LONDON: Oil prices slipped on Thursday after a surge in the previous session on a larger-than-expected draw in US gasoline stocks, as markets weighed macroeconomic concerns against firm near-term demand.

Brent futures fell 5 cents to $70.9 a barrel by 7:26 a.m. Saudi time, while US West Texas Intermediate crude futures shed 10 cents to $67.58 a barrel.

Both benchmarks rallied about 2 percent on Wednesday as US government data showed tighter-than-expected oil and fuel inventories.

US gasoline inventories fell by 5.7 million barrels, more than the 1.9 million-barrel draw expected by analysts, while distillate stocks also dropped more than anticipated — despite gains in crude stocks.

“Declining US gasoline inventories raised expectations for a seasonal demand increase in spring, but concerns about the global economic impact of tariff wars weighed on the market,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment.

“With strong and weak factors progressing simultaneously, it has become difficult for the market to lean decisively in one direction or the other,” he added.

Donald Trump threatened on Wednesday to escalate a global trade war with further tariffs on EU goods, as major US trading partners said they would retaliate for trade barriers already erected by the US president.

Trump’s hyper-focus on tariffs has rattled investors, consumers and business confidence and raised US recession fears.

Meanwhile, the Organization of the Petroleum Exporting Countries said on Wednesday that Kazakhstan led a sizeable jump in February crude output by the wider OPEC+, highlighting a challenge for the producer group in enforcing adherence to agreed output targets.

Worries about fumbling jet fuel demand weighed further on markets, JP Morgan analysts said, adding that US Transportation Security Administration data showed passenger volumes for March have decreased by 5 percent year-over-year, following stagnant traffic in February.

However, firm demand expectations limited overall market weakness.

Signs of robust US demand and Ukraine’s deployment of 377 drones targeting Russian energy infrastructure and military installations supported prices, said JP Morgan analysts in a client note.

“As of March 11, global oil demand averaged 102.2 million barrels per day, expanding 1.7 million barrels per day year-over-year and exceeding our projected increase for the month by 60,000 barrels per day,” they added.

 

DUBAI: Siblings Razan and Ahmed Hassan are on a roll. Since the launch of their menswear label KML in 2022, the Saudi brand has rapidly gained recognition, most recently as a semi-finalist for the prestigious LVMH Prize — an annual award for young fashion designers run by the eponymous fashion conglomerate — placing them among global fashion’s most promising new voices. And, in November, celebrity stylist Law Roach opted for a KML creation to wear to the “1001 Seasons of Elie Saab” event in Riyadh.  

 

 

 

 

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Through creative director Ahmed’s minimalist designs and sharp tailoring, KML, of which Razan is the owner, is reshaping Saudi menswear by reimagining traditional garments from the Kingdom’s history through a contemporary lens: jackets with shawls, large leather belts of the type seen on Bedouin men, and skirts reminiscent of the ones historically worn by men in the Eastern Province, Jazan and Hijaz.  

Ahmed says that their grandmother was a huge influence when he and his sister were growing up in Riyadh. He fondly recalls both her progressive nature and inimitable style. As a young boy, Ahmed would often accompany her to fabric shops so she could get her designs stitched by a local tailor. That exposure to craftsmanship left an impression, though fashion was not initially an obvious career path.  

 

 

 

 

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“The family would oppose my trips to the fabric stores,” he tells Arab News. “My uncles would tell her she was ruining me, and her reply would be: ‘Ahmed has taste, so why not?’”  

When he decided to venture into fashion, his grandmother wholeheartedly supported him when other family members expressed their concerns — concerns they had despite the fact that the family were progressive, with writers and poets among them, he says. With time, he realized their hesitation stemmed not from disapproval but from societal perceptions of men in the industry. “They wanted to protect me from the stigma associated with men in fashion,” he explains.  

