finance
Oil Prices Dip Below Week-Ago Levels After Monday Rally Amid US-Iran Conflict Disrupting Middle East Shipments
Oil prices fell below levels from a week ago despite a rally on Monday, following U.S.-Israeli attacks on Iran that disrupted Middle East oil shipments. Tehran closed the Strait of Hormuz to most commercial vessels. China's industrial profits rose 15.2% in January-February, with high-tech manufacturing surging 58.7%.
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# Oil Market Disruptions and Price Movements Oil prices are below levels from a week ago despite a rally on Monday. European natural gas prices are also below levels from a week ago despite the Monday rally. U.S.-Israeli attacks on Iran triggered disruption to oil shipments in the Middle East.
Tehran closed the Strait of Hormuz to most commercial vessels. Iran has continued to send millions of barrels of crude oil to China since the war began. An oil tanker unloaded crude oil at a terminal at a port in China's eastern Shandong province.
US Energy Secretary stated that by this summer is an aggressive timeframe now for oil and gas prices to start coming down.
raised the ceiling prices for retail gasoline and diesel earlier this week.
China limited the increase in ceiling prices for retail gasoline and diesel to about half the usual adjustment.
industrial profits jumped 15.2% from a year earlier in the January-February period. NBS chief statistician attributed the uptick in industrial profits to accelerated factory activity and rising product prices in the first two months of this year. 3% in December.
7% from a year earlier in the January-February period. The high-tech manufacturing sector led the profit gains, with industrial profits surging 58.7% from a year earlier. 2% in the January-February period.
9% in the January-February period. 6% for the entire year of 2025 from a year ago.
