Oil markets are tightening, with the Chinese government telling the largest oil refiners to suspend exports of diesel and gasoline, said PVM analyst John Evans. Two oil refineries in China and India shut their crude units following the disruption to supplies, as both countries rely on Middle East crude imports. As a result of a lower supply outlook in fuel markets, European diesel futures reached their highest level since October 2022 at US$1,130. Crude oil markets remained on edge as they face ongoing risks to supply following the attacks in the Middle East, with concerns centred on trade flows through the Strait of Hormuz, ANZ analysts said in a note on Thursday. Continued attacks on oil tankersAttacks on oil tankers continued on Thursday, as the Bahamas-flagged crude oil tanker Sonangol Namibe reported its hull was breached after a blast near Iraq's Khor al Zubair port.

Source: The Edge Markets March 05, 2026 07:57 UTC