The US Treasury Department has withdrawn the temporary waiver that allowed limited purchases of Russian crude oil after the expiry of its one-month term. The waiver had permitted the purchase of Russian oil stranded at sea, but that special allowance has now ended. The measure was originally introduced to stabilize the global energy market amid severe supply disruptions caused by war-related shocks.

According to reports, following US and Israeli attacks that led to the closure of the Strait of Hormuz, global energy prices surged sharply. Major buyers, including India, used the stranded Russian oil to ease the crisis. With the waiver now lifted, analysts warn that global oil supplies could tighten further, potentially pushing international prices higher.

Experts suggest that the end of this waiver may increase pressure on fuel prices in the United States, where gasoline is already near $4.50 per gallon. India, which had been importing around 2.3 million barrels of Russian oil daily during the waiver period, will now need to seek alternative sources.

At a daylong training workshop held on Saturday at the YWCA training center in Mohammadpur, Dhaka, speakers said that road safety in Bangladesh is no longer just a transport issue but a critical development concern tied to public health, urban management, rule of law, economy, social security, and citizens’ rights. They emphasized that deaths, injuries, disabilities, and financial losses from road accidents are undermining both family stability and national development.

The event, titled “Role and Partnership of Media in the Draft Integrated Road Safety Act,” was organized by the Bangladesh NGOs Network for Radio and Communication (BNNRC). Speakers highlighted that Sustainable Development Goal (SDG) 3.6 aims to halve global road traffic deaths and injuries by 2030, while SDG 11.2 stresses safe, affordable, accessible, and sustainable transport for all, particularly for women, children, the elderly, persons with disabilities, and vulnerable groups.

They further noted that ensuring road safety requires coordinated efforts across transport, health, police, education, local government, infrastructure, and media sectors. A comprehensive road safety law could bring these sectors under a unified framework to ensure responsibility, coordination, and accountability.

Labour and Employment Minister Ariful Haque Chowdhury has called on citizens to become self-reliant by engaging in productive activities rather than depending solely on government assistance or family cards. He made the remarks on Saturday at the second phase of the family card distribution ceremony held at the Jaintapur Upazila auditorium, presided over by District Commissioner Md. Sarwar Alam. A total of 465 women from Nijpat Union received family cards during the event, which was also connected online to Prime Minister Tarique Rahman’s family card distribution program in Chandpur.

The minister emphasized the importance of agricultural work, poultry farming, and cattle rearing to improve living standards and stated that the government is taking various initiatives to develop skilled manpower. He also announced that a special expatriate card distribution program will begin within two months to help expatriates access government services more easily.

Earlier in the day, the minister inaugurated a flood shelter construction project at Towakul College and launched canal re-excavation work from Piyain Natar Khal Isti Bridge to Sakerpokar Khal in Gowainghat Upazila.

Employment Bank inaugurated its 289th branch in Tongibari, Munshiganj, on Friday at the Institute of Marine Technology conference hall. The event was chaired by the bank’s chairman and former secretary Dr. A.F.M. Matiur Rahman, with Prime Minister’s Principal Secretary A.B.M. Abdus Sattar attending as chief guest. Other guests included the secretaries of the Ministry of Religious Affairs and the Financial Institutions Division, and local MP Abdus Salam Azad, who officially opened the branch.

In his remarks, Abdus Sattar praised the bank’s strong position in the national banking sector and urged continued efforts toward financial inclusion and job creation. Dr. Matiur Rahman described the new branch as a milestone, encouraging youth, women entrepreneurs, and small business owners to pursue self-employment. MP Abdus Salam Azad highlighted Tongibari’s potential in agriculture, fisheries, and small enterprises, while Secretary Nazma Mobarek noted that the new branch would create employment opportunities, especially for women.

At the end of the ceremony, guests handed over loan checks to local entrepreneurs, marking the branch’s operational launch.

At a press conference held at the Economic Reporters Forum in Dhaka on Saturday, owners of 26 export-oriented garment factories accused Premier Bank’s Narayanganj branch of creating around Tk 10,500 crore in fake loans using forged sales contracts, falsified back-to-back letters of credit, and illegal foreign currency transactions. The owners alleged that former chairman HBM Iqbal and several bank officials misappropriated funds through these irregularities, which were not detected in previous audits or Bangladesh Bank inspections.

The affected business owners said that since 2017, some bank officials used fake IDs to open multiple back-to-back LCs without importing raw materials, later showing the liabilities as loans under the companies’ names. They claimed that forced and demand loans were created without consent, violating Bangladesh Bank’s foreign exchange guidelines. Many factories have since shut down, and the owners demanded an independent forensic audit and intervention from Bangladesh Bank and the finance ministry.

