Oil swings $5 on U.S.-Iran deal hopes, Bandar Abbas reports
NewsBytes | May 8, 2026 12:39 PM CST
Saudi, Kuwait loosen US military access
Saudi Arabia and Kuwait have loosened up restrictions for US military flights and bases, which could mean more US escorts for ships through the Strait of Hormuz—a key route for global oil.
Iran cut its oil output by 400,000 barrels a day to manage storage issues.
Meanwhile, after an attack on a Chinese tanker in the area, the US is urging China to help get shipping lanes open again.
With all this going on, ASEAN leaders are pushing for diplomatic solutions since energy supply worries could hit economies hard.
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