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Three weeks into the Iran war, there’s an ever-growing gap between the price of oil futures and supplies that determine costs for consumers in the real world.The global Brent benchmark has jumped more than 50% to around $112 a barrel as the near-complete closure of the Strait of Hormuz and attacks on Middle East energy facilities choke supplies. But the cost of almost every physical barrel is surging even more, as tight supplies boost prices of products that consumers actually use, like gasoline, diesel and jet fuel.Refiners in Asia, the top consuming region, are buying cargoes from thousands of miles away at eye-watering premiums to Brent as they try and secure whatever supplies are available. Trucking companies are starting to feel the impact of higher fuel costs and some parts of the world are crimping purchases of fuels that power ships. With jet fuel prices above $200 a barrel, major European airlines say passengers will have to bear the extra costs.The disconnect between futures — which are underpinned by hundreds of billions of dollars of daily transactions — and physical oil is partly due to aggressive US attempts to keep a lid on prices, including through releasing emergency supplies. The reality is that the global economy is suffering from a bigger inflationary hit than futures suggest, something that’s piling pressure on central bankers and the Trump administration before the November midterm elections.“You look at the paper markets, they’ve entirely disconnected from the physical markets,” said Jeff Currie, chief strategy officer of energy pathways at Carlyle Group Inc “We’re dealing with an enormous supply shock.”The price shock could get much worse. Wall Street giants Goldman Sachs Group Inc and Citigroup Inc this week said that if the conflict continues, futures could hit record highs in the coming weeks, surpassing $147.50 set in 2008. It’s unusual for physical and futures prices to remain far apart for long periods of time.Those calls are being driven by what the International Energy Agency described as the biggest-ever oil supply disruption. Goldman has estimated that about 17mn barrels a day of oil flows through the Arabian Gulf are being affected by the conflict.Brent neared $120 twice in the last two weeks, a level not seen since 2022, putting pressure on Washington to calm the market.On Thursday, Treasury Secretary Scott Bessent told Fox Business that just days after announcing one massive stockpile release, the US could consider another one, despite question marks over the viability of doing so logistically.He then followed with comments that stunned already-exhausted oil traders: The US might lift some sanctions on Iranian oil, despite being at war with Tehran. Traders around the world, who have had to approach Iran trades with the utmost caution for years, expressed exasperation with the news.Other efforts to tame prices include the unsanctioning of Russian oil at sea, and there has been intense trader speculation that the US may be intervening in futures markets, something Bessent has denied. Soaring volatility has also limited the size of positions that traders can take, as it makes it more expensive to do so. While that has helped to keep a ceiling on futures, it’s limited compared with the impact of the disruption in Hormuz.“The US has almost exhausted the arsenal for stopping prices from rising, given this degree of uncertainty, if the strait isn’t opened and the uncertainty of physical damage isn’t removed,” Christof Ruhl, global advisor at Crystol Energy and a former BP Plc economist, said in a Bloomberg TV interview. “So there isn’t much they can do.”The signs of stress are growing, too.Container shipping lines are adding fuel surcharges, and huge price swings in shipping fuel markets are causing some marine fuel buyers to hold off on large orders due to the price fluctuations.In the US, retail gasoline prices are fast approaching $4 a gallon and diesel prices have exceeded $5. In Germany, a heating oil seller said people are only buying “when absolutely necessary” because of high prices, while airlines have canceled some flights as jet fuel soars.“Movements in energy markets feed through to our cost base almost immediately,” said Pavel Kveten, Chief Executive Officer at Girteka Logistics, one of Europe’s top trucking companies. Fuel makes up about 30% of the firm’s transport costs, he said.Highlighting the scramble for real-world barrels of crude, the Oman benchmark in the Middle East rose above $162 a barrel this week. Murban crude from the United Arab Emirates topped $145. As those prices soar, Asian buyers have scooped up the most American oil in three years, hunting for replacements for Middle Eastern flows that increasingly look like they’ll be curtailed for longer.For now, the war shows no signs of easing as the conflict is about to enter a fourth week. Iranian officials have become reluctant to even discuss reopening Hormuz as they focus on surviving the US-Israeli onslaught, a person involved in direct, high-level contacts with Tehran said on Friday.“We see little relief for the deepening energy crisis as more energy facilities come under fire,” RBC Capital Markets LLC analyst Helima Croft said in a note. “Administration officials have spent considerable manhours working to convey to market participants that the disruption will be short-lived as the war will soon wind down. Yet nothing points to a limited engagement at this juncture.” 

