Oil prices have fallen below $80 per barrel, nearing pre-conflict levels, driven by optimism over a potential US-Iran agreement that could reopen the Strait of Hormuz to oil flows.
Oil prices dropped near $70 as a potential US-Iran agreement raised hopes for reopening the Strait of Hormuz, potentially easing supply concerns. WTI and Brent crude fell around 5% to three-month lows.
Residents of Schwedt, eastern Germany, fear economic collapse if the PCK refinery loses oil supplies after Russia announced it will halt Kazakh oil transit via the Druzhba pipeline from May 1. The refinery supplies 90% of Berlin's fuel and relies on Kazakh oil since Germany banned Russian imports in 2023. Rerouting via sea ports would cut capacity to 65-70%, potentially forcing staff cuts.
Oil transit through the Druzhba pipeline to Slovakia and Hungary has resumed after a three-month shutdown. The suspension, attributed by Ukraine to infrastructure damage, was widely viewed as a political standoff over EU financial aid to Kiev.
Hungarian company MOL received official notification from the Ukrainian operator of the Druzhba oil pipeline regarding its readiness to resume oil transit from Russia to Hungary and Slovakia
Kazakhstan’s energy minister announced Wednesday there would be no transit of its oil to Germany through Russia throughout May due to Russian technical constraints, assuming it is “related to recent strikes on Russian infrastructure".
Rosneft Deutschland has notified the German Federal Network Agency that transit of Kazakh oil via the Druzhba pipeline to the PCK refinery in Schwedt will cease starting May 1, 2026, citing instructions from the Russian Energy Ministry. Russia cited lack of technical capability to transport the oil. Kazakhstan is redirecting crude flows to other destinations including the Caspian Pipeline Consortium. Germany expects no threat to oil product supply security despite potential production reductions at the Schwedt refinery. In 2025, Kazakhstan delivered 2.1 million tons of oil to Germany via this route.
Ukraine has resumed Russian oil transit to Hungary and Slovakia via the Druzhba pipeline after a three-month halt. The resumption follows political tensions and precedes the EU's expected approval of a €90 billion emergency loan for Ukraine.
Ukraine has resumed pumping Russian oil through the Druzhba pipeline into Hungary and Slovakia, ending a months-long deadlock over a €90bn EU loan for Kyiv. The oil transit resumed on Wednesday after repairs to damage caused by a Russian attack in late January. EU ambassadors meeting in Cyprus gave preliminary approval to the loan and a 20th sanctions package on Russia. Hungary's Viktor Orbán, who lost his 16-year grip on power in Sunday's election, had demanded the oil flow resume before lifting his veto on the loan.
Kazakhstan will resume oil transit via the Druzhba pipeline as soon as it is technically feasible, Energy Minister Erlan Akkenzhenov said. The suspension information only concerns May, and Kazakhstan is reallocating oil supplies to other destinations including the Caspian Pipeline Consortium and China. The country does not plan to cut production.
Ukraine will resume transit of Russian oil to Hungary via the Druzhba pipeline at noon on April 21, Hungarian Minister for European Union Affairs Janos Boka said. Supplies via Druzhba have been halted since January 27. Boka credited Hungary's blocking of a €90 billion EU loan for Ukraine as the reason for the resumption, stating 'The Hungarian strategy worked: Ukrainians ran out of money before we ran out of oil.'
EU ambassadors are set to approve a €90 billion loan to Ukraine on Wednesday, conditional on Russian oil transit through the Druzhba pipeline to Hungary resuming. Hungary has blocked the loan since February over a dispute regarding the damaged pipeline, but Prime Minister Viktor Orbán has indicated he will drop his veto once flows are restored. Ukrainian President Volodymyr Zelenskyy committed to repairing the pipeline after opposition leader Péter Magyar defeated Orbán in Sunday's election. If approved, Ukraine could receive the funds in May.
Hungary's outgoing PM Viktor Orbán said he will lift his veto over a €90 billion EU loan to Ukraine if Kyiv restores oil flows through the Druzhba pipeline, potentially as early as Monday. The pipeline, carrying Russian oil through Ukraine to Hungary and Slovakia, has been at the center of diplomatic tensions since February when Orbán vetoed the loan after Ukraine refused to repair infrastructure damaged by Russian strikes. Ukrainian President Volodymyr Zelenskyy promised to repair the pipeline by the end of April following opposition leader Péter Magyar's election victory last weekend.
China has called for calm and a ceasefire after the US announced a naval blockade of Iranian ports following the collapse of diplomatic talks in Pakistan. The move threatens international trade routes in the Persian Gulf and Gulf of Oman.
