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…
Amid a day with dozens of threats and escalating rhetoric toward Iran, President Trump took a significant step back on one key issue for energy markets: a US campaign to control Iran’s oil. “I’d like to take the oil because it’s there for the taking,” the president told reporters at the White House easter egg roll….
US President Donald Trump (Photo: Bloomberg) 2 min read Last Updated : Apr 02 2026 | 7:38 AM IST US President Donald Trump Wednesday said China, Japan and South Korea should be involved in opening Strait of Hormuz. The president has previously directed much of his anger at Nato allies for their reluctance…