President Trump declared a June 17 ceasefire with Iran "over," ordering new US strikes after alleged Iranian attacks on tankers in the Strait of Hormuz. This breakdown raises fears of renewed conflict, impacting oil markets, US politics, and Iran's nuclear program.
President Trump declared a June 17 ceasefire with Iran "over," ordering new US strikes after alleged Iranian attacks on tankers in the Strait of Hormuz. This raises fears of renewed conflict, impacting oil markets, US midterm politics, and Iran's nuclear program.
South Korean police have booked 29 individuals on suspicion of spreading fake news related to election ballot shortages, crude oil shipments to North Korea, and the 1980 Gwangju democratization movement. Investigations are ongoing, with a dedicated task force established to expedite the process.
Saudi Arabia has significantly increased oil shipments via the Strait of Hormuz since the U.S.-Iran agreement to reopen the sea lane. Exports have more than doubled, indicating a revival of Gulf logistics and clearing of a backlog.
Daily oil shipments via the Strait of Hormuz have surpassed 10 million barrels, with an additional 5 million barrels using alternative routes. This follows Iran's confirmation of the strait's reopening to commercial vessels after a US-Israeli military operation.
Kazakhstan plans to increase oil exports via the Baku-Tbilisi-Ceyhan pipeline and expand its presence in Georgia's Black Sea ports. The move deepens strategic ties following talks between Kazakh President Tokayev and Georgian PM Kobakhidze, focusing on energy, transport, and investment.
Approximately 14 million barrels of Iraqi oil have exited the Persian Gulf via the Strait of Hormuz in late June, reaching buyers in Asia, Europe, and the US. This follows a US-Iran ceasefire, easing a blockage caused by earlier US-Israel attacks on Iran that had nearly closed the vital shipping lane.
Crude oil prices, including Brent and WTI, fell on Friday as concerns over supply disruptions in the Strait of Hormuz eased, despite earlier tensions and an unidentified projectile hitting a cargo ship. The decline follows a US-Iran peace conclusion, bringing prices near pre-war levels, while Venezuelan earthquake damage to oil infrastructure was limited.
Mexican President Claudia Sheinbaum announced plans to restart oil shipments to Cuba, aiming to alleviate the island's worsening energy crisis. The move seeks to leverage recent free-market reforms in Cuba and engage Mexican business owners already present on the island.
US drivers are seeing relief as national average gas prices dropped below $4 a gallon on Thursday, driven by falling oil prices and a tentative peace agreement between the US and Iran. Despite the decrease, prices remain higher than pre-war levels.
Crimea has banned nighttime rides on mopeds, quad bikes, and motorcycles, citing their noise resemblance to drone attacks and alleging children are deliberately involved. Ukraine has intensified drone attacks on the peninsula, impacting supply routes and fuel availability. Meanwhile, a Ukrainian drone hit a Moscow refinery, halting operations, and Russia's strikes killed at least eight people across Ukraine.
G7 leaders aim to prioritize the Ukraine war, with Donald Trump suggesting the US may soon reinstate sanctions on Russian oil. Meanwhile, Ukraine reports a bomber crash and Russian strikes kill at least eight people across multiple regions. A Russian artist critical of Putin was killed in Poland.
Oil prices dropped sharply Sunday after President Trump announced a "complete" deal with Iran and the "immediate toll-free reopening of the Strait of Hormuz." Brent crude fell 3.9% to $84/barrel, US crude 4.8% to $81. The waterway had been effectively closed since February.
Turkey's Energy Minister Alparslan Bayraktar stated that natural gas supply via the Strait of Hormuz is non-existent and oil shipments are manageable, posing no threat to energy security. He highlighted increased domestic and renewable energy investments, with renewables comprising 62.4% of installed capacity.
Iran maintains control over the Strait of Hormuz, leading to around 160 oil tankers with 170 million barrels of crude oil being held up in the Persian Gulf. The Islamic Revolutionary Guard Corps has stated that 26 ships have passed through the strait in the last 24 hours after obtaining permission. Iran has established an ad hoc authority to manage maritime traffic, effectively normalizing tolls and maintaining transit at 26 ships per day. This strategy appears to be a tool for permanent negotiation rather than an indefinite blockade, though insurance premiums and delivery times are expected to remain high. Iran has also threatened to block the Bab al-Mandab Strait in response to escalation in Lebanon.
The US Treasury Department has extended a waiver on sanctions for Russian crude oil and petroleum products loaded onto tankers by April 17, allowing transactions until June 17. This aims to stabilize the global oil market and ensure energy access for vulnerable nations.
The US Treasury is granting a 30-day waiver on sanctions for Russian oil shipments to help vulnerable nations access energy resources. This temporary measure aims to provide flexibility for countries needing oil currently at sea.
The U.S. offers Cuba $100 million in aid conditional on "fundamental changes" to its communist regime, as CIA Director John Ratcliffe visits Havana, amidst Cuba's severe fuel crisis and U.S. sanctions.
According to the report, these shipments are primarily directed from the US East Coast to Asian countries that are facing a sharp reduction in supplies from the Persian Gulf
Surveillance footage released by the Iranian Red Crescent Society shows chaotic scenes inside Tehran hospitals as air strikes hit nearby areas, with medical staff evacuating newborn babies to safety. The conflict began when US-Israel launched Operation Epic Fury on Feb 28. Tensions have escalated across the Strait of Hormuz with near-total disruption of oil shipments and naval confrontations. President Trump ordered military action against Iranian small boats and intensified mine-clearing operations, while both sides seized tankers in the escalating maritime standoff.
Kuwait's declaration of force majeure on crude oil shipments will have limited impact on South Korea as the country has already secured alternative supplies amounting to 70 million barrels for May, representing about 80% of usual monthly imports, amid the ongoing Middle East crisis affecting the Strait of Hormuz.
