Oil prices slipped on Wednesday after climbing for three straight sessions, as investors closely tracked developments around the fragile ceasefire in the Iran war and awaited a high-stakes summit between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing. Both benchmarks have mostly traded around or above the $100-per-barrel level since the U.S….
Three tankers carrying crude exited the Strait of Hormuz last week and on Sunday with trackers switched off to avoid Iranian attacks, shipping data from Kpler and LSEG showed on Monday, underscoring a rising trend to sustain Middle East oil exports. A cargo ship unloads imported crude oil at the Qingdao crude oil terminal in…
In an unprecedented act of defiance, Beijing has ordered Chinese businesses to ignore the United States’ sanctions against Iran. Chairman Xi Jinping is due to meet President Donald Trump for personal talks in the coming days. And a lot has changed since their last Beijing soiree in 2017. Trade is a deeply entrenched battleground between…
As the world’s largest crude oil importer, China has long relied on a double-insurance system to safeguard domestic oil supply. The strategy combines two pillars: diversifying where its crude comes from, while simultaneously building vast strategic and commercial stockpiles. Experts say that approach appears to have helped China absorb at least the initial shock after…
Karachi, A Pakistan-flagged ship carrying crude oil will reach the Karachi Port on Saturday after crossing through the Strait of Hormuz after the US began its blockade, the government announced here Friday. One more Pak-flagged ship to reach Karachi after crossing Hormuz strait Since the blockade of the Strait of Hormuz began, this is the…
The effective closure of the Strait of Hormuz – now in its fourth week as the conflict deepens – is piling pressure on the US administration and major importers of oil, gas and fuels from the Gulf, forcing a scramble for solutions. A narrow corridor linking the Gulf to global markets, Hormuz has been all…
China expanded its crude oil stockpiles over the first two months of the year, thanks to higher imports and a ramp-up in domestic production, Reuters’ Clyde Russell reported, adding that the stock buildout strengthened despite higher refining rates in the period. Imports of crude oil to China averaged 11.99 million barrels daily, Russell said, adding…
Oil prices surged past $100 a barrel for the first time in almost four years as more major Middle East producers cut production, the Strait of Hormuz remained largely closed, and the United States warned it could deepen a conflict that has already shaken global energy markets. Several Asian stock markets fell sharply on Monday…
ADVERTISEMENT European stocks rose on Wednesday morning after a string of strong corporate results a day earlier, while equities were also boosted by remarks from Federal Reserve Chair Jerome Powell. In Philadelphia on Tuesday, Powell suggested that another interest rate cut could come later this month in the US. In Europe, shares in Netherlands-headquartered ASML,…
Wall Street’s attention in the week ahead will largely be fixed on a scheduled address from the Federal Reserve Chair, Jerome Powell, alongside the onset of the third quarter earnings season. Economic data, typically a key driver, will take a backseat due to ongoing delays caused by the US government shutdown. Mr Powell is due…