Europe Asia News

Unrest in the Middle East, including Saudi Arabia’s airstrikes on Yemen and Iran’s declaration of a “full-scale war” against the United States, Europe and Israel, is increasing concerns over potential supply disruptions.

Meanwhile, U.S. President Donald Trump said his talks with Ukrainian President Volodymyr Zelenskyy had made “major progress,” while Zelenskyy noted that the peace framework is nearly complete and that agreement has been reached on more than 90% of the terms, although key issues remain unresolved.

In a separate development, China announced plans to increase fiscal spending in 2026 and signaled that it would continue supporting economic growth. Analysts say this could boost oil consumption. Still, oil is on track for an annual loss of more than 20%—its sharpest yearly decline since 2020—amid expectations of a global surplus next year.