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Japan should continue to rely on the Middle East for the bulk of its crude as that’s cost-effective, processor Taiyo Oil Co. said, pushing back against a government drive to diversify triggered by the US-Iran war.
Iranian President Masoud Pezeshkian has arrived in New York as the US-Iran war continues.
Sheikh Tamim says years of delayed diplomacy led to the US-Israeli war on Iran.
Oil steadied after a four-day slump, as Middle East supply concerns eased and traders tracked diplomatic efforts to end the US-Iran war.
Rob Barnett, Bloomberg Intelligence Senior Energy and Commodities Analyst, joined Bloomberg's Paul Sweeney and Scarlet Fu to discuss the latest in oil. Oil fell below $100, heading for its longest run of declines since June, as robust flows through the Strait of Hormuz and diplomacy around the US-Iran war tamed a recent rally. Brent, the global benchmark, fell as much as 4.2% while West Texas Intermediate futures were down over 5% to trade near $95 a barrel. Satellite data showed that Saudi Arabia’s observed oil loadings from inside the Persian Gulf jumped over the weekend, with the highest number of ships seen at the nation’s main Persian Gulf port since June. It’s a sign the kingdom has pivoted back toward Hormuz after the shutdown of a key cross-country pipeline to the Red Sea earlier this month following drone attacks. (Source: Bloomberg)
Oil dropped for a third day as supply concerns eased and traders looked to the next round of diplomacy that’ll shape the US-Iran war.
The loss of a fifth of liquefied natural gas supply due to the US-Iran war is blowing out costs for Asia’s developing markets, and forcing a rethink of the fuel’s long-term future in the region.
China’s oil demand is expected to fall by 600,000 barrels a day in 2026 on the impact of the US-Iran war and spread of electric vehicles, according to the research arm of Sinopec Group, the top state-owned refiner.
South Korea said on Tuesday it had sent a fact-finding team to assess the situation in the Strait of Hormuz, stressing no decision had been made about potential troop deployment to the strategic waterway. Traffic through the vital shipping route has been virtually paralysed since the US-Iran war began on February 28, disrupting global energy markets. The South Korean defence ministry said it had “dispatched a fact-finding team to assess conditions on the ground in the Strait of Hormuz”. “The...
Profit at Old Mutual declined for the first time since 2022 as risk-off sentiment from conflicts in the Middle East curbed investment returns at the Africa’s biggest insurer by assets.