Oil and gas

Trafigura and Vitol sell more Venezuelan oil to Asia as war roils supply

Growing volumes of Middle Eastern crude offers have also pressured prices recently

Hengli had since late 2024 been heavily reliant on Iranian oil and had also purchased Russian crude, according to multiple traders.

China’s Hengli seeks West African, Middle Eastern oil after US sanctions: sources

Hengli said in late April it would seek a legal path for removal from the sanctions list

Oil storage tanks and facilities of Xinhai Oils Storage Co in China's Zhejiang province. China does not publish timely or comprehensive consumption data, creating a big unknown for the oil market.

Oil market calm masks a host of unknowns

Traders are mostly operating in the dark regarding inventory, global demand and geopolitical uncertainty

An Iranian missile over Israel on Jun 7, as seen from Hebron in the Israeli-occupied West Bank.

Oil jumps as Iran and Israel exchange fire with ceasefire at risk

Even if a US-Iran peace deal is agreed, multiple hurdles will impede normal resumption of oil flows

Ships transiting Hormuz had ferried about one-fifth of the world’s energy supply before the war.

Opec+ to boost oil production as US-Iran ceasefire remains elusive

The effective shutdown of Hormuz makes the increase largely symbolic

US West Texas Intermediate crude finishes at US$90.54 a barrel, down US$2.50 or 2.7%.

Oil prices fall on mounting hopes for de-escalation in US-Iran War

Iranian oil exports have fallen to their lowest level in six years mainly due to the US naval blockade

Asean is forecast to spend around US$57 billion on renewables, grids and end-use sectors in 2026 – a record high.

The Iran conflict is prompting a historic shift in Asean’s energy strategy

Asia bears the brunt of oil supply disruption, triggering a move to domestic investment and energy security

US crude futures rise US$2.17 or 2.5% to US$89.53 a barrel.

Oil prices rise more than 2% as Israel steps up incursion into Lebanon

The Israel-Lebanon conflict has been the broadest spillover of the Iran war

The increase in transits through Hormuz could signal that more shipping companies are willing to make the journey.

Strait of Hormuz ship transits are rising thanks to US help

Some of the ships that have crossed belong to companies that had not transited Hormuz since the war began

Some traders posted strong gains linked to the Iran conflict, reinforcing expectations that continued market volatility could boost their profits.

From oil to coffee beans: Traders in Singapore find ways to deal with Middle East disruptions

The ongoing volatility has created opportunities for independent energy trader Vitol and its peers