- Oil trades near a six-month low as concerns over demand continue
- Global equities have sold off again today, weighing on crude prices
- Oil has fallen for four consecutive weeks on reports of faltering demand in China, with the nation now rolling out plans to support domestic consumption
- Iran says it will retaliate against Israel but seeks to avoid a larger war (BBG)
- A spokesperson for Iran’s foreign ministry said they will look to respond to Israel's recent airstrikes on key Hamas and Hezbollah officials to reinforce deterrence in the region
- The US has moved additional military assets to the Middle East as tensions escalate
- A larger war could lead to the risk of crude supply from the Middle East being disrupted
- Libya’s largest oil field halts production (BBG)
- Output from the Sharara field has been cut from nearly 270 MBbl/d, with the reason behind the shutdown not clear
- Libya’s internationally recognized government described the shutdown as “political blackmail” without elaborating further
- Security risks often impact production in Libya as multiple factions continue to fight for control over the country
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