Oil Prices
Seoul stocks open sharply higher on Mideast de-escalation hopes
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South Korean stocks opened sharply higher on March 24 amid hopes of easing Middle East tensions, following U.S. President Donald Trump's announcement of talks with Iran and a five-day postponement of strikes. The KOSPI index rose 4.25% at open, reaching 5,602.08, up 3.63%, after 15 minutes of trading.
China National Offshore Oil Corporation (CNOOC), the country's largest producer, plans to boost oil and gas output to 780-800 million barrels of oil equivalent (BOE) in 2026, up to 3% from 2025's record. The announcement follows an 11.5% drop in 2025 net profit due to low oil prices despite record volumes.
Reported by AI
MANILA — Amid continued oil price hikes, traffic volume on EDSA fell by eight percent, the Metro Manila Development Authority said yesterday. The agency also exempted oil tankers and vehicles delivering basic commodities from truck bans and number coding schemes.
Malacañang pushed back against Vice President Sara Duterte's criticism of the government's handling of rising oil prices tied to Middle East tensions. Palace Press Officer Claire Castro questioned why Duterte did not alert authorities if she foresaw the oil crisis as early as 2022. Castro emphasized that as vice president, Duterte had a duty to inform officials to allow public preparation.
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The Middle East conflict has driven oil prices beyond US$100 per barrel, positioning Angola and other African producers as key beneficiaries. A clause in Angola’s debt deal with Chinese lenders stipulates that when prices exceed US$60 per barrel, excess revenue goes into a reserve account for repayments. This opportunity allows Angola to replenish debt reserves and secure new loans for projects like the Lobito refinery.
The U.S. Bureau of Labor Statistics reported that the Consumer Price Index for February 2026 rose 0.3% month-over-month and remained at 2.4% year-over-year, matching economist expectations. Core CPI, excluding food and energy, increased 0.2% monthly and stayed at 2.5% annually. While inflation showed stability before the recent U.S.-Israel-Iran war, surging oil prices are expected to push future readings higher.
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Shares of gas and paint companies in India rose up to 5% on Tuesday following US President Donald Trump's comments suggesting a quick end to the conflict with Iran. The remarks led to a sharp decline in crude oil prices, easing supply concerns and reducing input costs for these sectors. This reversal came after earlier tensions had caused stock drops and shortages in Indian cities.
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