Talks on a landmark free trade deal between the European Union and four South American countries started so long ago that the euro wasn't even in circulation, China hadn't yet joined the World Trade Organization and Venezuela was still America's top oil provider.

But against a starkly different geopolitical background and tough odds — including backlash from powerful protectionist lobbies — the EU and the South American alliance known as Mercosur are expected to formally sign their quarter-century-in-the-making trade pact this Saturday at a ceremony in Paraguay.

Oil prices plunged on Thursday after fears over instability in Iran were eased by comments from U.S. President Donald Trump.

West Texas Intermediate dropped 3.0 percent to $60.16 per barrel while Brent crude was down 2.93 percent to $64.57, after Trump said he had been told the killings of protesters in Iran had been halted.

The European Union will dedicate most of a massive new loan program to Ukraine's military needs over the next two years while also injecting billions into its war-ravaged economy, European Commission President Ursula von der Leyen said Wednesday.

EU leaders agreed last month to loan Ukraine 90 billion euros ($105 billion) to help cover its needs in 2026 and 2027. Kyiv would only have to pay the money back once Russia ends its war and pays reparations for the damage it has inflicted over almost four years.

China's trade surplus surged to a record of almost $1.2 trillion in 2025, the government said Wednesday, as exports to other countries made up for slowing shipments to the U.S. under President Donald Trump's onslaught of higher tariffs.

China's exports rose 5.5% for the whole of last year to $3.77 trillion, customs data showed, as Chinese automakers and other manufacturers expanded into markets across the globe. Imports flatlined at $2.58 trillion. The 2024 trade surplus was over $992 billion.

President Donald Trump touted "low" U.S. inflation numbers Tuesday, taking aim at the central bank chief for being "too late" to slash interest rates and urging further rate cuts to boost the economy.

Reliable electricity is “essential for economic growth and foreign investment,” the U.S. Embassy in Beirut said on Tuesday, following a meeting between U.S. Ambassador Michel Issa and Chair and General Manager of Electricite du Liban Kamal Hayek.

During the meeting, Issa “underscored the United States’ commitment to supporting Lebanon’s efforts to modernize its electricity sector, noting that American companies are well-positioned to provide expertise and technology,” the Embassy said in a post on X.

The corruption case of Lebanon's former central bank governor, who is widely blamed for the country's economic meltdown, has been transferred to the country's highest court, judicial officials told The Associated Press on Tuesday.

Riad Salameh was released on $14 million bail in September after a year in prison while awaiting trial in Lebanon on corruption charges, including embezzlement and illicit enrichment.

U.S. President Donald Trump announced a 25-percent tariff on any country doing business with Iran, ramping up pressure as a rights group estimated a crackdown on protests has killed at least 648 people.

The dollar mostly weakened and gold hit a record high Monday as investors digested news that the U.S. Justice Department is probing the Federal Reserve, raising fears over the central bank's independence against President Donald Trump's push for lower rates.

A consortium comprising TotalEnergies, QatarEnergy and Italy’s Eni on Friday signed with Lebanonj an agreement for gas exploration in Block 8 off the Lebanese coast. The ceremony took place this morning at the Grand Serail.

The agreement was signed on the Lebanese side by Minister of Energy and Water Joe Saddi.