A new US-Iran memorandum of understanding allows Tehran to resume oil and fuel exports, potentially boosting the Iranian economy by over $60 billion annually. The deal eases sanctions, enabling wider sales and access to frozen funds, though critics warn of strengthening the regime.
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.
US Vice President JD Vance announced that sanctions against Iran remain in place, excluding those related to oil exports. He stated that frozen Iranian assets could total $200 billion and that all sanctions would be reinstated if Iran fails to meet its obligations.
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.
Crimea has banned nighttime rides on mopeds, quad bikes, and motorcycles, citing their noise resemblance to drone attacks and alleging children are deliberately involved. Ukraine has intensified drone attacks on the peninsula, impacting supply routes and fuel availability. Meanwhile, a Ukrainian drone hit a Moscow refinery, halting operations, and Russia's strikes killed at least eight people across Ukraine.
G7 leaders aim to prioritize the Ukraine war, with Donald Trump suggesting the US may soon reinstate sanctions on Russian oil. Meanwhile, Ukraine reports a bomber crash and Russian strikes kill at least eight people across multiple regions. A Russian artist critical of Putin was killed in Poland.
Global oil prices have fallen to a three-month low and stock markets have reached record highs amid optimism that a US-Iran peace deal could resolve the energy supply crisis. Brent crude dropped 4% to $83 as hopes rise for the reopening of the Strait of Hormuz.
Global oil prices dropped to a three-month low and stock markets rallied amid optimism over a potential US-Iran peace deal that could reopen the Strait of Hormuz and ease energy supply concerns. Brent crude fell below $83 a barrel, while wholesale gas prices declined in Europe.
Global oil prices dropped and stock markets surged as optimism grew for a US-Iran peace deal, potentially reopening the Strait of Hormuz and ending a major energy supply crisis. Brent crude fell below $84/barrel, while European and Asian markets rallied.
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.
Global oil prices dropped significantly as optimism grew for a US-Iran peace deal, potentially reopening the Strait of Hormuz and restoring Gulf oil exports. Brent crude fell below $84 a barrel, reaching its lowest since early March.
A draft US-Iran memorandum of understanding, reportedly to be signed June 19 in Switzerland, includes an immediate end to hostilities, lifting of sanctions on oil exports, reopening of the Strait of Hormuz, and a $300 billion reconstruction package for Iran. Key nuclear issues remain for future talks.
A draft US-Iran memorandum of understanding, reportedly to be signed June 19 in Switzerland, includes an immediate end to hostilities, lifting of sanctions on oil exports, reopening of the Strait of Hormuz, and a $300 billion reconstruction package for Iran. Key details remain unverified.
A draft US-Iran memorandum of understanding, reportedly to be signed June 19 in Switzerland, includes an end to military operations, lifting of sanctions on oil exports, reopening the Strait of Hormuz, and a $300 billion reconstruction package for Iran. Key details remain unverified.
President Trump declared a deal with Iran complete, announcing the immediate reopening of the Strait of Hormuz and lifting of the US naval blockade. Pakistan's PM had earlier confirmed the agreement, with a signing ceremony planned for June 19 in Switzerland.
US President Donald Trump declared a deal with Iran complete, announcing the immediate reopening of the Strait of Hormuz and lifting of the US naval blockade. Pakistan's PM had earlier stated a peace deal was reached, with a signing ceremony planned for June 19 in Switzerland.
US President Donald Trump declared a deal with Iran complete, announcing the immediate reopening of the Strait of Hormuz and lifting of the US naval blockade. Iran's deputy foreign minister confirmed ongoing talks, focusing on sanctions relief, with obligations starting Friday. Pakistan's PM had earlier announced the deal.
US President Donald Trump declared a deal with Iran complete, announcing the immediate reopening of the Strait of Hormuz and lifting of the US naval blockade. Iran's deputy foreign minister confirmed ongoing talks focusing on sanctions removal, with obligations starting Friday.
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.
Donald Trump threatened to seize Iran's oil and gas infrastructure, including Kharg Island, and launch further strikes. The US and Iran exchanged fire for a second day, despite a nominal ceasefire, with both sides accusing the other of violations. Talks on a preliminary deal are ongoing.
Iran relies on Kharg Island for 90% of its oil exports, a critical hub in the Persian Gulf. Despite a recent ceasefire, tensions remain high with ongoing attacks between Iran, Israel, and the US. Donald Trump expressed interest in taking over Kharg Island but questioned US readiness.
Donald Trump stated the US military secretly helped 200 ships and 100 million barrels of oil pass through the Strait of Hormuz, claiming US control over Iran. Experts dispute the scale, noting traffic remains below pre-war levels.
Russia is maximizing its oil export infrastructure and expects production to increase and return to previous levels as refineries resume normal operations, Deputy Prime Minister Alexander Novak stated at SPIEF.
Iraq's Council of Ministers approved plans to increase crude oil exports via pipeline and trucks, aiming to reach 770,000 barrels/day via pipeline and 420,000 barrels/day via trucks. The council also approved opening a representative office for the Ministry of Oil to manage these export operations.
