Crude Oil

China built the largest crude oil stockpile in the world during March, even as the rest of the world began to use up its inventories to make up for the millions of barrels lost due to the closure of the Strait of Hormuz. According to calculations based off official data, China, the largest crude importer in the world, had a surplus of 1,74 million barrels a day (bpd). China's excess crude for the first quarter was 1,41 million bpd. This is down from the?record-high of 2.67 millions bpd set in December, but it is up from the 2025 average of...

Gregor Stuart Hunter gives a look at what the European and global market will be like today. Global equities are setting new records, and the dollar has been falling for a ninth day in a row to its lowest levels since the Iran War began. Traders have increased their bets that the conflict in the Middle East may end soon. In a post posted on Truth Social, U.S. president Donald Trump added to the optimism by saying that direct talks between Israel & Lebanon "will take place tomorrow". The MSCI All-Country World Index rose 0.3%, reaching a new record. Meanwhile,...

On Thursday, oil?prices remained unchanged, reversing previous declines. This was due to skepticism about the peace talks between?the U.S. Brent crude futures rose 9 cents at 0427 GMT to $95.02 per barrel. U.S. West Texas Intermediate Crude Futures rose 44 cents to $91.73 per barrel. Both benchmarks traded with a wide range on Wednesday, but settled little-changed. U.S. and Israeli war with Iran resulted in the biggest ever disruption of oil and gas supply due to Iran's blocking of traffic through the 'Strait of Hormuz', which typically carries around 20% of world oil and liquefied gas flows. Toshitaka Takawa, an...

Stocks rose in Asian trading Thursday, as traders digested economic data and crucial earnings reports. MSCI's broadest Asia-Pacific share index outside of Japan rose 0.9%. The benchmark is on track to gain for the third day in a row. Japan's Nikkei gained 2.2%, setting a new record. S&P 500 futures rose 0.2%. Goldman Sachs analysts wrote in a report that they "remain constructive" about emerging market stocks, as the "underlying profit growth will likely be strong". The region's earnings will be driven by AI-related demands, which are relatively protected from the direct effects of the oil crisis. The S&P 500...

Investors assessed the prospects of renewed U.S. Iran talks, and the potential of releasing supply from the Middle East where exports are still restricted by the closure of the Strait of Hormuz. Brent crude futures rose 43 cents or 0.5% to $95.22 per barrel at 821 GMT after dropping 4.6% the previous session. U.S. West Texas Intermediate Crude was down 17 cents or 0.2% to $91.11. The contract fell 7.9% in the previous session. The war has largely closed the Strait of Hormuz. This is a major waterway that allows crude oil and refined products to flow out of the...

The S&P 500 closed at a record high on Tuesday and other Wall Street indices also advanced, as prospects for new talks between the United States of America and Iran also dragged down oil prices and U.S. dollars. Donald Trump, the U.S. president, said that talks in Pakistan could resume over the next two days after they had broken down over weekend. Pakistani and Iranian officials said that talks could resume, with Iran's nuclear activities and international sanctions on the agenda. The S&P 500 ended the day at 6,966.78 after gaining 1.17% according to preliminary data. The S&P 500 closed...

Wall Street indexes continued to rise, oil prices fell and the dollar's appeal as a safe-haven waned Tuesday after the United States indicated that 'new peace talks' with Iran may be imminent despite the 'blockade' on Iran's port. Donald Trump, the U.S. president, said that talks in Pakistan could resume within the next two weeks after they had broken down over the weekend. Pakistani and Iranian officials said that negotiations could resume, with the agenda covering Iran's nuclear activities and international sanctions as well as transit through the Strait of Hormuz. The Dow Jones Industrial Average climbed 0.63% to 48.522.30....

Asian stocks rose on Tuesday, while oil prices and the safe haven dollar fell. The U.S. claimed it was "continuing to engage" with Tehran in order to reach a deal despite the fact that it had blocked Iran's port after the collapse of the peace talks at the weekend. A U.S. official stated that there is progress in trying to reach an agreement. MSCI's broadest Asia-Pacific share index outside Japan rose 1% during early Asia trading, while Japan's Nikkei soared more than 2% and South Korea's KOSPI grew by over 2%. Following an overnight rally in Wall Street, Nasdaq Futures...

