Indian Oil Corporation (IOC) plans to slightly cut the share of Middle East crude it books under annual term contracts for the fiscal year starting next March, down from an initial plan of 47%, a source familiar with the matter said.
Japan posted a trade deficit of $17.8 billion for April to September, almost double the shortfall a year earlier, as the closure of the Strait of Hormuz pushed up the cost of oil and gas imports.
The Energy Information Administration said US commercial crude inventories declined by 3.06 million barrels in the week ended October 16, far exceeding the 0.82-million-barrel drop analysts had penciled in, leaving stocks at 412.5 million barrels.
France's 10-year OAT yield has pushed above 5%, a level unseen since 2002, as political deadlock and street unrest deepen doubts over Paris's ability to control its budget.
France's 10-year OAT yield has broken above 5%, a level last seen in 2002, as debt worries and street unrest shake confidence in the government's finances. The move widened the gap with German Bunds and pulled US Treasury yields lower on safe-haven buying.
UK regulators have granted production consent for the Jackdaw gas field, marking the first North Sea project approved since tensions tied to the Iran conflict and the Strait of Hormuz closure drove energy prices higher.
Global oil freight costs have jumped to about $20 a barrel from $3 a barrel a year ago, Goldman Sachs says, warning that elevated shipping costs tied to the Iran conflict and Hormuz tensions add upside risk to its $90 Brent forecast for year-end.
Annual UK consumer price growth climbed to 3.5% in September from 3.1% in August, beating forecasts and reinforcing market expectations that the Bank of England will tighten policy next month, lifting sterling.
Russian Deputy Prime Minister Alexander Novak said Moscow will send its first diesel cargo to the United States on October 22 and may fully restore diesel exports by year-end.
China's grace period for disclosing and settling tax liabilities on offshore trusts ends October 22, a move that underscores Beijing's push to rein in capital leaving the country. The deadline coincides with tighter rules on crypto and stablecoins.