The Business Times
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Energy & Commodities

Energy & Commodities

Gold hits over six-month low on rate-hike concerns amid Middle East conflict

Fresh US strikes on Iran push oil prices higher

Iran has continued to block most shipping through the strait while Washington has imposed its own blockade of Iranian ports.
Energy & Commodities

Oil rises US$2 as Iran announces closure of Hormuz following US strikes

Global oil consumption is roughly 100 million barrels per day

Competition in the palm oil sector between the two neighbouring countries may intensify in the coming months as Indonesia tightens export controls.
Energy & Commodities

Malaysia palm reserves jump most in five months after sharp drop in exports

The fall is from buyers flocking to discounted Indonesian cargoes after Jakarta’s overhaul of key commodity exports

Malaysia was looking to procure oil from African countries, Russia and Turkey, among others, Economy Minister Akmal Nasir told reporters.
Asean Business

Malaysia says it is seeking new sources of fuel amid energy crunch

Its minister said the country’s energy reserves were sufficient until the end of July

The estimated number of inventory draws comes up to about a third of the crude that China is no longer receiving since the conflict led to the near-total closure of the Strait of Hormuz.
International

China taps commercial oil stockpiles to help weather Gulf shock

Analytics companies expect inventory draws to average about one million barrels a day in the coming months

The agreement comes as Japan looks to beef up its energy reserves to cope with a global LNG crunch linked to the war in Iran.
Energy & Commodities

Malaysia’s Petronas signs 20-year LNG supply deal with Japan’s Jera

The agreement will begin in 2028

Gold is about a fifth below where it was trading before the Iran war broke out at the end of February.
Energy & Commodities

Gold slumps below US$4,200 as renewed US-Iran clashes test truce

The latest clashes threaten a fragile ceasefire and risk extending the near-total closure of Hormuz

Japan’s Nikkei fell 0.9% while the tech-heavy South Korean Kospi slumped 2% in a volatile week where AI stocks have come under pressure.
Capital Markets & Currencies

Asian stocks slide, oil gains as Middle East tensions escalate

MSCI’s broadest index of Asia-Pacific shares outside Japan falls 0.6%

China accounts for 52 per cent of the global offshore wind market, having overtaken Britain in 2021.
ESG

Global offshore wind capacity set to grow to 420 GW by end of 2035, Gwec report says

Annual installations are expected to double this year and triple by 2031, it adds

At the start of the Iran war, around 9% of the world’s non-sanctioned, compliant VLCC fleet was locked up in the Persian Gulf, though some supertankers have managed to leave the area in the weeks since.
Energy & Commodities

Giant oil supertanker orders eclipse record set in 2008

Freight charges have doubled from pre-conflict levels and have soared to record highs of several hundred thousand dollars a day

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