Japan's April crude oil imports are down nearly 66% year-on-year as the Iran war disrupts supplies

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• Japan's April crude oil imports are down nearly 66% year-on-year as the Iran war disrupts supplies

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• Sources say that China's June fuel exports are set to increase slightly as restrictions remain in place

  Three trade sources familiar with the issue said that China will only see a small increase in refined fuel exports from May to June, because Beijing plans to maintain export restrictions for a fourth month in order to protect domestic supply. Two sources said that June exports were estimated to be around 550,000 metric tonnes or slightly more than expected, compared to about 500,000 tons in May. The two sources and another person said that state oil firms must now seek approval from the government on a regular basis for every shipment they export. This is because China, the world's largest oil importer, has been dealing with disruptions to crude supply due to the closure of the Strait of Hormuz as a result of the war in Iran. National Development and Reform Commission and Ministry of Commerce didn't immediately respond to comments. According to two people, details?on the countries that will receive fuel from China have not yet been finalised. In April, China shipped small amounts of jet fuel, gasoline and diesel to Southeast Asia, Australia and other areas. One source said that diesel and jet-fuel will make up the bulk of exports for June, excluding Hong Kong. The remainder is gasoline. The same source said that fuel supplies to Hong Kong will be around 800,000 tons. This is compared to estimates of 910,000 tons in May. China's current export regime is a departure from previous years when the government issued a?second?batch? of refined fuel quotas, usually around April or may after the first batch?was issued in December of the previous year?. Beijing only issued one batch of a 19 million metric ton quota in December this year. According to two industry sources in China, diesel and gasoline export margins are still high, at nearly 3,000 Yuan ($441.11) per ton, respectively.

