Iran

Four industry sources said on Monday that Hengli Petrochemical International (the former Singapore trading arm of the?sanctions hit Hengli Petrochemical Refinery in Dalian) plans to cease its operations. Three sources stated that the?operation will likely wind down by late May. Hengli Petrochemical, based in China (Dalian), did not immediately respond to an email?requesting comment. Hengli Petrochemical International was a company that employed 100 people and traded mainly oil and petrochemicals before the parent company came under U.S. sanction, according to two of those interviewed. Sources claim that some staff were told they were going to be?made redundant? while others were...

The Iran War has further strained U.S. - Chinese ties and is expected to dominate the May 14-15 summit between U.S. president Donald Trump and Xi Jinping, his Chinese counterpart and host in Beijing. Here are some of the main issues that Washington?and Beijing will be dealing with as the U.S. - Israeli war against?Iran reshapes their broader relationship. IRAN CEASEFIRE CONFERENCES U.S. Treasury?Secretary Scott Bessent said the two presidents would discuss the Iran War, and asked China to "join in this international effort" to open up the Strait of Hormuz for international shipping. Analysts say that while Beijing did...

Shares of Indian jewellery retailers fell on Monday after Prime Minister Narendra modi asked people to refrain from purchasing gold for one year in order to protect their foreign exchange reserves. This sparked fears of tariff increases to curb the imports of metal. Oil prices have soared since the Iran War, which has put pressure on India's balance-of-payments and the rupee. India is the third largest oil consumer and importer in the world, importing more than 90% its crude 'oil and half its natural gas needs. Modi's comments about gold on Sunday were made in tandem with other measures that...

Treasury Department: The United States sanctioned?Iraq’s deputy 'oil minister? and militias on Thursday for their support of Iran. The Treasury Department accused Iraqi deputy minister Ali Maarij Al-Bahadly, of abusing his "position to facilitate the diversion" of oil for sale to the Iranian regime and their proxy militias in Iraq. The deputy oil minister and the Iraqi oil ministry did not respond to requests for comment. Hayan Abdel Ghani, Iraq's Oil Minister in March, said that Iranian oil tankers stopped by U.S. Forces in the Gulf used forged Iraqi papers. ?Tehran denied using such documents. The United States and Iran...

U.S. Energy Secretary Chris Wright stated on 'Thursday' that Iran has reduced its oil production by about 400,000 barrels per day and will likely reduce it further as the storage units fill up. It looks like they have already reduced their production by maybe 400,000 barrels per day. Wright told Fox News that?they'll continue to ramp down production as their storage fills up and they are unable to export oil. Shipping data and analysts say that a U.S. navy blockade against Iranian ports has slowed down Tehran's oil production, leaving a growing stockpile on tankers, as Iranian storage facilities are...

Lanxess reported on Thursday a'muted' quarterly core profit, which was? broadly?in line with the market expectations. However, it said that March saw a slight improvement as customers began to turn to European chemical manufacturers to avoid any supply risks. The German specialty chemicals company stated that "a persistently weak economy, geopolitical uncertainty and last year's divestments" characterized the first quarter of 2026. It said that cheaper raw materials and pressure from?Asia on prices in certain segments also drove down selling prices. Since March, we've seen a slight improvement in the momentum. Due to the Middle East conflict, many Asian competitors'...

Kentucky Governor Andy Beshear reduced 'the state’s gasoline tax by ten cents' as residents continued to struggle with rising prices due to the U.S. - Israeli conflict with Iran. The Democratic Governor also announced that he would delay a 0.6-cent increase per gallon in the current state tax of 26.4-cents, which was due to go into effect on July 1. Together, the two moves will save residents $1.7 million each month. Beshear announced in the emergency regulation that "oil prices will continue to rise until April 30th 2026 when they reach a four-year high." This emergency administrative regulation will remain...

Iraq offers Basrah May-loading 'crude' at steep discounts to term buyers who?load inside the Strait of Hormuz. This has been largely blocked ever since the iran conflict began. According to a?notice dated May 3, the state oil marketer SOMO offered its Basrah Medium Crude at a discount of $33.40 or $26 per barrel compared to its official May selling price. The offer was for loading between May 1 and May 10 or 'May 11 to 31 respectively. The document also showed that it offered Basrah Heavy crude?May-loading at a $30 discount per barrel for the May?OSP. Cargoes can be sold...