Qatar's health sector is fully primed to handle any emergency that may arise from the current regional situation, with a robust strategic stockpile of medicines and medical supplies sufficient for nine months, the Minister of Public Health has said.Speaking to Qatar Television, His Excellency Mansoor bin Ebrahim al-Mahmoud said the sustained investment and overriding priority given to the health sector by His Highness the Amir Sheikh Tamim bin Hamad al-Thani had placed the country in a position of strength, with a flexible and highly capable health system ready to respond to any contingency at short notice."The infrastructure of the health sector in the State, in terms of facilities and emergency centres, literally qualifies it for handling any contingency amid the current situation," the minister said.Al Mahmoud confirmed that all hospitals and health facilities across the country are operating around the clock, with dedicated operations chambers monitoring the situation and coordinating work on a 24-hour basis. These command structures are tracking all relevant figures and data, covering hospital readiness, capacity planning, and the ability to absorb contingencies at varying levels of severity.The country's health network comprises 26 hospitals spanning the public, private, and quasi-government sectors, underpinned by what the minister described as a world-class infrastructure built up steadily over the past several years. A workforce of 60,000 health professionals, nurses, and practitioners is currently deployed across these facilities, working with what al-Mahmoud called a high degree of efficiency and professionalism.Routine and essential care services have continued uninterrupted throughout the current crisis, the minister stressed, including dialysis treatment, childhood vaccination programmes, and regular patient consultations at health centres across the country. He also confirmed that blood supply levels are sufficient and above the required threshold.On trauma cases linked to the ongoing crisis, al-Mahmoud said that since the situation began, the injuries treated at medical institutions and health centres have been minor and superficial in nature, with patients discharged on the same day in all but one case. That remaining patient is in a stable condition and is expected to be discharged in the near future, he added.Regarding the strategic medical stockpile, the minister explained that Qatar operates a combined system for medical supplies, with reserves held specifically to supply health institutions when needed. He confirmed the stockpile has not been drawn upon thus far and remains sufficient for nine months. Supply chains are being monitored constantly to ensure that hospitals can continue to import medicines and medical equipment without interruption, and he noted that coordination with fellow GCC states is in place, with no issues reported on that front.Al-Mahmoud urged members of the public to rely solely on official sources for information and news, reiterating that the health sector is fully ready and operating as a key priority of Qatar's leadership. He also highlighted the close coordination between the health sector and other government agencies, including Civil Defence, describing the inter-agency response as highly professional and well-orchestrated. 

The Minister of State for Energy Affairs His Excellency Saad bin Sherida al-Kaabi held a virtual meeting with the Rt Hon Ed Miliband, the Secretary of State for Energy Security and Net Zero of the UK, Wednesday. Discussions during the meeting dealt with the impact of the ongoing regional conflict on the global energy industry and ways to ensure the security of energy supplies. HE al-Kaabi reaffirmed the State of Qatar’s commitment to remain a reliable energy supplier and looked forward to continuing and strengthening energy relations and cooperation with the UK. 

Fruit hampers stacked high at a Doha supermarket tell a reassuring story — Qatar's food supplies remain plentiful and well-stocked as residents prepare to celebrate Eid Al-Fitr, with authorities ensuring uninterrupted delivery of essential goods despite the ongoing regional crisis.  

