may struggle to capture the benefits of global trade and technological advances, widening existing development gaps.

International trade continues to provide opportunities for economic expansion, but shifting geopolitical relationships and changing supply chains are creating new challenges for businesses.

Demand for semiconductors, advanced computing equipment and artificial intelligence infrastructure has supported activity in parts of the global economy. However, UNCTAD warns that the benefits of technological investment remain concentrated in a relatively small number of economies and companies.

For countries seeking sustainable growth, strengthening domestic industries, improving access to technology and diversifying export markets will remain important priorities. The UN’s forecast underscores the uncertainty facing the world economy as policymakers respond to energy market volatility, geopolitical tensions and changing trade patterns.

The direction of oil prices, the security of major shipping routes and the progress of diplomatic efforts in the Middle East will be important factors influencing economic conditions in the coming months. While the global economy is still projected to expand in 2026, the lower growth forecast signals that countries may face a more difficult environment for investment, job creation and improvements in living standards.

The UNCTAD assessment reinforces the importance of international cooperation, resilient supply chains and policies that help vulnerable economies withstand external shocks.

Shibbir Ahmed, Washington DC — US President Donald Trump has announced that the United States will not launch new military attacks on Iran before the November 3 midterm elections, citing what he described as productive discussions with Tehran. The announcement signals a temporary pause in the prospect of renewed US strikes as diplomatic efforts continue amid a prolonged regional conflict.

Trump made the announcement on Thursday, October 8, through a social media post, saying his administration was engaged in productive discussions with the Islamic Republic of Iran. His remarks come as the conflict continues to affect regional security, energy markets and international shipping routes.

The decision provides a clearer indication of Washington’s immediate military intentions, although it does not establish whether a longer-term agreement with Iran is within reach. Trump has previously left open the possibility of renewed military action after the elections.

Trump’s announcement follows weeks of uncertainty over whether Washington would resume military operations against Iran. The president has indicated that diplomatic engagement remains an option, even as his administration maintains pressure on Tehran.

In his statement, Trump said discussions with Iranian officials were productive and ruled out attacks before the midterm elections. However, the announcement did not confirm that a comprehensive peace agreement had been reached or that the two governments had resolved their central disagreements.

The United States and Iran have exchanged proposals aimed at ending the conflict and addressing regional security concerns. Negotiations have also involved the strategic Strait of Hormuz, a critical waterway for global oil shipments. The immediate challenge for diplomats will be to turn discussions into concrete commitments that can reduce hostilities and restore confidence in regional stability.

Although Trump has ruled out attacks before November 3, broader security concerns remain. Washington has continued to apply economic pressure on Iran, while military deployments and regional tensions have underscored the uncertainty surrounding the conflict.

The announcement should not be interpreted as confirmation that military action has been permanently ruled out. Trump has previously suggested that further escalation could remain an option after the elections, depending on developments. Iran’s response, the progress of negotiations and the actions of other regional actors will likely influence the next phase of the crisis.

For neighboring countries and US allies, the immediate priority remains preventing further escalation and protecting civilian infrastructure, maritime traffic and commercial aviation.

Energy markets responded to Trump’s comments as investors reassessed the likelihood of an immediate escalation. Oil prices declined on Friday following the announcement. Brent crude fell by $1.70 to $102.58 per barrel, while US West Texas Intermediate crude dropped by $1.08 to $90.41 per barrel in the reported trading session.

The movement reflects the sensitivity of global energy markets to developments involving Iran and the Strait of Hormuz. Any disruption to shipping through the waterway could affect crude supplies, transportation costs and energy prices internationally.

Nevertheless, a single announcement does not eliminate the risks facing oil markets. The duration of any price relief will depend on whether diplomatic progress continues and whether shipping and energy infrastructure remain secure.

The US midterm elections will determine control of Congress and are a significant political test for the Trump administration. Foreign policy, military spending, inflation and fuel prices have all become important considerations in the domestic political environment.

