A surging oil price is likely to trigger a depreciation in Asian currencies, notably the Thai baht, Taiwan dollar and Korean won, according to Barclays Plc.

Global oil demand will keep growing until around the end of this decade despite peaking in top importer China in 2027, as cheaper gasoline and slower electric vehicle adoption in the United States support oil use,

In a separate report on the outlook to 2030, the IEA forecast that oil supply would continue to outstrip demand over the next five years. Global oil demand is expected to increase by 2.5mn b/d between 2024 and 2030, reaching “a plateau” of 105.5mn by the end of the decade.

Markets are concerned about Iran's frequent threats to blockade the Strait of Hormuz, just as the US heads into peak summer demand season.

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Global demand for oil from combustible fossil fuels could peak as early as 2027, according to the International Energy Agency.

Oil prices have resumed their upward climb and U.S. futures are lower after Israel's military issued an evacuation warning to 330,000 people in Iran's capital Tehran.

The Environmental Protection Agency has told staff overseeing the country’s industrialized Midwest– a region plagued by a legacy of pollution– to stop enforcing violations against the fossil fuel companies,

Food company Wilmar Group said on Tuesday it had handed over 11.8 trillion rupiah ($725 million) to Indonesia's Attorney General's Office as a "security deposit" in relation to a case in court about alleged misconduct in obtaining palm oil export permits.