Economics

Iran, Ukraine wars deliver worst hit in years to oil refining output

Tightened supply has forced refiners, traders and retailers to tap crude and fuel inventories to meet demand.

U.S. EIA concedes Middle East supply disruptions are far worse than prior estimates

Iran's blockade of the Strait of Hormuz continues to wipe off millions of barrels of global oil supply every day the conflict drags on.

Japan's Idemitsu returns to fossil fuel focus in new medium-term plan

Hungry to sell, UAE slips hidden oil tankers through Strait of Hormuz

The volumes are a fraction of the UAE's typical exports before the U.S.-Israeli war on Iran but they demonstrate the risks the producer and buyers are willing to take to free up oil sales.

Seven markets to track if peace breaks out in the Middle East

Here are key charts - across crude, products, shipping, gas, industrial commodities and equities - to gauge whether markets are pricing a temporary easing of tensions or a structural shift in global supply and demand if a peace deal emerges.

EIA: U.S. crude and fuel inventories fall as Iran war roils energy markets

Fuel inventories also declined, as exports of petroleum products rose to their highest level on record.

TA'ZIZ secures $28.5 B in agreements to expand UAE's chemicals infrastructure

Egypt imposes $90/ton nitrogen fertilizer export duty for three months

The decision follows a separate move earlier this week in which Egypt raised natural gas prices for energy-intensive industries, including fertilizers, petrochemicals, steel and cement, as part of broader efforts to restructure industrial energy pricing.

China's Commerce Ministry blocks U.S. sanctions against five refineries

Record U.S. biofuel targets to test biodiesel industry after slow year

To meet the record target, companies that process soybeans into biodiesel must boost production by over 60% this year. Some industry bodies and biofuel experts doubt they will succeed, yet failure could further stoke the rise in diesel prices.