Round-the-clock breaking news from Malaysia.
Oil prices extended their rally Wednesday as tensions between the U.S. and Iran persist, with the critical Strait of Hormuz facing ongoing shipping disruptions despite competing claims about its operational status.
OPEC+ will hold a Joint Ministerial Monitoring Committee meeting on Sunday to determine September oil production quotas. Seven member states implementing voluntary cuts are expected to increase output by 188,000 barrels daily.
Shell has reported a 70 per cent increase in first-half earnings to US$16.75 billion, with oil traders benefiting from extreme price volatility stemming from geopolitical tensions in the Middle East.
The United States military conducted a second wave of strikes against Iran on Wednesday, targeting Iranian military assets threatening shipping in the Strait of Hormuz, as President Trump warns Tehran to comply with American demands.
The International Energy Agency has upgraded its 2026 oil demand forecast to 103.463 million barrels per day and raised production expectations, reflecting evolving market conditions and energy dynamics.