Premier Bank’s current chairman, Arifur Rahman, stated that a forensic audit is underway and nearing completion, after which the actual liabilities and responsible parties will be identified.

Prime Minister’s Economic and Planning Adviser Professor Dr. Rashed Al Mahmud Titumir has rejected claims that the government is printing money, calling such allegations baseless. Speaking on Saturday at a pre-budget shadow parliament at FDC focused on inflation control, he said the government is prioritizing investment and employment and has taken special initiatives to reopen closed factories.

Titumir stated that during the previous administration, income levels fell sharply, pushing many lower-middle-class families below the poverty line and causing social fragmentation. He accused the former government of borrowing heavily under the guise of infrastructure development and engaging in corruption, while manipulating data to portray false progress. He added that the current administration will ensure transparency by making all Bureau of Statistics data publicly accessible.

He emphasized that the government aims to democratize the economy and avoid handing over sectors to syndicates. At the same event, Debate for Democracy Chairman Hasan Ahmed Chowdhury Kiron said the government is moving toward a universal social protection program to improve the lives of marginalized groups.

Bangladesh’s Minister of Textiles and Jute, Khandaker Abdul Muktadir, emphasized that sustaining the long-term competitiveness of the country’s ready-made garment and textile industry requires prioritizing sustainable production, innovation, research, and product diversification. Speaking as chief guest at the inauguration of the Textile Innovation Exchange held at Le Méridien in Dhaka on Saturday, he said sustainability is no longer a slogan but a necessity for the industry’s survival and future.

The minister noted that Bangladesh’s natural resources are limited, making efficient use of energy, water, and raw materials essential through circular production and effective management. He warned that the country’s export base remains narrow and must expand into high-value segments such as sportswear, man-made fiber apparel, and technical textiles to remain globally competitive. He also highlighted the need for research, design development, skill enhancement, and modern technology adoption.

Muktadir added that the government will repurpose closed factories through industrial parks, public-private partnerships, or leasing to attract new investment. He said other promising sectors like leather, light engineering, and shipbuilding will be revitalized through technology, skills, and international collaboration.

Iraq announced that it exported around 10 million barrels of oil through the Strait of Hormuz in April, according to Oil Minister Bassem Mohammed. The report highlights that despite recent war-related tensions and concerns over maritime security in the region, oil shipments through this vital route have continued without disruption.

The Strait of Hormuz remains one of the world’s most critical energy transport corridors. Analysts noted that even amid ongoing instability in the Middle East, the strait continues to serve as a stable and indispensable route for global energy supply. Iraq’s oil minister also indicated that the country is in discussions with OPEC to increase both production and exports.

The continued flow of oil through the strait suggests resilience in global energy logistics despite regional security challenges, reinforcing the strategic importance of this maritime passage for international trade.

Finance Minister Amir Khosru Mahmud Chowdhury stated that it will take another two years to restore Bangladesh’s fragile economy, which was left in a deteriorated state by previous governments. He made the remarks on Saturday morning while inaugurating a new building of the Mother and Child Hospital in Agrabad, Chattogram.

The minister explained that the current government faced a major global crisis immediately after taking office due to the war in the Middle East. He said the energy sector alone required Tk 40,000 crore in the upcoming fiscal year, while an additional Tk 50,000 crore was spent within two months on the power sector and foreign loan repayments. He acknowledged that the national economy remains in a difficult position.

Amir Khosru also criticized past administrations for misusing health sector allocations and pledged that the current government would ensure proper monitoring of funds. He emphasized that the government would not interfere in medical colleges or other professional institutions to preserve their integrity and educational standards.

The Bangladesh government authorized 12 foreign companies to supply diesel, octane, and crude oil under the Direct Purchase Method (DPM) to address a fuel shortage caused by the Iran war. However, none of the companies had delivered oil by mid-May 2026. Only two firms provided performance guarantees, while one pledged to do so. The companies are based in the United States, Dubai, the Netherlands, Hong Kong, Kazakhstan, Malaysia, and Japan. The energy minister said the move aimed to prevent panic buying and ensure adequate reserves.

Bangladesh Petroleum Corporation (BPC) officials said the DPM initiative was temporary and launched after several cargoes were deferred due to force majeure declarations. BPC Chairman Md. Rezanur Rahman explained that final prices would be determined using the Platts Arab Gulf rate around the loading date. He confirmed that three companies were proceeding properly, while others declined or failed to meet requirements. The government has since returned to open tendering for June–August to maintain a 90-day reserve.

Transparency International Bangladesh acknowledged the government’s authority to bypass tenders in emergencies but emphasized the need for transparency and accountability in supplier selection and contract execution.