• Hengli, China's silk-to-petrochemicals empire, faces the chill of US sanctions

  Hengli Group has been thrust in the middle of a geopolitical struggle. The group, which was built over 30 years by a husband-and-wife team from a bankrupt cotton mill to a Fortune Global 500 company and one of China’s largest private oil refineries, is now a Fortune Global 500 firm and one of China’s largest private oil refiners. The United States imposed sanctions on its Hengli Petrochemical unit, which operates a 400,000 barrel per day refinery in Dalian (in the north-east), for purchasing Iranian oil. This was denied by the group. Hengli, along with about 40'shipping 'firms and vessels were blacklisted as Donald Trump and Xi Jinping met and Washington looked towards Beijing to press Tehran into accepting a deal that would end the conflict which began when the U.S. attacked Iran and Israel in February. Hengli, the largest Chinese refiner sanctioned in the U.S. Beijing, which had long opposed such unilateral actions, has rushed to defend it, invoking, for the first, a law from 2021 to prevent companies from complying with sanctions imposed by foreign countries. Since reimposing sanctions against Tehran in 2018, Washington has targeted peripheral players, including small Chinese independent refining companies known as teapots. These are the main Iranian crude purchasers. "Hengli's not a teapot refinery. "Hengli is not a teapot refinery. She said that this was probably the reason Beijing felt obliged to use its antisanctions law, which had been passed for the first. Hengli, its billionaire founders Chen Jianhua, and his wife Fan Hongwei did not reply to a comment request. Immediate Impact The sanctions were immediately effective. Hengli's major offshore unit, an Singapore trading arm with about 100 employees, will close this month. China's Wanhua Chemical, meanwhile suspended a long term agreement to purchase benzene by Hengli Petrochemical. Traders said that the sanctions could put at risk a 2024 preliminary agreement with Saudi Aramco, a major oil company, to buy a 10% stake in Hengli Petrochemical. Aramco declined comment. Hengli, with its primarily domestic focus and Beijing's support, can continue to operate largely as usual, despite the sanction. The company has stated that it will continue to purchase oil in Chinese Yuan, outside of the dollar settlement system. Last year, Shandong Yulong Petrochemical, a rival, was sanctioned by the British and European Union for dealing with Russian oil. This led to it relying more on Russian crude. Hengli will also be forced to depend more on oil sanctioned by the United Nations and it has already redirected all its petrochemicals sales to domestic markets, according to traders. Trump was asked on his flight to Beijing on Friday if he would lift sanctions against Chinese companies that purchased Iranian oil. He said he might consider it. He said, "We discussed that and I will make a final decision in the next few days." There was no change as of Thursday. The road ahead may not be smooth Fan, the chairman of Hengli’s Shanghai-listed unit, took a cautious tone nine days before sanctions were imposed in a letter to shareholders after Hengli Petrochemical reported earnings for 2025 of 7.07 billion Yuan ($1.04billion) on revenues of 201 billion Yuan. She wrote: "Great-power rivalry continues to develop and intertwine. Geopolitical turmoil has never stopped." "We know that the road ahead will not be easy." Hengli has faced many challenges in the past. Chen, 55, was raised in Suzhou, a district of Wujiang where many households used to raise silkworms. He dropped out of high school at the age of 14 and made his first fortune by trading scrap silk. In a speech last year to the National Conference of Young Entrepreneurs, Chen Jianhua (whose name is translated as "build China") recounted how, at age 23, he purchased a textile mill that was bankrupt and had 27 employees. It was 1994 when China's reforms under Deng's leadership were gaining momentum. Chen's Hengli, in an effort to help China?break the foreign stranglehold? on synthetic fibre production, ventured upstream. They eventually moved into the state-dominated refinery sector, becoming a fully integrated petrochemical manufacturer. Hengli was the model for a new generation of private, large petrochemical companies that produce materials for plastics and products for China's booming manufacturing sector. Hengli made a bold bet and built an $11 billion complex at the remote Changxing Island off Dalian. This was a direct challenge to China National Petroleum Corp.'s refinery nearby. "There was no power, no water and no mobile signal. There was just a mountain and a stretch of sea, with a tiny road. "I lived and ate at the construction site for four years," Chen recalled. The time is now. Hengli, the largest producer in the world of purified Terephthalic Acid (PTA), which is used to make synthetic fibres. Hengli purchased an idle shipyard in Changxing Island, China, to meet Beijing's demand for infrastructure investments. He said that at first, "all the shipowners did not trust us and would not place orders. So we placed our orders."?Building two 300,000 ton very large crude carriers, and an 82,000 ton bulk carrier. Hengli Heavy Industry won orders worth over 100 billion yuan for 115 vessels last year, including Greek, Norwegian, and Japanese shippers. In February 2025 Chen was invited by Xi to a meeting of leaders of the private sector, where Xi urged them to help China achieve its goals of self-reliance in technology and supply chain security. Chen recalled Xi’s message, "Show off your talent now." $1 = 6.8012 Chinese Yuan Renminbi (Reporting and editing by Tony Munroe, Sonali Paul and Colleen Aizhu. Additional reporting and editing by Trixie Yap and Siyi Liu.

• How far along are the U.S.A. and Iran in ending the Iran War?