Despite ongoing regional tensions, supermarkets in Qatar say grocery supplies remain sufficient for the coming weeks, with retailers strengthening supply chains, expanding 24-hour store operations and scaling up online delivery services to meet steady consumer demand.Major hypermarket chains across the country, including LuLu, Al Meera, Monoprix, Safari, and Carrefour, continue to operate at full capacity with well-stocked shelves.At the same time, authorities have reassured the public that markets remain stable and essential goods are readily available.**media[424408]**LuLu Hypermarket Qatar regional director Shanavas P M told Gulf Times that they have taken operational measures to cope with the recent increase in demand, particularly in online orders and home deliveries.“LuLu Hypermarket is currently managing the surge in online orders and home deliveries by operating from 16 stores across Qatar, supported by sufficient manpower and adequate stock availability,” he said. “We have strengthened our operational capacity to ensure that customer orders are processed efficiently and delivered on time.”Shanavas added that operational hours have been extended and logistics and delivery systems optimised to accommodate the increased demand over the past week.“Our dedicated teams, including store staff, warehouse personnel, and delivery partners, are working tirelessly to fulfil online orders and ensure smooth home delivery services for our customers,” he said. “We have also prioritised the availability of essential food and grocery items so that customers can conveniently shop from home without any concerns.”**media[424409]**Shanavas also reassured customers that LuLu maintains adequate stocks of both food and non-food products across its outlets in Qatar.“LuLu Hypermarket would like to reassure its valued customers and stakeholders that there is sufficient availability of grocery and essential items across all our outlets in Qatar,” he said. “Our supply chain operations remain stable and efficient, and we currently maintain adequate stock levels of both food and non-food products in all LuLu Hypermarket stores.”According to Shanavas, the company has taken proactive measures to ensure uninterrupted procurement and distribution of essential commodities, working closely with local suppliers and international partners to keep products flowing into stores.“Regular shipments and replenishment processes are in place to maintain consistent stock levels across all locations,” he said, adding that inventory management and distribution systems have also been strengthened to respond quickly to customer demand.“Essential grocery items, fresh produce, dairy products, and other daily necessities are being closely monitored to maintain steady availability,” Shanavas added.To provide greater convenience and reduce crowding in stores, LuLu has also opened 12 outlets across Qatar, all of which are open 24 hours.These are stores in D-Ring Road, Al Gharafa, Al Messila, Al Khor Mall, Barwa City, Pearl Island, Abu Sidra Mall, Ain Khaled, Al Wukair, Al Meshaf, Salwa Road and Al Hilal.Shanavas said that the response from customers has been “very positive”, noting that the extended hours allow shoppers to visit stores at any time of day or night, avoiding peak-hour congestion.“This initiative has also helped prevent any panic situations by ensuring continuous availability of products,” he said, adding that demand remains steady, particularly for food-related items.At the national level, Qatar maintains a long-term strategic food and essential goods reserve, helping ensure availability amid regional or international supply chain challenges.The country has also invested heavily in local production, achieving high levels of self-sufficiency in dairy, poultry and several agricultural products.Meanwhile, the Ministry of Commerce and Industry is conducting intensive daily field inspections to monitor markets, prevent price manipulation and ensure that goods remain readily available.Authorities have assured the public that shelves are well-stocked and urged consumers to purchase only what they need.The ministry also stressed that supplies remain plentiful and markets stable, while encouraging residents to report any irregularities or violations through official channels as part of ongoing efforts to protect consumers and maintain market stability. 

