Crude oil prices soared past US$61 a barrel to two-week highs as news broke that the ruler of the world's largest oil exporter, Saudi Arabia, died yesterday.
Minutes after the news of the Saudi Arabian king's death broke out in Singapore, light, sweet crude for September delivery spiked US$0.60 to reach US$61.11 a barrel, its highest in more than two weeks. It is currently at US$61.07 a barrel, up US$0.31.
Prices were also supported by Iran's threat on Sunday to restart its nuclear enrichment program, sparking fears that tension between Tehran and Western nations could disrupt oil supplies from OPEC's second's largest exporter.
Oil futures hit an intraday record of US$62.10 a barrel on July 7. Prices are around 40 percent higher than year-ago levels but would need to reach US$90 to reach the all-time inflated adjusted high set in 1980.
Heating oil was up by a penny and a half to at US$1.6915 a gallon (3.8 liters) while gasoline gained a cent at US$1.7404 a gallon.
September Brent futures at London's International Petroleum Exchange opened US$0.48 up at US$59.85 a barrel, before slipping to US$59.60.
Elsewhere in the Middle East, Iran on Sunday threatened to restart uranium reprocessing work if negotiators from Britain, France and Germany do not immediately offer a promised package of incentives to entice Tehran to freeze its nuclear program.
Analysts believe the world's excess capacity is limited, which means producer nations are not likely to meet demand if supply is disrupted from geopolitical tensions or other unplanned outages, such as weather-linked shutdowns.
Strikes, terrorism, oil disputes in Russia, Venezuela, Nigeria, Saudi Arabia and Iran helped push prices upward all of last year.
MISINFORMATION: The generated content tends to adopt China’s official stance, such as ‘Taiwan is currently governed by the Chinese central government,’ the NSB said Five China-developed artificial intelligence (AI) language models exhibit cybersecurity risks and content biases, an inspection conducted by the National Security Bureau (NSB) showed. The five AI tools are: DeepSeek, Doubao (豆包), Yiyan (文心一言), Tongyi (通義千問) and Yuanbao (騰訊元寶), the bureau said, advising people to remain vigilant to protect personal data privacy and corporate business secrets. The NSB said it, in accordance with the National Intelligence Services Act (國家情報工作法), has reviewed international cybersecurity reports and intelligence, and coordinated with the Ministry of Justice Investigation Bureau and the National Police Agency’s Criminal Investigation Bureau to conduct an inspection of China-made AI language
BOOST IN CONFIDENCE: The sale sends a clear message of support for Taiwan and dispels rumors that US President Donald Trump ‘sold out’ the nation, an expert said The US government on Thursday announced a possible sale to Taiwan of fighter jet parts, which was estimated to cost about US$330 million, in a move that an expert said “sends a clear message of support for Taiwan” amid fears that Washington might be wavering in its attitude toward Taipei. It was the first announcement of an arms sale to Taiwan since US President Donald Trump returned to the White House earlier this year. The proposed package includes non-standard components, spare and repair parts, consumables and accessories, as well repair and return support for the F-16, C-130 and Indigenous Defense Fighter aircraft,
CHECKING BOUNDARIES: China wants to disrupt solidarity among democracies and test their red lines, but it is instead pushing nations to become more united, an expert said The US Department of State on Friday expressed deep concern over a Chinese public security agency’s investigation into Legislator Puma Shen (沈伯洋) for “secession.” “China’s actions threaten free speech and erode norms that have underpinned the cross-strait ‘status quo’ for decades,” a US Department of State spokesperson said. The Chongqing Municipal Public Security Bureau late last month listed Shen as “wanted” and launched an investigation into alleged “secession-related” criminal activities, including his founding of the Kuma Academy, a civil defense organization that prepares people for an invasion by China. The spokesperson said that the US was “deeply concerned” about the bureau investigating Shen
DISPUTE: A Chinese official prompted a formal protest from Tokyo by saying that ‘the dirty head that sticks itself out must be cut off,’ after Takaichi’s Taiwan remarks Four armed China Coast Guard vessels yesterday morning sailed through disputed waters controlled by Japan, amid a diplomatic spat following Japanese Prime Minister Sanae Takaichi’s comments on Taiwan. The four ships sailed around the Senkaku Islands — known as the Diaoyutai Islands (釣魚台) to Taiwan, and which Taiwan and China also claim — on Saturday before entering Japanese waters yesterday and left, the Japan Coast Guard said. The China Coast Guard said in a statement that it carried out a “rights enforcement patrol” through the waters and that it was a lawful operation. As of the end of last month,
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