A “mini tsunami” of oil is flooding the global market after the Strait of Hormuz opened and trapped tankers are finally freed, dropping prices to nearly pre-war levels — but the relief might not last long. August oil futures — contracts to buy at a coming date — dropped to about $70 per barrel Wednesday,…
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….
Operating costs for Hong Kong’s industrial and commercial sectors have jumped by 50 per cent since the start of the United States-Israel war with Iran, according to an oil industry representative, who has said distributors will pass on subsidies to customers. A taxi union leader on Thursday also called on the government to extend its…
US President Donald Trump has told his aides to prepare for an extended blockade of Strait of Hormuz, amid an already sensitive ceasefire situation between the two countries, the Wall Street Journal reported, citing US officials. Trump told his aides that the proposal from Iran is not dealing in “good faith’ or being willing to…
As the tensions between the United States and Iran continue over the blockade of the Strait of Hormuz, Iranian parliament speaker Mohammed Bagher Ghalibaf has claimed that Washington is “bragging about holding the cards.” Iranian parliament speaker Mohammed Bagher Ghalibaf is also the key negotiater with the US amid the stalled peace talks in Pakistan…
Tehran: Iran’s Parliament Speaker MB Ghalibaf on Monday said in a cryptic message that although US President Donald Trump claims he has all the cards, Iran, too holds quite a leverage. Ghalibaf, through a mathematical equation, explained that Iran’s supply equates demand by the US.In a post on X, he said, “They brag about the…
One blockade was bad enough. Iran’s closure of the Strait of Hormuz has pushed up prices for oil, natural gas and fertiliser, among other commodities. On April 13th America initiated a blockade of its own, halting the few vessels Iran had been letting past, which will presumably compound the problem. Abdul Qayoom spreads fertilizer on…
A Hong Kong car owner has lost HK$500,000 (US$63,800) to scammers posing as petrol company staff who exploited surging fuel prices by offering bogus top-up deals for membership cards, police have said. The victim received unsolicited WhatsApp messages from fraudsters claiming to represent a fuel company, according to a post on the force’s CyberDefender Facebook…
As many as a third of laundry companies serving corporate clients in Hong Kong could shut down due to soaring fuel costs, an industry leader has warned, with some operators forced to reject new orders and freeze hiring. Industry representatives said on Monday the price of industrial diesel, commonly known as “red diesel”, surged from…
BEIJING: Several Chinese airlines, including national carrier Air China, said they will raise their fuel surcharges on domestic flights from Sunday as the war in the Middle East drives up oil prices globally.Air China, China Southern and its subsidiary Xiamen Airlines said in statements that they will increase surcharges on flights of up to 800…