  Sources say that the United States and Iran reached an agreement on the extension of a ceasefire and the lifting of sanctions and a U.S. Blockade against?Iran. However, the deal is not finalised. A deal would be a major step in ending the 'war' that has led the world to an energy crisis. However, the dispute over Iran’s nuclear program would not be resolved until the following weeks. WHAT ARE THE CONCLUSIONS? After a ceasefire early in April, the two sides remain at odds over issues such as Iran's nuclear ambitions, Israel's war in Lebanon against the Hezbollah militia backed by Iran, and Tehran’s demands for lifting sanctions and releasing frozen assets. Four sources with knowledge of the situation said that after weeks of mostly indirect talks, the U.S. had reached an agreement with Iran on a Memorandum of Understanding that would stop the war and allow negotiators to negotiate for 60 days. Both sides have stated several times that an agreement is close, but never reached. Israel's position, which was central to any agreement, but its role is unclear, is that it launched the air attack on Iran with the United States on February 28, but is also central to any deal. Sources claim that Donald Trump, the U.S. president, has not yet signed off on the agreement. Vice President JDVance stated on Thursday that "we're not quite there yet, but we are very close. We're going keep working on it". Iran hasn't yet "officially" commented on the matter, but Tasnim, a semi-official news agency quoted a source from the negotiation team who said that the text of agreement was not finalised or confirmed. Iranian sources said previously that a framework agreement is about ending the "war" on all fronts and establishing a 30-day frame for international and Iranian movements through the Strait. It could also provide some financial relief. Negotiations would follow on more complex issues such as Iran's highly-enriched uranium, details about the Strait of Hormuz, and sequencing of many points of the preliminary agreement such as security and sanctions relief. Negotiations between teams of experts took many years to reach the last nuclear deal, which was signed in 2015 but subsequently ripped up by Trump. What are the main issues? HORMUZ BLOCKADE AND GULF BLOCKADE The closure of the Strait of Hormuz by Iran, which is the conduit of a fifth of all global oil and gas supplies, has caused oil prices to rise. The U.S. is a priority, and Iran has the main leverage to reopen the strait. But it may take some time. Iran claims to have laid sea mines which could be hard to find. Many vessels are still stuck in the Gulf. Iran's exports and revenue are being affected by the U.S. ban on Iranian ports. Tehran is aiming to lift the blockade. How far the U.S. military withdraws could be a sensitive issue. The U.S. claims that it believes Iran is trying to build a nuke bomb. Iran has always denied that its nuclear programme is for anything other than peaceful purposes. Focus is on Iran's enrichment of Uranium which can be used to make fuel for nuclear power, but also material for warheads. The nuclear issue is very complex. Iranian sources say that Iran may eventually agree to have part of its highly-enriched uranium dilute in a friendly nation into uranium with a purity of 5% and then return it. Many other issues will still need to addressed, including how long the Iranian nuclear program will be stopped, whether nuclear sites will be demolished, what happens to the stockpiles enriched uranium to?20% and 5%?, the future of Iran’s advanced centrifuges, research and development programs, and the rules that govern an inspection regime. BALLISTIC MISSILES The U.S. demanded that Iran limit its range of ballistic missiles before the war so that they couldn't reach Israel. Iran has said that its right to possess conventional weapons was non-negotiable, and it still maintains a large arsenal. SANCTIONS & FROZEN ASSETS The Iranian economy has suffered from sanctions for many years. This contributed to the unrest across the country in January. Tehran desperately needs the sanctions lifted, and for tens billions of dollars in Iranian oil revenue frozen abroad to be released. The Iranian government also wants compensation for war damages. Trump has lambasted Obama for returning some assets that were frozen to Iran as part of the 2015 nuclear agreement. Several media outlets have reported that the latest draft agreement will include an investment program for Iran. LEBANON Iran insists that any agreement must include Israel's war in Lebanon against Hezbollah, its principal ally. Israel and Lebanon reached a ceasefire agreement last month, but Israel and Hezbollah both accuse the other of violations. Israel's army is intensifying its campaign in south Lebanon. Israel would be against any U.S. Iran agreement that limited its ability to act on Lebanon.

• What's the deal with talks to end Iran war?

