Markets

The trajectory of global oil prices is currently a topic of intense discussion.

China's oil-market dynamics are witnessing significant shifts as Iranian crude exports surge to 4.5-year highs, offering an alternative to the popular Russian ESPO Blend grade.

The oil industry of the Middle Eastern producer is undergoing a dynamic shift with significant developments in both exports and diplomatic negotiations.

Concerns over demand gripped the market during Monday through Wednesday, but then news of tightening gasoil inventories in Europe and soaring diesel prices in the US led a recovery on Thursday and Friday.

The country's imports of Iranian crude oil are set to surge to a decade high in Aug.

The Mideast producer raised the OSP for Kuwait Export Crude for Asian buyers by 60¢/bbl from the previous month, setting it at $2.85/bbl above the average of Oman/Dubai quotes.

For the first three days of the period, concerns about the post-COVID economic recovery in China grabbed traders' attention.

Oil prices have been inching closer to the $90/bbl mark, driven by unwavering day-to-day demand.

The Asian sour-crude market is tightening as Kuwait reduces exports to bolster its new 615K-b/d Al-Zour refinery.

For the third consecutive week, futures prices for ICE Brent, NYMEX WTI, and DME Oman crudes saw their longest streaks of week-on-week increases in over a year.