Global oil prices saw a sharp increase on Tuesday as tensions between Israel and Iran continued to escalate.
The West Texas Intermediate for July delivery increased 3.07 U.S. dollars, or 4.28 percent, to settle at 74.84 dollars a barrel on the New York Mercantile Exchange. Meanwhile, Brent crude for August delivery gained 3.22 dollars, or 4.4 percent, to settle at 76.45 dollars a barrel on the London ICE Futures Exchange.
The International Energy Agency (IEA) expressed concerns about major uncertainties in the global oil market.
Despite forecasts predicting a global oil supply increase far out-pacing the demand growth in 2025 and a stable market through 2030, rising geopolitical risks are creating significant uncertainty in the international oil market, the IEA said in its report, Oil 2025.
The IEA also said in its monthly report that Israel's strikes on Iran have caused oil prices to fluctuate, but the actual impact on Iran's oil production remains unclear.
Leading energy companies have warned that further escalation could result in severe consequences for the global energy infrastructure, according to CNBC reports.
Shell expressed its concerns about the large-scale attacks on Iran by Israel, saying it could disrupt the global energy system as the market now faces uncertainties and geopolitical turmoil.
TotalEnergies also worried about potential damage to local oil facilities, which could have widespread market repercussions.
EnQuest predicted major price volatility throughout the year and called for an earlier end to the conflict between Israel and Iran.
Oil futures settle higher as Israel-Iran conflict fuels market volatility
Oil futures settle higher as Israel-Iran conflict fuels market volatility
Visiting Chinese Foreign Minister Wang Yi said Saturday China is willing to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and advance the China-Lesotho strategic partnership.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Lesotho Prime Minister Sam Matekane in the capital of Lesotho.
During the meeting, Wang congratulated Lesotho on the 60th anniversary of its independence this year, and spoke highly of Lesotho government's efforts to prioritize economic development and steer the African country onto a path of sustainable growth. Since the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) in 2024, the two sides have advanced cooperation under the 10 partnership action plans unveiled at the summit, successfully implementing a number of key projects to effectively promote Lesotho's development and revitalization, Wang said.
China stands ready to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and push for greater development of the China-Lesotho strategic partnership, he added.
Calling on the two sides to firmly support each other, Wang said that China will accelerate the implementation of its zero-tariff policy for African countries, including Lesotho, expand bilateral trade, investment and industrial cooperation, facilitate broader access of Lesotho's specialty products to the Chinese market, and continue to support Lesotho's national development.
China will continue to stand firmly with African countries, uphold justice for the Global South, including Lesotho, oppose unilateralism and acts of bullying, and work together to build a community with a shared future for humanity, Wang said.
On his part, Matekane said during the meeting that Lesotho cherishes its friendship with China and the strategic partnership between the two countries, and expressed gratitude for China's valuable support for the development of African countries, including Lesotho.
Lesotho firmly adheres to the one-China principle and resolutely supports China in safeguarding its core interests, he said, noting that his country stands ready to strengthen strategic mutual trust with China, expand people-to-people exchanges, jointly implement the outcomes of the FOCAC Beijing Summit, and deepen cooperation in areas such as infrastructure, manufacturing and energy.
Matekane stressed that China's zero-tariff policy for African products will inject new impetus into Lesotho's development. He also expressed Lesotho's willingness to strengthen solidarity and cooperation with China on multilateral platforms such as BRICS to jointly address global challenges.
On the same day, Wang also held talks with Lejone Mpotjoana, minister of foreign affairs and international relations of Lesotho.
China, Lesotho to strengthen exchanges, advance cooperation
China, Lesotho to strengthen exchanges, advance cooperation