  LONDON/DUBAI - U.S. secretary of state Marco Rubio stated on Tuesday that negotiations with Iran would "take a few more days." This dimmed hopes for a quick?end to this conflict, after the U.S. launched what they called defensive strikes in the south of Iran. Iran's Foreign Ministry spokesperson stated earlier that many of the topics covered in a possible 14-point memorandum were concluded, but it did not mean an agreement to end the war was imminent. WHAT STAGE ARE THE DISCUSSIONS AT? After a ceasefire early in April, both sides remain 'at odds' on difficult issues, including Iran's nuke ambitions, Israel’s war in Lebanon against the Hezbollah militia, and Tehran's demand for the lifting sanctions and release of frozen assets. Both sides claim that after weeks of mostly indirect talks they have reached an agreement on a Memorandum of Understanding which would stop the war. The document would also give negotiators a 60-day window to come up with a final settlement. According to Esmaeil baghaei, the Iranian Foreign Ministry spokesperson, the framework is centered on a halt to the war, and a U.S. navy blockade in exchange for Tehran to take steps to ensure safe passage in the Strait of Hormuz. According to ISNA, senior Iranian diplomat Hossein Nooshabadi said that the framework agreement could include the ending of wars on all fronts, including Lebanon, release of Iranian assets blocked by the U.S., lifting of U.S. Naval Blockade, opening of Strait of Hormuz and withdrawal of U.S. Forces from Iran's vicinity. Nooshabadi stated that the draft agreement for Iran contained no commitments regarding its nuclear programme. An anonymous senior official in the Trump administration said that Iran agreed "in principle", to open the Strait of Hormuz as a result of the lifting of the U.S. naval blockade and the disposal of Tehran's highly-enriched uranium. Iranian sources stated that a framework deal is about ending the conflict on all fronts and establishing a 30 day framework for shipping and movement through Hormuz. It may also provide some financial relief. Then,?negotiations would be held on more complex issues such as Iran's status with highly enriched Uranium, the details of the Strait and the order in which the various points included in the initial deal, like sanctions relief and security, are addressed. HOW COULD A DEAL MOVE FORWARD? The memorandum will be sent for final approval to the supreme leader of the country if the Supreme National Security Council of Iran approves it. According to the senior U.S. government official, the U.S. believed that Supreme Leader Ayatollah Khamenei had approved the general template of the agreement. Baghaei, Nooshabadi, and others said that if the first phase of agreement went well, then the nuclear issue would be reviewed and discussed during the 60 day period. Negotiations between teams of experts took many years to reach the last nuclear deal, which was signed in 2015 but subsequently revoked by Donald Trump. What are the main issues? HORMUZ AND GULF BLOCKADE - Tehran views its control of Hormuz as its main leverage, while Washington sees Washington's blockade against Iranian ports. The United States believe Iran is trying to build a nuke bomb. Iran has always denied this and said that its atomic program is only for peaceful purposes. Focus is on Iran's enrichment of Uranium which can be used to generate fuel for nuclear power, but also material for warheads. A long-term moratorium on the enrichment of uranium and exports or dilutions of the stockpile may be included in a?agreement. The nuclear issue is very complex. Iranian sources claim that Iran may agree to have a part of its highly-enriched uranium converted to uranium with a purity of 5% in a friendly nation and then return it to Iran. There are still many issues to resolve: the length of the halting of the nuclear program, the dismantling of nuclear sites, the fate of the stockpiles enriched at 20% and 5% and the future of Iran’s advanced centrifuges, research and development programs and other matters. BALLISTIC MISSILES – A major U.S. request before the 'war' was that Iran limit its ballistic missile range so that they couldn’t reach Israel. Iran has never discussed its ballistic missiles. It has said that its conventional weapons are not on the table, and it has a large arsenal. Iran's economy was hurt by sanctions over the years and this contributed to the unrest across the country in January. Tehran desperately needs the sanctions lifted, and for tens billions of dollars in Iranian oil revenue frozen abroad to be released. The Iranian government also wants compensation for war damages.

