Washington and Tehran are set to begin talks on a peace agreement, mediated by a Middle Eastern country, focusing on restoring commercial navigation through the Strait of Hormuz, lifting US sanctions on Iranian ports, ending regional strikes, and renewing unrestricted Iranian oil exports, as announced by Donald Trump.
Houthi threats to Saudi oil shipments via Bab al-Mandab have pushed Brent crude above $100 a barrel and raised fears of a further spike. The disruption is also tightening global diesel, petrol and gas markets.
Oil prices surpassed $100 a barrel for the first time in two months due to escalating Middle East tensions, including Houthi militia attacks on Saudi oil tankers in the Red Sea. This renewed conflict threatens global oil supplies, pushing up government borrowing costs and causing stock market declines amid inflation fears.
Oil prices surpassed $100 a barrel for the first time in two months due to escalating Middle East conflict, particularly Houthi attacks on Saudi oil tankers and rising US-Iran tensions over Red Sea and Strait of Hormuz oil flows.
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.
Four tankers transporting Kazakh crude oil were attacked by drones at the Caspian Pipeline Consortium (CPC) marine terminal in the Black Sea over four days. Kazakhstan condemned the attacks, attributing them to destabilization efforts and undermining global energy security, and suspended loading operations.
Yemen's Houthi militia, aligned with Iran, has threatened to attack tankers using Saudi Arabian ports, potentially disrupting Saudi oil exports and deepening the regional crisis, with the US weighing responses.
Transneft's 2025 annual report shows a 1.1% year-on-year increase in oil exports, but overall crude intake into its trunk pipelines and refined product transportation decreased. The declines are attributed to lower refinery runs in Russia and OPEC+ output cuts, with 2026 volumes projected to stabilize.
Russian oil and petroleum product exports in June 2026 reached 7.71 million bpd, a 5.33% increase from May. However, export revenues dropped nearly 24% to $15.84 billion due to lower energy prices, with Urals crude falling to $61.15 per barrel.
US President Donald Trump has renewed threats to seize Iran's main oil export hub, Kharg Island, after declaring an interim ceasefire "over" and warning of further US strikes. The island, which handles 90% of Iran's oil exports, was reportedly attacked by US forces.
Morocco's olive oil exports to Spain saw a dramatic 9,979% increase between early 2025 and early 2026, jumping from 103 to over 10,000 tonnes. While a significant rise, Moroccan oil still represents a small fraction of the Spanish market, which is also experiencing a production decline.
Morocco's olive oil exports to Spain saw a dramatic 9,979% increase between early 2025 and early 2026, rising from 103 tonnes to over 10,000 tonnes. This surge, driven by a strong Moroccan harvest and preferential EU trade terms, reversed the trade balance, with Spain now importing more than it exports to Morocco. Despite the jump, Moroccan oil still represents a small fraction of Spain's total imports and domestic production.
Ukrainian drones targeted Russia's Omsk oil refinery, its largest, located 2,700km from Ukraine. The attack, confirmed by local authorities, occurred before a Nato summit. Russia claimed most drones were destroyed, with no casualties. President Zelenskyy hailed it as a significant achievement, extending Ukraine's strike capability to Siberia.
Four Saudi supertankers, carrying 8 million barrels of oil, have crossed the Strait of Hormuz, marking the largest shipment since the US and Israel's war against Iran began in February. The vessels reached the Gulf of Oman on Thursday, indicating increased Saudi exports following the resumption of maritime transit.
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.
Iran's foreign ministry spokesperson Esmaeil Baghaei rejected Donald Trump's claim of imminent US-Iran talks in Doha, stating no negotiations are scheduled. An Iranian expert delegation will visit Doha to follow up on a MoU regarding frozen assets, not for new talks, despite recent military de-escalation.
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.
Iraqi authorities are reportedly considering withdrawing from OPEC if their proposal to increase oil production quotas is rejected. This move aims to boost exports and offset losses from the US-Iran conflict, with a decision expected after Prime Minister Ali al-Zaidi's mid-July visit to Washington.
Asian economies are expected to exercise caution in buying Iranian oil despite a 60-day sanctions waiver, weighing compliance, financial risks, and potential US-Tehran hostilities. This comes as global markets seek cheaper energy, but refiners view the waiver as too short for complex legal requirements.
UAE oil exports have significantly rebounded, reaching almost 85% of pre-conflict levels by early June. The nation utilized alternative routes, storage, and strategic shipping to overcome Gulf tensions, increasing exports from 1.9 million barrels/day in March to 4.3 million in early June.
The US Treasury has issued a 60-day sanctions waiver for Iranian oil exports, allowing production, delivery, and sale to the US. This follows "encouraging" talks in Switzerland aimed at a peace deal, with US Vice President JD Vance expressing optimism about laying a "good foundation" for a final agreement.
Oil prices fell Monday after US-Iran talks in Switzerland concluded with Tehran securing waivers for oil and petrochemical exports, easing concerns over potential supply disruptions. Brent crude futures were down 1.90% at $79.04 per barrel.
Iran has suspended high-stakes talks with the US in Switzerland, citing President Trump's threats to bomb Iran and kidnap its negotiators. Despite the walkout, Iran reached a draft agreement on US waivers for oil sanctions, a key precondition for nuclear talks.
US and Iranian delegations met in Switzerland to discuss an interim deal, focusing on the Strait of Hormuz, sanctions, and the conflict in Lebanon. Tensions are high due to Iran's decision to keep the strait closed and internal dissent regarding the negotiations.
