As the Strait of Hormuz reopens following the mid-June U.S.-Iran ceasefire and sanctions waiver on Iranian oil sales (valid until August 21, 2026), Middle East crude flows are recovering, and tanker traffic is picking up. However, a key market twist has emerged: Asian refiners, who aggressively sourced non-Middle Eastern crude during the disruption, now have […]
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Russia has added another LNG tanker to its growing “dark fleet” (also known as the shadow fleet) as the U.S.-sanctioned Arctic LNG 2 project continues to ramp up exports despite Western restrictions. The 19-year-old vessel, now operating as Arctic Express, loaded a cargo of liquefied natural gas from a floating storage unit linked to the […]
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Putin admitted Russia is experiencing fuel shortages and long lines at gas stations, while insisting the situation remains manageable. Ukrainian drone attacks on refineries, pipelines, and oil terminals have forced fuel restrictions across numerous Russian regions. Moscow is considering a diesel export ban and prioritizing fuel supplies for agriculture as it seeks to stabilize the […]
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Iran’s renewed military actions in and around the Strait of Hormuz are once again disrupting global shipping and threatening the fragile recovery of oil flows through one of the world’s most critical energy chokepoints. As of late June 2026, strikes by both Iranian and U.S. forces have set back recent gains in tanker traffic, keeping […]
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Tensions in the Strait of Hormuz escalated sharply this week with two reported attacks on commercial vessels, underscoring the vulnerability of one of the world’s most critical energy chokepoints. On June 25, the Singapore-flagged container ship M/V Ever Lovely (operated by Taiwan’s Evergreen Marine) was struck by what U.S. officials described as an Iranian drone […]
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In a sharp and timely appearance on CNBC’s Squawk Street today (June 26, 2026), veteran commodity strategist Jeff Currie delivered a clear-eyed assessment of the oil market’s current dynamics. While acknowledging a near-term surplus, Currie stressed that today’s conditions offer almost no guidance on what lies ahead. Currie, Senior Advisor at the Carlyle Group and […]
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Saudi Aramco has resumed crude oil loadings at its flagship Ras Tanura terminal in the Persian Gulf after a nearly four-month halt, marking a key step toward restoring normal export flows from one of the world’s most important oil hubs. Satellite imagery captured on June 26, 2026, by the European Union’s Copernicus Sentinel-1 radar satellite […]
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As tensions flare once again around the Strait of Hormuz—with recent incidents including a vessel struck off Oman’s coast and Iranian Revolutionary Guard warnings—Gulf oil producers are racing to secure alternative export routes. While the strait has historically carried nearly 20% of global seaborne oil trade, Iraq is moving decisively to reduce its vulnerability through […]
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Iraq’s Basra Oil Company has directed operators at the giant West Qurna/2 oilfield to suspend pumping operations entirely and slash output to just 50,000 barrels per day (bpd), effective midnight on June 23. The move comes under an ongoing force majeure declaration, explicitly citing the continued absence of available tankers to lift the crude. This […]
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The recent closure of the Strait of Hormuz and the resulting stranding of over 10 million barrels per day of crude from the Persian Gulf served as a stark wake-up call for import-dependent nations worldwide. In response, countries are racing to expand strategic petroleum reserves (SPR) and commercial storage capacity for both oil and LNG. […]
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