With no formal fashion education programs for men in Saudi, Ahmed instead studied architecture, later interning at Zaha Hadid Architects, where he developed an appreciation for structure and form. Razan, meanwhile, pursued law at Prince Sultan University and she went on to practice it full-time.  

 

 

 

 

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“One summer, we both realized we weren’t doing what we truly wanted to do, so I decided to go to the UK to study creative writing, and Ahmed went to Central Saint Martins (in London) for a few courses,” Razan explains.  

The pair often discussed starting a brand together, and they frequently talked about fashion, delving into historical research, while Ahmed continuously sketched — though he kept his drawings private.  

“It struck us that we have so much that we can bring to the realm of reality from our imagination. We wanted to do something meaningful. Tradition and intention were very important to us,” Ahmed says. “Razan looked at me sketching, and was, like, ‘You better do something with these. You better make them a reality.’”  

 

 

 

 

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That was the catalyst for the launch of KML. In August 2023, they launched their debut capsule collection. “We just did three shirts and two pairs of pants, and filled the studio walls with references, research and development sketches,” explains Ahmed.  

Towards the end of that year, they applied to the Saudi 100 Brands program. “When we presented our sample pieces to (Saudi Fashion Commission CEO) Burak Cakmak, we didn’t even talk about the brand. Instead, we discussed what fashion can and should be, and how people are going back to their roots and want to (express) their culture more.”  

The Fashion Commission recognized their potential, providing support that led to KML showcasing its collections at fashion weeks in Paris, Riyadh and Milan.  

“Paris was a wonderful experience. People found our clothes rebellious—especially the skirts for men,” says Ahmed. “But it was rebellious to wear pants in Saudi Arabia 200 years ago! Men everywhere here wore skirts — there were different names for them.”  

However, the historical relevance of the clothes was not immediately apparent to many online commentators.  

“We’re on a high right now, so we tend to forget the lows,” Ahmed says. “We were slaughtered on social media — people told us we were ruining the culture and how men look. It became toxic, so we quit social media temporarily to focus on our work.”  

Neither KLM’s skirts nor its wrap shirts with circular cut-outs at the back were intended to be controversial. Ahmed stresses that throughout the Kingdom’s history, men’s garments have been layered and draped, creating freedom of movement. KLM was simply offering a fresh perspective on them. “People forget: 70 years ago, wearing jeans and a T-shirt in Saudi would have been considered controversial,” he says. “The intention is not for it to be provocative. If anything, we are bringing back dying traditions.”  

Despite the social-media furor, the skirts sold out.  

Much of Ahmed’s design philosophy is rooted in cultural reinterpretation. The idea for cinched waists — or highlighting the waist in some way — was inspired by how Bedouin men would wrap a leather belt or fabric round their waists. He has also designed a long coat with hidden zippers that can be turned into a cropped jacket, highlighting that, traditionally, there have been multiple ways of styling a single garment.  

Another key piece is the one-shoulder tunic. During their research, the siblings discovered that the one-shoulder silhouette was shared across ancient civilizations, from Greece to India — highlighting a universal connection.  

Last year, celebrity stylist Roach discovered their designs. What started as a casual Instagram message turned into a studio visit, during which Roach spent hours trying on their pieces.  

 

 

 

 

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“We thought he would just send someone to pick up a few items,” Ahmed says. “Instead, he showed up himself, spent time with us, and repeatedly told us how this is a cultural product.”  

Then came recognition from the LVMH Prize — one of the most prestigious awards in the industry. “Thousands of designers apply, and only 20 make the cut. We were one of them. It still feels surreal,” says Ahmed. 

Despite their success, one of the siblings’ biggest challenges is production. Currently, KML’s garments are manufactured in Europe, but the ultimate goal is to bring everything back to Saudi Arabia.  

“The fashion ecosystem here is still developing, but we want everything — design, development and runway presentations — to be fully Saudi,” Ahmed says. “Being a Saudi designer is great, but contributing to the bigger ecosystem? That’s even more meaningful.”