Tehran has stated it will require concessions from the United States before agreeing to reopen the Strait of Hormuz, a critical global oil shipping chokepoint. The development suggests an ongoing closure or blockage of the strategic waterway.
Waha Oil Company successfully contained a leak on the Zaqout-Sidra pipeline within 24 hours of detection during routine inspection and resumed pumping operations at 4:00 a.m. Saturday. The pipeline typically transports between 340,000 and 400,000 barrels of oil per day.
Following U.S. warnings, Ukraine has agreed not to target certain non-Russian oil tankers and Black Sea infrastructure critical for Kazakhstan's crude oil exports, including the Caspian Pipeline Consortium terminal. The agreement comes after Ukrainian strikes in July halted loadings and disrupted energy supplies to Europe.
Russia imported nearly 30,000 metric tons of refined fuels from South Korea in late July and record-high volumes from Belarus, as Ukrainian drone attacks on Russian oil refineries have caused widespread fuel shortages and forced Moscow to seek emergency imports.
The Senate overwhelmingly approved sweeping Russian sanctions legislation Friday that would allow President Trump to impose 100% tariffs on the world's top five purchasers of Russian oil and gas, including India and China. The bill, championed by Sen. Lindsey Graham before his unexpected death in July, now heads to the House of Representatives.
The Senate overwhelmingly approved sweeping Russian sanctions legislation Friday that would allow President Trump to impose 100% tariffs on the world's top five purchasers of Russian oil and gas, including India and China. The bill, championed by Sen. Lindsey Graham before his unexpected death in July, now heads to the House of Representatives.
Ukrainian drone attacks on Russian oil facilities and Black Sea shipping routes reduced Caspian Pipeline Consortium oil loadings by one-fifth in July, disrupting Kazakhstan's exports and adding strain to global commodity markets already facing Middle East tensions.
Ukrainian forces hit two oil refineries deep inside Russian territory in overnight attacks, President Volodymyr Zelenskyy announced Thursday, continuing a 40-day campaign targeting Russia's energy infrastructure and wartime economy. The strikes hit facilities including the Slavneft-Yanos refinery, located thousands of kilometers from the border.
Iran-aligned Houthi militants in Yemen launched missile attacks on Saudi oil tankers in the Red Sea and Gulf of Aden, prompting at least six Saudi-flagged supertankers to divert toward southern Africa. The attacks mark a resumption of Houthi targeting of Saudi vessels after a nine-month pause.
Indian oil refiners are increasingly purchasing crude from West African sources, including Nigerian grades, while some seek to avoid Gulf routes through the Strait of Hormuz and Red Sea amid ongoing regional tensions. Mangalore Refinery bought 1 million barrels of Oman crude while Hindustan Petroleum purchased 2 million barrels of Nigerian crude for its Rajasthan refinery.
An EU naval mission led by Italy boarded a tanker from Russia's so-called 'shadow fleet' in international waters off Pantelleria, between Sicily and Tunisia, marking the second such operation in less than two weeks. The operation was conducted with support from Greek and Polish forces as part of arms and oil trafficking monitoring efforts.
The alliance of oil-producing nations has reached an agreement in principle to increase production targets by approximately 188,000 barrels per day starting in September, followed by a suspension of further increases through the fourth quarter of 2026.
The UK Maritime Trade Operations (UKMTO) reported two maritime incidents off Oman on Saturday, including a tanker struck by an unknown projectile approximately 11 nautical miles northeast of Lima, leaving the vessel not under command with engine room damage. A second incident involved reports of a large splash and explosion near another tanker.
Japan is managing energy security concerns through strategic reserves, subsidies, and nuclear power restarts as a crisis affecting shipping through the Strait of Hormuz continues to disrupt Gulf oil and gas supplies.
A geopolitical analysis explores how African nations could economically and strategically benefit from increased energy exports if the Strait of Hormuz faces disruption, while noting that structural weaknesses may limit the continent's ability to capitalize on such opportunities.
