LONDON: British Prime Minister Theresa May has given the go-ahead for China’s Huawei to help build a 5G network, shrugging off security warnings from senior ministers and Washington, the Daily Telegraph reported Wednesday.
The country’s National Security Council, which is chaired by May, agreed Tuesday to allow the Chinese technology giant limited access to build “noncore” infrastructure such as antennas, the report said.
The decision was made despite concerns raised over May’s approach by Home Secretary Sajid Javid, Foreign Secretary Jeremy Hunt, Defense Secretary Gavin Williamson, International Trade Secretary Liam Fox and International Development Secretary Penny Mordaunt.
Downing Street declined to comment on the newspaper report.
The United States has banned Huawei’s 5G technology from its territory and has urged allies in the so-called Five Eyes intelligence sharing collective — which also includes Australia, Britain, Canada and New Zealand — to follow suit.
Huawei is the leading manufacturer of equipment for next-generation 5G mobile networks with almost instantaneous data transfer that will become the nervous system of Europe’s economy, in strategic sectors like energy, transport, banking and health care.
However, the technology titan faces pushback in some Western markets over fears Beijing could spy on communications and gain access to critical infrastructure.
Last month, Britain identified “significant technological issues” in Huawei’s engineering processes that pose “new risks” for the nation’s telecommunications, according to a government report.
British PM approves Huawei role in 5G network
British PM approves Huawei role in 5G network
- The National Security Council agreed to allow the Chinese technology giant limited access to build “noncore” infrastructure such as antennas
- Huawei faces pushback in some Western markets over fears Beijing could spy on communications
Oil surges; Brent back at $100 as Iran steps up attacks on Gulf shipping
BEIJING/SINGAPORE: Oil prices jumped on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of a prolonged conflict and oil-flow disruptions through the Strait of Hormuz.
Brent futures rose $8.54, or 9.28 percent, to $100.52 a barrel at 06:54 a.m. Saudi time, while US West Texas Intermediate crude was up $7.22, or 8.28 percent, to $94.47.
Brent hit $119.50 a barrel on Monday, its highest since mid-2022, then dropped after US President Donald Trump said the Iran war could be over soon.
On Wednesday, a spokesperson for Iran’s military command said: “Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised,” in remarks directed at the US.
There are no signs of a de-escalation in the Gulf and as a result, there is no end in sight to the disruptions to oil flows through the Strait of Hormuz, ING analysts said on Thursday.
“The only way to see oil prices trade lower on a sustained basis is by getting oil flowing through the Strait of Hormuz,” ING said. “Failing to do so means that the market highs are still ahead of us.”
Two foreign tankers carrying Iraqi fuel oil were hit by unidentified attackers in Iraq’s territorial waters, causing them to catch fire, the director general of the General Co. for Ports, Farhan al-Fartousi, told Reuters on Wednesday.
An initial investigation from Iraqi security officials showed explosive-laden boats from Iran had hit the two tankers.
The International Energy Agency has agreed to release a record 400 million barrels of oil to help rein in prices that have spiked after the US-Israeli war on Iran broke out. The US is contributing the bulk of that release — 172 million barrels — from its Strategic Petroleum Reserve.
“The IEA’s release of oil reserves may be only a temporary solution, as disruptions to oil shipments through the Strait of Hormuz and a major production halt in some Middle Eastern countries could cause a long-term supply crunch,” said Tina Teng, a market strategist at Moomoo ANZ.
The ING analysts said there are concerns about how quickly the oil can make it to the market and whether it will be sufficient to tide consumers over until oil begins flowing through the Strait of Hormuz again.
