Tehran has redefined the Strait of Hormuz to span from the Arabian Gulf to the Gulf of Oman, a move likely to escalate tensions further.
Trump has concluded his two-day summit in Beijing and, while we await the results of discussions, the two countries are aligned on the need to re-open the Strait as soon as possible.
Concurrently, the IEA has downgraded global oil demand forecasts, projecting a contraction of -420,000 bpd for the current year amid escalating geopolitical tensions and economic slowdown, with Q2 anticipated to see the highest demand loss of 2.45 Mn bpd, predominantly affecting the petrochemical and aviation sectors.