Russia has extended its restrictions on diesel and gasoline exports until January 31, 2027, prioritizing domestic fuel supply despite announcing just days earlier that the diesel ban would be lifted once the domestic market recovered. The extension includes some exceptions for direct producers starting September 1.
Saudi Arabia is working to form an international coalition to safeguard shipping in the Red Sea as Houthi strikes on energy tankers intensify, driving oil prices higher and threatening critical maritime trade routes.
Two ships used for gas processing and storage caught fire at Egypt's Damietta port, with security sources reporting a drone strike on a US-owned tanker. Egypt's petroleum ministry confirmed the fire but did not mention a drone attack or specify a cause, stating no injuries occurred and port operations were expected to resume overnight.
Ukrainian drone attacks on tankers and port infrastructure at Russia's Novorossiysk and Taman facilities have forced the third shutdown this month of the Caspian Pipeline Consortium terminal, Kazakhstan's primary oil export gateway. The strikes have disrupted both oil and grain shipments from Russian Black Sea ports.
Oil prices have fluctuated dramatically amid ongoing tensions in the Strait of Hormuz, with crude briefly falling below $90 per barrel after a pause in US-Iran hostilities, though the crisis previously pushed prices above $100. Attacks on oil tankers continue to threaten the critical shipping lane that handles a significant portion of global oil trade.
The United States and Iran halted their mutual attacks over the weekend after 13 consecutive nights of strikes, creating space for diplomatic negotiations. However, Saudi Arabia, Jordan, and Iraq reported drone attacks on Monday, suggesting Iran may be testing the fragile pause while oil prices tumbled on hopes for de-escalation.
President Donald Trump vowed major retaliation against Iran and the Houthis after the group said it had attacked two Saudi oil tankers in the Red Sea, threatening to extend the Middle East conflict to another critical shipping chokepoint. Oil prices surged above $100 per barrel amid fears of wider shipping disruption, while the U.S. military carried out another round of strikes on Iran.
Brent crude oil climbed above $100 per barrel for the first time in 45 days after Houthi attacks on Saudi tankers in the Red Sea and President Trump's warning of infrastructure strikes against Iran for each attack in the Strait of Hormuz.
Yemen's Iran-backed Houthi rebels declared a maritime embargo against Saudi Arabia, causing at least two oil tankers carrying Saudi crude to China and India to make U-turns in the Red Sea. The move opens a new front in the escalating U.S.-Iran conflict and threatens shipping through critical energy chokepoints.
China's economy slowed sharply to 4.3% annual growth in the second quarter of 2026, missing analyst expectations and marking the weakest performance since late 2022. The slowdown was driven by weak domestic demand and oil price shocks from the Iran war, putting pressure on policymakers to accelerate stimulus measures.
A Ukrainian drone attack on July 14, 2026, forced the shutdown of the Gazprom Neftekhim Salavat petrochemical complex in Bashkortostan, which handles approximately 2.7% of Russia's oil refining capacity. Two main refining units were damaged, with repairs potentially taking weeks or months.
Russian authorities in Siberian regions including Novosibirsk and Tomsk are asking residents to work from home and limit vehicle use amid a worsening nationwide fuel crisis. Citizens are converting cars to LPG as gasoline shortages, price increases, and long queues at filling stations spread across the country.
Iran privately told Trump advisers they "made a mistake" after attacking commercial ships in the Strait of Hormuz, which prompted U.S. military strikes and caused a steep decline in tanker traffic through the critical waterway. The incident has raised questions about the administration's Iran strategy as tensions escalate.
Oil, gas, and cargo ship traffic through the Strait of Hormuz has fallen steeply despite a June 17 memorandum of understanding between the United States and Iran to end hostilities and restore shipping through the vital waterway. Complex technical, commercial, and geopolitical obstacles continue to impede recovery of Gulf energy flows to prewar levels.
Maritime traffic through the Strait of Hormuz has fallen steeply after renewed military confrontation between the United States and Iran, following the collapse of a preliminary peace agreement and Iranian attacks on commercial vessels. The disruption is causing significant impacts on global energy markets.
