India's oil imports reached a record 4.93 million barrels per day in June, with Russia supplying over half. This surge occurred despite Middle East tensions, highlighting India's successful diversification and procurement strategies.
The U.S. and Iran agreed to pause hostilities and allow free transit in the Strait of Hormuz after a weekend of military exchanges. This understanding follows U.S. strikes on Iranian targets and Iranian attacks on commercial vessels and regional countries, despite an ongoing ceasefire.
Russian President Vladimir Putin has extended the ban on oil and petroleum product supplies under the G7 and EU price cap until December 31, 2027. The decree, effective since February 2023, prohibits sales to foreign entities if contracts include the price cap mechanism.
Ukraine has intensified attacks on Russian logistics and communications, targeting satellite centers near Moscow and oil facilities in Crimea. These strikes exploit Russia's redeployment of air defense systems to protect key areas like the Kerch Bridge, weakening other fronts.
A tentative US-Iran deal aims to reopen the Strait of Hormuz, but global economic fallout persists. Energy markets anticipate supply recovery, yet recession looms for Gulf economies, while US inflation rises. Analysts warn of fragile peace and long-term economic impacts.
US envoy Steve Witkoff and Iranian Foreign Minister Abbas Araqchi are heading to Switzerland for talks following a ceasefire in Lebanon. The talks aim to turn an interim Iran war pact into a lasting regional deal, potentially reviving efforts to reopen the Strait of Hormuz and stabilize oil supplies.
Ukrainian President Zelenskyy gave Belarus one week to remove Russian military equipment used in attacks on Ukraine, threatening to do so himself. He also highlighted Belarus's role in supplying Russia's oil refining industry and the Russian army. Meanwhile, EU leaders discussed diplomatic channels with Russia, and Poland's president threatened to revoke an honor for Zelenskyy over renaming a military unit.
UK inflation held steady at 2.8% in May, defying expectations of a rise. This suggests the Middle East conflict's impact on living costs may be less severe than feared, despite high fuel prices. Economists are downgrading inflation forecasts and questioning future interest rate hikes.
Russia increased mineral and crude oil supplies to ASEAN countries by 40% in Q1 2026 due to the Hormuz Strait crisis. Minister Maxim Reshetnikov announced plans for long-term contracts and infrastructure development to ensure energy security and competitive prices.
Brent crude prices are expected to stabilize between $70-75 per barrel by year-end, even after the Strait of Hormuz reopens, according to Maria Belova. She cited limited producer capacity and strategic reserve needs as factors preventing deeper price drops. A potential divergence between futures and physical markets is also noted.
US President Donald Trump announced an initial deal to end a Middle East war would be signed Sunday, with the Strait of Hormuz to be reopened. Pakistan's PM confirmed a peace deal framework, but Iran's Foreign Ministry spokesman cautioned against immediate signing, stating it would not be tomorrow.
Australia sees a 10% drop in electricity prices due to record renewables and battery use, transforming households into market producers. This shift offers lessons for other nations on energy market reform.
Australian government documents reveal plans for retail fuel rationing, including a "maximum transaction value per vehicle per day," as a worst-case scenario. This comes amid warnings from the International Energy Agency about dwindling global oil stocks.
Russia's Deputy Prime Minister Alexander Novak stated that China is interested in long-term and increased oil supplies from Russia, a commitment Moscow is ready to fulfill amidst global market challenges. The announcement came during a Russian delegation's visit to China.
Russia's oil supplies to China rose 10% year-on-year in the first four months of 2026, according to Deputy Prime Minister Alexander Novak. This follows a total of nearly 100 million tons supplied in 2025.
Angola is ready to increase crude oil supplies to South Korea to help mitigate supply issues caused by the Middle East crisis. Ambassador Sianga Kivuila Samuel Abilio stated that Angola could serve as a complementary supplier, directing spot cargoes to Korean refineries. The countries also discussed cooperation in critical minerals and infrastructure projects like the Lobito Corridor.
Russia and China are finalizing an agreement to increase Russian oil supplies to China via Kazakhstan. The deal, approved by the Russian government, aims to boost transit volumes, with potential increases noted by Transneft CEO.
Europe is unlikely to face a jet fuel crisis in the coming weeks due to price hikes encouraging refiners to redirect fuel cargoes. However, concerns persist for early fall if the U.S.-Israeli war against Iran continues, impacting oil shipments.
The IEA noted that since the beginning of the Middle East conflict, global oil supplies have dropped by 12.8 mln bpd
Saudi Aramco said Q1 profit rose 25% as the Iran war disrupted global oil supplies and pushed up prices. The company shifted some exports away from the Strait of Hormuz via its East-West Pipeline, which is now operating at full capacity.
Japan also maintains participation in another LNG project, Arctic LNG 2, but due to US sanctions cannot receive gas from it
The price hike is attributed to the situation around Iran and disrupted oil supplies through the Strait of Hormuz
Markets rally as US president announces ‘short’ pause to operation escorting ships through strait of HormuzBusiness live – latest updatesOil prices have fallen below $100 and stock markets rose as Donald Trump touted “great progress” towards a “final agreement” with Iran, and Tehran indicated it was ready to reopen the strait of Hormuz.The US president said he would briefly pause his “Project Freedom” operation escorting ships through the strait, which carries about a fifth of the world’s oil supplies but has been blockaded by Iran since late February, triggering a global energy crisis. Continue reading...
Under new agreements between the United States and Venezuela, revenues from the sale of Venezuelan oil are accumulated in accounts controlled by Washington
