Shilling holds steady amid subdued demand, external uncertainties persist
The Uganda shilling remained largely stable during the week, supported by improved investor sentiment following easing geopolitical tensions in the Middle East. Most corporates stayed on the sidelines as they prioritised shilling liquidity to meet mid-month tax obligations, limiting activity in the foreign exchange market. The local unit traded at
Trump Announces Planned Naval Blockade of Strait of Hormuz After Failed Iran Talks
US President Donald Trump has announced that the United States will begin a naval blockade of the Strait of Hormuz, escalating tensions with Iran following the collapse of high-level negotiations in Pakistan. In a strongly worded statement posted on his social media platform, Trump said the talks had largely progressed
Russia, China Sink Hormuz Resolution, Argue Move Clears Path for Ceasefire Talks
Russia and China have defended their move to block a United Nations Security Council resolution on securing navigation in the Strait of Hormuz, saying the decision has instead created room for ceasefire talks and renewed diplomatic engagement across the Middle East. The draft resolution, tabled by Bahrain and backed by
Oil Tanker Movement Disrupted in Strait of Hormuz as Middle East Tensions Escalate
Transit of oil tankers through the Strait of Hormuz has been disrupted amid rising tensions in the Middle East following renewed Israeli strikes on Lebanon, according to Iranian media reports. Iran’s Fars News Agency said the slowdown in tanker movement coincided with the latest wave of Israeli attacks, heightening concerns
Government Moves to Calm Fuel Fears Amid Middle East Tensions
The Government has stepped in to reassure the public that Uganda’s fuel supply remains steady, even as escalating tensions in the Middle East continue to rattle global oil markets. In a joint statement released on March 30, the Ministry of Energy and Mineral Development and the Uganda National Oil Company
Asia Turns to Fuel Rationing as Hormuz Disruptions Tighten Supply
Asian economies are beginning to feel the squeeze from disruptions in the Strait of Hormuz, with several countries rolling out fuel-saving measures as global oil supplies come under strain. The unfolding crisis driven by rising tensions in the Middle East involving Iran has slowed tanker traffic through one of the
Iran Threatens Wider Retaliation, Sends Stark Warning to Regional States Over Strait of Hormuz Tensions
Iran’s Supreme Leader, Ayatollah Seyyed Mojtaba Hosseini Khamenei, has vowed continued retaliation for the killing of Iranian “martyrs,” warning that Tehran’s response could escalate regional tensions, particularly around the strategically critical Strait of Hormuz. In a detailed statement, Khamenei made it clear that Iran’s revenge is not limited to a
Saudi Arabia Cuts Oil Output as Strait of Hormuz Crisis Pushes Prices Above $100
Saudi Arabia has begun cutting oil production as near-complete blockades of the Strait of Hormuz cause crude storage facilities across the Gulf to fill up, according to sources familiar with the situation. The move comes as several other regional producers — including the United Arab Emirates, Kuwait, Iraq and Qatar
