US policy developments could further influence freight dynamics. The Supreme Court recently heard an appeal challenging the administration’s use of the International Emergency Economic Powers Act (IEEPA) to impose fentanyl-related tariffs.
Rabigh Refining and Petrochemical Company (PetroRabigh) has completed arrangements to transfer the marketing rights of its products from Sumitomo Chemical Co., Ltd. (Sumitomo) and its affiliates to Saudi Arabian Oil Company (Saudi Aramco) and its affiliates.
Crude prices edged higher on Monday, supported by improved risk appetite after progress toward ending the US government shutdown lifted broader financial markets. Gains were capped, however, by persistent concerns over a growing global supply surplus and softening Asian demand