Global crude oil futures surged over 4% on Thursday, lifted by an escalation in US military deployments to the Middle East and China’s unexpected suspension of refined fuel exports, stoking fears of acute global product shortages.
Advancing into confirmatory due diligence five months after signing an initial memorandum of understanding, the Kingdom’s two dominant producers confirmed that negotiations over transaction structures, equity valuations, and commercial synergies are on track to conclude by the end of October 2026.
Global crude oil futures advanced on Wednesday, capping steep monthly gains as stalled US–Iran diplomatic talks and substantial draws in US refined fuel inventories outweighed rebounding Persian Gulf crude export flows.
Transpacific container rates touched fresh annual highs in the week to 30 September 2026, lifted by a bilateral US–China trade truce and severe origin berth delays, whilst Europe-bound lanes extended their steep correction on expanding Red Sea transits.
US commercial crude inventories rose 922,000 barrels to 427.3 million barrels in the week ended September 25, the EIA said, roughly triple the 264,000 barrel draw analysts had expected in a Reuters poll, the second straight week the data has wrong-footed consensus in the same direction.
Global crude oil futures dropped roughly 2.5% on Tuesday as recovering Middle Eastern export flows and the resumption of tanker loadings at Saudi Arabia’s Yanbu port eased supply concerns, though lingering geopolitical risks kept benchmarks on track for monthly gains.