Why oil forecasts fail when war, inventories, and China rewrite the math
Data shows 11 commodity vessels pass through the Bab el-Mandeb strait on Sunday, the lowest level in months
The increase follows last week’s big jump, when diesel rose by P10.68 per liter and gasoline by P3.65 per liter
The latest rollback suggests some easing after global oil and refined fuel prices surged in late July due to renewed tensions in the Middle East
The warring nations have not conducted military strikes against each other for weeks, but they also have not engaged in meaningful talks to end the six-month-old conflict
(1st UPDATE) The latest increase follows last week’s hike, marking the second straight week of rising fuel prices
It’s welcome news after motorists suffered through a rough August with pump prices swinging sharply due to the continuing conflict in the Middle East
Despite last week’s price cuts, diesel and gasoline are again under pressure from Middle East tensions, tight fuel supply and a weaker peso
The ongoing conflict is severely impacting Iran’s economy and oil exports, while also affecting Gulf Arab states and contributing to rising fuel prices in the US
An analyst says it’s unclear whether a US government lease would have a legal basis under Venezuela’s constitution and its new hydrocarbons law, adding that there is ‘no precedent’