The dollar rose, stocks and bonds fell in Asia as earnings season in the U.S. began later that day. The U.S. action, which is aimed at exerting pressure on Tehran leaves a fragile truce hanging in the air and there's no end to the chokehold on Middle East oil exports in sight - although the mood in trading floors leans towards hope for a solution. Brent crude futures rose 7.3% to $102 per barrel. S&P futures were down by 0.7% in the morning of Asia and European futures dropped 1.3%. U.S. Treasuries, bonds and other assets in Asia fell, with...

Shipping data shows that oil tankers are avoiding the Strait of Hormuz in anticipation of a U.S. blockade on Monday, following the failure of?peace negotiations between the U.S. The President Donald Trump announced on Sunday that the U.S. Navy will begin blocking the Strait of Hormuz. This is a major step after the marathon talks between Iran and the U.S. failed to produce a peace agreement, putting a fragile ceasefire of two weeks in danger. The U.S. Central Command announced that U.S. Forces would begin to implement the blockade on all maritime traffic?entering or exiting Iranian port at 10 a.m....

The dollar and oil both jumped Monday after the U.S. and Iran failed to reach an agreement, leaving a fragile ceasefire in the air and no end to Middle East energy exports. S&P futures fell 1% early in the day. Benchmark Brent crude oil futures soared 8% to $100 a barrel. The euro dropped about 0.5%, to $1.1672. Investors were reluctant to place large bets on the Asian stock market as they awaited a sign of a negotiated settlement to a six week conflict that had already driven oil prices 30% higher. The Nikkei in Japan fell by 0.4%. South...

The dollar and oil prices jumped Monday after the U.S. and Iran failed to reach an agreement, leaving a fragile ceasefire in the air and no end to the choke on Mideast exports of energy. Early trade showed that stocks were expected to drop in Asia. S&P 500 futures fell around 1.1%. Benchmark Brent crude opened at $102.37 per barrel, up about 7.5%. The euro dropped about 0.5%, to $1.1672. The marathon talks in Islamabad came to a deadlock and U.S. president Donald Trump said on Sunday that the U.S. Navy will blockade the Strait of Hormuz. Since the beginning...

Last week, the U.S. almost became a net oil exporter for the first since World War Two. Shipments surged to near-record highs to meet the demand of Asian and European buyers scrambling in order to replace Middle East supply?cut off by the Iran War. The U.S.-Israeli war against?Iran has caused the biggest ever disruption in the global energy markets. Iranian threats have stopped a fifth of oil and gas from the world transiting through the Strait of Hormuz. Refiners who depend on these supplies in Asia and Europe have purchased alternative cargoes wherever possible, thereby boosting the demand for oil...

In its Fiscal Monitor report, released on Wednesday, the International Monetary Fund stated that the war in the Middle East had intensified the strains already present in an already fragile fiscal situation. Higher interest rates and rising energy prices have already fueled calls for assistance from developing countries and emerging markets. Rodrigo Valdes is the new head of fiscal affairs at the IMF. He said that countries should avoid fuel subsidies in order to help their citizens cope with an oil shortage and a corresponding rise in energy prices. He said that targeted, temporary cash transfers would be the better...

Financial markets are diverging as the conflict in the Middle East enters its eighth week. The U.S. stock market has?wiped out the losses since the beginning of the war. But oil prices remain punishingly high and are dragging down both government bonds as well as gold. Also, there are dramatic differences in emerging markets. Brazilian markets have risen and China has seen healthy inflows. However, smaller, energy-dependent economies are struggling. Markus Hansen said that the U.S. could manage an oil price shock this long, but Asia was more vulnerable. Hansen said that he used the drop in prices to buy...

South Korea has purchased 273 million barrels of crude oil from the Middle East and Kazakhstan by the end of this year. Supplies are being routed outside of the Strait of Hormuz. Kang, who was visiting as a presidential special envoy in Kazakhstan, Oman and Saudi Arabia over the last week, said that Asia's fourth largest economy had also acquired 2.1 million tons of naphtha during the same time period. Kang stated that "in particular, the crude and naphtha obtained this time would be sourced via alternative supply routes, unrelated to the closure of the Strait?Hormuz. This will make a...

