International
Brazil’s Petrobras hikes prices, ignoring Bolsonaro
AFP
Brazilian state-run oil company Petrobras announced hefty increases in gasoline and diesel prices Thursday in response to the Ukraine crisis, ignoring President Jair Bolsonaro’s criticism of what he calls excessive prices.
Petrobras said it would raise the price of gasoline from its refineries by 18.8 percent and diesel by 24.9 percent from Friday, citing the “worldwide surge in the prices of oil and oil derivatives as a result of the war between Russia and Ukraine.”
The company said the move was in line with increases by other fuel suppliers, and emphasized that it had not raised prices in nearly two months.
But the move will likely irk the far-right president, who has been trying to rein in surging fuel prices and inflation more broadly, phenomena which are hurting his popularity as he gears up to seek reelection in October.
Bolsonaro, who regularly criticizes Petrobras for high prices, said Monday the company’s policy of parity with international prices “cannot continue.”
Petrobras shares dove more than seven percent following the comment.
That echoed a stock plunge of more than 20 percent just over a year ago, when Bolsonaro changed Petrobras’s chief executive after saying the company should not be constantly “surprising people” with price increases.
Bolsonaro is pushing for Congress to pass legislation to bring fuel prices down, though experts say the short-term impact would be minimal.
He is also reportedly looking at decreeing emergency subsidies to lower prices.
Both measures are unpopular with fiscal conservatives.
Surging prices in Brazil, where the annual inflation rate stands at 10.38 percent, are a weak spot for Bolsonaro as he eyes a tough reelection battle in seven months, likely against leftist ex-president Luiz Inacio Lula da Silva.
The international oil market has been rocked by volatility since Russia invaded Ukraine two weeks ago.
The Brent crude price hit a peak of $139 a barrel Monday, a 14-year high, before falling to around $116 Thursday.
International
German president says trust in U.S. leadership is ‘lost’ amid global tensions
German President Frank-Walter Steinmeier said on Tuesday that trust between the United States and its Western allies has been “lost,” warning that the damage could persist beyond the presidency of Donald Trump.
“The rupture is very deep, and the loss of trust in U.S. great power policy is significant—not only among its allies, but also, as I observe, globally,” Steinmeier said during a speech in Berlin marking the 75th anniversary of Germany’s Foreign Ministry.
Referring to the future of transatlantic relations, he stated that “there is no return to the situation before January 20, 2025,” the date marking the start of Trump’s second term in the White House.
“Even a future U.S. administration will no longer be able to resume the role of a benevolent hegemon guaranteeing a liberal international order,” added Steinmeier, who previously served as Germany’s foreign minister.
He also criticized the war against Iran, describing it as “contrary to international law” and calling it “a political mistake with serious consequences.”
“This war is avoidable and unnecessary,” he said.
Although the German presidency is largely ceremonial, Steinmeier’s remarks reflect a broader concern within Germany, aligning with the government’s cautious stance while going further in tone.
International
Trump claims talks with Iran as G7 meets to address global tensions
U.S. President Donald Trump said that the United States has held talks with Iran—a claim denied by Tehran—and has temporarily paused his threat to target the country’s electrical infrastructure.
In his first overseas trip since the United States and Israel launched their offensive on February 28, U.S. Secretary of State Marco Rubio is expected to address key global issues, including the situation in the Middle East, according to State Department spokesperson Tommy Pigott.
Foreign ministers from the Group of Seven will meet in Cernay-la-Ville, close to Versailles, on the outskirts of Paris.
During the meeting, Rubio will hold discussions with his counterparts on “the war between Russia and Ukraine, the situation in the Middle East, and threats to global peace and stability,” Pigott said.
France currently holds the presidency of the G7, whose members also include the United Kingdom, Canada, Germany, Italy, and Japan.
Although all G7 nations are close allies of the United States, none has offered explicit support for Washington’s military actions against Iran, a stance that has reportedly frustrated Trump.
Last Saturday, G7 foreign ministers called for an “immediate and unconditional end” to Iranian attacks against U.S. allies in the Middle East.
International
Pentagon to deploy 3,000 troops to Persian Gulf as Middle East tensions escalate
The Pentagon is planning to deploy nearly 3,000 troops from the 82nd Airborne Division to the Persian Gulf, according to two senior officials cited Tuesday by Spanish newspaper El País.
Meanwhile, Hezbollah warned it would confront any attempt at occupation following Israel’s announcement that its military will take control of southern Lebanon up to the Litani River, located about 30 kilometers from the border.
In recent hours, the Israel Defense Forces carried out airstrikes on Beirut, while Iran and Hezbollah responded with attacks on Israel, leaving at least six people with minor injuries in Tel Aviv.
The escalation comes as global markets react to renewed instability. The price of oil rose again above $100 per barrel after a brief decline the previous day, following an announcement by U.S. President Donald Trump of a five-day truce on attacks targeting Iran’s energy infrastructure.
Despite the announcement, Iranian authorities reported that two projectiles struck a gas pipeline in Khorramshahr and administrative buildings at a gas facility in Isfahan early Tuesday.
German president says trust in U.S. leadership is ‘lost’ amid global tensions
Trump claims talks with Iran as G7 meets to address global tensions
Pentagon to deploy 3,000 troops to Persian Gulf as Middle East tensions escalate
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