Trump’s announcement establishes a stated limit on military action before election day. However, the president has not ruled out all future military options, and the precise relationship between the electoral timetable and subsequent security decisions remains uncertain.

The administration must also weigh diplomatic objectives against the potential consequences of renewed conflict, including risks to US personnel, regional partners and the global economy. Attention will now turn to whether Washington and Tehran can make tangible progress in negotiations before the election deadline.

President Donald Trump’s decision not to launch attacks on Iran before the November 3 midterm elections marks an important development in US foreign policy and the wider Middle East crisis. His reference to productive discussions offers a potential opening for diplomacy, while the market reaction demonstrates the economic importance of developments involving Iran.

However, the announcement is not a peace agreement, and major security questions remain unresolved. The coming weeks will be critical in determining whether negotiations can produce lasting progress or whether the risk of renewed confrontation will persist beyond the election.

Riyadh, Saudi Arabia — Three Saudi citizens have been killed and several others injured in attacks targeting King Khalid International Airport in Riyadh and a Saudia Airlines aircraft, according to Saudi Arabia’s General Authority of Civil Aviation. The incident has heightened concerns over aviation security and the escalating conflict involving Yemen’s Houthi rebels.

Saudi aviation authorities confirmed the fatalities in a statement issued Friday, following attacks on Thursday. The first incident targeted airport facilities in the Saudi capital, while the second struck an aircraft belonging to the kingdom’s national carrier.

Iran-backed Houthi rebels operating in neighboring Yemen claimed responsibility for targeting the airport with a ballistic missile. However, Saudi authorities had not officially identified the perpetrators in their initial statement, and the group’s account should be treated as a claim rather than independently verified fact.

The attacks caused material damage and left several people injured, some of whom required hospital treatment, according to Saudi aviation officials. Authorities said they were coordinating with relevant security agencies to assess the damage and implement measures to protect passengers, airport personnel and aviation infrastructure.

The incident underscores the vulnerability of major civilian transport hubs amid rising regional tensions. Riyadh is a central gateway for international travel, business and religious tourism, making disruptions to its airport potentially consequential for travelers and airlines.

The security situation has prompted several international airlines to suspend or adjust services to Riyadh. Lufthansa and multiple Indian carriers have announced temporary suspensions following the reported attacks, while flight cancellations have disrupted scheduled arrivals and departures.

Airlines are monitoring developments and reviewing operational risks as authorities assess the situation. Passengers traveling to or from Saudi Arabia should confirm their flight status directly with their airline before leaving for the airport.

The scale and duration of the disruption will depend on subsequent security assessments and decisions by aviation authorities and individual carriers.

The attacks come amid renewed hostilities in Yemen, where Houthi forces are fighting Yemen’s internationally recognized government and its regional supporters. The conflict has increasingly threatened critical infrastructure and transport routes, raising concerns about wider regional instability.

Saudi Arabia has been involved in Yemen’s conflict since 2015, supporting the internationally recognized government against the Houthis. Renewed attacks on Saudi territory could further complicate efforts to contain the fighting and protect civilian infrastructure.

The latest incident also highlights the broader risks facing commercial aviation in a region affected by missile threats, military operations and shifting security conditions.

Travelers scheduled to fly through Riyadh should check directly with their airlines for cancellations, rescheduling options and updated airport guidance. Passengers should also follow official announcements from Saudi aviation authorities and their respective embassies.

At this stage, the full extent of the damage, the precise circumstances of the attacks and any further security measures remain subject to additional official updates.

The deaths of three Saudi citizens in attacks targeting Riyadh’s international airport and a Saudia aircraft mark a serious development in the region’s deteriorating security environment. With Houthi rebels claiming responsibility and international airlines reassessing operations, the incident is likely to keep aviation security and the Yemen conflict at the forefront of regional attention.

