Oil fell a second day as US President Donald Trump said “Great Progress” has been made on a final agreement to end the war with Iran.

China has given state-owned refiners the green light to export 500,000 tons of fuels to a handful of regular customers, signaling the country is effectively easing an earlier ban on shipments.

China’s state-owned refiners have begun applying for government permits that would allow them to resume fuel exports in May, citing plentiful domestic stockpiles.

China’s state-owned refiners have begun applying for government permits that would allow them to resume fuel exports in May, citing plentiful domestic stockpiles.

A US move to sanction one of China’s largest private refiners over ties to Iran will hurt a vast and already embattled petrochemicals sector — but the collateral damage will extend far beyond oil.

Oil rose after efforts to resume peace talks over the Iran war stalled, leaving the Strait of Hormuz almost impassable and prolonging the supply disruption that has roiled global markets.

China has kept its massive crude stockpiles intact, despite a collapse in Middle Eastern flows due to the Iran war, with the much-maligned private refiners playing a pivotal role.

Chinese oil majors are selling cargoes of West African and other crudes, according to traders familiar with the deals, a rare move that follows utilization cuts across government-owned refiners as the war in Iran upends global supply.

China is set to import a record volume of US ethane this month as petrochemical producers seek alternative feedstocks for their operations after the war in the Middle East choked off crucial supplies.

Oil and natural gas prices jumped after renewed risks to energy flows via the Strait of Hormuz threatened to jeopardize much-anticipated peace talks between the US and Iran.

Oil and European natural gas prices tumbled after the promised re-opening of the Strait of Hormuz bolstered sweeping optimism that the US-Iran conflict will reach an end and ease disruptions to global energy markets.

China processed less crude oil last month, as refiners cut run rates to conserve supplies snarled by war in the Persian Gulf.

Oil edged higher as traders weighed signs the US and Iran may extend a ceasefire against a double blockade of the Strait of Hormuz that continues to impede flows.

Oil held steady as traders weighed signs of rapidly depleting US reserves against efforts by the US and Iran to seek further talks to end a war that has brought transit through the vital Strait of Hormuz waterway to a near-halt.

Chinese crude oil and natural gas imports fell in March, as the supply crunch in the Persian Gulf began to affect shipments.

A hoard of Iranian crude on tankers at sea and robust onshore stockpiles in China will provide a cushion for the nation’s independent refiners should a US blockade of the Strait of Hormuz choke off flows.

Chinese crude oil and natural gas imports fell in March, as the supply crunch in the Persian Gulf began to affect shipments.

Oil fell sharply on signs Washington and Tehran are seeking to arrange a second round of peace talks.

Saudi Arabia’s crude sales to top importer China are set to halve next month as the war in the Middle East upends flows and lifts prices, according to traders familiar with the matter.

Oil prices should be much higher than current levels if the US goes ahead with a planned naval blockade of the Strait of Hormuz, according to a veteran oil market executive.