Some members of the Gulf Cooperation Council do not view the draft on Hormuz as being particularly different from the document vetoed last week
The reluctance of some Gulf Cooperation Council members to embrace the new draft on Hormuz suggests a continuation of tensions or lack of consensus on key regional issues.
Japan is reportedly to purchase 20mln barrels of UAE oil to bypass the blockade in the Strait of Hormuz, Nikkei reports
"Members of the Security Council see the US-Gulf draft resolution as similar to the one opposed by Russia and China", Al Jazeera reports citing diplomatic sources
Some members of the Gulf Cooperation Council do not view the draft on Hormuz as being particularly different from the document vetoed last week
US EIA Weekly Crude Production Change, -0.08% (Prev. 0.01%)
US EIA Weekly Crude Production 13.573M (Prev. 13.586M)
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This could signal to markets that geopolitical risk remains elevated, potentially impacting oil prices and commodities, as investors assess the stability of shipping routes in the region.
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