Brent crude oil rises over 12% this week as geopolitical risks continue to escalate

智通财经2026/07/24 07:51

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(1) On Friday, Brent crude oil edged down slightly below $99 per barrel, but still ended the week up more than 12%, as traders continued to assess geopolitical risks facing global energy supplies. The U.S. military has launched strikes against Iran for the 13th consecutive day, with both sides ruling out the possibility of near-term negotiations. U.S. President Trump threatened that, if Red Sea shipping is attacked again, "major military punishment" will be imposed on Iran and the Houthi forces, and stated that a "large-scale attack" against Iran was under consideration.(2) Previously, Houthi forces attacked two Saudi oil tankers in the Red Sea, which has become Saudi Arabia’s key alternative export route after access through the Strait of Hormuz was disrupted. Asian buyers have begun discussing rerouting Saudi crude via the Suez Canal and around Africa. Supply constraints have further intensified as the Caspian Pipeline Consortium suspended crude loading at the Black Sea terminal after an oil tanker attack, impacting around 80% of Kazakhstan's oil exports.

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National Bureau of Statistics: Crude oil production shifted from decrease to increase. In July, the crude oil output of industrial enterprises above designated size reached 18.27 million tons, a year-on-year increase of 0.8%, compared to a decrease of 0.5% in June; the average daily output was 589,000 tons. From January to July, the crude oil output of industrial enterprises above designated size was 127.69 million tons, a year-on-year increase of 0.9%.

智通财经•2026/08/17 07:16

National Bureau of Statistics: The decline in crude oil processing has narrowed. In July, the crude oil processing volume of industrial enterprises above designated size was 53.11 million tons, a year-on-year decrease of 15.8%, with the decline narrowing by 1.9 percentage points compared to June; the daily average processing volume was 1.713 million tons. From January to July, the crude oil processing volume of industrial enterprises above designated size was 396.96 million tons, a year-on-year

智通财经•2026/08/17 07:16

National Bureau of Statistics: In July, the raw coal output of large-scale industrial enterprises was 340 million tons, a year-on-year decrease of 10.1%; the daily average output was 11.07 million tons. From January to July, the raw coal output of large-scale industrial enterprises was 2.7 billion tons, a year-on-year decrease of 2.9%.

智通财经•2026/08/17 07:16