Iran’s embassy in Japan has hit back at a UAE-led joint statement backed by several countries, urging signatories to “stop accommodating the American and Israeli aggressors” as tensions intensify over the Strait of Hormuz. The Callisto tanker sits anchored as the traffic is down in the Strait of Hormuz, amid the US-Israeli conflict with Iran,…
Hong Kong authorities will issue weekly announcements about the changes in international and local fuel costs from April, following mounting suspicion that businesses are prematurely raising prices because of the United States-Israeli war on Iran. The move announced on Saturday was welcomed by experts, although some said prices were ultimately out of the government’s hands…
A recession mindset took hold among global investors after strikes on energy infrastructure in the Middle East heightened fears that disruption to production and distribution would keep oil prices elevated for longer, darkening the global economic outlook. Crude prices staged a comeback on Thursday after Iran attacked a liquefied petroleum gas site in Qatar in…
Cosco Shipping Ports, a unit of state-owned giant Cosco Shipping, reported modest earnings growth for 2025, as management expects to expand in emerging markets amid rising geopolitical risks to global trade. Net profit rose 1.1 per cent to US$312.1 million, and revenue increased 11 per cent to US$1.67 billion, according to its 2025 results. Total…
A Hong Kong bus driver union has hit out at a company’s guidelines asking drivers to save fuel amid surging oil prices by switching off air-conditioning when they are not carrying passengers, arguing that such policies pose safety risks. In a statement on Wednesday, the Motor Transport Workers General Union also called on public bus…
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…
China has remained publicly silent after U.S. President Donald Trump on Monday urged Beijing to help reopen the Strait of Hormuz, the critical oil chokepoint that has been largely shut down during the escalating war with Iran. The standoff around the narrow waterway, through which roughly 20% of the world’s oil supply normally passes, has…
Multiple comments from President Trump and his aides in recent days have suggested that a closely watched trip to China to meet with Xi Jinping at the end of this month may be delayed. “Because of the war, I want to be here,” Trump told reporters on Monday afternoon at the White House saying he’d…
The war in Iran, culminating in the de facto closure of the Strait of Hormuz, has again exposed the world’s energy and maritime sector to acute vulnerabilities. The spike in oil prices and surging freight rates may grab headlines, but beneath these shocks lie fundamental questions about Asia’s – and Hong Kong’s – energy security,…
Amid escalating tensions with the US, Iran has issued fresh warnings, declaring that all logistical and service centers in the Red Sea that are assisting the USS Gerald R Ford carriers in the war are being considered “targets” for the Islamic Revolution Guards Corps (IRGC). G The Islamic Revolution Guards Corps (IRGC) has issued fresh…