China's factory activity shrank for a second straight month in August, but the contraction was milder than forecast — one of the few pieces of good news for policymakers as growth continues to lose steam.
Global crude oil futures surged over 3% on Wednesday, propelling Brent crude past the $100-per-barrel threshold to its highest settlement in more than three months following the largest exchange of naval and commercial tanker strikes between the United States and Iran since the conflict began.
Global crude oil futures advanced to fresh six-week highs on Tuesday, propelled by heightened supply disruption risks after Houthi drone and missile strikes set Saudi Arabian energy installations ablaze, threatening export routes beyond the blockaded Strait of Hormuz.
Bunker prices have climbed back to June levels, now running about 60% above pre-war pricing, as tensions between Iran and the US around the Strait of Hormuz escalate further and Chinese crude buying picks up.