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.
The Ministry of the Interior (MOI) is to tighten rules for candidates running for public office, requiring them to declare that they do not hold a Chinese household registration or passport, and that they possess no other foreign citizenship. The requirement was set out in a draft amendment to the Enforcement Rules of the Public Officials Election and Recall Act (公職人員選舉罷免法 ) released by the ministry on Thursday. Under the proposal, candidates would need to make the declaration when submitting their registration forms, which would be published in the official election bulletin. The move follows the removal of several elected officials who were
FOUR DESIGNATED AREAS: Notices were issued for live-fire exercises in waters south and northwest of Penghu, northeast of Keelung and west of Kaohsiung, they said The military is planning three major annual exercises across the army, navy and air force this month, with the navy’s “Hai Chiang” (海強, “Sea Strong”) drills running from today through Thursday, the Ministry of National Defense said yesterday. The Hai Chiang exercise, which is to take place in waters surrounding Taiwan, would feature P-3C Orion maritime patrol aircraft and S-70C anti-submarine helicopters, the ministry said, adding that the drills aim to bolster the nation’s offshore defensive capabilities. China has intensified military and psychological pressure against Taiwan, repeatedly sending warplanes and vessels into areas near the nation’s air defense identification zone and across
SENATE RECOMMENDATION: The National Defense Authorization Act encourages the US secretary of defense to invite Taiwan’s navy to participate in the exercises in Hawaii The US Senate on Thursday last week passed the National Defense Authorization Act (NDAA) for Fiscal Year 2026, which strongly encourages the US secretary of defense to invite Taiwan’s naval forces to participate in the Rim of the Pacific (RIMPAC) exercise, as well as allocating military aid of US$1 billion for Taiwan. The bill, which authorizes appropriations for the military activities of the US Department of Defense, military construction and other purposes, passed with 77 votes in support and 20 against. While the NDAA authorizes about US$925 billion of defense spending, the Central News Agency yesterday reported that an aide of US
NATIONAL DAY: The ‘Taiwan Dome’ would form the centerpiece of new efforts to bolster air defense and be modeled after Israel’s ‘Iron Dome,’ sources said President William Lai (賴清德) yesterday pledged to strengthen the nation’s air defense capabilities and build a “T-Dome” system to create a safety net against growing military threats from China. “We will accelerate our building of the T-Dome, establish a rigorous air defense system in Taiwan with multi-layered defense, high-level detection and effective interception, and weave a safety net for Taiwan to protect the lives and property of citizens,” he said in his National Day address. In his keynote address marking the Republic of China’s (ROC) 114th anniversary, Lai said the lessons of World War II have taught nations worldwide “to ensure that
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