Chinese exports of energy-related products to the US saw significant growth in May. Unassembled photovoltaic cells surged 346% year-on-year, while lithium-ion batteries and lead-acid batteries also posted strong gains, reflecting eased trade tensions and US energy system demand.
The US military is conducting covert ship-to-ship oil transfers in the Gulf of Oman to maintain energy exports amid an Iranian blockade. The operation, involving smaller tankers transferring oil to larger vessels, aims to mitigate the global energy supply shock caused by the Strait of Hormuz closure.
Russia's non-resource non-energy exports to friendly nations reached $32.5 billion in Q1 2026, with industrial goods making up $22.6 billion, exceeding the quarterly target by 18%.
UAE and Qatar oil giants are employing "dark transits," switching off vessel transponders in the Strait of Hormuz to maintain energy exports amid escalating regional tensions and pressure on global supply routes.
US Secretary of State Marco Rubio visited India to discuss energy security, stressing US exports to diversify India's supply and prevent geopolitical disruptions. He met PM Modi, inviting him to the White House and discussing Middle East, critical supply chains, and emerging technologies.
Venezuela's interim President Delcy Rodríguez will visit India next week for oil sales talks, announced US Secretary of State Marco Rubio. Rubio stated the US aims to increase energy exports to India, a "great partner," while Venezuela seeks to diversify its oil buyers.
Canada's Prime Minister Mark Carney and Alberta Premier Danielle Smith signed a deal on industrial carbon pricing, a key step towards building an oil pipeline to increase crude exports to Asia. The deal aims to reduce Canada's reliance on the US, despite environmental opposition.
Almost two months after the Strait of Hormuz was effectively shut to commercial traffic due to the U.S.-Iran conflict, Middle Eastern oil and gas producers are scrambling to find alternative export routes. Around 20% of the world's oil previously transited through this critical waterway. The blockade has supercharged global energy prices and highlighted vulnerabilities at key maritime chokepoints. Gulf states are now actively exploring bypass routes including the East-West pipeline and the UAE's Habshan-Fujairah pipeline, while Iran has seen its strategic leverage weaken as producers seek permanent re-routing options.
Oil prices slipped slightly on Thursday after strong gains the previous session, as investors weighed stalled peace talks between Iran and the United States and ongoing restrictions on the Strait of Hormuz. Brent crude fell 15 cents to $101.76 a barrel, while WTI slipped 14 cents to $92.82. Both benchmarks had surged over $3 on Wednesday driven by a draw in US fuel inventories and uncertainty over US-Iran diplomatic progress. Iran seized two ships in the strait, tightening control over the critical waterway that handles around 20% of global oil and LNG flows.