Investors will seek signs in the coming week of how sprawling the war in the Middle ‌East will become and how much it will disrupt energy supplies, as they chew over fresh ​inflation data.A US-Israeli campaign against Iran ‌that entered its sixth day on Thursday was consuming markets, with a jump in ‌oil prices headlining volatility across ⁠assets. US stocks swung sharply ‌following the Middle East escalation, leaving the benchmark S&P ‌500 down 0.7% for the week, as of Thursday. Earlier in the week, the Cboe Volatility index , Wall ⁠Street's most-watched gauge of investor anxiety, hit its highest level since November.Investors were balancing the historic tendency for equities to rebound in the wake of major global developments against a lack of clarity about the Iran situation."This is a very big event and it seems incredibly uncertain where it's headed," said Rick Meckler, partner at Cherry Lane Investments. "To some extent, it's left investors as neither sellers nor buyers."One focal point for markets was the surge in energy prices stemming from the conflict ​and its significance for inflation and economic output. The fighting has paralyzed shipping through the Strait of Hormuz, a key artery for around a fifth of the world's oil and liquefied natural gas supply.Brent crude on Thursday reached $85 a barrel, up from $70 ‌before the weekend strikes. Higher oil ⁠prices can dampen the outlook ​for equities in several ways, including by translating into higher gasoline prices that weaken consumer spending.In ​the near term, Michael Arone, chief investment strategist at State Street Investment Management, said changes in oil prices will be "a good barometer for whether risk assets will do well or they will do poorly."Oil breaching $100 a barrel, he said, would be a psychological milestone that "would spook markets more." Even with the weekly decline, the S&P 500 remained just over 2% from its all-time closing high set in late January.Expectations of a solid economic backdrop and strong corporate earnings growth this year have fed optimism for stocks, countering worries about artificial-intelligence-driven disruptions and private credit.Heading into next week, "developments in the Middle East will move really all financial markets," said Dominic Pappalardo, chief multi-asset strategist for Morningstar Wealth.Inflation data will ‌also be in Wall Street's spotlight. ‌The consumer price index for February is due ⁠on Wednesday, following a cooler-than-expected January report for the closely watched inflation measure.CPI for February is expected to show ⁠a 0.2% increase on a monthly basis, according ⁠to a Reuters poll. Investors said markets may discount any report that is tame, because it covers a period almost entirely before the Middle East conflict. But a surprise spike in inflation could be particularly problematic."If we get upside surprises to the inflation data next week, that could further fuel fears about inflation expectations rising and that would be bad for markets," Arone said. "The concern is that higher oil prices will only feed into higher inflation dynamics ​going forward."Such worries about energy-induced higher inflation have contributed to investors pushing back their estimate for the Federal Reserve's next interest-rate cut.Expectations for a cut of at least 25 basis points at the Fed's June meeting have fallen to about 32%, according to CME FedWatch, down from 47% a week ago and 75% a month ago.After the central bank lowered rates last year to shore up a weakening labor market, hopes for further easing this year of about two standard quarter-percentage-point cuts have been a crucial part of the bull case for stocks. Investors generally associate lower interest rates with higher prices for stocks and other assets."If ‌we continue to see increasing ​energy prices sparking inflation concerns, it will be much more difficult for the Fed to implement those two forecasted rate cuts in 2026," Pappalardo said. 

Supplies are plentiful and markets are stable, Qatar's Ministry of Commerce and Industry said Saturday, moving to reassure the public that consumer needs are being met across the country.The ministry said inspection teams are conducting intensive rounds at shops and markets to monitor supply levels, ensure availability of essential goods, keep prices in check and take legal action against any violations detected.In a further step to ease public access to supplies, the ministry said it has coordinated with retailers to keep 22 major branches open around the clock across different parts of the country.The ministry encouraged consumers to report any irregularities or violations through official channels, reaffirming its commitment to consumer protection and market stability. 

