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TOKYO/SINGAPORE: Oil prices extended gains on Thursday, bolstered by signs of strong demand in the US, with uncertainty over efforts to end the war in Ukraine also lending support.

Brent crude futures hit a two-week high in early trade and were up 41 cents, or 0.61 percent, to $67.25 a barrel at 9:37 a.m. Saudi time. US West Texas Intermediate crude futures rose 45 cents, or 0.72 percent, to $63.16 a barrel.

Both contracts climbed over 1 percent in the prior session.

US crude inventories fell by 6 million barrels last week to 420.7 million barrels, the US Energy Information Administration said on Wednesday, against expectations in a Reuters poll for a 1.8 million-barrel draw.

Gasoline stocks dropped by 2.7 million barrels, versus expectations for a 915,000-barrel draw, the EIA said, indicating steady driving demand during the summer travel season. That was also seen in a jump in the four-week average for jet fuel consumption to its highest since 2019.

“Crude oil prices rebounded as signs of strong demand in the US boosted sentiment,” Daniel Hynes, senior commodity strategist at ANZ, said in a note on Thursday.

Hynes cautioned, though, that some “bearish sentiment remains evident as traders continue to monitor negotiations to end Russia’s war against Ukraine.”

Traders and analysts expect oil prices to fall once a peace deal is reached, but any continued lack of concrete progress in negotiations could underpin the market.

As US and European military planners began exploring post-conflict security guarantees for Ukraine, Russia said on Wednesday that attempts to resolve security issues without Moscow’s participation were a “road to nowhere.”

The drawn-out efforts to secure peace in Ukraine mean Western sanctions on Russian oil supply remain in place, and that the possibility of tougher sanctions and more tariffs on Russian oil buyers still hangs over the market.

Russia, meanwhile, remains adamant it will keep providing crude to willing buyers, with Russian diplomats in India saying the country expects to continue supplying oil to India despite warnings from the United States.

US President Donald Trump has announced an additional tariff of 25 percent on Indian goods from August 27 because of their Russian crude purchases. The EU has also sanctioned Indian private refiner Nayara Energy, which is backed by Russian oil company Rosneft.

Indian refiners initially backed off buying Russian oil but company officials at state-run Indian Oil and Bharat Petroleum have bought Russian crude for September and October delivery, resuming purchases after discounts widened. 

RIYADH: ��������’s imports of Japanese matcha skyrocketed by nearly 900 percent in 2023 to 81,000 kilograms at a value at SR9 million ($2.40 million), up from just 9,000 kilograms in 2022, highlighting the rapid expansion of the drink’s market presence across the Kingdom.

The momentum continued into 2024, with imports totaling 46,000 kilograms worth SR7 million, reflecting sustained consumer demand and the growing role of matcha in the Kingdom’s cafe sector, Al-Eqtisadiah reported.

Cafes are capitalizing on the trend, with Jon & Vinny’s in Riyadh reporting weekend sales of 350 matcha cups per branch, making up 22 percent of beverage revenues, according to Al-Eqtisadiah.

The cafe uses a premium Japanese blend priced at SR1,200 per kilogram. Similarly, Pro 92 Cafe said matcha lattes alone contribute 10.5 percent of total sales, consuming over 150 kilograms of matcha monthly across branches.

The broader green tea category — which includes matcha — accounted for SR74 million in Saudi imports in 2024, totaling 2.3 million kilograms. In comparison, 2023 saw 2.5 million kilograms imported at a value of SR79 million, Al-Eqtisadiah reported.

Cups of matcha are sold at prices ranging from SR16 to SR29, depending on the outlet. This price variation has spurred a growing home-preparation market, with local Instagram-based businesses selling matcha kits priced between SR110 and SR180.

Driven by health-conscious consumers and youth interest in Japanese culture, matcha is carving out a permanent share in the Kingdom’s beverage landscape.