Oil Plunges 6% As US-China Trade Dispute Heats up, Iran Tension Cools

Oil prices tumbled Thursday, extending steep losses in the previous sessions, as the market braced for a prolonged U.S.-China trade war and digested disappointing manufacturing data. Some analysts also pointed to signs that Middle East tensions are moderating. Brent crude futures sank $3.77, or 5.3%, to $67.22 per barrel around 1:15 p.m. ET (1715 GMT). The international benchmark for oil prices hit a nearly two-month low earlier in the session.

Fuel Shortage Fears Dispelled After Deliveries Resumption

Oil importing companies in Lebanon on Tuesday resumed the delivery of fuel to gas stations across the country after the Customs employees suspended their strike. The Daily Star newspaper quoted a security source as saying that Customs employees involved with importing and distributing fuel and gasoline have suspended their strike, while those working in other sectors within the department as well as some employees at the Port of Beirut have carrying on their strike.