oil

Trump says US is waiving certain oil-related sanctions to ensure supply

A prolonged spike in oil and petrol costs could cost Trump and Republicans at the midterm elections

The company has been rerouting some of its crude cargoes to the Red Sea port of Yanbu.

Saudi Aramco reducing output at two oilfields: sources

The specific fields affected and the extent of curtailed production are not immediately clear

Nomura analysts warn that the region faces stagflationary shock, the severity of which would depend on the duration of the disruption.

The US$100 barrel: Oil shockwaves reach South-east Asia

They are showing up in higher transport and food costs, electricity prices, fuel prices and bigger fuel subsidy bills for governments

Since Feb 28, when the US-Israeli war with Iran started, more than 37,000 Middle East have been cancelled, according to data from Cirium.

Airline shares battered as oil prices spike, Iran war intensifies

Some people have turned to private jets to leave the Middle East

A worker operates valves at the Rumaila oil field, Basra, Iraq, March 4, 2026. Exports from there are expected to halt completely at around 8 pm local time (1700 GMT) on Sunday.

Iraqi oil production collapses with Strait of Hormuz blocked by conflict, sources say

A drop in Iraq’s oil production and exports is set to strain the country’s already fragile finances

Asia sources 60% of oil, petrochemical feedstock from Middle East.
NEWS ANALYSIS

Asia has limited options to diversify from Middle East energy reliance

Distance, refinery logistics, contracts and cost are factors

Military strikes in the Middle East are spilling into the Gulf while their impact reverberates into South-east Asia.

Middle East war jolts oil, dollar gains, Asia tech winners emerge

Geopolitics vs. economics - Middle East conflict drives oil prices and stagflation fears; the safe-haven dollar rises, challenging gold.

The conflict has effectively left Straits of Hormuz closed to commercial shipping, choking off a swath of oil, fuel and gas supply and jeopardising output in the energy-rich region if the situation persists.

Saudi Arabia races to reroute oil as Gulf storage fills up fast

With Hormuz effectively blocked, storage tanks are filling up at refineries and oil fields across the Persian Gulf

Higher oil prices would likely lead to a decline in economic activity in Asia, say Goldman Sachs analysts.

Iran oil shock could shave Asia’s growth – with Asean among the most exposed to risk

But fallout will be unevenly distributed, says BMI; Goldman Sachs predicts 0.5-percentage-point hit