Yemen's Presidential Leadership Council announced oil export resumption from July 20, aiming to restore foreign currency and fund services. However, security challenges, Houthi threats, and restoring market confidence pose significant hurdles to sustained exports and economic stability.
Lego and Nintendo continue their partnership with the 1,371-piece Donkey Kong Arcade set, a playable replica of the classic game. Priced at $200, it features a working lever, joystick, and characters Jumpman, Donkey Kong, and Lady, launching August 1.
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.
Japan imported approximately 1.53 million barrels of Russian oil in May and June at an average price of $103 per barrel, primarily from the Sakhalin-2 project, which is exempt from sanctions. This occurs amidst a domestic debate on energy security and continued cooperation with Russia despite G7 policies.
Indian Oil Corp and Hindustan Petroleum Corp have collectively purchased approximately 7 million barrels of crude oil via recent tenders. Deliveries are expected between August and September, enhancing India's energy supply.
India's state-owned oil refiners Indian Oil Corp and Hindustan Petroleum Corp purchased approximately 7 million barrels of crude oil last week. This comes as the country's crude inventories have recovered significantly after disruptions.
Western Europe, including Spain, Portugal, France, and the UK, is bracing for another heatwave with temperatures 10-15C above average, nearing 40C in some areas. Persistent warm nights pose health risks. Meanwhile, Super Typhoon Bavi is causing destruction in the North-Western Pacific with extreme winds and flooding.
Six spherical objects found on a Queensland beach are likely pressure vessels from a foreign space launch vehicle that recently re-entered the atmosphere. The Australian Space Agency is working with international authorities to confirm the origin.
OPEC+ announced a 188,000 bpd production increase from August by seven member countries, including Saudi Arabia and Russia. This move follows signs of market recovery and easing tensions related to the US-Israel war on Iran, which had previously impacted shipping through the Strait of Hormuz.
OPEC+ approved a 188,000 bpd production increase for August, the fifth since the West Asia war. This aims to boost crude availability, lower prices, and ease pressure on importers like India, with Brent crude nearing pre-conflict levels.
OPEC+ will raise oil production quotas by 188,000 bpd from August, continuing to unwind earlier cuts. This follows similar increases in June and July, with nearly 800,000 bpd added by core members. Despite this, output remains below pre-conflict levels due to disruptions.
An estimated 58-68 million barrels of Iranian oil are currently at sea, with over 90% lacking a defined destination, according to Bloomberg and Vortexa data. Tehran is actively seeking buyers following the US's 60-day suspension of sanctions.
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.
India's crude oil imports from Russia have reached an all-time high, exceeding 50% in June, driven by the US-Iran conflict and a lapsed sanctions waiver on Iranian oil. While Russia remains the dominant supplier, potential rebalancing towards Middle Eastern sources is expected as the Strait of Hormuz reopens and discounts narrow.
Iran has exported over 40 million barrels of crude oil since the US lifted its naval blockade, with prices reportedly 20% higher than pre-war levels. A recent MOU aims for a permanent peace deal after nearly four months of conflict.
Iran's Parliament Speaker announced over 40 million barrels of oil exported since the US lifted its naval blockade, reopening passage through the Gulf of Oman and Strait of Hormuz. This follows a memorandum signed June 18 to end an armed conflict.
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.
US President Donald Trump orders DOJ probe into oil companies for not lowering pump prices commensurate with sharply lower oil prices they pay, despite global oil prices tumbling.
Iran is reportedly seeking to diversify oil buyers beyond China during a 60-day US sanctions waiver, but Asian refiners show little urgency due to secured alternative supplies and uncertainty over future US policy.
US Vice President JD Vance stated that the US and Iran have established a mechanism to ensure the Strait of Hormuz remains open for navigation, with approximately 15 million barrels of oil already transported. He also mentioned efforts to manage regional conflicts and expressed optimism about transforming the Middle East.
Nations heavily impacted by the economic fallout of the Iran war and Strait of Hormuz closure are accelerating efforts to build strategic oil and gas storage, a global push that could generate demand for around half a billion additional barrels. The move follows lessons from the IEA's record reserve release and China's ability to reduce imports during the crisis, aiming to prevent severe economic distress in import-dependent economies.
Iran's IRGC Navy announced closure of the Strait of Hormuz, citing US bad faith and Israeli strikes in Lebanon. Maritime traffic monitoring showed continued transit, disputed by the US. Tensions rise as US-Iran talks are set to begin, with fighting persisting in Lebanon.
Following a peace deal between Tehran and Washington, 11 tankers carrying 20 million barrels of crude oil have departed Iran's Gulf of Oman port. The exports, previously hindered by a US military blockade, are primarily destined for China. Despite increased activity, uncertainty remains due to delayed peace negotiations and recent clashes.
Nearly 80 million barrels of non-sanctioned crude oil are waiting on 40 supertankers in the Persian Gulf, ready to transit the Strait of Hormuz if shipping activity resumes following an interim US-Iran agreement. Abu Dhabi National Oil Co. has instructed customers to resume loading crude, signaling a potential increase in maritime traffic.
