Singapore's oil product stocks fell to nine-month lows at 44.83 million barrels as US-Iran conflict disrupted Middle East crude exports, forcing refineries to switch to lighter crude and fuel traders to source supplies from alternative regions including India and Oman.
Oil prices surge nearly 6 percent as violence flares in the Strait of Hormuz.
Oil prices remain flat after Trump's plan for the Strait of Hormuz fails to calm markets.
Oil prices recovered from earlier declines following reports of renewed closures at the Strait of Hormuz, a critical global petroleum chokepoint through which roughly one-third of seaborne oil transits, raising supply concerns.
Trump and Iran announced the Strait of Hormuz reopening for commercial traffic following a ceasefire, though the U.S. maintains its naval blockade on Iranian ships pending nuclear negotiations, aiming to stabilize global oil markets.
Global flight cancellations and route reductions are expected due to rising fuel costs amid the US, Israel, and Iran conflict.
China is rapidly expanding oil storage capacity by 169 million barrels across 11 sites through 2026, driven by energy security concerns following Russia's Ukraine invasion, to support its position as the world's largest crude importer.
Oil prices surged past $110 as escalating US-Iran tensions near the Strait of Hormuz triggered supply disruption fears, with analysts warning geopolitical risks could push crude toward $120 per barrel amid damaged infrastructure and shipping delays.
Oil prices remain flat despite Trump's plan to guide vessels through the Strait of Hormuz.
The UAE's May 1 withdrawal from OPEC allows it to independently increase oil production, benefiting China-which relies on imports for seventy percent of its energy needs and faces supply constraints from Iran and Venezuela-while potentially lowering global crude prices and enabling yuan-denominated transactions.
Oil futures surged to four-year highs as Middle East conflict escalated with Yemen's Houthis threatening Red Sea shipping routes, with WTI rising 3.3% to $102.88 amid concerns over regional supply disruptions and geopolitical tensions.
Oil surged near four-year highs as Middle East tensions escalated with Houthi involvement, threatening critical Red Sea shipping routes and raising global inflation concerns despite Trump's diplomatic efforts and threats against Iranian infrastructure.
Global airlines are reducing flights due to high fuel prices and potential supply disruptions caused by Middle East conflict.
Middle East conflict sparks oil shock fears, Asian airlines raise fares
Renewed violence in the Strait of Hormuz between US and Iran forces drove Brent crude oil prices up nearly 6 percent to $114.44 per barrel Monday, amid concerns about ceasefire stability and potential infrastructure damage.
Oil prices remain flat despite Trump's plan to guide vessels through the Strait of Hormuz.
China may benefit from the UAE's Opec withdrawal with increased oil supply and lower prices.
CNA Explains: How the Houthis could threaten the Red Sea and shape the Iran war
Despite Iran's conditional ceasefire lifting a blockade on the Strait of Hormuz, ship traffic remained nearly frozen at only seven vessels transiting in 24 hours compared to pre-war averages of 130 daily, significantly impacting global oil and gas supply chains that require months for recovery.
Iran war disruptions halted Middle East oil exports through Strait of Hormuz, destabilizing the Dubai benchmark that prices roughly one-fifth of global crude supply and driving costs to nearly $170 per barrel, forcing Asian refiners and market participants to seek alternative pricing methods.