The US Energy Information Administration (EIA) raised its oil price forecast for this year and next year again on Tuesday. The agency stated that as global oil inventories rapidly decline and the diesel market continues to tighten, the ongoing US Iran war is further pushing up oil prices. In its latest Short Term Energy Outlook report, EIA stated that Saudi Arabia's critical east-west pipelines have been attacked, highlighting the risk of further disruptions in physical crude oil supply.

Saudi Aramco CEO warns: global oil supply 'safety cushion' has become worriedly low

At a time when Saudi Aramco is significantly reducing prices and attempting to compete for market share, the head of Saudi Arabia's state-owned oil company has warned that global oil inventories used to cushion supply shocks have become "worriedly low". He said that if the Strait of Hormuz cannot be reopened, the risks facing the oil market may further intensify.

China's commodity price index rose 4.1% month on month in September

In September, China's commodity price index was 137.6 points, up 4.1% month on month and 22.9% year-on-year. Among the 50 bulk commodities monitored by the China Federation of Logistics and Purchasing, 38 of them saw a month on month price increase in September. Among them, methanol, ethylene glycol, and coke had the highest increase, with month on month increases of 39.5%, 24.8%, and 20.4%, respectively.

Iranian Speaker: The Strait of Hormuz will not reopen until conditions are met

Kalibov stated that although the United States has another set of rhetoric, it has recently put forward some suggestions through intermediaries. The United States must realize that the era of imposing unilateral demands through attrition wars is gone forever. Iran's position is clear and firm, that is, the Strait of Hormuz will never be opened until the seven conditions proposed by Iran based on the Islamabad Memorandum of Understanding are met.