Political instability in Iran, a major oil producer, together with US President Donald Trump's recent threats against the country have reignited fears of disruptions to crude supplies, sparking price volatility on global markets.AFP explains what's at stake.Major producer:Iran remains one of the world's top ten oil producers even though its output has fallen sharply since the 1970s, hit in particular by rounds of US sanctions."In 1974, Iran was the third-biggest producer in the world after the US and Saudi Arabia, and ahead of Russia, producing some 6mn barrels per day," Arne Lohmann Rasmussen, chief analyst at Global Risk Management, told AFP.Today, Iran produces around 3.2mn barrels per day, according to Opec.This remains a significant amount, and Iran is believed to hold the world's third-largest crude reserves, cementing its strategic importance.Additionally, Iran's oil industry is in far better shape than that of Venezuela, another country hit by years of US sanctions.Highly profitable oil:Iranian crude is relatively easy and cheap to extract, with production costs as little as $10 per barrel, making it particularly profitable, Rasmussen said.Only Saudi Arabia, Iraq, Kuwait and the United Arab Emirates enjoy similarly low production costs.By comparison, major Western producers like Canada and the US typically face costs of $40-60 per barrel.With such low costs, Iran gains disproportionately from high global prices, a crucial factor for an economy heavily reliant on oil revenues.Dependence on China:US sanctions imposed since the 1979 Islamic Revolution have left Iran with few export options — especially after Trump revived a "maximum pressure" policy on Tehran upon his return to the White House.Last year, Washington targeted Chinese "teapot" refineries, which operate independently of state-owned oil companies, accusing them of buying Iranian crude.China, however, continues to buy Iranian oil at below-market prices.Iran exported an average of 1.74mn barrels a day in the fourth quarter of 2025, all of it bound for Chinese refineries, according to the markets data firm Kpler.Rasmussen noted that Iran produces roughly equal amounts of light and cheaper heavy crude, making it even more valuable to Beijing, which has lost access to Venezuela's very heavy crude since the US intervention in Caracas on January 3.What might Trump do?Rising tensions in Iran had pushed the international benchmark Brent crude price to $66 per barrel, its highest level since October.But oil prices tumbled after Trump said on Wednesday that the killings of protesters in Iran had been halted, easing fears of instability and potential US military action.He said the US would "watch it and see" about military strikes.If Washington were to attack Iran, "prices could quickly jump to around $80-$85", similar to the spike seen during the twelve-day conflict between Iran and Israel in June, said Kpler analyst Homayoun Falakshahi."What happens next will depend on the nature of the attack and the regime's response," he said.Tehran has issued strong statements but responded cautiously to Trump's comments to avoid escalation with Washington.But if the government's survival is at stake, the market reaction could be far more dramatic.Falakshahi warned that the biggest risks are that "Iran targets oil facilities in other Gulf countries" or attempts to block the Strait of Hormuz, the chokepoint through which 20 % of the world's oil supply flows. 

Qatar’s partnership with the UN Office for Project Services (UNOPS) is shifting aid from inputs to impact, with projects measured by outcomes, such as Gaza fuel supplies, Sustainable Development Goals (SDG) aligned finance, and education access.UN under-secretary-general and UNOPS executive director Jorge Moreira da Silva said the agency measures success by outcomes, not outputs, aligning with Qatar’s emphasis on results-based development assistance.“We are an organisation that focuses on outcomes rather than outputs. This means that we evaluate all our projects based on their impact on the people we serve. Instead of counting billions or millions of dollars, we are interested in counting the number of individuals who benefit from each project,” da Silva told *Gulf Times in an exclusive interview.Asked how UNOPS measures its success and how tools like SDG-aligned finance and impact standards change how projects are designed and assessed, da Silva emphasised that mobilising finance alone is insufficient, and stressed the need to prioritise fragile contexts where Qatar is active.