UNITED STATES – Global oil prices remained high as ongoing attacks in the Middle East and reported strikes on Russian refineries fuelled fears of supply interruptions. West Texas Intermediate (WTI) traded at USD 95 per barrel, while Brent crude finished around USD 106 per barrel. Meanwhile, a cargo vessel reportedly sank after an attack near the Strait of Hormuz, raising fears about maritime security and petroleum exports. The continuous disruptions could have an impact on refinery operating costs, shipping charges, and global oil supplies, thereby altering the pricing and competitiveness of re-refined base oils (RRBO).
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(Source: Bloomberg; The Edge Malaysia)