• Aramco will transfer PRefChem shares to Malaysian Petronas

  The Saudi state oil giant Aramco has announced that it will transfer its equity stakes in joint ventures for petrochemicals and refining in Malaysia to Petronas. This ends an eight-year partnership between the two companies. In a joint press release, the two companies said that the deal is subject to closing conditions and will turn PRefChem into a fully owned subsidiary of Malaysia's state energy company. The financial terms of the deal were not disclosed. The?deal highlights how the Iran War is reshaping Asian energy partnerships. Since late February, the Strait of Hormuz has been effectively closed, reducing crude oil flows into Asia. This has forced refiners to reduce their production, causing shortages of products such as jet fuel, diesel and gasoline, all of which are produced by PRefChem. Petronas will be able to'source crude outside the Gulf of Mexico and to direct production to meet the soaring regional fuel demand. Aramco, on the other hand, has been forced by the conflict to reduce its production. According to OPEC's secondary sources, Saudi production fell by about a third from its pre-war level in April. Aramco supplied 50% to 70% PRefChem crude feedstock. The statement said that the transaction was completed on terms mutually agreed upon, reflecting the changing strategic priorities of both parties. PRefChem is a joint venture consisting of Pengerang Refining Company (PRC) and Pengerang Petrochemical Company (PPC), which operates an integrated refinery-petrochemical facility within the Pengerang Complex?in southern Malaysian Johor. The refinery produces jet fuel, diesel and gasoline, and supplies feedstock to the petrochemical plant, which has an annual capacity of 3.4 million tonnes. Aramco signed a share purchase contract with King Salman in Malaysia during his state visit. The investment was one of Aramco's biggest downstream investments overseas. In March 2018, the two joint ventures formally came into existence. The companies stated that they will continue to explore cooperation, including crude supply and technology exchange. Yousef SABA, Yousef is the reporter; Cynthia Osterman, the editor.

• After the disruption of Hormuz, India looks to Latin American and African oil

  Data from trade sources shows that Indian refiners have turned to imports of?lubricants from Latin America and Africa, after Middle East supplies were disrupted by the Israeli-U.S. War on Iran. The world's third largest oil importer and user bought the majority of its crude oil from the Middle East before the war began at the end February. Kpler's preliminary data shows that Indian refiners increased their imports of Venezuelan oil in April and may to cover the shortfall. They also continued to purchase Russian oil. India stopped buying oil from Iraq last month as the exports had been halted. It received Iranian oil, however, after a seven-year pause, following a temporary waiver by Washington in order to stabilize global oil prices. Nayara Energy closed its 400,000 barrels per day refinery for maintenance in New Delhi, causing a 29.4% drop in imports. Kpler's preliminary data showed that India will receive about 1.9m bpd from Russia in May and around 41,000 bpd from Iraq. The data revealed that India imported 4,57 million barrels per day of oil in April. This was the same as March but 15.5% less than a year ago. The data revealed that imports of oil from Saudi Arabia remained at 619,500 barrels per day (bpd) while those from the United Arab Emirates increased to 669.700 bpd. Kuwait, Iraq and Bahrain are dependent on the Strait of Hormuz for their shipments. Data showed that the Organization of Petroleum Exporting Countries (OPEC), which includes the UAE as a member, increased its share of India's imports to 45.2% in April, from around 30% in March. The UAE left OPEC in May, releasing it from oil production quotas. The UAE's higher imports helped to arrest the decline in Middle East's share for?Indian imports. Meanwhile, the share of Russian oil fell from almost 50% to around 35%. Russia was India's largest oil supplier. The UAE and Saudi Arabia were the next two. Brazil was India's fourth-largest oil supplier. Venezuela was ranked fifth. Kpler data shows that Venezuela is on track to become the 4th largest supplier in May.

• The Middle East conflict will weigh on the German chemical lobby VCI in 2026.

  VCI, the German chemicals lobby, said on Friday that the first-quarter production, sales, and prices all fell. The sector is also facing a lack of optimism due to the 'increase in energy, raw materials, and transportation costs linked to the Iran war. Chemicals, including pharmaceuticals, saw a 6% decline in production figures for the quarter. VCI reported that producer prices dropped by 1%, and sales fell 5.4% compared to a year earlier. Third-largest industrial sector in Europe's economic powerhouse, Germany, can be seen to be a barometer for the region's economy. It produces components that are used across industries ranging from construction and automotive to textiles and agriculture. Chemical lobby has again refused to provide a forecast for the full year, citing that it was impossible to be certain about the outcome of Middle East conflict, and that a sustained economic recovery in this 'year is unlikely. VCI echoed Ifo Institute’s gloomy remarks from Thursday. It said that any boost in demand and competitive advantage from the Iran War would be fleeting. Conflict has helped some European chemical firms outperform their Asian competitors. Supply chain disruptions have hit producers more dependent on Middle Eastern feedstocks while Europe benefits by being closer to the end markets and using local inputs. The Strait of Hormuz is expected to reopen in the near future, but the return to normalcy will be very delayed. Not only has shipping been disrupted, but also some production capacity was effectively removed from the market. He added: "Once Asian manufacturers regain access, and previous volumes start to flow back - especially at the levels seen in the first quarter of last year and early this year - we will face turbulent times." Reporting by Anastasiia Kozova, Ozan Ergenay, and Patricia Weiss, in Frankfurt. Editing by Milla Nissi-Prussak.