“I hear lots of conversation about finance, going from billions to trillions of dollars. But we shall not confuse the need for mobilisation with the need for alignment. We need to mobilise more. Today, we are facing a $4tn gap annually to reach the 17 Sustainable Development Goals. Developing countries need additionally every year $4tn, so this is the gap,” da Silva explained.He continued, “But the issue is not just the gap, it's the misalignment. If you go through all sources of finance, blended finance, impact investment, and foreign direct investment, the support to the most fragile context has not been prioritised. Only 7% of the blended finance goes to low-income countries.“Only 10% of foreign direct investment goes to fragile contexts. So, the point is not just about mobilisation of finance, it's ensuring that we prioritise those contexts where the needs are greatest, namely conflict-affected countries, countries affected by the climate crisis, and that's why measuring impact matters.”On how UNOPS translates Qatar’s financial and diplomatic commitments into projects that deliver measurable impact, da Silva cited fuel as an example, noting that fuel supplies in Gaza illustrate how Qatar’s financial support translates into tangible outcomes, powering hospitals, schools, and bakeries, among others.Da Silva said, “Fuel is not just about fuel. In Gaza, fuel is the only way for people to have access to basic needs. In other parts of the world, people have access to energy through electricity, gas, renewable energy, and many other sources via several transmission pathways.”He further pointed out, “In Gaza, that is not possible; Gaza is totally dependent on fuel. So, without the power station functioning, without the transmission lines being activated, the only way to bring the energy to the bakeries, hospitals, schools, sewage, and desalination facilities is through fuel.“That's why we have had the chance to benefit from the financial support from Qatar. And with the Qatar financial support, we can go to the market, procure fuel, and bring the fuel to Gaza. As we distribute the fuel, we also distribute it to other UN agencies.”On transparency mechanisms, da Silva noted that UNOPS has introduced systems to ensure aid reaches beneficiaries without leakage or politicisation, including the UN 2720 Mechanism in Gaza.Da Silva also underscored the importance of infrastructure and climate change, stating that resilient infrastructure is central to achieving the SDGs, offering Qatar opportunities for deeper cooperation.According to a research piece that UNOPS has conducted with Oxford University, da Silva said “92%” of the SDGs depend on infrastructure. More than “80%” of the greenhouse gas emissions are related to infrastructure, he noted.“This means that unless we get it right – the infrastructure work – we won't deliver on the sustainable development goals and on climate action. That's why it's so important to invest in infrastructure,” he stressed.Da Silva lamented that today, there are “700mn” people without access to electricity, while another “2bn” people don’t have access to clean water. He said “2.4bn” don’t have access to sanitation, and “3bn” people worldwide are offline, lacking access to digital platforms.“It’s impossible to fix issues on education, health, energy, or water, unless we invest in infrastructure. However, investing in infrastructure can't be just about going green; it's also about resilient infrastructure. Unfortunately, the reality is that the conflict-stricken countries are, at the same time, countries facing the disproportionate impact on climate,” da Silva explained. 

Through the partnership between the Qatar Fund for Development (QFFD) and the Turkish Disaster and Emergency Management Authority (AFAD), Qatar and Turkiye have dispatched a humanitarian aid vessel carrying 2,428 metric tonnes of assistance to the Sudan. In a statement on Saturday, the QFFD said the maritime shipment includes essential food supplies, clothing, and shelter materials, including tents and blankets, in addition to basic household items. The assistance aims to support the most vulnerable groups and displaced populations affected by the ongoing conflict, food insecurity, and restricted humanitarian access across Sudan.The dispatch ceremony was attended by Abdulaziz al-Hammadi, First Secretary at the Embassy of the State of Qatar in Turkiye; a delegation from the QFFD headed by Yousef al-Mulla, Acting Manager of the Humanitarian Aid Department; and Attila Toros, Governor of Mersin of the Republic of Turkiye; as well as Ali Hamza, Director of AFAD.The statement added these efforts underscore the strength of the bilateral partnership between Qatar and Turkiye in delivering timely, coordinated, and life-saving humanitarian assistance, while reinforcing collective action to address urgent humanitarian needs through a principled and cooperative approach.The QFFD continues its steadfast commitment to alleviating human suffering and supporting affected communities in times of crisis, while contributing to strengthening resilience, peace, and stability in crisis-affected regions. 

