Middle East
IEA announces record release of strategic stocks in response to Iran war oil price surge
The IEA said the release had been backed unanimously by 32 member countries, the sixth such move it has made since its creation in the 1970s.
UAE oil giant ADNOC's Ruwais refinery shut as precaution after drone strike
Abu Dhabi authorities were responding to a fire at the facility following a drone attack.
Iran war causes major oil, gas disruptions
The U.S.-Israeli war on Iran and Tehran's attacks on Gulf neighbors have disrupted oil and natural gas exports from the Middle East and forced production stoppages.
Asia refineries, petchem firms cut runs as Middle East conflict disrupts feedstock supplies
Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.
Russia gets export boost from Iran war as price of oil to India surges
The Iran conflict, now in its seventh day, has left the Strait of Hormuz, a critical shipping chokepoint, all but shut, cutting countries off from a fifth of global oil and liquefied natural gas (LNG) supplies.
South Korea may use fuel price cap to curb consumer prices
The rising risk of a drawn-out conflict has particular significance for South Korea, the world's fourth-largest oil importer, which gets around 70% of its oil from the Middle East.
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