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Oil hits $117 for first time since April on fears of flare-up in Iran hostilities

Rise in energy prices pushes US inflation expectations higher

AnalysisForeign AffairsOct 23 at 5:33 AM PDT

The New Energy Stalemate in Ukraine

Tatiana Mitrova, a fellow at Columbia University’s Center on Global Energy Policy and former energy scholar at Moscow’s Russian Academy of Sciences, and Sergey Vakulenko, an oil and gas expert at Carnegie’s Russia Eurasia Center, argue that Russia and Ukraine are locked in an energy war that has become an adaptation spiral, despite growing human and economic costs and despite current US pressure on Ukraine. They observe Ukraine’s remarkable ability to withstand Russian strikes, while questioning claims that long-range Ukrainian strikes will be able to achieve game-changing damage on Russia. Ukraine and Russia have transformed the role of energy warfare in modern conflict, drawing on low costs drones but also new forms of technological resilience that are likely to make wars longer and more dangerous.

Social commentary: Rory JohnstonBluesky, Edward HarrisonBluesky

United States

BOK chief signals hawkish stance amid outlook for higher growth, rates

AnalysisinvestingLiveOct 21 at 6:31 PM PDT

Bank of Korea holds rate at 3% after back-to-back hikes, keeps door open to November move

With the hold fully priced, attention shifts to Governor Shin’s news conference at 02:10 GMT for guidance on whether November remains live. A clear signal that the pause is temporary would likely support the won and push short-dated Korean government bond yields higher. A softer emphasis on monitoring the impact of past hikes could weigh on the currency. The board’s caution over recent stock market volatility suggests policymakers are wary of adding pressure to equities, which may offer some relief for the KOSPI. Chipmakers remain at the centre of the growth story given record AI-driven exports. Energy prices are a key upside risk to inflation for Korea as a major oil importer. That leaves the outlook sensitive to any escalation in the Middle East that lifts crude. --- Earlier (preview): Bank of Korea expected to hold rates today after two hikes, tightening cycle seen intact ---The Bank

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