Russia has imposed a full ban on diesel exports following systematic Ukrainian drone attacks on its oil refineries that caused widespread domestic fuel shortages and price spikes. The move comes as global energy markets face additional strain from disruptions in the Strait of Hormuz.
Ukraine launched a sustained campaign of drone attacks targeting Russian refineries, oil depots, and fuel tankers, striking over 20 vessels and multiple facilities in recent days. The offensive has triggered fuel shortages across Russia, prompting Moscow to ban diesel exports to stabilize domestic supplies.
The United States military conducted air strikes against targets in southern Iran in retaliation for Iranian attacks on commercial vessels in the Strait of Hormuz, while the Trump administration simultaneously revoked sanctions waivers on Iranian oil sales. Iran has vowed a 'crushing response' to the strikes.
Russia is experiencing widespread fuel shortages leading to extensive queues at petrol stations, rising prices, and growing public frustration. The crisis, linked to Ukraine's strikes on Russian refineries and the ongoing war's economic toll, has forced Putin to publicly acknowledge the problem in a rare admission of domestic difficulty.
Iran's military fired at least two missiles at commercial ships transiting the Strait of Hormuz on Monday, setting at least one tanker ablaze. The attacks occurred as Iran mourns Supreme Leader Khamenei and as President Trump heads to a NATO summit.
Ukraine's military conducted one of its deepest strikes into Russian territory since the full-scale invasion, hitting the ELOU-AVT-11 primary oil processing unit at Russia's largest oil refinery in Omsk, Western Siberia. The attack comes as Russia continues missile and drone strikes on Ukraine that killed at least 19 people in Kyiv.
Multiple vessels attempting to exit the Strait of Hormuz made abrupt U-turns on July 4-5, 2026, with ship traffic along the Omani coast dropping sharply as some tankers shifted to routes closer to Iran. Iran has previously stated that vessels should only transit through routes designated by the Islamic Republic, though the exact cause of the reversals remains unclear.
Ukraine launched a major overnight drone attack on Russia's second-largest city St. Petersburg and surrounding areas, hitting an oil terminal described as one of Russia's largest and nearby port infrastructure. The strike represents the latest in Ukraine's ongoing campaign of long-range attacks targeting Russian oil facilities.
Oil and gas tankers made unexplained U-turns in the U.S.-protected corridor of the Strait of Hormuz before resuming passage via Oman-side routes, as Iran demands toll fees for ships transiting the vital energy chokepoint. The disruption highlights ongoing U.S.-Iran negotiations and Oman's delicate diplomatic position.
Iran has warned oil tankers to use approved routes through the Strait of Hormuz or face a 'forceful response,' with BBC reporters witnessing seized vessels and stranded tankers. Oman is navigating a delicate diplomatic position over the new fees and restrictions in the critical waterway.
Months of Ukrainian drone attacks on Russian oil refineries have created a severe fuel shortage, forcing the Kremlin to take the rare step of importing gasoline while long lines form at gas stations across the country. The crisis has compelled Russia to tap into fuel reserves as refinery capacity remains crippled.
President Donald Trump and Treasury Secretary Scott Bessent publicly demanded that gasoline retailers immediately reduce prices, with Bessent warning "we're watching." The pressure comes as crude oil prices have fallen following progress on reopening the Strait of Hormuz and a memorandum of understanding with Iran, though gas prices had risen 40.5% year-over-year through May.
Ukraine conducted long-range drone attacks on Russian oil refineries, igniting a major facility in southern Russia and killing at least two people. President Vladimir Putin publicly acknowledged Russia is experiencing a difficult period as Ukraine intensifies strikes on energy infrastructure up to 1,200 miles inside Russian territory.
Ukrainian forces have escalated long-range drone attacks on Russian territory, striking oil refineries up to 1,200 miles inside Russia, prompting emergency declarations in occupied Crimea and vows from President Putin to ensure security amid the four-year conflict.