• Oil prices drop weekly on hopes of a Hormuz agreement; AI stocks reach record highs

  Oil futures saw their biggest weekly drop in almost two months on Friday as traders awaited details about a possible deal to reopen the Strait of Hormuz, and extend U.S. and Iran's ceasefire. U.S. sources claim that Iran and the U.S. have reached an agreement on lifting shipping restrictions and extending their ceasefire. However, President Donald Trump is yet to sign off and Iranian state media has not confirmed this. S&P 500 Futures were steady in the Asia session after the index closed at a record high overnight. Brent crude futures dropped about $1 per barrel to $92.69, a drop of over 10% for the week. Dollar headed for a slight fall this week, following a retreat in U.S. yields. Analysts are not sure if this fall in yields will continue, as a U.S. Iran deal is unlikely unwind inflation impulses caused by high?fuel costs. Jason Wong is a senior market strategist with BNZ Wellington. He said that the market has already viewed a deal as being done, and that the Strait will be opened. The main thing is that it eliminates the tail risk of an extremely, very bad outcome. I don't believe it's an okay to drop oil by $20 or Treasury bonds by 20 points. MSCI's world stock index reached a new record, as AI-euphoria boosted chipmaker shares in Tokyo and Seoul. Benchmarks were up 2% and more on Friday. This is a sign of a weekly rise. After-hours trading saw shares of computer-maker Dell surge 39% on an upgraded revenue outlook. Lenovo Hong Kong also experienced a strong week, with its stock rising 60%. The question is now whether it can continue. Damian McIntyre is the head of Multi-Asset Solutions at Federated Hermes. He believes we are still in the middle of a longer AI driven investment cycle. "We revised our S&P target to 8,000 for this year and 9,000 for next year." The S&P 500 closed Thursday at a new record high of 7,563.63. YEN SLIMMED, KIWI ATTEMPTS TO LIFTOFF Fixed income yields in Asia dropped on the Asia Day, with the 10-year Treasury yield at 4.44%, a drop of 15 basis points for the week. Global bond yields have also fallen over the past week. Later in the day, preliminary inflation figures will be released across Europe along with Canadian GDP. Overnight, U.S. data showed that personal consumption, income, home sales, and GDP were on the softer side than expected, while inflation was hot, but slightly below forecasts. Data showed that annual core inflation in Tokyo was below Japan's target of 2% for the fourth consecutive month in May. However, a rebound in factory activity in Japan suggested resilience, and supported a rate hike in June. The yen is under pressure on the currency markets after it fell back to levels which prompted reports of Japanese intervention in late April and early May. The yen was trading at 159.31 per dollar, a little bit higher than the 160-dollar line that the authorities had been defending. Nomura reported that the Japanese finance ministry will publish its dollar sales, which are estimated to total around 8.6 trillion dollars. The euro remained steady at $1.1638. The New Zealand dollar has been a major mover this week, up 1.9% on the greenback, after the Reserve Bank of New Zealand held rates steady on Wednesday but delivered a more-hawkish-than-expected outlook.

• Treasury: US imposes new sanctions on Iran's oil sales to military.

