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September 6th - Japans opposition Democratic Party for the People held its leadership election on the 6th, with incumbent leader Yuichiro Tamaki defeating his rival, House of Representatives member Mikihiko Hashimoto, to be re-elected. His term will run until the end of September 2029. After his election, Tamaki stated that he will listen to opinions from all sides, strengthen ties between the party headquarters and local councilors and supporters, and begin preparations for the unified local elections next spring.On September 6, local time, the Israel Defense Forces (IDF) issued a statement saying that it had launched airstrikes on southern Lebanon that day. The IDF statement said the airstrikes were a response to Hezbollahs actions. Earlier that day, Hezbollah militants launched two drones at IDF soldiers operating in the southern Lebanon "safe zone." The IDF opened fire and shot down one of the drones; no IDF personnel were injured in the incident. According to the Lebanese Civil Defense, the attack has resulted in at least two deaths.According to Al Arabiya TV, the Israeli Defense Minister stated that Israel will not withdraw its troops from the safe zone in Lebanon until Hezbollah disarms.September 6th - To further enhance the informatization and intelligentization of efforts to prevent telecommunications and online fraud and help the public effectively identify and prevent fraud, the "National Anti-Fraud AI" APP, independently developed by the Shanghai Municipal Public Security Bureau under the guidance of the Criminal Investigation Bureau of the Ministry of Public Security, was officially launched recently. The "National Anti-Fraud AI" APP integrates big data, multimodal models, and intelligent agent technology. Users can input suspicious scenarios through their mobile phones, and the APP can complete risk assessment, identify fraudulent tactics, and push typical cases. It dissects fraud methods from multiple dimensions, including text, voice, and video, and provides identification and prevention strategies.On September 6, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement saying that its navy struck a U.S. unmanned surface vessel attempting to enter Irans "protected zone" in the Strait of Hormuz. This came hours after the U.S. and Iran exchanged military strikes. The IRGC had previously warned all vessels in the Persian Gulf and the Strait of Hormuz not to be deceived by the U.S. military and to avoid conducting any "suspicious activities" in unauthorized routes, or they would become targets. The IRGC has repeatedly emphasized that control and management of the Strait of Hormuz is "solely the responsibility of the IRGC Navy," and any disruption to order in the strait will be met with a firm response.

China's Perspective And Supply Fears After The Turkey Earthquake Boost Oil Prices

Skylar Williams

Feb 07, 2023 14:46

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Oil prices increased for a second consecutive session on Tuesday, pushed by optimism on the recovery of demand in China and concerns over supply shortages caused by the closure of a major export terminal in Turkey following an earthquake.


By 3:00 GMT, Brent crude futures increased 82 cents, or 1.01%, to $81.81 per barrel, whereas West Texas Intermediate futures rose 82 cents, or 1.10%, to $74.93 per barrel.


Edward Moya, an analyst at OANDA, commented, "Crude prices are increasing due to anticipation that China's economic rebound will gain traction and supply disruptions caused by the earthquake that rocked Turkey."


The International Energy Agency (IEA) anticipates that China will account for half of this year's global oil demand growth, the agency's head stated on Sunday, adding that jet fuel demand is soaring.


Saudi Arabia, the largest oil exporter in the world, increased the price of its flagship crude for Asian clients for the first time in six months in anticipation of a rebound in oil demand, particularly from China.


After a strong earthquake struck the region, operations at the 1 million barrel per day (bpd) oil export facility in Ceyhan, Turkey, were suspended. The BTC terminal, which sells crude oil from Azerbaijan to foreign markets, will be closed from February 6 to 8.


Daniel Hynes, senior commodity analyst at ANZ bank in Sydney, cited the suspension of Phase 1 of the Johan Sverdrup oil field in Norway's portion of the North Sea as a major price mover.


Wednesday's speech by U.S. Federal Reserve Chair Jerome Powell will be eagerly monitored by the oil markets, analysts say. Typically, interest rate increases boost the dollar, which could increase the price of crude for non-American purchasers.


Tina Teng, an analyst at CMC Markets, said, "The comeback in oil prices is more of a cautious move ahead of Fed Powell's speech tomorrow, when the Fed chairman may provide additional hints on the future rate hike path."


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