FROM THE OIL PATCH

US President Donald Trump has signed a sweeping sanctions bill, taking aim at Russia’s economy by punishing major purchasers of its oil and gas. The bill, passed by the US House of Representatives earlier this week, gives Trump broad powers to levy tariffs of up to 100% on the top

South Korea appears the most directly exposed to the pipeline’s shutdown, with Saudi crude accounting for 34.1% of its crude imports in July. A significant volume of Asia-bound crude previously transiting Hormuz pre-war had been shifted to the now-closed pipeline, experts say. Analysts say the near-term impact is likely to

China’s oil and gas demand outlook has weakened materially in 2026 as elevated oil prices, slower economic activity, and accelerating energy transition trends weigh on consumption. That’s what analyst at BMI, a unit of Fitch Solutions, said in a BMI report sent to Rigzone by the Fitch Group recently. “China

President Donald Trump’s push to ban American diesel exports sent European prices for the fuel surging, while US futures came under pressure. With flows from the region’s top supplier at risk, European diesel’s premium to Brent crude jumped to more than $95 a barrel on Wednesday, a record in Bloomberg