A fragile shipping recovery in the Strait of Hormuz following a U.S.-Iran deal has been disrupted by an estimated 80 mines in shipping lanes and a renewed attack on a vessel, forcing the UN to pause evacuation operations. Industry leaders warn the mines could delay normal shipping for months.
French naval forces intercepted and seized a Russia-linked oil tanker named Deliver off the coast of Sicily on Tuesday, according to President Emmanuel Macron. The seizure is part of escalating European efforts to enforce sanctions and disrupt Russia's shadow fleet operations that help circumvent oil export restrictions.
Iraq, OPEC's second-largest producer and founding member, has warned it may exit the oil cartel if its production quota is not increased, citing economic strain from regional conflicts and recent disruptions. The threat comes after the UAE's departure from the organization.
Multiple oil tankers sailed through the Strait of Hormuz on Thursday using a UN-recommended route despite Iranian threats, as oil prices dropped to pre-conflict levels following US-Iran talks in Switzerland that resulted in partial sanctions relief. One cargo ship was reportedly hit by a projectile during the passage.
A major oil refinery south of Moscow will be offline for at least six months following extensive damage from Ukrainian drone attacks this month, complicating Russian efforts to address fuel shortages. The attacks come as Putin signals readiness for peace talks with Ukraine.
President Donald Trump announced Wednesday that he has instructed the Department of Justice to investigate oil companies for allegedly failing to lower gas prices at the pump despite falling costs, accusing them of 'gouging' consumers. The move comes as gas prices remain above $3.90 and signals White House concern over high fuel costs ahead of the November midterm elections.
The United States has authorized Iranian oil sales through August, easing decades-old sanctions following productive negotiations in Switzerland. The move comes as part of a broader push toward a final peace deal involving nuclear inspections and free transit through the Strait of Hormuz.
Russian-occupied Crimea suspended civilian gasoline sales and restricted public services following intensified Ukrainian attacks on oil facilities, while Russia weighs a diesel export ban to address domestic fuel shortages. Deputy Prime Minister Alexander Novak confirmed the government is considering export restrictions as refineries face continued strikes.
Russia is experiencing fuel shortages and rising gasoline prices as Ukrainian drone strikes on oil refineries disrupt domestic supply, forcing the country to consider importing gasoline by sea and leading to fuel rationing at filling stations during peak summer vacation season.
Royal Marine Commandos and specialist forces intercepted the Russian shadow fleet vessel SMYRTOS attempting to pass through the English Channel in a six-hour operation. UK Prime Minister Keir Starmer confirmed the interception, marking a significant enforcement action against Russia's sanctions-evading oil transport network.
Iran has exported 40 million barrels of oil at a 20% premium following the end of U.S. sanctions enforcement, while its strategic control over the Strait of Hormuz appears to be diminishing as Gulf Arab oil reaches markets through alternative routes.
A US fighter jet fired on the oil tanker Settebello (also reported as MT Marivex) in the Gulf of Oman for violating a US blockade on Iran, sparking a fire that forced evacuation of the Indian crew. Three sailors remain missing while 21 were rescued, prompting India to summon a US diplomat in protest.
The oil cartel OPEC+ has approved a modest increase to its collective oil production quotas, raising output by 188,000 barrels per day starting in July 2026, though concerns about the Strait of Hormuz may limit the practical impact of the increase.
The European Union sanctioned two Iranian individuals and an Islamic Revolutionary Guard Corps unit for restricting maritime traffic through the Strait of Hormuz, a critical waterway handling approximately one-fifth of global oil flows. The blockade has escalated tensions amid broader conflict with Israel and reports of vessels evading restrictions through covert routes.
The United States military shot down Iranian drones over the Strait of Hormuz after Iran launched missiles and drones targeting oil tankers and U.S. military facilities in Kuwait and Bahrain, marking day 100 of escalating Iran-US tensions.
Russia and Saudi Arabia, which together control over 20% of global oil production at 9-10 million barrels per day each, are drawing closer as OPEC faces internal turmoil. Their combined production capacity gives them significant leverage over global oil supply.