Chevron's first-quarter earnings exceeded Wall Street expectations on Friday as higher oil prices related to the U.S./Israeli war against Iran helped boost its results in its upstream business. LSEG data show that the company's adjusted earnings per share were $1.41, which is well above the consensus estimate. Despite the big beat, overall profits were at their lowest levels in five years. This was partly due to timing effects related to financial derivatives. Chevron’s largest business unit upstream generated $3.9 billion, an increase of 4% on the previous year, as oil prices rose. In a press release, CEO Mike Wirth stated...

Exxon Mobil beat expectations for the first quarter adjusted earnings on a Friday. However, unadjusted 'profit' dropped to its lowest in five years because of disrupted shipments due to the U.S./Israeli war against?Iran. Also, a negative impact was caused by?timing issues related to financial derivatives. The adjusted earnings for the first 'three months' of the year came in at $1.16, which was above the consensus estimate by LSEG of $1.00. The adjusted figure excludes a $700m loss due to cargoes which were not delivered because of the war. Earnings per share were $2.09, excluding financial derivatives. Net income was $4.2...

A UAE official said on Wednesday that the United Arab Emirates was reevaluating its role and contribution?across multilateral organizations but it is not considering further withdrawals 'at this time. The Emirati official who spoke on condition of anonymity said that the country was reviewing its membership in all multilateral organizations. After its unexpected decision to leave the Organization of Petroleum Exporting Countries (OPEC+) and OPEC+?effective May 1, Abu Dhabi's statement has fueled speculation that it could also exit other regional organizations, such as the Arab League or the Gulf Cooperation Council. The UAE's exit from OPEC, as one of its...

Abu Dhabi National Oil Company notified customers that two crude grades could be 'loaded outside of the Gulf next month, as the Strait of Hormuz was closed. ADNOC is moving the crude grades Das and Upper Zakum from the terminals on Das Island (and Zirku Island) located in the Gulf, to outside locations for loading. The exports of these terminals are down dramatically as there have been fewer ships willing to cross the strait after the U.S. - Iran?war began in late February. ADNOC informed clients that it would make cargoes available to be loaded outside the Arabian Gulf on...

The leaders of Southeast Asian nations?holding a meeting on Friday will likely thrash out an coordinated response to the impact of the 'Middle East Crisis, in order to?ease the pressure of an energy shock which has shook?their oil-dependent economies. Leaders of ASEAN are expected to meet on Cebu Island in the Philippines to push for an harmonised approach to ensure food and energy security in a particularly vulnerable region to the nearly 70-day long blockade of Strait of Hormuz. Ferdinand Marcos Jr, Philippine president, said in his opening remarks, as ASEAN chair, that ASEAN stood together to show its ability...

According to traders, analysts and exchange data, there were a series of well-timed bets made on the falling oil price in March and April, totaling up to $7 billion. These bets were spread over multiple exchanges, types of fuel, and derivatives, just before Donald Trump's major announcements about Iran policy. The amount exceeds the $2.6 billion in?bets that were previously reported, and has already led to the U.S. Administration?warning staff not to use nonpublic information as a means of financial gain. A?person with knowledge of the matter said in April that the U.S. Commodity Futures Trading Commission is investigating. However,...

According to analysts, traders and market experts, there were a series of well-timed "market bets" on falling oil prices that totaled $7 billion between March and April, spread across different exchanges, types of fuel, and derivatives, just before Donald Trump's major announcements about Iran policy. The amount of the bets exceeds previous reported wagers totaling $2.6 billion. This has already led to the U.S. Administration to warn staff against using confidential information to their financial advantage. A 'person familiar with this matter' told a CFTC official in April that the U.S. Commodity Futures Trading Commission is conducting an investigation. However,...

