Israel Pauses Iran Strikes as Oil Prices Plunge on June 8; Russia Cuts Export Forecast

According to CCTV News and international media, Israel's Prime Minister Benjamin Netanyahu announced on June 8 a pause in military strikes against Iran, with Iran's armed forces also halting their attacks. Crude oil and fuel futures fell sharply as geopolitical tensions eased. Meanwhile, the U.S. Navy fired on an empty tanker headed for Iranian ports, with Washington maintaining its maritime blockade until a deal is reached. Russia plans to cut Oman Bay crude exports from 2.5 million barrels per day in May to 1.7 million barrels per day in June due to domestic fuel shortages. China imported 33.08 million tons of crude in May, while Saudi Arabia lowered its official July prices for Asian buyers for a second consecutive month.
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