China won’t miss Chavez’s mismanagement of oil industry

The country is facing a myriad of difficulties as the war in the Middle East remains unresolved, with the IMF watching closely.

The US president said that more talks between the US and Iran will take place later this week.

Russia's VTB and China National Petroleum are set to sign an agreement that will forge closer business ties between the bank and China's major oil company, and will strengthen trading links between the two countries.

Financial markets in the Middle East, Apac and across the world are being hit as the price of a barrel of crude and West Texas Intermediate (WTI) oil surges above $100; the impact on aluminium is another issue.

The oil price has surged to $82 a barrel amid disruption in the Strait of Hormuz as Iran responds with multiple missiles across the Middle East after the US and Israel launched strikes on Iran over the weekend; the UAE has closed its stock markets for two days.

China had robust import and export growth in May despite the ongoing conflict in the Middle East. Fitch has upgraded China's GDP forecast to 4.6% this year after "surprisingly good" Q1 data. In a volatile market, SpaceX is set to go public on June 12.