Myanmar's earthquake death toll rises to 2,056
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The death toll from Friday's 7.9-magnitude earthquake in Myanmar has risen to 2,056, with approximately 3,900 people injured and nearly 270 reported missing, Xinhua News Agency reported citing the country's State Administrative Council.
International and domestic rescuers are currently operating in the republic.
According to various sources, its magnitude ranged from 7.7 to 7.9. It was followed by a second earthquake measured at a magnitude 6.4. Thailand was also affected, tremors were felt in China and Vietnam.
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Oil prices surge as U.S. joins strikes on Iran’s nuclear sites
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Oil prices rose sharply on Monday after U.S. President Donald Trump confirmed American forces had struck Iran’s nuclear facilities over the weekend, joining Israeli attacks in a major escalation of tensions in the Middle East, reports a Kazinform News Agency correspondent.
Brent crude climbed to $78.53 a barrel, up nearly 2%, while U.S. West Texas Intermediate reached $75.35. Earlier in the session, both benchmarks hit five-month highs, driven by concerns over possible supply disruptions.
The current geopolitical escalation provides the fundamental catalyst for prices to traverse higher and potentially spiral towards $100, with $120 per barrel appearing increasingly plausible," said Sugandha Sachdeva, founder of SS WealthStreet.
Analysts warn that Iranian retaliation could include closing the Strait of Hormuz, a key route for about 20% of global oil supply. According to state-run Press TV, Iran’s parliament has approved a measure to close the strait.
The parliament has reached the conclusion that the Strait of Hormuz should be closed," said Major General Esmaeil Kowsari, a member of the parliament’s National Security Commission. "The final decision in this regard lies with the Supreme National Security Council," Kowsari added.
Sparta Commodities analyst June Goh noted that "the risks of damage to oil infrastructure... have multiplied," adding that shippers may begin avoiding the region.
Goldman Sachs warned Brent could briefly peak at $110 if oil flows through the strait are halved.
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More than 70 nations to call for int'l plastic pollution reduction targets
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Over 70 countries are set to call for targets to reduce plastic production and consumption worldwide to combat marine pollution in a joint statement to be issued at the U.N. Ocean Conference this week, a source related to the matter said Monday, Kyodo reported.
Japan is not expected to back the statement, which will be issued by various European and Pacific island nations at the conference running Monday through Friday in the southeastern French city of Nice.
Middle Eastern countries and others that produce petroleum, a raw resource used to manufacture plastics, have also opposed manufacturing restrictions and are expected to forego backing the statement.
An estimated over 8 million tons of plastic waste is washed into the world's oceans every year. Concerns have also grown over microplastics that end up in the ocean and enter the bodies of marine organisms, which in turn could impact human health if they are consumed.
Negotiations on the creation of an international treaty will also resume in Switzerland in August, but the lack of countries onboard with the statement has highlighted the difficulty of reaching a consensus on manufacturing regulations, the biggest focus of the negotiations.
At the previous round of talks held in South Korea from November to December, participating nations could not reach an agreement on manufacturing restrictions.
The joint statement will additionally call for mandatory reporting of manufacturing, and import and export volumes in order to achieve the reduction targets.
France, which leads support for the regulations, is touting the joint statement as a "historic opportunity."
Japan has opted not to be named in the joint statement, stating that it wants an agreement that includes as many countries as possible and avoids fragmentation.
But environmental groups have criticized Japan, saying that it should clarify its stance in order to make the treaty effective.
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