In a sharp escalation of the ongoing 2026 Iran conflict, Iranian drones and missiles struck Kuwait International Airport overnight on June 2-3, hitting Terminal One and causing significant material damage. Kuwaiti authorities reported at least one fatality and dozens of injuries (with some sources citing up to 63 wounded), prompting the immediate suspension of all […]
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In a wide-ranging Bloomberg Surveillance interview aired today, Chevron Chairman and CEO Mike Wirth painted a sobering picture of ongoing disruptions in the Strait of Hormuz while signaling that the industry is accelerating plans for alternative infrastructure to reduce reliance on the critical chokepoint. Wirth confirmed that multiple vessels transiting the Strait of Hormuz have […]
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In a recent appearance on Squawk Box Asia, veteran commodities strategist Jeff Currie (Co-Chairman of Abaxx Markets) delivered a stark warning that resonates deeply with current market dynamics. He described an emerging “rare earth moment” — a qualitative shift where markets have been neglecting the physical world (“atoms”) in favor of financial narratives and tech […]
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In the shadow of ongoing tensions with Iran, threats to the Strait of Hormuz, and high-stakes negotiations, President Donald Trump’s administration is actively pushing to expand the Abraham Accords. Recent statements tie potential deals with Tehran directly to broader normalization between Israel and additional Arab and Muslim-majority countries — including key Gulf states. The strategy […]
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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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In the shadow of the ongoing U.S.-Israeli conflict with Iran — marked by the near-closure of the Strait of Hormuz and the largest oil supply disruption in modern history — Saudi Arabia stands out as a clear winner. While many Gulf producers face sharp production cuts, export halts, and economic contractions, the Kingdom under Crown […]
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Saudi Aramco, the world’s largest oil producer, is embarking on its most ambitious privatization and asset monetization drive in its 93-year history. The company aims to raise up to $35 billion by opening midstream, downstream, and non-core assets to Wall Street investors through sale-leaseback deals, minority stake sales, and infrastructure partnerships. This move is explicitly […]
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In a move that signals business-as-usual intent amid extraordinary disruption, OPEC+ delegates have outlined plans to press ahead with a series of oil production quota increases, aiming to fully unwind the final layer of voluntary cuts announced in 2023 by the end of September 2026. According to Bloomberg reporting, key members intend to raise targets […]
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Saudi Arabia has delivered a stark update to OPEC: its crude oil production plunged another 651,000 barrels per day (b/d) in April, hitting just 6.316 million b/d—the lowest level since the 1990 Gulf War. According to a monthly report from OPEC’s secretariat obtained by Bloomberg, the kingdom’s output has now fallen a cumulative 42% since […]
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This means restoring normal supply-demand equilibrium, rebuilding severely depleted global inventories, repositioning tankers and supply chains, restarting/rebalancing production flows, ending demand rationing/destruction, and removing the geopolitical risk premium that has driven price volatility and tightness. Nasser emphasized that simply reopening shipping routes (like the Strait of Hormuz) is not the same as market normalization, due […]
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