World
State of the Union: sunshine in Ankara, darkness in Tbilisi
This edition of State of the Union focuses on the continuing diplomatic détente between Turkey and Greece and the escalating domestic upheaval in Georgia.
Just a year ago, a summit meeting of the leaders of Turkey and Greece would have created sensational news.
But when President Recep Tayyip Erdoğan hosted Prime Minister Kyriakos Mitsotakis in Ankara this week, it was almost a routine talk between neighbours.
The meeting was their fourth in 10 months as the two leaders try to put an end to decades of mutual animosity by focusing on trade, tourism, energy and repairing cultural ties, among other areas.
“In the critical area of migration, the cooperation between our two countries and especially between the police and the coast guard is paying off against illegal flows and against the wretched traffickers, who take advantage of desperate people’s pain,” said Mitsotakis in a common press conference.
“This cooperation must continue and be intensified.”
There are still areas where both sides have agreed to disagree, but it’s good to see one old trouble spot in Europe sort of fading, especially as another trouble spot reignited big time this week.
Thousands of protesters in Georgia rallied near the parliament building in Tbilisi – again – just hours after lawmakers gave the final approval to the controversial foreign influence law, modelled on a Russian version passed more than a decade earlier.
Lawmakers passed the law despite EU warnings that it would undermine Georgia’s path to EU membership.
Yet, the official reaction in Brussels was muted.
Speaking in Denmark, EU Council President Charles Michel said: “I had a phone call a few days ago with the Prime Minister and I told him that I am disappointed and that I sincerely hope that Georgia will find a way to stick to the democratic principles and also meet the expectations of the population.”
Meanwhile, the European Bank for Reconstruction and Development released its latest economic outlook. The numbers for Georgia, which is part of the area where the EBRD operates, were rather sobering.
In general, the forecast also contained some encouraging news.
To learn more, we spoke to Beata Javorcik, chief economist of the EBRD.
Euronews: So, your latest report is appropriately called “Taming Inflation” – and when I look at the numbers, inflation in the EBRD regions came down from a peak in October 2022 of 17.5 percent to an average of 6.3 percent last March. Explain that number for us, what is behind such a huge drop?
Javorcik: What has helped bring the inflation down was to a large extent, the developments in the international markets. We have seen a sharp drop in the prices of natural gas in Europe, declines in prices of agricultural commodities, and oil prices have remained moderate. But, of course, inflation in our regions of operations still remains above the level before the pandemic, as is the case in advanced economies.
Euronews: Can you breathe a sigh of relief now or are there still important inflation risks remaining?
Javorcik: Not all central bankers can consider their job done. If you look at cumulative inflation, that is inflation since February 2022 up until now, it has exceeded 30% in several countries. Notably in Egypt, in Turkey, in Hungary and Kazakhstan, Moldova and Ukraine. So, that means that in the absence of wage increases, people in those countries would have lost a third of their purchasing power.
Euronews: Let’s talk about the growth outlook in the EBRD’s EU regions – do you see positive signs going forward?
ADVERTISEMENTJavorcik: This year is going to be much better than last year for the Eastern European EU member states, in particular Poland and Croatia, stand out with expected growth of 3%. Hungary will do well, too. We see real wages increasing. We see fiscal policy helping out and the EU funding, the New Generation EU, also stimulating economic activity.
Euronews: I can’t release you without a word on Ukraine. How is their economy doing in the third year of the war?
Javorcik: The heavy bombings in the last two months mean that the ability of Ukraine to generate electricity has been severely diminished. Electricity production is at 40% of what it used to be before the bombings. And this capacity cannot be easily repaired.
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NEW YORK (AP) — Oil prices rose in early trading Sunday as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz, the Persian Gulf waterway that is crucial to global energy supplies.
The price of U.S. crude oil increased 6.4% to $87.90 per barrel an hour after trading resumed on the Chicago Mercantile Exchange. The price of Brent crude, the international standard, climbed 5.8% to $95.64 per barrel.
The market reaction followed more than two days of lifted hopes and dashed expectations involving the strait. Crude prices plunged more than 9% Friday after Iran said it would fully reopen the strait, which it effectively controls, to commercial traffic.
Tehran reversed that decision and fired on several vessels Saturday after President Donald Trump said a U.S. Navy blockade of Iranian ports would remain in effect. On Sunday, Trump said the U.S. attacked and forcibly seized an Iranian-flagged cargo ship that allegedly tried to get around the blockade. Iran’s joint military command vowed to respond.
Sunday’s higher prices wiped out much of the declines seen Friday, signaling renewed doubts about how soon ships will again transport the vast amounts oil the world gets from the Middle East.
The US-Israeli war against Iran, now in its eighth week, has created one of the worst global energy crises in decades. Countries in Asia and Europe that import much of their oil from the Gulf have felt the most impact of halted supplies and production cuts, although rapidly rising gasoline, diesel and jet fuel prices are affecting businesses and consumers worldwide.
Asked when he thought U.S. motorists would again see gas cost less than $3 a gallon on average, Energy Secretary Chris Wright said prices at the pump might not go down that much until next year.
“But prices have likely peaked, and they’ll start going down,” Wright told CNN’s “State of the Union” on Sunday.
The price of crude oil — the main ingredient in gasoline — has fluctated dramatically since the U.S. and Israel attacked Iran on Feb. 28, and as Iran retaliated with airstrikes on other Gulf states. Crude traded at roughly $70 a barrel before the conflict, spiked to more than $119 at times, and previously closed Friday at $82.59 for U.S. oil and $90.38 for Brent.
Industry analysts have repeatedly warned that the longer the strait is closed, the worse prices could get.
