BENGALURU – Global oil prices remained volatile as repeated threats in the Strait of Hormuz heightened fears about petroleum supplies, despite evidence of improving crude exports from the Persian Gulf. Brent crude finished at USD 109.55 per barrel, while West Texas Intermediate (WTI) traded at USD 98 per barrel. Gulf crude exports are said to have recovered to about 80% of pre-war levels, although refined petroleum shipments are still restricted. The uneven recovery, combined with persistent regional tensions, has created uncertainty in refinery operations, maritime transportation, and petroleum supply chains, potentially influencing base oil pricing and the competitiveness of re-refined base oils (RRBO).
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(Source: Reuters; The Edge Malaysia)