Two tankers reported attacks near the Strait of Hormuz, with one damaged, as US-Iran tensions escalate. The incidents follow renewed US strikes on Iran and President Trump's threats, raising concerns about maritime security in the critical oil transit chokepoint.
Renewed US attacks on Iran have closed the Strait of Hormuz, threatening global oil supplies and driving prices above $100, risking inflation and recession. China, the world's largest oil buyer, is unlikely to use its strategic reserves to cushion prices, a move that could prolong the conflict.
Oil prices, Brent and WTI, saw significant monthly declines in June, dropping over 20%, as traders monitored potential US-Iran talks in Qatar. The mixed messages regarding these talks underscore the fragility of an interim peace deal reached earlier this month, which paused fighting impacting global oil flows through the Strait of Hormuz.
Oil prices fell Tuesday, with Brent crude down 21% and WTI down over 20% in June. Markets are monitoring potential U.S.-Iran talks in Qatar, though mixed signals from both sides and the fragility of a recent interim deal create uncertainty.
Crimea declared an "emergency situation" due to fuel shortages and power cuts from Ukrainian aerial attacks. Russia reported shooting down 660 Ukrainian drones. Ukraine plans domestic AI computing capacity with Kyivstar, and both nations swapped 160 captured soldiers.
Escalating Middle East conflict renews focus on energy security and logistics, accelerating global transition to renewables as nations diversify from fossil fuels and chokepoint reliance.
India and Russia will continue oil trade regardless of US stance and sanctions, stated Sammy Kotwani, President of the Indian Business Alliance, at the St. Petersburg International Economic Forum. He noted that both countries have experience managing complex trade conditions and that cooperation extends beyond oil to defense, pharma, agriculture, and technology.
German minister expects no quick Bafög reform, citing lack of support and privileged student situation. Meanwhile, US sanctions on Iran's oil trade, using a 'shadow fleet', continue to face challenges in disrupting the regime.
The US and Iran are reportedly close to signing a deal to extend a ceasefire for 60 days, reopening the Strait of Hormuz and lifting oil trade restrictions on Tehran. Negotiations will also address the Iranian nuclear program and Israeli military actions.
A nearly $1 billion oil short placed before news of progress toward US-Iran deal to end the war has raised suspicions of insider trading Read Full Article at RT.com
Firm benefits from conflict to rake in $6.9bn as higher energy prices turbo-charge profitsShell has reported better than expected profits of $6.9bn after its oil traders reaped the benefits of soaring energy prices during the war in Iran, angering climate campaigners.Higher oil and gas prices during the Middle East conflict helped Europe’s biggest oil and gas company post a 115% jump in first-quarter profits from the $3.2bn reported in the last three months of 2025, easily surpassing the $6.4bn forecast by City analysts. Continue reading...
The US has threatened sanctions against shipping firms paying Iran for safe passage through the Strait of Hormuz. This follows a US naval blockade on Iranian tankers and rising tensions after mutual strikes in late February.
The United States on Friday sanctioned multiple entities and individuals it said were involved in trading Iranian petroleum and petroleum products, including a China-based oil terminal operator and a Chinese national. The State Department said the operator, Qingdao Haiye Oil Terminal Co., Ltd, “imported tens of millions of barrels of sanctioned Iranian crude oil”. Also on the sanctions list is Li Xinchun, a Chinese national who is president of the China-based oil terminal, as well as a Hong...
President Trump described the US naval blockade against Iran as 'genius' and '100% foolproof,' asserting Tehran must abandon nuclear ambitions for any deal. US Central Command reported the 42nd commercial vessel was redirected attempting to violate the blockade. Iran has proposed a conditional ceasefire offering to halt military operations if the US lifts the blockade, with Washington reviewing the offer.
Bitcoin traded near $76,600 after failing to sustain a push toward $78,000. While the asset initially resisted rising crude oil prices, the opening of US equity markets triggered a pullback, highlighting the ongoing tension between crypto-specific demand and broader macro risks.
BP has reported first-quarter profits of $3.2bn, more than double the $1.38bn from the same period last year, after capitalising on surging oil prices caused by the Iran conflict. The energy giant's new chief executive Meg O'Neill credited "exceptional oil trading" for the result, the highest quarterly profit since 2023. The conflict has throttled Gulf oil exports through the Strait of Hormuz, with Brent crude reaching $119/barrel in March. Campaign groups condemned the "horrifying" profits as coming at the expense of millions of consumers, while BP's Rumaila oilfield in Iraq was damaged by drone attacks.
The US Treasury Department announced fresh sanctions on a major China-based oil refinery and approximately 40 shipping companies and tankers linked to Iranian oil transport. The measures target what Washington describes as an extensive shadow network moving Iranian crude to global markets, part of the broader 'maximum pressure' campaign and 'Economic Fury' initiative to restrict Iran's oil income. China criticized the move, accusing Washington of abusing unilateral sanctions. China remains the largest buyer of Iranian oil, accounting for over 80% of exports.
Leading international oil traders at the Financial Times global commodity summit in Lausanne warned that the world underestimates the oil deficit stemming from the Middle East conflict. Industry attendees expressed concern that politicians, society, and financial markets fail to grasp the severity of the coming global oil shortage, with many countries' inventories insufficient if the conflict continues.
US claimed that it holds "total control" over the Strait of Hormuz, calling it a success. However, reports reveal Iran-linked tankers are bypassing these restrictions. At least 34 tankers have continued operations, with some carrying significant oil volumes. This situation creates a complex environment for global oil trade. Tensions remain high as both sides assert control over the vital waterway.
The Strait of Hormuz remains effectively closed despite the April 8 ceasefire, with traders on Polymarket placing just 28% odds on normal traffic returning by April 30. BIMCO has advised vessels to avoid the area entirely, citing uncleared mine threats, while tanker traffic remains below 5% of pre-war volumes. Brent crude peaked near $126 per barrel—the fastest oil price spike in modern history—while prediction markets suggest a slow, complicated normalization with 61% odds of reopening by May 31 and 70% by June 30.
The UAE has reportedly threatened the ditch the dollar in oil trade during talks on a potential currency swap with the US Treasury Read Full Article at RT.com
