Shipowner Frontline said the incident near the Strait of Hormuz was due to navigational issues and not related to the current Israel-Iran conflict.

Markets are concerned about Iran's frequent threats to blockade the Strait of Hormuz, just as the US heads into peak summer demand season.

Global oil demand will keep growing until around the end of this decade despite peaking in top importer China in 2027, as cheaper gasoline and slower electric vehicle adoption in the United States support oil use,

In a separate report on the outlook to 2030, the IEA forecast that oil supply would continue to outstrip demand over the next five years. Global oil demand is expected to increase by 2.5mn b/d between 2024 and 2030, reaching “a plateau” of 105.5mn by the end of the decade.

Natural Gas Services (NYSE: NGS) offers essential, high-margin compressor services for oil and gas production, with strong profit growth and a

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A surging oil price is likely to trigger a depreciation in Asian currencies, notably the Thai baht, Taiwan dollar and Korean won, according to Barclays Plc.

Global demand for oil from combustible fossil fuels could peak as early as 2027, according to the International Energy Agency.