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Asia buys most US oil in years as Iran war blocks Mideast flows
Asian nations are buying the most US oil in three years. This surge is driven by the Strait of Hormuz crisis disrupting Persian Gulf crude supplies. Buyers include Japan, South Korea, Taiwan, Singapore, and Thailand. This shift impacts global oil markets and shipping. The increased demand benefits US oil producers.
Crude oil surges above $119 amid Iran conflict, Gulf energy attacks raise supply fears
Crude prices surged past $119 a barrel as attacks on Gulf energy assets, including Qatar's LNG plants and Saudi Arabia's Yanbu refinery, intensified fears of prolonged market disruptions. Indian policymakers are preparing for a sustained supply crunch and higher energy prices, with refiners worried about absorbing rising costs amid government reluctance to approve retail fuel price hikes.
Strait of Hormuz Closure: ExxonMobil, Lockheed Martin to BAE Systems — these global stocks to benefit from US-Iran war
The closure of the Strait of Hormuz would disrupt global LNG flows, favouring non-Gulf producers. Companies like Flex LNG and Golar LNG stand to benefit. The situation could increase global inflation and reduce GDP, while non-Gulf oil producers may gain from higher crude prices.
As war with Iran hurts oil prices, US turns to Iranian boats for help
The United States has temporarily eased sanctions to allow tankers linked to Iran’s “ghost fleet” to transport and sell Russian oil, aiming to ease soaring global oil prices amid the Middle East war. The move reflects the urgency to boost supply as disruptions in the Persian Gulf have sharply reduced oil flows and pushed prices higher.
US to release 172 million barrels of oil from strategic petroleum reserve
America will release 172 million barrels of oil from its strategic reserve. This move aims to reduce soaring oil prices. The release is part of a larger international effort. It follows attacks on Iran by the US and Israel. Iran has threatened to block oil shipments from the Gulf. This conflict is impacting global markets.
India says oil stocks enough to absorb short-term shocks
India has assured sufficient oil stocks to handle any short-term disruptions from the Gulf conflict. This comes after an Iranian drone attack impacted Qatar's LNG facility, India's top supplier. State-run gas marketers have cut supply to several industries. The Strait of Hormuz remains blocked.
Iran conflict disrupts global shipping as tankers are stranded, damaged
War risk insurance for ships in the Gulf is being cancelled. The Iran conflict has disrupted shipping. Several tankers are damaged. Two seafarers have died. Around 150 ships are stranded near the Strait of Hormuz. Oil and gas prices have jumped. Shipping costs are set to rise further.