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Japan's Ministry of Economy, Trade and Industry has requested local fuel wholesalers to adopt Brent pricing in place of Dubai benchmarks to help manage gasoline price hikes amidst ongoing disruptions in the Middle East supply chain.
Oil prices experienced a significant decrease on Monday after President Trump declared a five-day halt to US military actions against Iran following successful negotiations. This decision resulted in West Texas Intermediate and Brent crude futures both falling by approximately 8%.
A US military refueling plane crashed in western Iraq amid ongoing operations against Iranian forces, raising concerns over potential casualties among personnel. The incident took place during Operation Epic Fury, with no hostile fire reported.
In response to the escalating conflict in the Middle East, China has implemented stricter measures on refined oil exports to safeguard its economy. This comes as global energy prices have surged due to rising instability in the region.
QatarEnergy has announced a temporary halt in its liquefied natural gas (LNG) production, leading to a declaration of Force Majeure for its buyers. The company cited circumstances beyond its control for the operational disruption.
