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Conflict Update: 1. UKMTO reports tanker attack near Saudi waters. 2. Iranian Navy claims increasing number of tankers damaged due to "illegal" passage through the Strait of Hormuz. 3. Houthi rebels claim Saudi Arabia launched 53 airstrikes against Yemen in 24 hours. 4. Yemeni Houthi rebels claim to have shot down a Saudi Apache helicopter. 5. Iranian armed forces open fire to intercept vessels "illegally" passing through the Strait of Hormuz. 6. Iranian Revolutionary Guard claims two supertankers struck mines and exploded in the Strait of Hormuz on Saturday. 7. Saudi-led coalition: Intercepted and destroyed four drones in Riyadh and eastern and southern regions. Peace Talks: 1. Iranian Foreign Minister reiterates seven-day passage plan: next steps depend on the US. 2. Trump reiterates the war with Iran will end soon, gasoline prices will fall. Other Updates: 1. Egyptian President says he will provide protection for Saudi Arabia. 2. Yemeni Parliament Speaker urges Egypt not to get involved in the war. 3. Yemeni Houthi rebels release 159 detainees. 4. The foreign ministers of Egypt and Iran met to discuss the Middle East crisis. 5. Russian Deputy Prime Minister: Oil prices will surge further if the Strait of Hormuz closure continues. 6. Israeli Prime Ministers Office: Violence against European diplomats is "unacceptable." 7. US media: Iran provided Houthi rebels with target location and intelligence to assist their attacks on Saudi Arabia. 8. According to the Wall Street Journal: The Houthi rebels have reportedly established joint command centers in Lebanon and Iraq. 9. Pakistan temporarily closed its border trade route with Iran; Iranian Foreign Minister: Border crossings and exchanges are temporarily suspended. 10. US Central Command spokesperson: The Strait of Hormuz remains open to navigation; approximately 97% of transit vessels were not hit by Iran.According to RIA Novosti, the Russian Interior Ministry stated that the black market is flooded with weapons from the conflict zones in Ukraine.Saudi Arabias Civil Defense Ministry said the alert for Riyadh has been lifted.On October 18, the Iranian government stated that Iranian Foreign Minister Araqchi met with Turkish Foreign Minister Fida on Saturday during the Organization of Islamic Cooperation (OIC) meeting in Baghdad, Iraq. The two sides discussed the situation in the Strait of Hormuz and regional tensions. The Iranian government stated that they discussed bilateral relations as well as the situations in Gaza and Yemen, emphasizing the importance of easing regional tensions through diplomatic means. Araqchi briefed Fida on the latest developments and related diplomatic moves in the Persian Gulf and the Strait of Hormuz, stressing that Islamic countries should strengthen cooperation to jointly address regional challenges. Furthermore, Araqchi called on OIC member states to take action to stop what he called Israeli genocide and to jointly combat Islamophobia.According to RIA Novosti, the mayor of Moscow stated that 25 drones flying towards Moscow were destroyed.

Oil Prices Continue to Decline As Large COVID Testing Has Commenced in China

Haiden Holmes

Apr 28, 2022 09:38

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Oil prices fell slightly in early Asian trade on Thursday, driven down by fears over growing coronavirus cases in China, the world's largest oil importer.


Beijing's capital recorded 48 new symptomatic and two new asymptomatic COVID-19 cases for April 27, according to state broadcaster CCTV.


The city had previously reported 31 symptomatic cases and three asymptomatic cases as part of a mass testing program aimed at controlling a new outbreak.


By 0006 GMT, Brent crude futures had fallen 37 cents, or 0.4 percent, to $104.95 a barrel. West Texas Intermediate crude futures in the United States lost 27 cents, or 0.3%, to $101.75 a barrel.


Beijing authorities are stepping up their efforts to contain COVID-19 infections and avert the city-wide shutdown that has engulfed Shanghai for a month.


Hangzhou, China's 12.2 million-person city and headquarters of e-commerce giant Alibaba (NYSE:BABA), will begin broad COVID testing on April 28, official media said Wednesday.


Concerns about a global energy supply shortage following Russia's invasion of Ukraine and subsequent sanctions imposed on Moscow by the US and its allies underpin the market.


Gazprom (MCX:GAZP), the Russian energy behemoth, announced on Wednesday that it has interrupted gas deliveries to Bulgaria and Poland.


According to trading records, Shell (LON:RDSa) announced that it would no longer take refined oil blended with Russian products, while Exxon Mobil (NYSE:XOM) declared force majeure on its Sakhalin-1 facilities in Russia's far east.

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