#pdvsa-collapse

#pdvsa-collapse

The war in Iran has created an energy shock in Africa, as the continent relies heavily on oil and gas imports from the Middle East.

Major indices, including the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average, all recorded gains, with the Nasdaq delivering its strongest weekly performance since November.

The war has effectively blocked the Strait of Hormuz, the world's most important oil route, since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.

Venezuela's parliament has advanced a proposal to loosen the state's control over its oil industry and boost the private sector's role in the first major overhaul of the industry in years. The proposal to reform Venezuela's Hydrocarbons Law was thrust upon the country after the abduction of former President Nicolas Maduro by the United States on January 3 and had generated significant interest across businesses and political parties.