Prolonged disruption in the Red Sea could eventually have a major impact on energy markets Global prices for crude oil will double if disruptions triggered by Yemen’s Houthi rebels also affect the Strait of Hormuz, Daan Struyven, Goldman Sachs’ head of oil research, said on Saturday in an interview with CNBC.

Iraq is planning to halt imports of petroleum products as soon as in 2024 after launching a number of oil refineries, which were stalled during decades of military conflict, according to Oil Ministry spokesman Asim Jihad, as cited by RIA Novosti.

US spies question China’s ability to fight a war due to alleged corruption in the military, the agency reported US intelligence believes the sacking of several high-ranking Chinese militarily figures before New Year was linked to widespread corruption in the People’s Liberation Army (PLA), Bloomberg has reported, citing people familiar with the assessments.