Key insights
- Middle East crude benchmarks are rising due to escalating US-Iran tensions, with President Trump issuing strong warnings. This geopolitical event could lead to higher energy prices, potentially impacting inflation and consumer spending in the US. While Saudi Aramco is reducing shipments to China, India is increasing its crude purchases, indicating shifting trade dynamics that could influence global supply and demand.
Investing.com -- Middle East crude benchmarks Oman, Dubai and Murban increased on Thursday as tensions between the United States and Iran intensified.
Oil prices climbed after U.S. President Donald Trump stated the United States will strike Iran "very hard tonight" and will soon take control of the Middle Eastern country’s oil and gas infrastructure and markets.
Saudi Aramco (TADAWUL:2222) plans to ship approximately 12 million barrels of oil to customers in China for July loading, representing a record monthly low of about 387,096 barrels per day, Reuters reported citing trade sources.
Sinopec (SHA:600028), the world’s largest refiner by processing capacity, did not purchase any Saudi crude for a second consecutive month, Reuters reported.
India’s state-run Hindustan Petroleum Corp has acquired 4 million barrels of Murban crude from the United Arab Emirates for August delivery from Totsa, the trading arm of TotalEnergies, and Mercuria, the report said.
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