Further developments will depend on the findings of Saudi investigations, subsequent security decisions and any additional announcements from the parties involved.

Source: Associated Press reporting published October 9, 2026, citing Saudi Arabia’s General Authority of Civil Aviation and statements regarding the Houthi claim of responsibility.

DHAKA — The Chattogram Port Authority (CPA) and global port operator DP World today signed a 15-year concession agreement to operate and modernise the New Mooring Container Terminal (NCT), in a major move aimed at increasing the capacity, efficiency and competitiveness of Bangladesh’s principal maritime gateway.

CPA Chairman Rear Admiral SM Moniruzzaman signed the agreement on behalf of the port authority, while DP World Chairman Essa Kazim signed for the international terminal operator at a ceremony at the Invest Bangladesh auditorium.

Shipping Minister Sheikh Rabiul Alam, State Minister for Shipping Md. Rajib Ahsan, UAE Ambassador to Bangladesh Abdulla Ali Al Hamoudi and Invest Bangladesh Chairman Ashik Chowdhury were among those present.

Under the agreement, DP World will operate and manage NCT for an initial 15 years, while ownership of the terminal’s land, core infrastructure and assets will remain with the Chattogram Port Authority and, ultimately, the Bangladesh government.

The concession includes an upfront payment of approximately Tk 600 crore, with 25 percent payable upon signing and the remaining 75 percent due before operations begin. DP World will also invest more than Tk 1,000 crore during the first 10 years to modernise NCT through new equipment, digital technology and operational improvements.

Under the agreement, CPA will receive a share of terminal revenue or royalty ranging from approximately 40 percent to 67 percent per TEU, depending on average terminal revenue. The port authority will also receive a fixed annual fee of around Tk 10 crore.

The agreement sets a minimum annual volume guarantee of 1.23 million TEUs, with the possibility of adjusting the figure to 1 million TEUs once a new terminal becomes operational.

Shipping Minister Sheikh Rabiul Alam said the government aims to rapidly improve the capacity and efficiency of existing strategic assets. He said the introduction of modern equipment, digital systems, international operating standards and global logistics connections would help make NCT more competitive.

The government also plans to engage multiple international operators across port terminals to improve service quality, reliability and supply-chain resilience, he said.

DP World Chairman Essa Kazim said Bangladesh was becoming an increasingly important trading and manufacturing economy and that his company was committed to supporting the country’s development.

Through the partnership, DP World will connect NCT with its global network of ports, logistics infrastructure and supply-chain services, helping establish more efficient links between Bangladesh and international markets, he said.

NCT is one of four dedicated container-handling facilities at Chattogram Port. Since beginning operations in 2007, it has become a key part of Bangladesh’s trade infrastructure and currently handles around 44 percent of the port’s container traffic.

Chattogram Port handles approximately 92 percent of Bangladesh’s foreign trade, making improvements in its efficiency strategically important for the country’s economy. The port, however, continues to face challenges involving container dwell time, vessel turnaround time, equipment performance and overall productivity.

Container dwell time at Chattogram Port and NCT exceeds nine days, compared with less than two days at several peer ports. Vessels also spend more than 2.5 days at the port, while benchmark ports record turnaround times of roughly 15 to 24 hours.

The 2025 Container Port Performance Index ranked Chattogram Port 364th among 400 container ports worldwide. The government estimates that operational inefficiencies and insufficient modernisation cost the economy around Tk 10 crore per day, or more than Tk 3,000 crore annually.

According to World Bank data, reducing container dwell time by one day could increase Bangladesh’s exports by around 7.4 percent.

The concession agreement includes key performance indicators, phased performance targets and financial penalties for failure to meet agreed standards. The targets cover areas including truck turnaround time and crane productivity. If a performance target is missed for three consecutive months, the applicable financial penalty will be triggered.

CPA will continue to oversee terminal operations through monitoring, audits and regular reporting. The agreement requires weekly and monthly reporting on container and vessel handling, revenue and other operational indicators.

