US commercial crude oil inventories rose by 4.4 million barrels in the week ending August 14 to 428.8 million barrels, erasing seasonal deficits to match the five-year average for this time of year as refiners accelerated processing rates.
Global crude benchmarks edged higher on Tuesday to settle at their highest levels in more than three weeks, buoyed by the collapse of US-Iran ceasefire negotiations, escalating Middle Eastern military strikes, and Russian export rerouting.
Container spot rates on Transpacific routes surged to fresh highs this week, diverging sharply from broader global softening as sustained US peak-season import volumes and looming Panama Canal restrictions drove rates upward.
Global crude benchmarks surged more than 2.5% on Monday, with Brent breaching the $90-a-barrel threshold as a near-total halt in Strait of Hormuz vessel transits and hardening diplomatic rhetoric between Washington and Tehran intensified global supply deficit concerns.
Lotte Chemical Corp is reviewing market conditions and actively searching for potential buyers to offload its overseas basic chemical operations, reviving divestment plans across Southeast Asia and the United States to contain balance-sheet leverage amid a protracted regional downcycle.