Qatar’s energy sector has suffered severe damage following Iran’s retaliatory attacks on Israel and U.S.-linked sites in the Middle East, as well as Tehran’s blockade of the Strait of Hormuz. According to a New York Times report published Thursday, the disruptions have left the Gulf nation’s liquefied natural gas (LNG) exports paralyzed, with tankers stranded and billions of dollars in revenue lost. The LNG carrier Rashida, circling near the Gulf for over two months, has become a symbol of the global energy gridlock.

Qatar, one of the world’s largest LNG exporters, saw major infrastructure damage in March when Iranian drones and missiles struck its Ras Laffan production complex. Two heavily damaged units accounted for about 17 percent of total output. QatarEnergy estimates that restoring full capacity could take three to five years. Even if the Strait of Hormuz reopens, shipping companies remain wary due to security risks, leaving around 1,600 vessels trapped in the area.

Industry observers cited in the report believe the crisis may permanently alter regional energy routes, as support grows for infrastructure projects bypassing the Hormuz Strait.

The Bangladesh Jewellers Association (BAJUS) has announced another major reduction in gold prices across the country within 24 hours. According to a notice issued on Saturday morning, the price of 22-carat gold has been reduced by up to Tk 4,374 per bhori, bringing it down to Tk 238,121. The new rates took effect from 10 a.m. on May 16, 2026. On the previous day, May 15, the same quality gold was priced at Tk 242,495 per bhori.

BAJUS stated that the price adjustment was made due to a fall in the international market price of pure (tejaabi) gold. Under the revised structure, 21-carat gold now costs Tk 227,331 per bhori, 18-carat gold Tk 194,847, and traditional gold Tk 158,689. The association also announced a decrease in silver prices, with 22-carat silver now priced at Tk 5,657 per bhori.

The latest price revision reflects BAJUS’s ongoing adjustments to align domestic gold and silver rates with global market trends.

Canada has made significant progress toward building a new pipeline aimed at expanding crude oil exports to Asian markets. On Friday, Prime Minister Mark Carney and Alberta Premier Danielle Smith signed an industrial carbon pricing agreement that removed a major obstacle to the project. The deal introduces a phased carbon tax on large emitters, setting a fee of 130 Canadian dollars per ton of carbon dioxide by 2040, lower than the 170 dollars proposed by the previous Trudeau government. Carney said the final pipeline plan will be submitted to the government’s Major Projects Office by July 1.

The initiative is part of Carney’s strategy to reduce Canada’s economic dependence on the United States and strengthen energy trade with Asia. However, the project has sparked environmental controversy and opposition from several Indigenous and First Nations groups who vowed to resist any pipeline construction from Alberta to the Pacific coast. Left-wing New Democratic Party leader Avi Lewis criticized the move as a surrender to the oil and gas lobby.

The announcement comes at a politically sensitive time, as separatist sentiment in Alberta grows, with Carney emphasizing that Alberta’s prosperity depends on a united Canada.

Stone imports through the Sonamasjid land port in Chapainawabganj have been suspended for 13 consecutive days since May 2, 2026, following a dispute over increased assessment value for customs purposes. The shutdown has brought operations at one of the country’s key land ports to a standstill, depriving the government of revenue and leaving around 8,000 port workers without work. The port’s managing authority, Panama Sonamasjid Port Link Limited, confirmed the ongoing halt in imports.

Importers stated that they had long imported stones at an assessment value of USD 13 per ton, which determined customs duties. Recently, Indian customs authorities raised this value to USD 15 per ton. Importers argue that 20–30 percent of the imported stones are of low quality, and the higher valuation would cause heavy financial losses. They have decided not to resume imports until the increased rate is withdrawn.

The suspension has severely affected daily wage laborers who depend on stone handling for income. Port officials warned that unless the valuation issue is resolved soon through discussions between importers and authorities, both government revenue and workers’ livelihoods will continue to suffer.

The government’s introduction of a digital fuel card system has significantly improved fuel supply management and revenue collection in Nilphamari district. Implemented to curb fuel wastage, illegal hoarding, and manipulation, the system has generated about 15 million taka in revenue over two months. The Bangladesh Road Transport Authority (BRTA) office in Nilphamari reported that the system ensures each vehicle receives its allocated fuel, monitored through a central server, reducing black-market activities and improving accountability.

The initiative has also streamlined fuel collection at pumps, reducing waiting times and cash handling risks through digital payments. Initially, vehicle owners were required to have valid registration, driving licenses, fitness certificates, and tax payments to obtain fuel cards. After some conditions were relaxed, applications increased sharply. Between March 1 and April 30, 784 motorcycles were registered and 7,400 learner licenses issued, generating over 13.5 million taka in revenue. BRTA officials noted that more vehicle owners are now updating legal documents, reducing unregistered vehicles on roads.

Officials and transport stakeholders believe the system is fostering discipline and modernization in the transport sector, with long-term benefits for governance and energy efficiency.