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 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.
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.
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.
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 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.
Korean sesame oil exports reached a record high of $6.14 million in Jan-Apr, up 37% from last year, fueled by rising demand for healthy foods and the global K-food trend. The US remains the top export destination.
South Korean sesame oil exports surged 37% to a record $6.14 million in the first four months of 2026, driven by global demand for Korean cuisine and healthy eating trends. The US was the largest market.
Venezuela's oil and refined product exports increased by 61% year-on-year to 1.25 million barrels per day in April, marking a third consecutive month of growth. This surge is attributed to the easing of US sanctions and increased foreign investment, with the government aiming to boost daily production to 1.37 million barrels by year-end.
Venezuela's oil exports averaged 1.25 million barrels per day in May, marking a third consecutive monthly increase. Shipments primarily went to the US, India, and Europe, up 0.7% from April and 61% year-on-year.
Saudi Arabia is capitalizing on the Iran conflict to boost its role as an energy and logistics hub, diverting trade through its Red Sea ports and East-West pipeline. Despite global trade disruptions, the kingdom's oil revenues have surged, and its stock market remains resilient, though overall growth forecasts have been adjusted.
China and India are increasingly turning to Brazil for oil supplies due to disruptions in the Strait of Hormuz caused by the US-Iran conflict. Brazil's exports to Asia have surged, with China and India significantly increasing purchases, though it's not a complete replacement for Middle Eastern crude.
The US and Iran are reportedly close to a 60-day ceasefire agreement that would reopen the Strait of Hormuz, allow Iran to resume oil exports, and include talks on curbing its nuclear program, according to Axios.
US sanctions have slashed Iran's oil exports to near zero, forcing storage challenges. Despite predictions of infrastructure failure, Iran is using ships as floating storage and gradually reducing production, suggesting a prolonged standoff.
