Latest News from Turkey
Turkish Oil Tanker Struck by Drone in Black Sea off Istanbul
A Turkish crude oil tanker, Altura, carrying 140,000 tons of Russian oil was hit by a drone 24 km off Istanbul's Bosphorus Strait, causing explosions in the bridge and engine room. All 27 Turkish crew members are safe, with coast guard units responding; authorities investigating the drone's origin.
The Sierra Leone-flagged vessel is under Western sanctions for Russian oil transport.
Explosion Rocks Turkish-Operated Tanker in Black Sea Attack
The tanker reported an explosion possibly from an unmanned surface vehicle targeting the engine room, aiming to disable the ship. Turkish Transport Minister Abdulkadir Uraloglu confirmed the early March 26 incident outside territorial waters.
This highlights risks to commercial shipping in the Russia-Ukraine conflict zone.
Middle East Conflict Raises Risks for Turkey's Economy, EBRD Warns
The ongoing Middle East conflict is increasing risks via higher energy, fertilizer prices, trade disruptions, and financial conditions. Turkey faces macroeconomic pressures from these external shocks.
War duration could push oil prices to $120-$150 if prolonged.
OECD Lowers Turkey's 2026 Growth Outlook, Raises Inflation Forecast
OECD cut Turkey's 2026 GDP growth to 3.3% from 3.4% and raised inflation to 26.7% due to surging energy costs from Iran war. Core inflation expected at 26.2% in 2026, easing to 16.9% in 2027.
Economy grew 3.7% in 2025 to $1.6 trillion.
S&P Global Raises Turkey Inflation Forecast to 28.9% on Energy Prices
S&P increased 2026 inflation forecast to 28.9% from 23.4%, citing energy shocks from Iran conflict and wage hikes. Growth projected stable at 3.4% in 2026, supported by agriculture and credit.
Energy imports expose Turkey to oil/gas fluctuations.
Turkey's Economic Resilience Tested by US-Israel-Iran War
The war launched Feb. 28, 2026, creates systemic risks, shifting from financial to macroeconomic shocks with oil price surges. Turkey's debt-to-GDP below 100%, renewables near 50% provide buffers.
Opportunities in energy security and supply diversification.
EBRD Highlights Turkey's Growth Amid Regional Tensions
EBRD forecasts 4.5% GDP growth for Turkey in 2027 after 4.0% in 2026, following 3.7% in 2025. Unemployment fell to 7.7%, reserves hit $200B with gold at 60%.
Policy rate cut to 37% by Jan 2026 stabilized finances.
Turkey Sells 58.4 Tonnes of Gold Reserves in Two Weeks
Turkey tapped gold reserves, selling 58.4 tonnes amid speculation of central bank monetization contributing to gold price pressure. This follows rising gold imports widening current account deficit.
Reserves exceeded $200B in Jan 2026.
Black Sea Tanker Attack Linked to Russia-Ukraine War Risks
The incident involves a sanctioned vessel from Russia's Novorossiysk port with 1 million barrels of crude. One of several attacks on Western-sanctioned ships in recent months.
Raises maritime safety concerns near Bosphorus.
Turkey's External Balances at Risk from Higher Energy Costs
Rising energy prices threaten wider current account deficit, lira pressure amid 37% gas from Russia, 21% Azerbaijan. US trade tariffs have limited impact compared to others.
Inflation pass-through from imports persists.
UK-Turkey Trade Reaches £28.3 Billion in Latest Quarter
Total goods and services trade between UK and Turkey hit £28.3B in four quarters to Q3 2025. Reflects ongoing economic ties amid global tensions.
Supports Turkey's trade resilience.