BEIJING: Oil prices rose in early trading on Friday following attacks on Saudi energy infrastructure, and as markets evaluated the risk premium from the ongoing closure of the Strait of Hormuz, despite a fragile truce agreed between the U.S. and Iran.

Brent crude futures gained 83 cents, or 0.87%, to $96.75 a barrel as of 0100 GMT. West Texas Intermediate futures were up $1.04, 1.06%, at $98.91 ‌a barrel.

“The initial ⁠wave ⁠of relief following President Trump’s two-week ceasefire announcement has quickly given way to underlying doubts,” IG market analyst Tony Sycamore said in a note.

Iran and the U.S. agreed on Tuesday to a two-week ceasefire brokered by Pakistan, but fighting was still taking place following the announcement.

“All eyes remain firmly on tanker tracker flows through the Strait of Hormuz for any signs of increased activity ahead of peace talks scheduled in Pakistan on Friday,” Sycamore said.

Analysts say Pakistan will ⁠try to ‌push in the talks for a more durable peace agreement but may lack the leverage needed to compel the reopening of the key Strait of ⁠Hormuz.
Iran wants to charge fees for ships passing through the strait under a peace deal, a Tehran official told Reuters on April 7. Western leaders and the U.N.’s shipping agency have pushed back on the idea. The crucial artery for oil and gas flows has been effectively shut down by the conflict, which began on February 28 when the U.S. and Israel launched air strikes on Iran.

Brent prices could reach $190 a barrel if flows through the Strait of Hormuz remain ‌at the current level, said John Paisie, president of energy consultants Stratas Advisors.

“If Iran allows increasing flows the price of oil will be more moderated, but still well above pre-war levels.”

Attacks ⁠on Saudi Arabia’s oil production capacity have cut the kingdom’s output by around 600,000 barrels per day (bpd) and reduced throughput on its East-West Pipeline by 700,000 bpd, the Saudi Press Agency reported on Thursday.

The announcement “shifts the narrative from episodic disruption to a measurable supply shock,” JPMorgan analysts said in a research note.

Some 50 infrastructure assets in the Gulf have been damaged by drone and missile strikes over the nearly six weeks since the conflict started, and around 2.4 million bpd of oil refining capacity have been taken offline, according to JPMorgan.

Singapore’s logistics hub centralizes regional trade, reduces inventory costs, enhances supply chain agility, and leverages advanced port, airport, and trade agreements for efficient, cost-effective ASEAN operations.

Singapore’s Role in Regional Trade and Logistics

Singapore’s logistics sector mainly functions as a regional trade coordination hub rather than serving a demand-driven domestic market. In 2025, the country’s total trade exceeded S$1.2 trillion (about US$890 billion), with re-exports comprising nearly 45% of this volume. This structure allows multinational corporations to centralize inventory management and distribution decisions in Singapore, minimizing working capital exposure by avoiding fragmented stockpiling across diverse ASEAN markets with varying regulations and demand patterns.

Strategic Advantages for Supply Chain Management

This high throughput enables companies to delay allocation decisions until goods arrive regionally, enhancing forecast accuracy and reducing excess inventory. For firms adopting China+1 strategies, Singapore acts as a control point where supplies from multiple production sites are consolidated and redistributed based on real-time demand signals. Efficient integration across maritime, air, and warehouse logistics is crucial for seamless execution, with Changi Airport handling approximately 1.9 million tonnes of freight in 2025 and connecting over 300 global cities.

Enhancing Supply Chain Efficiency within ASEAN

Singapore’s trade facilitation framework improves working capital efficiency by streamlining import, clearance, and redistribution processes. Customs clearance typically occurs within 24 hours, significantly lowering inventory dwell time and improving cash flow. Its extensive free trade agreement network enables tariff optimization through re-export structuring, allowing companies to reduce total landed costs without relocating production, further strengthening Singapore’s position within ASEAN supply chains.

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Read the original article : Singapore as ASEAN’s Logistics Hub: Warehousing, Trade Facilitation, and Investment Opportunities

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Bissell is recalling nearly 2 million of its home steam cleaners in response to over 100 reports of serious burn injuries from one of its attachments, according to the Consumer Product Safety Commission (CPSC).

The brand’s Steam Shot OmniReach and Steam Shot Omni Steam Cleaners are specifically affected by the recall, and the CPSC report says the attachments can “unexpectedly” detach from the steamer, resulting in the user being exposed to hot steam or water, possibly posing a “serious burn hazard.”

According to the CPSC, Bissell received 206 reports of steam escaping from cleaners and 161 people reporting burn injuries. There was one report of a person receiving a second-degree or partial thickness burn.

About 1.7 million steamers were recalled in the U.S. alone, while 96,000 units were recalled in Canada, according to the CPSC.

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The affected steamers were sold between October 2024 and March 2026 through department stores, including Target and Walmart, in addition to online through Amazon or the Bissell website.

A spokesperson for Bissell told FOX Business in a statement the company will continue to work alongside the CPSC, and suggested following its website for news about other affected steamer models.

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“At Bissell, we are passionate about designing safe and reliable cleaning products,” the statement said.

“Consumer safety is our top priority, and we are working in full cooperation with the U.S. Consumer Product Safety Commission (CPSC) and Health Canada to voluntarily recall the attachments of our Steam Shot OmniReach and Steam Shot Omni.”

The brand has previously recalled a different model of its steamer, the Steamshot Deluxe, which is no longer available for purchase.

FOX Business reported in 2024 the recall of 3.2 million steamers also due to 157 reports of “minor burn injuries.” There were also 26 other incidents of hot steam being expelled from steamers that did not result in injuries.

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Owners of the recalled cleaners are urged to stop using the attachments. 

They can contact Bissell for new attachments at steamshot2026.com.

FOX Business’s Aislinn Murphy contributed to this report.

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