Standing in a pool of rainwater that has engulfed her tent and destroyed its contents, the Palestinian Kifah al-Najjar desperately tries to salvage what remains — blankets, mattresses, and food supplies. But the fragile shelter, built from plastic sheets, nylon, and wooden poles atop the ruins of her home in Gaza’s Al Zaytoun neighbourhood, has collapsed under the weight of the storm. With six children and no protection, al-Najjar — whose husband was killed at the start of the war — watches helplessly as her belongings are soaked and scattered. She told Qatar News Agency (QNA) that she had feared this moment long before winter arrived. The tent could not shield them from the summer heat, and now it is drowning them in the cold. The first major weather system to hit Gaza this season brought heavy rain, strong winds, and plunging temperatures, flooding hundreds of tents and worsening the plight of thousands of displaced families. Entire neighbourhoods — Al Zaytoun, Al Daraj, Al Shati Camp, Deir Al Balah, Al Bureij, and Khan Younis’s Al Mawasi — saw shelters submerged, leaving families exposed and desperate. Civil Defence spokesperson Mahmoud Basal said teams are overwhelmed, receiving constant distress calls from camps and shelters but lacking the equipment to respond. Their vehicles and tools were destroyed in the war, leaving them unable to reach those in need. **media[382041]** Gaza’s humanitarian crisis, already dire after the destruction of 92% of its residential buildings, is now compounded by the weather. Thousands of families are living in tents or unstable homes at risk of collapse. Director General of Gaza’s Government Media Office, Dr Ismail al-Thawabta, stated that the Strip urgently needs at least 250,000 tents and 100,000 caravans to provide temporary shelter. After two years of war and suffering, he said, they had hoped a ceasefire would bring relief. However, the occupation’s refusal to allow aid, food, medicine, and shelter materials has kept Gaza trapped in tragedy. As heavy rain lashes Gaza, the suffering of displaced families and residents living among the ruins of destroyed homes deepens, according to municipal spokesperson Hosni Mehanna. He stressed that over 93% of the tents sheltering displaced people are now severely worn after enduring successive seasons of heat and cold. Rainwater has pooled between camps and flooded streets, with no functioning drainage systems to redirect it. Mehanna told Qatar News Agency (QNA) that Gaza’s rainwater networks were systematically destroyed during two years of Israeli aggression, causing sewage to overflow and mix with stormwater sweeping through shelters, wreckage, and displacement camps. Despite having plans to mitigate the impact of winter storms, Gaza Municipality lacks the equipment to implement them due to the deliberate dismantling of its infrastructure, he affirmed. The crisis extends beyond shelter. Makeshift field hospitals and medical tents — set up to replace bombed-out facilities — have collapsed under the storm, halting services. Director of Medical Relief in Gaza, Dr Bassam Zaqout, confirmed that many health and social service points are tents without foundations, now rendered inoperable by the weather. Warning that the storm will have catastrophic consequences for Gaza’s displaced population, UNRWA said in a statement that families are seeking refuge wherever possible, including in temporary tents, and called for urgent permission to deliver shelter supplies already in its possession. Despite the formal end of Israeli aggression, which destroyed 92% of Gaza’s residential buildings, the blockade on essential shelter materials — such as tents and caravans — remains. This has forced families to live in unsafe, collapsing structures or deteriorated tents, risking their lives with every rainfall.

