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Oil prices spike in Iran war’s second week

Israeli-US strikes on Iran and its retaliation against Gulf countries escalated over the weekend, sending oil prices towards $120 a barrel in early trading on Monday, and weighing down on the immediate economic outlook for the region and the world. Brent crude contracts peaked at $119.40 per barrel at around …

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A Ghost Plant: How Georgia Helps Putin Evade Oil Sanctions

In January 2026, Georgia exported $56 million worth of allegedly domestic petroleum products—a 3,300% increase compared to the previous year. Petroleum products were the second-largest export. The unprecedented trade success is attributed to the opening of a new refinery in Kulevi, which received its first oil tanker in October 2025. …

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