The concession does not transfer ownership or sovereign authority over the terminal. Security, customs, immigration and other functions currently performed by Bangladeshi government agencies will remain under national authority.

The agreement also contains provisions covering cybersecurity, data localisation, access control and background screening under government-approved standards.

The DP World agreement is expected to complement the development of the Laldia Container Terminal, the fifth container terminal at Chattogram Port. The Laldia terminal is being developed by Denmark-based APM Terminals and is expected to be ready by 2030.

Invest Bangladesh Chairman Ashik Chowdhury described DP World’s involvement in NCT as an important step toward bringing Bangladesh’s trade operations closer to international standards.

“We want faster operations, stronger connectivity and higher standards at one of our most important trade gateways,” he said.

DP World operates more than 80 marine and inland terminals in over 40 countries, with its network handling around 10 percent of global container traffic. The company has port operating experience in major markets including India, Pakistan, Saudi Arabia, Egypt, the United Kingdom and the United States.

The selection of DP World followed Bangladesh’s government-to-government policy and public-private partnership framework, including prequalification, technical and financial evaluation, due diligence and negotiations.

The process began with in-principle approval from the Cabinet Committee on Economic Affairs on March 23, 2023. The Transaction Structure Report was approved on October 20, 2025, followed by the Request for Proposal on January 8, 2026.

Bids were received on January 25, with negotiations continuing until August 6. The CPA Board approved the arrangement on September 16, followed by final approval from the Cabinet Committee on Economic Affairs on October 1.

The agreement is expected to play a significant role in modernising Chattogram Port, improving cargo handling efficiency and strengthening Bangladesh’s connectivity with international trade and logistics networks.

DHAKA — Prime Minister Tarique Rahman has urged global logistics company DP World to expand its investments in Bangladesh, particularly in free trade zones and rail-based inland container depots (ICDs), as the country seeks to strengthen its trade and logistics infrastructure.

The prime minister made the call during a meeting with a delegation from DP World led by Board Chairman Essa Kazim at the Secretariat on Thursday.

According to Prime Minister’s Assistant Press Secretary KM Nazmul Haque, the meeting focused on expanding Bangladesh-UAE trade and investment, developing port and logistics facilities, and exploring opportunities for further cooperation between the two sides.

A major issue discussed was the 15-year concession agreement between Bangladesh and DP World for the operation and modernisation of the Chattogram Container Terminal.

Under the agreement, DP World will operate and maintain the Chattogram Container Terminal along with its overflow container yard. The partnership is expected to contribute to the modernisation of the terminal, improve operational efficiency and strengthen Bangladesh’s overall port and logistics infrastructure.

During the meeting, Prime Minister Tarique Rahman also sought information about DP World’s plans for new investments in Bangladesh, including the development of free trade zones and rail-connected inland container depots.

In response, the DP World delegation expressed interest in cooperation and investment in these areas.

The prime minister also invited DP World and other international investors to explore investment opportunities in Bangladesh.

The discussions also covered potential initiatives to improve Bangladesh’s port infrastructure, expand regional trade connectivity and develop a more modern, efficient and integrated logistics system.

The proposed investments in free trade zones and rail-based ICDs could further connect Bangladesh’s ports with inland industrial and commercial centres, supporting more efficient movement of export and import cargo across the country.

Shibbir Ahmed, New York — Humanitarian conditions in Gaza remain severe as shortages of medical supplies, damaged infrastructure and obstacles to reconstruction continue to challenge efforts to restore essential services.

The United Nations and its humanitarian agencies have repeatedly warned that Gaza’s health system remains under enormous pressure. In a UN Geneva briefing earlier this month, the World Health Organization said that no hospital in Gaza was fully functional, citing chronic shortages of medicines and medical equipment.