It’s a great time to be an oil refiner — but a less great time to be filling up at the pump.In Europe, the US and Asia, giant plants are making money by doing what they’ve always done: converting crude oil into vital fuels and selling them at a profit.What’s different today is the scale of the threat to global supplies: Relentless attacks on Russia’s energy infrastructure, outages at key plants in Asia and Africa and permanent closures across Europe and the US have removed millions of barrels of diesel and gasoline from the world market.On top of these real-world impacts are traders’ fears of what’s yet to come: imminent US sanctions on Lukoil PJSC and Rosneft PJSC and fresh European Union curbs on fuels made from Russian crude threaten already squeezed supply-chains.The result is ongoing pressure on costs at the pump despite a fall in global oil prices — something that’s unlikely to sit well with a US administration that sees “affordable energy” as essential.“Global refinery margins are astronomical,” said Eugene Lindell, head of refined products at consultancy FGE NexantECA. “The signal you’re giving the global refining system, no matter where the refinery is located, is to just run flat out.”In the US, Europe and Asia, margins are the highest they’ve been at this time of year since at least 2018, according to fair value data compiled by Bloomberg. The profits are so good that refiners’ stock prices are also surging: Processors including Valero Energy Corp and Turkiye Petrol Rafinerileri AS have seen stellar rises, while Orlen SA gained more than 100% year-to-date.While expectations of a glut are dragging on crude prices, disruption to the global refining system is limiting how much oil can be turned into products like gasoline, diesel and jet fuel. While that benefits the processors still running, it also means the slump in headline oil prices isn’t being felt at the pump.A constant stream of attacks on Russia’s refineries — just this month, Ukraine claimed strikes on the Saratov, Orsk and Volgograd plants — is hampering fuel production. Last month, Russia’s huge oil product exports were on course to hit a multi-year low, and that was before drone attacks damaged key loading facilities in the port city of Tuapse.Product supplies are being further squeezed by outages elsewhere. In Kuwait, the giant 615,000 barrel-a-day Al-Zour refinery recently had only one of its three crude processing units operating, while a key gasoline-production unit at Nigeria’s huge Dangote refinery is reportedly scheduled to halt for about 50 days of maintenance in coming weeks, having only recently begun restarting.Meanwhile, US crude runs in recent weeks have been more than a million barrels a day lower than the same time last year, a huge drop from the peak summer demand months, when processing was at its highest seasonal level since 2019. The country has seen multiple refinery closures in recent years, as has western Europe, further pressuring fuel supplies.“Global refining activity has been challenged by a series of unplanned outages in October, further constraining product markets and pushing margins even higher,” the International Energy Agency said Thursday. Increased profits have prompted the watchdog to raise its estimates for runs at margin-sensitive refining assets in Europe and Asia this month and next.In the US, the upshot is a rise in the average price of diesel since President Trump took office, and little change in the cost of gasoline, which on Thursday stood at $3.08 a gallon. Benchmark crude futures have meanwhile come off about 20% since his second inauguration, amid forecasts of a large surplus.Supercharging these ongoing real-world supply pressures are traders’ fears over what’s on the horizon.“The current strength in refining margins is at least partially being driven by uncertainty around the upcoming US sanctions on Rosneft and Lukoil, as well as the EU’s January prohibitions on Russian products,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group.FGE’s Lindell estimates Lukoil and Rosneft’s combined Russia oil product exports are more than 800,000 barrels a day. The global seaborne trade in oil products is about 22mn barrels a day, according to Clarkson Research Services Ltd., a unit of the world’s largest shipbroker.Any major disruption to those exports would be a shock to the global fuels market, though the extent to which those barrels would really disappear is unclear. Russia has shown that it often manages to work around sanctions.There are also questions about what comes next for refineries outside Russia in which Lukoil is involved, including Bulgaria’s Burgas facility, the Netherlands’ Zeeland plant and Romania’s Petrotel.Then there are the EU restrictions, coming into force January 21, which restrict the delivery of petroleum products made from Russian crude into the bloc. Precisely how these will end up impacting Europe’s diesel supplies from India and Turkey — both of which have also been key importers of Russian crude — remains to be seen.“The sanctions against Rosneft and Lukoil, on top of the recent sanctions package out of the EU, tightened the noose around Russia’s neck,” said Carolyn Kissane, an associate dean at the Center for Global Affairs at New York University, where she teaches about energy and climate change. “At the same time, you’re seeing more attacks driven by Ukraine against Russian infrastructure, which is a hit to the products market.”