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12.08.26 - 09:06
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Oil prices climb as Iran talks hit new impasse; Tui hit by high fuel costs – business live (The Guardian)
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Brent crude prices hover near $90 per barrel, as fallout from Iran war hits travel firm Tui's profitsGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Oil prices are still on the rise, as fresh attacks on ships raise concerns about disruptions to Middle Eastern fuel supplies, adding to doubts over the prospects of a US-Iran peace deal.Yesterday, the rally in US crude paused for a minute after Pakistan's Defence Minister said that they were getting “close to some sort of arrangement”, but the relief remained short-lived after Iran added that the Strait of Hormuz would remain closed until the conditions it demands from the US are met.And the conditions that both parties demand from each other suggest that the problems won't be solved by tomorrow.1.30pm BST: US inflation data for July Continue reading......
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12.08.26 - 00:09
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China′s Teapot Refiners Poised to Ramp Up Iranian Oil Buying (ZeroHedge)
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China's Teapot Refiners Poised to Ramp Up Iranian Oil Buying
By Tsvetana Paraskova of OilPrice.com
China's independent refiners are likely to return to buying higher volumes of Iran's crude oil this month as stockpiles in Shandong, home to the independent Chinese refiners, have dropped to the lowest level this year after the biggest estimated monthly draw in a decade.
For most of the Middle East conflict, now in its sixth month, China's independent refiners, the so-called teapots, have drawn on their reserves and limited purchases and imports amid spiking international crude oil prices and what appears to have been an unofficial Chinese policy to slash crude imports. China could afford to slash imports as it was estimated to have amassed more than 1.3 billion barrels of crude oil stashed in all commercial and strategic reserves.
However, current stockpiles at Shandong are estimated to have dropped to the lowest level in eight months at about 360 million barrels at the end of July, p...
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