The yield on 20-year UK government bonds reached 6% for the first time since March 1998, rising 7 basis points on the day.

I. Continued Expansion: Advancing Oil and Gas Development, Expanding Investment and Export Channels 1. BP: On October 5th, CEO O'Neill stated that the company has no intention of withdrawing from the Middle East and is currently studying new oil export routes with the Iraqi government. The company had previously reached an agreement with Iraq for the redevelopment of the Kirkuk oil field. 2. Saudi Aramco: Its interim report released on August 4th showed that the company continued to advance large-scale projects such as increasing production at the Zuluf oil field, expanding the Fadhili gas plant, and the second phase of the Jafulra gas project. On October 5th, CEO Nasser stated that the company is studying ways to increase crude oil export routes and overseas oil storage facilities. 3. Chevron: In July, the company signed agreements with Iraq to advance commercial negotiations and technical assessments for the West Qurna Phase II and Nasiriyah oil fields. On October 6th, CEO Worth expressed optimism about the company's negotiations with the Iraqi government. 4. Shell: In July, continued drilling of the Velox-1X deepwater exploration well in the Northern Cleopatra Block in the Egyptian Mediterranean, collaborating with companies such as Chevron to develop local natural gas resources. 5. Abu Dhabi National Oil Company: On July 21, announced a final investment decision of US$6.2 billion in the Abu Dhabi Umm Shaif Gas Cap project. The project plans to develop more than 600 million standard cubic feet of natural gas and related liquids per day, with production expected to begin in 2030. 6. Total Energy: On June 24, announced the acquisition of a 10% interest in the Bab Gas Cap natural gas project in the UAE. On July 21, it and its partners approved the final investment decision for the Umm Shaif Gas Cap project. On October 6, CEO Patrick Pouyanné stated plans to participate in the construction of the Iraq-Syria oil pipeline and invest in expanding pipeline capacity to the port of Fujairah in the UAE. 7. ConocoPhillips: On July 17, it announced a terms agreement with BP to acquire a 42% stake in BP Energy Company of Kirkuk Limited, jointly participating in the redevelopment of four large producing oil fields in northern Iraq. II. Prudent Response: Weighing Investment Costs and Controlling Transportation and Geopolitical Risks 1. BP: CEO O'Neill stated on October 6 that he was unsure whether investing in new pipelines was in the best interests of shareholders, and that the infrastructure might be more suitable for other investors. 2. Chevron: On October 6, CEO Worth stated that Chevron was more cautious about investing in new oil export pipelines, and if involved in construction, it was more likely to join a multi-investor consortium to share costs. 3. Kuwait Petroleum Corporation: On October 6, CEO Sabah stated that discussions were underway with Saudi Arabia and the UAE regarding new pipelines leading to other ports. However, he believed that oil-importing countries should also bear some of the construction costs. 4. Qatar Energy: On September 21, CEO Khabib said that the first LNG production unit of the Northern Gas Field East Expansion Project is expected to be put into operation in the first half of 2027, but other units may be delayed due to shipping disruptions in the Strait of Hormuz.

Singapore stocks fell 2.5% to 5,467.15 points, a new low since mid-July.