A fragile, two-week ceasefire between the U.S. and Iran is set to expire Wednesday, while escalating tensions in the Strait of Hormuz puts the fate of new talks to end the war into question.
Even if a lasting deal to reopen the Strait of Hormuz emerges, analysts say it could take months for oil shipments to return to normal levels and for fuel prices to go down. Backed-up tanker traffic, shipowners concerned about another sudden escalation, and energy infrastructure damaged during the war are factors that could impede production and shipment volumes from returning to pre-war levels.
A gallon of regular gas cost an average of nearly $4.05 a gallon in the U.S. on Sunday, according to motor club federation AAA. That’s about 8 cents lower than a week ago, but far higher than $2.98 before the war.
Trump warns Iran it ‘can’t blackmail’ US with Hormuz closure
Fox News reports on heightened tensions in the Middle East as Iran’s Revolutionary Guard reaffirms strict control over the Strait of Hormuz and fires on passing ships. President Donald Trump, speaking from the Oval Office, states the US naval blockade will remain in full force. White House correspondent Alex Hogan provides updates on the escalating diplomatic and military standoff.
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Hundreds of commercial tankers are stranded on both sides of the Strait of Hormuz after Iran shut the critical chokepoint on April 18, halting traffic and leaving crews trapped amid reports of gunfire and “traumatic experiences” on board.
The Strait of Hormuz is considered an international waterway under international law, through which ships have the right of transit passage, according to the United Nations Convention on the Law of the Sea (UNCLOS).
Roughly one-fifth of the world’s oil supply passes through the Strait of Hormuz, making it a critical chokepoint for global energy markets, according to the U.S. Energy Information Administration.
The U.K. Maritime Trade Operations (UKMTO) said Iranian gunboats opened fire on a tanker the same day, while a projectile struck a container vessel, damaging cargo.
STARMER AND MACRON ACCUSED OF ‘PLAYING AT BEING RELEVANT’ WITH STRAIT OF HORMUZ PLAN
U.S. Central Command said Tuesday that “U.S. Navy guided-missile destroyers are among the assets executing a blockade mission impacting Iranian ports.” (CENTCOM)
Audio released by maritime monitoring group TankerTrackers appears to capture the moment a vessel and its crew came under fire while approaching the strait, including a distress call from a crew member.
“Sepah Navy! Motor tanker Sanmar Herald! You gave me clearance to go… you are firing now. Let me turn back!” the crew member can be heard saying in the recording, according to TankerTrackers.
Iranian state media confirmed that shots were fired near vessels to force them to turn back, while the Ministry of External Affairs of the Government of India said the foreign secretary was deeply concerned.
Hapag-Lloyd, the world’s fifth-largest container shipping line, told Fox News Digital that it had activated a crisis team as its crews remain stuck on board vessels in the region.
“We have been working from Friday afternoon until today with the entire crisis team to bring the vessels out — in vain, unfortunately,” said Nils Haupt, senior director of group communications at Hapag-Lloyd AG.
“These events can easily lead to traumatic experiences. There is also a significant risk from sea mines, which has made insuring vessels for passage through the Strait nearly impossible.”
LISA DAFTARI: HORMUZ WHIPLASH PROVES TEHRAN CAN’T HONOR ANY DEAL IT SIGNS
“The crews are well, but they are becoming increasingly impatient and frustrated. It is very unfortunate that we could not leave today,” he added. “Many ships are still stuck in the Persian Gulf.”
“Our six ships are anchored near the port of Dubai, and all crews hope for an improvement in the situation,” Haupt said.
The Islamic Revolutionary Guard Corps (IRGC) said on April 18 that the strait would remain closed until the U.S. lifts its blockade on Iranian ports, warning ships not to move from anchorage or risk being treated as “enemy” collaborators.
Iran has previously argued that restrictions on its oil exports and shipping amount to “economic warfare,” framing actions in the Strait of Hormuz as a response to foreign pressure on its economy, according to statements from Iranian officials and state media in past incidents.
“Approaching the Strait of Hormuz will be considered cooperation with the enemy, and any violating vessel will be targeted,” the IRGC said in a statement carried by the semi-official Tasnim News Agency.
TRUMP ORDERS A BLOCKADE IN THE STRAIT OF HORMUZ AS TENSIONS WITH IRAN SOAR
Fishing boats dot the sea as cargo ships, in the background, sail through the Arabian Gulf toward the Strait of Hormuz off the United Arab Emirates, Friday, March 27, 2026. (AP Photo)
The United States imposed the blockade on Iranian ports to pressure Tehran to reopen the strait, with U.S. Central Command saying the measures are being enforced “impartially against all vessels.”
Hapag-Lloyd said its vessels have been stuck for weeks following the initial closure after the outbreak of war with Iran on Feb. 28.
“For us, it is critical that our vessels can pass through the strait soon,” Haupt said.
“We offer all crew members unlimited data so they can video call loved ones and access entertainment. Crews are strong, but after weeks on board there is growing monotony and frustration.”
“One crew experienced a fire on board from bomb fragments. Others have seen missiles or drones near their vessels,” he added.
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“They are resilient, but each additional day makes the situation more difficult, more monotonous, and more stressful.”
President Donald Trump said Iran had agreed not to close the strait again but after the closure, Trump called the situation “blackmail” and said the U.S. would not back down.
Shops and schools shut in northern Israel as residents protested a 10-day ceasefire with Lebanon that took effect on April 16, saying “nothing was achieved”. Israeli officials say operations may continue, with forces still deployed inside southern Lebanon.
Published On 19 Apr 2026
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