Sinopec, the state-owned oil company of China, has purchased Russian crude oil in order to replace Middle Eastern oil after a temporary suspension of sanctions by the United States to ease global supply shortages. Sinopec purchased between 8 and 10 cargoes a year of ESPO blend oil from the eastern port Kozmino. Another source estimated that Sinopec bought about 10 cargoes a year of ESPO. Each ESPO shipment is 740,000 barrels. Sinopec purchased the cargoes for a premium of between $8 and $10 per barrel over ICE Brent. Before the Iran conflict, Russian crude was traded at a discount ranging...

Two administration officials said on Tuesday that the Trump administration would allow a waiver of 30 days on sanctions against Iranian oil on sea to expire this week. The U.S. has imposed a blockade for shipments coming from Iranian ports. One official said that the move was a sign of "Treasury going full force on Economic Fury" against Iran. This is an apparent reference Operation Epic Fury - the U.S. led military campaign against Iran. Trump has said for years that it will apply "maximum" pressure on Iran regarding its nuclear program and its support of militants in the Middle...

Two administration officials said on Tuesday that the Trump administration would allow a 30-day waiver on sanctions against Iranian oil at sea to expire later this week. The U.S. has imposed a blockade of shipments from Iranian port. Treasury Secretary Scott Bessent said last month that the waiver issued by the Treasury Department on March 20 allowed 140 million barrels to reach the global market and relieved pressure on energy supply during the Iran war. The waiver will expire on April 19. After lawmakers of both parties criticised the administration's decision to temporarily relax sanctions on Moscow and Tehran, while...

The rejection by Hungary of Viktor Orban, a right-wing nationalist after 16 years at the helm?is a shot in arm for its internal markets. It should also lift EU Assets more broadly, removing an ongoing roadblock for a now-alone bloc. Budapest was hit by a series vetoes and the freezing of 18 billion euros in EU funds as a result of the outgoing PM's "illiberal" democracy. Orban's open embrace of Moscow in issues ranging from Ukraine, energy and foreign policies complicated the EU’s rapid rearmament program to counter the Russian threat to its east since the Ukraine invasion 2022. His...

The International Monetary Fund, World Bank and International Energy Agency urged on Monday that countries should not hoard energy supplies or impose export controls which could worsen 'the biggest shock to the global market ever. After a meeting between IMF and World Bank officials, IEA 'chief?Fatih Birol' told reporters that several countries held onto stock and imposed export restrictions. He appealed to countries to allow energy stocks to flow into the markets. He did not mention the countries. Kristalina Georgieva (Managing Director of the IMF) said "Do not harm" when she met with countries in Asia, Sub-Saharan Africa, and South...

Shipping data revealed that two Iranian-linked oil tankers left the Gulf of Mexico on Monday, as other vessels avoided the Strait of Hormuz after the U.S. announced it would 'blockade Iranian ports' later in the day. This caused the shipping markets to be uneasy at a crucial energy chokepoint. After the weekend talks between Washington, D.C. and Tehran collapsed, President Donald Trump announced on Sunday that the U.S. Navy will enforce a naval blockade against vessels entering or leaving Iranian ports. Washington, however, stressed that it would not limit transit through the Strait. Trump's announcement slowed down oil tanker movement...

Kuwait raised its official selling price for Kuwait Export Crude in Asia to $17 per barrel over the average 'Oman/Dubai quotations' from $0.50 in April. After weekend talks failed to?clinch a deal? to end the Iran War, the U.S. Military announced it would blockade maritime traffic in Iranian ports and coastal regions. This could jeopardize a fragile?two-week truce. Documents showed that the producer increased the Kuwait Super Light Crude OSP for May to $17 per barrel over Oman/Dubai prices, up from $1.15 in April. Middle East producers have boosted official prices for Asia for May. Saudi Arabia set the price...

Analysts say that the sharp drop in global oil production caused by the Iran War is set to turn the oil market this year into a'supply deficit. This will be a dramatic change from previous forecasts of a 'comfortable surplus. The conflict that began with U.S.-Israeli strikes against Iran on February 28, has effectively stalled oil flows through the Strait of Hormuz. This passageway accounts for a fifth of all global oil consumption. Attacks on energy infrastructure and production shutdowns have also severely reduced output. According to eight analysts surveyed by, the oil market will be oversupplied by 750,000 barrels...