Gasoline rationing has been implemented across Crimea after Ukrainian drone strikes on Russian oil facilities disrupted fuel supplies. The peninsula's largest gas station chain has suspended fuel voucher distribution, with authorities warning the shortage could persist for at least another month.
The Russian government announced a ban on jet fuel exports lasting until November 30, 2026, citing ongoing Ukrainian strikes on oil refineries that have caused domestic production declines and fuel shortages. The ban triggered declines in Indian aviation stocks, with SpiceJet and IndiGo shares falling up to 2.5%.
Oil and LNG tankers have begun transiting through the Strait of Hormuz following an agreement between the United States and Iran to reopen the critical waterway. Vessels from Abu Dhabi National Oil Company and other operators are moving shipments to Pakistan, China and other destinations, causing oil prices to decline.
The UK government quietly relaxed sanctions on Russian jet fuel and diesel imports as energy prices surge following the Strait of Hormuz closure. The move has drawn criticism from EU allies and opposition parties, with Brussels complaining about the surprise decision.
Britain has postponed implementing sanctions that would ban imports of diesel and jet fuel refined from Russian crude oil in third countries, citing supply issues and rising fuel prices caused by the Iran war. The ban was originally announced in October.
Approximately 30 vessels crossed the Strait of Hormuz despite ongoing Iran war tensions and attacks on shipping, with a Chinese Cosco supertanker notably crossing without paying tolls at Larak on the day President Trump arrived in Beijing for a summit.
The US Treasury sanctioned 12 entities for facilitating Iran's Islamic Revolutionary Guard Corps oil sales to China, warning of potential secondary sanctions on foreign financial institutions, including those connected to China's independent oil refineries.
Indian Prime Minister Narendra Modi called on citizens to cut petrol and diesel consumption and work from home as the Middle East conflict disrupts energy supplies and impacts India's economy, demonstrating the war's far-reaching economic effects.
Aramco CEO Amin Nasser stated the current energy supply shock from the Strait of Hormuz closure is the 'largest the world has ever experienced,' with 100 million barrels per week of oil supply lost globally.
Saudi Aramco reported first-quarter net profit of $32.5 billion, a 25.5% increase, as the company benefits from soaring oil prices driven by the Strait of Hormuz crisis. CEO Amin Nasser stated the world lost approximately one billion barrels of oil supply over two months.
US forces fired on two Iranian-flagged oil tankers attempting to cross the blockade near the Strait of Hormuz and struck Iranian military facilities after what the US described as 'unprovoked' attacks on Navy ships. Iran accused the US of undermining diplomacy while keeping Washington waiting for a response to its latest peace proposal.
Federal authorities are reviewing large oil positions placed just before key developments in the US-Iran conflict, investigating potential insider trading related to the war's impact on energy markets.
China has invoked blocking measures prohibiting Chinese entities from complying with US sanctions on Iranian oil refineries, escalating tensions ahead of President Trump's planned visit to Beijing. The move directly challenges US enforcement efforts targeting Iran's oil trade.
Australian Prime Minister Anthony Albanese announced a 10 billion Australian dollar ($7.22 billion) package to strengthen the country's fuel security through strategic stockpiles, responding to supply disruption concerns from the Strait of Hormuz blockade.
International Monetary Fund Managing Director Kristalina Georgieva warned that inflation is already picking up and the global economy could face a 'much worse outcome' if the war in the Middle East continues into 2027, with particular concern about prolonged disruption to energy supplies.
Iranian drone attacks hit UAE's Fujairah oil hub and a tanker, causing Brent crude to spike past $114 per barrel and triggering sharp moves across energy and financial markets, though the U.S. denied reports of a warship being hit.
China's Ministry of Commerce issued an injunction blocking US sanctions against five Chinese refineries, including Hengli Petrochemical, that were accused of purchasing billions in Iranian oil. The move marks a significant escalation in the US-China dispute over Iran sanctions enforcement.
