A US Navy-led maritime security group warned that Iran-backed Houthis in Yemen have completed preparations to attack Red Sea shipping, particularly near Bab el-Mandeb. The EU naval mission advised vessels linked to Israeli, US, or Saudi interests to avoid the area, while Iran has also increased attacks on tankers in the Strait of Hormuz.
The Strait of Hormuz is experiencing increased oil and LNG shipments from Qatar and other Gulf nations for the first time since the war began. This follows improved regional activity and progress in US-Iran talks, easing tensions. Deals with Taiwan and India mark the first Qatari crude sales to Asia since the conflict.
Russia's crude oil and petroleum product exports reached 7.35 million barrels per day in May 2026, a 0.14% increase from April, despite a 3.26% revenue drop to $20.79 billion due to lower energy prices.
Despite a new peace deal, the war on Iran and its ripple effects have normalized conflict, causing widespread hardship, economic upheaval, and collateral damage across the Middle East, with ongoing strikes and unresolved issues threatening lasting peace.
US President Donald Trump vowed to seize control of Iran's Kharg Island, crucial for crude exports, stating "we will be taking Kharg Island... and assume total control of their Oil and Gas Markets." The island holds significant oil infrastructure and military installations, and its loss would severely impact Iran's economy. However, holding the island would be difficult for the US due to potential Iranian attacks.
The "Haiyang Shiyou 112" FPSO has completed its 1000th crude oil export operation in the western Bohai Sea. The facility has been in continuous operation for 22 years, exporting over 48 million tons of crude oil.