WHO said medical supplies can face lengthy approval procedures before entering Gaza. According to the agency, medical shipments had waited a median of 74 days for approval, while some equipment had been repeatedly rejected or delayed.

The consequences extend beyond hospitals. Without adequate diagnostic equipment and laboratory supplies, health authorities face greater difficulty identifying and responding to disease outbreaks. The humanitarian situation is also tied closely to the enormous scale of physical destruction.

A recent UN Trade and Development assessment estimated that Gaza’s recovery and reconstruction needs have reached approximately $71.5 billion. The assessment, based on work by the World Bank, European Union and United Nations, estimated physical infrastructure damage at $35.2 billion and economic and social losses at $22.7 billion as of early 2026.

Housing represents the largest category of damage and reconstruction needs. Educational and healthcare facilities have also suffered extensive damage, with more than half of hospitals and primary healthcare clinics reported as non-functional in the assessment.

Agriculture has been severely affected as well. UNCTAD reported that less than 1.5% of Gaza’s cropland remained accessible and undamaged, increasing dependence on humanitarian food assistance.

The humanitarian crisis is unfolding alongside continuing political disputes over Gaza’s future, security arrangements, disarmament and reconstruction.

A Washington Post report published Thursday said reconstruction remains largely stalled despite a U.S.-backed framework, citing disagreements over implementation and security arrangements. The report said hundreds of thousands of Palestinians continue to live amid extensive destruction and inadequate infrastructure.

For international aid agencies, the challenge is therefore twofold: providing immediate assistance while establishing conditions that allow Gaza’s basic infrastructure and economy to recover.

UNCTAD said large-scale international financial and technical assistance will be required for recovery. It identified rebuilding agriculture, industry, construction, energy and technology as important elements of longer-term economic recovery.

The UN’s humanitarian agencies continue to call for predictable and sufficient access for medical and humanitarian supplies, warning that the scale of need remains far greater than current response capacity.

LONDON — Oil prices jumped sharply Thursday as attacks on commercial shipping in the Gulf and Strait of Hormuz intensified concerns about global energy supplies.

Brent crude futures rose about 4.5% to $104.75 a barrel, while U.S. West Texas Intermediate crude increased about 4.5% to $92.28, according to Reuters. Both benchmarks reached their highest levels in more than a week.

The latest price increase reflects a combination of geopolitical and supply concerns. Shipping attacks in the Gulf have increased, while uncertainty surrounding Iran and the security of the Strait of Hormuz has made traders increasingly concerned about the reliability of energy shipments.

The Strait is particularly important because it handled shipments equivalent to approximately 20% of global oil and fuel flows before the current conflict. Any prolonged reduction in traffic could have consequences well beyond the Middle East.

The latest attacks have also increased the cost and difficulty of moving energy products. Shipping companies are reassessing routes, while producers are looking for alternative ways to move oil and fuel to international markets.

At the same time, the United States is facing an additional supply concern because Hurricane Isaias is disrupting offshore oil and gas production in the Gulf of Mexico. Reuters reported that more than 25% of current U.S. Gulf oil production and more than 16% of natural-gas production had been shut in because of the storm as of Wednesday.

Major energy companies, including Shell and Chevron, have curtailed offshore operations as the hurricane approaches.

The International Energy Agency has also moved to accelerate the release of emergency oil stocks and prioritize diesel supplies as governments respond to high fuel prices and supply disruptions.

U.S. inventory data provided another source of upward pressure on prices. Crude inventories declined more than analysts had expected, while diesel inventories also fell.

The combination of Middle East tensions, shipping disruptions and reduced U.S. offshore production has created an unusually uncertain energy market.

For consumers, sustained increases in crude prices could eventually affect gasoline, diesel, airline and transportation costs. The extent of any impact will depend on how long shipping disruptions continue and whether alternative supply routes can compensate for reduced flows through the Gulf. Markets remain particularly sensitive to developments involving Iran and the Strait of Hormuz.