US budget carrier Spirit Airlines shut down operations immediately after failing to secure creditor support for a government bailout plan, becoming the first airline casualty of the Iran war as jet fuel prices doubled. The collapse will cost thousands of jobs.
The United States is pitching a new international coalition to restore maritime traffic through the Strait of Hormuz after shipping has stalled in the critical waterway. The initiative aims to secure passage for commercial vessels through one of the world's most important oil transit chokepoints.
Iran's rial fell nearly 15% in two days to a record low of 1,810,000 to the dollar, as demand for foreign currency that had built up during six weeks of fighting flooded the open market following the ceasefire. The US naval blockade has cut off Iran's oil export revenue while year-on-year inflation reached 65.8%, compounding an economic crisis that had already helped spark the January 2026 protests.
The UAE announced its withdrawal from OPEC and OPEC+ effective May 1, dealing a significant blow to the oil cartel's unity. The move comes as the organization struggles with production quotas and amid the ongoing Iran conflict affecting global energy markets.
The Trump administration imposed economic sanctions on a major China-based oil refinery and approximately 40 shipping companies and tankers involved in transporting Iranian oil, as the global energy trade remains in turmoil from the Persian Gulf conflict.
The closure of the Strait of Hormuz has forced policymakers to reassess the vulnerability of the Strait of Malacca; the world's busiest shipping lane, carrying 22% of global maritime trade and 23.2 million barrels of oil daily, surpassing even Hormuz. The crisis has crystallized fears about what a conflict in the South China Sea or Taiwan Strait could mean for the 900km waterway that carries 75% of China's seaborne crude imports and connects East Asia to the Middle East and Europe.
The Trump administration issued a one-month sanctions waiver allowing the sale of Russian oil already loaded at sea, despite Treasury Secretary Bessent previously indicating no such waiver would be granted. The move underscores how the Iran war fallout has made it easier for Moscow to profit from energy exports.
Crypto traders executed over $500 million in synthetic oil futures on decentralized exchange Hyperliquid over the weekend, betting on crude price movements as Iran's closure and reopening of the Strait of Hormuz created volatility.
Iran reversed its decision to reopen the Strait of Hormuz after approximately 20 hours, with Iranian gunboats reportedly firing on a tanker. Tehran says the strait will remain closed until the US lifts its naval blockade of Iranian ports.
Maritime traffic through the Strait of Hormuz is picking up after months of stagnation, with more tankers now broadcasting their satellite signals while transiting the critical energy chokepoint, indicating growing confidence among shipowners and traders.
At least 172 vessels have crossed through the Strait of Hormuz following a US-Iran interim agreement that ended Iran's blockade of the critical waterway, which had stalled global oil shipments and fueled inflation. Questions remain about the long-term stability of the shipping route despite the resumption of traffic.
Ukrainian drones attacked Russia's Black Sea energy hub Novorossiysk and the NORSI oil refinery in Nizhny Novgorod, causing fuel leaks and fires. Ukraine has increased attacks on Russian energy infrastructure to disrupt war financing.
President Trump threatened to destroy Iran's Kharg Island oil export hub and other critical infrastructure unless Tehran quickly accepts a peace deal, while simultaneously claiming the US could end military operations within 2-3 weeks. The mixed messaging comes as the war enters its second month with no clear resolution.
US President Donald Trump told the Financial Times he wants to 'take the oil' in Iran and could seize Kharg Island 'easily,' raising the prospect of US forces capturing Iran's main oil export hub. The comments came as 2,500 US Marines arrived in the region and oil prices surged above $115 per barrel.
Treasury Secretary Scott Bessent announced the US will temporarily allow the sale of Iranian oil shipments already in transit, estimated to add 140 million barrels to the market. The move comes as oil prices hit their highest settlement since July 2022 amid Iran's closure of the Strait of Hormuz during the ongoing US-Israeli conflict with Iran.
President Donald Trump has signed multiple executive orders threatening to impose tariffs on countries that continue to trade with Iran or provide oil to Cuba, escalating economic pressure on both nations and potentially affecting major trading partners like Mexico.
