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Three oil tankers carrying 5 million barrels of crude have exited the Strait of Hormuz following an interim Iran-US deal, with two heading to Asia. The breakthrough is gradually releasing oil supplies stuck in the Gulf and pushing down global prices.
South Korea and Saudi Arabia have signed a memorandum of understanding to boost cooperation in energy resources, including crude oil and natural gas, as both nations seek stable supplies amid global supply chain disruptions.
Oil prices retreated on Tuesday as Iran and Israel agreed to pause direct military strikes following U.S. pressure, though market participants remain doubtful about the durability of the truce.
South Korea's Ministry of Oceans and Fisheries confirmed that a crude oil tanker loaded from Saudi Arabia's Yanbu Port has successfully navigated the Red Sea route, marking the sixth diversion from the Hormuz Strait.
European stocks surrendered early advances on Wednesday as investor sentiment turned cautious amid negotiations over a Middle East peace deal. Oil prices eased while auto shares gained ground.
Malaysia's benchmark FBM KLCI index remained largely unchanged at Monday's open, tracking weakness in crude oil prices after US President Donald Trump announced plans to resolve Middle East tensions.