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.

The Dhaka Metro Passenger and Goods Transport Committee has approved route permits for 690 new air-conditioned buses to operate across various routes in the capital. The decision, confirmed by multiple committee members on Friday, allows eight transport companies to introduce modern and comfortable buses aimed at improving passenger experience. The companies include Shapla Paribahan, Chitra Paribahan Limited, Time Bird Express, Sprint Shuttle Private Limited, Iqbal Enterprise, New Dhaka Paribahan, Trust Transport Services, and Dhaka Transport Line, each assigned specific routes and bus numbers.

According to the committee’s decision, all buses must feature automatic doors and e-ticketing systems, operate under a counter-based service instead of contract systems, display route numbers and company names, and maintain uniform colors for each company’s fleet. The committee, chaired by the Dhaka Metropolitan Police chief, oversees route permits and transport operations in the city.

Transport experts emphasized the need for demand assessment, designated stops, and scheduling before launching the new buses. They also urged a scientific approach to route permits for sustainable solutions to Dhaka’s public transport challenges.

Bangladesh’s universal pension scheme is facing a severe trust crisis, with declining public interest and irregular contributions from existing members. The National Pension Authority met with Finance Minister Amir Khosru Mahmud Chowdhury to discuss ways to restore confidence and revitalize the program. The meeting emphasized stronger public outreach, cybersecurity, professional staffing, and a goal to include at least one member from each of four crore families by 2030. The minister also supported proposals for Shariah-based schemes and lifelong pension benefits for nominees.

The scheme, launched in August 2023 under the previous government, was designed to cover private and informal sector workers through four programs—Prabash, Suraksha, Pragati, and Samata. However, allegations of corruption under the former administration and the controversial, later-cancelled Pratyay scheme eroded public confidence. As of April 2026, only 377,554 people were enrolled, with 40–45 percent irregular in payments.

The new leadership of the National Pension Authority plans to make the schemes more attractive through reforms, awareness campaigns, and potential Shariah-compliant options. Officials hope renewed government support will help overcome skepticism and expand participation nationwide.

The Bangladesh government has taken major steps to begin oil, gas, and mineral exploration in the deep waters of the Bay of Bengal. Officials from the Ministry of Power, Energy and Mineral Resources confirmed that international tenders will be invited within days, following approval of the 'Bangladesh Offshore Model Production Sharing Contract (PSC) 2026' by the Cabinet Committee on Economic Affairs on May 7. Energy Minister Iqbal Hasan Mahmud Tuku said the initiative aims to reduce dependence on imported fuel and increase domestic production.

Officials noted that despite resolving maritime boundary disputes with India and Myanmar years ago, Bangladesh has failed to capitalize on its marine resources due to weak policies and technical limitations. Previous exploration efforts by international companies such as ConocoPhillips, ONGC, Santos, and POSCO Daewoo were discontinued for various reasons. Experts said the country’s gas reserves could be exhausted within 12 years if no new fields are discovered.

Petrobangla and government policymakers expressed optimism that the new exploration drive will end two decades of stagnation in offshore energy development and help Bangladesh achieve energy self-sufficiency.

The United States Secretary of Energy has stated that the strategic importance of the Strait of Hormuz will gradually decline as Middle Eastern nations, particularly Saudi Arabia, the United Arab Emirates, and others, significantly expand their pipeline capacities. In an interview with CNBC, the secretary said that future energy transport from the Gulf region will have alternative routes, reducing dependence on the narrow maritime passage that currently handles a large share of global oil and gas shipments.

The US official emphasized that while the Strait’s importance may lessen, the energy production and supply roles of Gulf countries will remain vital. He praised the contributions of Middle Eastern nations, describing them as key allies of the United States and major partners in the global energy supply system.

The secretary also expressed optimism that peace, prosperity, and economic growth would return to the region, underscoring the continuing strategic partnership between the United States and Gulf energy producers.

Commerce, Industry and Textiles Minister Khandaker Abdul Muktadir stated that Bangladesh’s leather industry is being developed into a billion-dollar export sector. Speaking as the chief guest at the inauguration of the National Science and Technology Week and Science Fair in Sylhet on Friday, he said the government has identified weaknesses in the sector and initiated measures to address them.

The minister acknowledged concerns about the low prices of raw hides and said that frustration over unfair pricing has led to various criticisms. He noted that the current government is only two and a half months old, making it difficult to solve structural problems in such a short time. However, multiple meetings have been held with stakeholders to begin resolving the sector’s challenges.

Muktadir described leather as a valuable national resource and emphasized that wasting it would mean losing blessings. He said the government is pursuing long-term plans to transform the leather industry into a major contributor to the national economy.

The United States and Bangladesh signed a trade agreement on 9 February 2026 that reduced tariffs on Bangladeshi goods from 37% to 19% and promised zero duty for ready-made garments made with US cotton. However, subsequent US court rulings invalidated the legal basis for the original tariffs, creating uncertainty over the deal’s foundation. The agreement, signed just three days before Bangladesh’s national election, has drawn criticism for its unequal obligations and controversial clauses.

The 32-page deal contains 131 binding obligations for Bangladesh compared to only six for the US. Key contentious provisions include mandatory alignment with US sanctions, acceptance of genetically modified agricultural imports without local review, and a commitment to purchase Boeing aircraft. The deal also restricts Bangladesh’s ability to join regional trade blocs such as RCEP and obliges it to support a permanent WTO moratorium on digital customs duties. Some clauses, such as labor law reforms and environmental standards, align with Bangladesh’s own policy goals.

Following the US Supreme Court’s ruling and Malaysia’s similar experience, the BNP-led government now has legal and diplomatic grounds to seek renegotiation, focusing on sovereignty, GMO regulation, and trade diversification.

Global financial markets reacted negatively after the recent meeting between U.S. President Donald Trump and Chinese President Xi Jinping failed to produce any concrete agreements. The discussions included vague talks on agricultural purchases and limited commitments from China on oil imports. Although there were hints about easing restrictions on microchip sales to China, no major trade deal was reached. Trump also confirmed that tariff issues were not discussed, and no firm decision was made on reopening the strategic Hormuz Strait.

Investor uncertainty increased following the inconclusive talks. On Friday morning, Dow Jones futures dropped more than 300 points, or about 0.6 percent, while S&P 500 futures fell 1 percent and Nasdaq futures declined 1.4 percent. Continued uncertainty around the Hormuz Strait pushed Brent crude oil prices up nearly 3 percent to above $108 per barrel.

Analysts said the lack of clear outcomes weakened investor confidence and heightened inflation concerns, prompting greater caution in global markets.