A pair of supertankers carrying Saudi oil were struck back-to-back by projectiles while attempting to cross the Strait of Hormuz overnight, maritime analysts said. The tankers, each carrying 2 million barrels of crude from the Juaymah terminal, were hit while sailing near the Omani coast, where Iran has regularly attacked vessels that are bypassing its…
China’s exports of electric trucks to other Asian countries have spiked, adding to a surge in domestic sales as higher fuel costs as a result of the Iran war accelerate regional electrification. China’s rapid adoption of e-trucks – from lighter vehicles to tractor-trailers – has partially shielded the world’s biggest auto market from the impact…
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,…
Iran has been evading US sanctions and the blockade using a system of ship-to-ship transfers in which sanctioned ships laden with Iranian oil offload their cargo onto another ship in the water before it is sent to China, the Wall Street Journal reported on Wednesday. The ships receiving the oil are often part of Iran’s…
There was no joint statement out of Trump’s China trip today. But there might as well have been. In one of the most secretive spaces in Chinese politics, the walled compound where China’s top leaders live and work, the number of cameras and journalists granted access at the start of the bilateral tea this morning…
Hong Kong’s latest quarterly figures look better than many observers expected. Despite the disruption caused by the war in the Middle East and an unsettled global backdrop, growth has been steady, markets have remained buoyant and visitors have been returning. On the surface, the numbers point to a resilient economy despite heightened global geopolitical tensions…
Oil surged after US President Donald Trump rejected Iran’s latest response to his proposal to end the war in the Middle East, prolonging the effective closure of the crucial Strait of Hormuz. The International Energy Agency says the US-Iran conflict is causing the biggest supply shock in history. (Representational Photo/AFP) Brent crude futures advanced as…
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…
Oil rebounded after its biggest one-day drop since April 2020, as the Strait of Hormuz remained largely blocked and Israeli attacks on Lebanon threatened to derail the fragile ceasefire in the Middle East. Crude oil prices have been on the rise of late and the Russia’s invasion of Ukraine has further fuelled concerns of supply…
FOR THE first month of their war on Iran, America and Israel mostly spared civilian infrastructure. In March bombers painstakingly picked around oil terminals and ports while attacking Kharg Island, an energy entrepot. A week later Donald Trump told Israel to stand down after its strikes on South Pars, a gasfield, provoked Iranian retaliation against…