#West Asia
Latest news and updates about West Asia.
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Latest news and updates about West Asia.
Featured Coverage
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Brent crude has crossed the $100-per-barrel mark after jumping nearly 13% over the past three sessions, extending its rally. Japan The Nikkei business daily reported earlier that Japan had agreed to import 1 million barrels of crude oil from Mexico for delivery as early as July, to diversify its energy sources due to the war between the United States, Israel and Iran. Malaysia The government has announced certain measures, including central bank support for companies, efforts to diversify energy sources and secure inputs, enhanced monitoring of vulnerable sectors, and a special access pathway for critical medicines and medical devices, according to Reuters.
The ongoing war between US-Israel and Iran has almost brought tanker traffic through the Strait of Hormuz to a standstill, causing sharp swings in oil prices and underlining how crucial the narrow waterway is for global energy supplies, reported AP . 3 million barrels per day of crude oil transported through the Strait were bound for Asian markets, while only 16% was destined for Europe and other regions. Around one-third of the global seaborne fertiliser trade, about 16 million tonnes annually, also passes through the waterway, UNCTAD said.
