Asia Fuel Restrictions; Oil Tanker Attack: Mideast Energy Latest

8jbh5yc])0a068ewys1x97wy_media_dl_1.png Vessel tracking data compiled byArticle content(Bloomberg) — The impact of the war with Iran rippled further through global energy markets on Thursday. Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentRefiners in China and Japan that depend on Middle East oil halted fuel exports to protect domestic supplies. The cost of shipping oil out of the US rose to a record as buyers searched for alternative sources of crude. An attack on a tanker near Kuwait underscored the dangers to shipping through the Strait of Hormuz. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentHere’s a summary of the latest developments:Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentFuel RestrictionsArticle contentMajor Asian consumers that are heavily dependent on oil from the Persian Gulf moved to protect their domestic fuel supply. China ordered top refiners to suspend diesel and gasoline exports. Article contentJapan’s refiners were in discussions with the government to access strategic petroleum reserves. At least one refiner from the country, which gets 90% of its crude from the Middle East, has canceled fuel exports to prioritize domestic needs. Article contentTanker AttackArticle contentThe continued danger to Gulf shipping was evident after an oil tanker suffered an explosion off the coast of Iraq, damaging a ballast tank that was losing water. Iranian state media said the Islamic Revolutionary Guards Corps Navy struck a US oil tanker in the northern Persian Gulf. Article contentShip traffic through the Strait of Hormuz has collapsed by more than 95%, with vessels either avoiding the route entirely or attempting to minimize the risk of attack by signaling political or religious affiliations. A bulk carrier broadcast “CHINA OWNER” while hugging the Omani coastline on Thursday. Over the weekend, a tanker successfully navigated through the Strait after identifying itself as Muslim-owned and Turkish-operated. Article contentArticle contentRerouting TradeArticle contentThe war has spurred rapid shifts in global crude-trading patterns. Asian buyers have turned to American barrels, helping push US crude export freight costs to record levels. Extremely high shipping costs are causing some provisional deals to unravel, underscoring the difficulty of the re-routing effort.Article contentIndian refiners, facing potential crude shortages, appeared to be pivoting back toward Moscow for energy supplies. Two tankers carrying around 1.4 million barrels of Urals oil combined are expected to discharge at Indian ports this week, after previously indicating that they were headed farther east, data from Kpler and Vortexa show. The country’s purchases of Russian oil slowed sharply earlier this year due to US pressure on New Delhi to stop buying it.Article contentPrices RisingArticle contentEnergy prices moved higher again on Thursday, raising the specter of inflation as supply disruptions rippled through global markets. Brent crude traded near $84 a barrel in London, up 16% so far this week. Futures prices for the international benchmark have a price structure called backwardation, a signal of acute near-term tightness.Article contentEuropean natural gas extended a rally, bringing the gain this week to almost 70%. Buyers around the world were seeking alternatives to halted exports of liquefied natural gas from Qatar. Taiwan said it has secured LNG supplies for April from regions outside the Middle East, while Thailand was seeking extra shipments.Article contentTrending Bank of Canada governor warns of growing risks to financial stability Economy Posthaste: This dormant pipeline needs to be restarted for the sake of Canada, economists say News Legal fight over propane terminal clouds Canada's energy export push Energy US Sinking of Iranian Warship Piles Pressure on India's Modi PMN Business Housing affordability improves yet again, though not for the right reasons Real Estate Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Bank of Canada governor warns of growing risks to financial stability Economy Posthaste: This dormant pipeline needs to be restarted for the sake of Canada, economists say News Legal fight over propane terminal clouds Canada's energy export push Energy US Sinking of Iranian Warship Piles Pressure on India's Modi PMN Business Housing affordability improves yet again, though not for the right reasons Real Estate