As expected, the increase in South Korea's consumer price in April was the fastest in almost two years. The surge in oil prices caused by the Middle East conflict fueled the rise. Data from the government showed that the consumer price index increased 2.6% in April compared to a year ago, after increasing 2.2% in March. This was in line with the median poll forecast and marked the largest year-on year increase since July 2024. According to the Ministry of Data and Statistics, the index increased 0.5% from last month after increasing?0.3% the month prior. Prices of petroleum products rose...

According to a survey, the impact of the war with Iran was highlighted by the rise in cost pressures for British manufacturers in April. Delivery delays also increased. S&P Global's UK Manufacturing Purchasing Managers' Index increased to 53.7 from 51.0 in February. The final reading is slightly higher than 53.6 from the provisional data for April. The U.S. and Israel war against Iran, which began late?February this year, has disrupted international shipping. The vital sea channel is still closed, squeezing out 20% of world oil and gas supplies and driving up global energy prices. Due to Houthi attacks in Yemen,...

The U.S. president Donald Trump has until Friday to either end the Iran War or "make the case" to Congress to extend it. But the deadline is unlikely to change the course of the conflict, which has devolved into a "standoff" over shipping routes. It is highly unlikely that the war will be ended. Analysts and congressional aides expect Trump to inform Congress of his plans to extend the deadline by 30 days or ignore it altogether. His administration will argue that the current ceasefire agreement with Tehran marks the end of the conflict. War powers are deeply partisan. Like...

A senior Pentagon official said that the United States war against Iran had 'cost' $25 billion to date. This was the first estimate of the cost for the military. Democrats have been able to gain a strong lead in opinion polls in the six months before mid-term elections, when Trump's Republicans will likely face a tough battle to maintain their House majority. They are also attempting to link affordability with the unpopular Iran War. Jules Hurst who is the comptroller told the House Armed Services Committee members that the majority of this money was "for munitions". Hurst didn't specify what...

Kaja Kallas, the EU's chief of foreign policy, urged partners in Southeast Asia to not turn to Russia to get oil as they struggle to deal with fuel shortages due to the Middle East conflict. This month, the EU approved new sanctions against Russia, including restrictions on oil trading, in an effort to reduce Moscow's financial ability to support its war in Ukraine. Kallas stated that Russia had benefited from the U.S. and Israeli war against Iran which led to the closure of the Strait of Hormuz. "You are in an energy crisis, and you must have supplies." You have...

Brazil's Government on Thursday announced a bill that will be sent to Congress, under which the additional?revenue generated by higher oil prices due to the U.S./Israel conflict with Iran would offset reductions in?federal tax on fuels. Planning Minister Bruno Moretti said the proposal was aimed at achieving full fiscal neutrality. Tax reductions would be dependent on extra revenues generated by an increase in oil prices. Dario Durigan, Finance Minister, said that the government was working on a two-month "calibrated" reduction. The government of President Luiz Inacio Lula da Silva is taking this step to "minimize the impact" of the higher...

Analysts and refining sources predict that Asian refinery throughput will fall in April and may as crude imports reach a decade-low and the Iran war forces refiners into processing lighter grades. This reduces diesel and jet fuel production by at least one million barrels a day. Asia, which is responsible for 37% of global refining and normally sources two thirds of its crude oil from the Middle East, has been the hardest hit by the Strait of Hormuz closure, with refiners cutting back on production, causing fuel prices to rise. Kpler's preliminary data shows that crude imports into Asia will...

The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and revise financial forecasts. In recent weeks, jet fuel prices have increased from $85-$90 per barrel up to $150-$200 per barrel. This is a major financial blow to an industry that relies on fuel for up to one quarter of its operating costs. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights, as...

Pacific nations far from home are feeling the effects of a global fuel shortage. Authorities scramble to manage their energy supply, while families struggle with fuel restrictions and higher food prices. The U.S. and Israel war against Iran is disrupting traffic through the Strait of Hormuz which carries around 20% of the world's oil flows. Aid agencies 'warned' that the crisis had caused diesel, petrol, and kerosene prices to rise by up to 70% in Papua New Guinea following the Iran war. Godfrey Bongomin is the director of programme operations for World Vision Papua New Guinea. He said that many...