In a significant sign that Gulf crude is once again finding its way to market, Kuwait is offering at least 4 million barrels of its main export-grade crude to Asian refiners—the first such sales to the region since the Iran war erupted in late February 2026. The volumes are loaded onto two very large crude […]
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The Strait of Hormuz — the narrow waterway through which roughly one-fifth of global oil and significant LNG volumes flow — has remained effectively closed since early March 2026 following the escalation of the U.S.-Israel-Iran conflict. Iran has suspended talks and signaled the blockade could become permanent absent major concessions. In a wide-ranging interview with […]
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The global energy markets are in the midst of a historic shock. As the 2026 Strait of Hormuz crisis—triggered by the U.S.-Israel conflict with Iran—enters its fourth month, roughly 20% of the world’s seaborne oil and 20% of LNG flows have been disrupted. Prices spiked above $100 per barrel (peaking near $126), with Brent briefly […]
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The U.S. Energy Information Administration (EIA) released its latest Weekly Petroleum Status Report on June 3, 2026, covering data for the week ending May 29, 2026. The report reveals a significant tightening in U.S. petroleum inventories, with a massive combined draw in commercial crude oil and Strategic Petroleum Reserve (SPR) stocks. Analyst Ole S. Hansen […]
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Even the most optimistic reopening of the Strait of Hormuz won’t deliver a quick fix. Physical barrels tell a far harsher story than paper futures. Art Berman (@aeberman12) nailed it in his May 25, 2026, post: There is no clean, modelable “successful reopening” of the Strait of Hormuz. Even in the wildly optimistic scenario, the […]
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Eleven weeks into the Middle East conflict that has effectively shuttered the Strait of Hormuz and sent energy prices soaring, the correlation between the Bloomberg Dollar Spot Index and Brent crude futures has hit its highest level on record. This marks the strongest daily tandem movement between the greenback and oil in more than two […]
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Oil markets are set for continued wild swings in the coming weeks as investors grapple with uncertainty over a potential U.S.-Iran deal to end the ongoing conflict and reopen the Strait of Hormuz. Citigroup’s global head of commodities research, Max Layton, captured the mood perfectly in a May 7 Bloomberg Television interview: “It’s very difficult […]
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In a sobering Bloomberg TV interview highlighted in a widely shared X post today, Eric Nuttall — Partner and Senior Portfolio Manager at Ninepoint Partners — warned that the world is experiencing the biggest energy crisis any living person has ever seen. With Middle East oil production slashed by approximately 14 million barrels per day […]
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The 2026 Iran war has triggered what the International Energy Agency (IEA) calls the “largest supply disruption in the history of the global oil market.” Iran’s effective closure of the Strait of Hormuz—through which roughly 20% of the world’s oil and significant LNG volumes flow—has upended global energy supplies. Over 50 countries have implemented emergency […]
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In a stark update released on April 26, 2026, Goldman Sachs has significantly raised its oil price forecasts, citing unprecedented supply disruptions in the Persian Gulf. The investment bank now expects Brent crude to average $90 per barrel and West Texas Intermediate (WTI) to hit $83 per barrel in Q4 2026—up sharply from its prior […]
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