Latest news and articles about global energy markets from NEX English
Gas prices in Asia are expected to decline following a two-week ceasefire agreement between the United States and Iran. This agreement may facilitate the reopening of the Strait of Hormuz, revitalizing global energy markets.
The only refinery in the Philippines reported a loss of approximately <strong>4 million barrels</strong> of crude oil over just <strong>eight days</strong>, prompting the government to declare a national emergency in the energy sector. This comes as fuel prices rise due to the ongoing conflict in the Middle East.
Global concerns are rising over the potential impact of the US-Israeli-Iranian conflict on the Bab el-Mandeb Strait, a vital artery for global oil trade. Any possible closure of this passage could lead to increased oil prices and deepen economic uncertainty.