Global crude benchmarks rallied more than 2% on Thursday to settle at their highest levels in nearly a month, driven by aggressive US threats of secondary economic sanctions against buyers of Iranian crude, persistent transit paralysis in the Strait of Hormuz, and tightening refined product inventories.
Global crude benchmarks climbed to four-week highs on Wednesday, lifted by escalating geopolitical fragmentation after the UAE severed economic ties with Iran, sluggish maritime transits through the Strait of Hormuz, and reduced Russian port loadings.
India has moved a step closer towards imposing countervailing duties on Chinese PVC suspension resin imports, with trade authorities formalising the line-up of domestic and overseas stakeholders participating in the ongoing anti-subsidy investigation.
US commercial crude oil inventories rose by 4.4 million barrels in the week ending August 14 to 428.8 million barrels, erasing seasonal deficits to match the five-year average for this time of year as refiners accelerated processing rates.
Global crude benchmarks edged higher on Tuesday to settle at their highest levels in more than three weeks, buoyed by the collapse of US-Iran ceasefire negotiations, escalating Middle Eastern military strikes, and Russian export rerouting.