  The U.S. announced on Thursday that it had imposed 'new sanctions' on the?Irani military oil trade. Washington and Tehran have reached an agreement to extend the ceasefire and remove restrictions on shipping in and out of the Strait of Hormuz. Treasury Department announced that it sanctioned eight vessels transporting Iranian crude and petroleum products to international markets. The eight vessels were the Flora oil tanker, flagged by the Marshall Islands; the Hauncayo crude oil tanker, flagged by the Comoros; and the Ill Gap tanker, flagged with the Panamanian flag. Treasury Secretary Scott Bessent stated in a press release that "we will not allow the Iranian government to increase its oil revenues for the purpose re-establishing its military and armed forces." Donald Trump is yet to sign off on the deal for the war that the U.S. & Israel started on February 28. The conflict has caused global markets to be roiled by the closure of a vital strait between Iran and Oman through which 20 percent of world oil and gas flow. The U.S. has also imposed sanctions on over 15 entities, including Worth Seen Limited in Hong Kong, Symphony Shipping and Maritime Management Inc in Dubai and Mehdiyev Trading Co in Hong Kong.

• Oil gains after US-Iran ceasefire report

  Oil lost gains on Thursday and traded lower briefly. A report by Axios claimed that U.S. officials and Iranians had reached an agreement to extend the ceasefire for 60 days and begin talks about Tehran's nuclear program. Brent crude futures rose 33 cents or 0.4% to $94.62 per barrel at 11:01 am EDT (1501 GMT). ?U.S. West Texas Intermediate futures rose 56 cents (0.6%), to $89.24. Both benchmarks fell a little after the report, before recovering some of their lost ground. Axios, citing U.S. official?and source involved in mediation, reported that the agreement between the U.S. The oil prices have fluctuated in recent sessions as traders try to sort through conflicting signals about the possible end of the three-month Iran War and the reopening of Strait of Hormuz. The maritime chokepoint is still only a fraction of its pre-war levels. Brent and WTI Futures rose more than 2% in the first session of trading after Iran's Revolutionary Guards claimed they targeted a U.S. airbase as a response to the U.S. attacks on Bandar Abbas, a port city. John Evans, a PVM Oil Associate analyst, said that trading airstrikes appears to be "part of the negotiation language." Shipping data from LSEG &?Kpler revealed that two supertankers, one liquefied 'natural gas' tanker, and one supertanker left the strait this week without their transponders on, heading to India and China. According to data from the American Petroleum Institute, crude oil stocks in the U.S. fell by 2.8 million barrels during the past week. This is the sixth consecutive week that they have declined. The U.S. Energy Information Administration will release its official inventory data one day later than normal due to the Memorial Day holiday. Reporting by Shariq and Nicole Jao from New York, Seher in London, Sam Li and Florence Tan from Singapore, and Hugh Lawson in Beijing; editing by Mark Potter and Paul Simao.

• Turkey restricts Russian Urals imports due to rising prices and Asian demand

  Turkey will cut its imports of Urals crude from Baltic and Black Sea port this month to the lowest level for almost a year and a half, according to LSEG, Kpler, and trading'sources. Turkey is the third largest importer in the world of seaborne Russian crude after India and China. It mostly buys Urals, and occasionally other grades. Kpler data indicates that Turkey's Urals exports will average 161,000 barrels per day in this month. This is down from an average of 189,000 barrels per day in January-April, and 302,000 barrels per day in May 2025. This is despite the fact that global oil prices have risen due to a reduction in crude supply from Gulf countries. "Turkey has become accustomed to Russian crude being sold at a substantial discount. A trader at a major Western firm said that they were not "prepared" to pay such high prices for the grade. According to two other sources, the decline in Urals shipments into Turkey in April or May was due to a stronger demand for Urals in Asia and particularly India. One trader stated that there was "not much on the market". LSEG data show that seaborne Urals imports to Turkey will?fall to their lowest level since at least January 20,25. This decline is partially offset by increased Turkish imports of CPC Blend, which comes from either Russia or Kazakhstan depending on cargo. After the Iran War, the premium on Urals delivered ex-ship in Indian ports jumped to as high as $8 per barrel compared to Brent before dropping to $2 to $4. This is still a significant increase over levels seen before the conflict. In the first half, Russia's western ports increased their?crude loadings by about 9%. They were averaging 2.2 million bpd in April. Reporting by. Mark Potter (Editing by Mark Potter).