As the market focuses on improvements in Middle East geopolitical tensions and the prospect of increased oil supply, international crude oil futures prices fell significantly on the 26th. The closing price of the near-month contract for New York crude oil futures fell below $70 (about 286 ringgit) per barrel for the first time since March.
By the close on the 26th, the August delivery light crude oil futures price on the New York Mercantile Exchange fell by $2.69, settling at $69.23 per barrel, a decline of 3.74%. August delivery Brent crude oil futures price in London fell by $3.27, closing at $71.99 per barrel, a drop of 4.34%.
Saudi Arabia Reopens Gulf Oil Export Terminal
According to data provided by professional institutions, on the 26th, Saudi Aramco reopened its oil export terminal on the Gulf side after nearly four months, starting to load cargo for ultra-large oil tankers.
Images taken by the EU Copernicus Sentinel satellite system on the 26th show that the Ras Tanura oil port in eastern Saudi Arabia has resumed operations that day. Two ultra-large tankers with 2 million barrels loading capacity are being loaded at the port, another tanker is waiting nearby, and a fourth tanker is heading towards the port. The tankers being loaded are operated by Bahri, the national shipping company of Saudi Arabia.