Commodities
Japan's Refiners Rush for Mideast Oil Amid Pipeline Shutdown
Japanese refiners Eneos Holdings Inc. and Idemitsu Kosan Co. are buying oil from Oman earlier than usual due to concerns over Middle Eastern supplies.
The shutdown of a key Saudi Arabian pipeline has heightened anxiety, with multiple export routes disrupted by the US-Iran and Russia-Ukraine wars.
Asian refiners are competing for prompt barrels, pushing premiums sharply higher, with two 2-million-barrel cargoes trading at $38 a barrel above the Dubai benchmark.