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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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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Gasoline prices in the U.S. have eased from crisis peaks above $4.50 per gallon but remain stubbornly elevated. As of June 15, 2026, the national average for regular gasoline stood around $4.05 per gallon (with some reports citing ~$3.90–$3.99 recently), still more than $1 above pre-war (pre-2022) levels that were consistently under $3 per gallon. […]
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In a decisive move to strengthen its energy security amid recent global supply disruptions, the Indian government has directed state-owned Oil and Natural Gas Corporation (ONGC) to construct and fill a new underground strategic petroleum reserve (SPR) cavern at Mangaluru in Karnataka. The project, estimated at around $1.6 billion, will add 1.75 million metric tons […]
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Iran is tightening its grip on the Strait of Hormuz, the world’s most critical oil chokepoint, with new rules requiring ships to obtain permission and secure insurance from Tehran. This move explicitly paves the way for future tolls, even as a fragile U.S.-Iran memorandum of understanding (MOU) signed earlier this week aimed to normalize flows. […]
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10 big stories on the Energy News Beat Stand Up It is a wild day on the Energy News Beat Stand Up. Make no mistake, time will tell if the Strait of Hormuz is open, but do not underestimate the importance that the Bank of London and Lloyds of London play in opening the Strait […]
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In a timely BNN Bloomberg interview today, Eric Nuttall, Partner and Senior Portfolio Manager at Ninepoint Partners (manager of one of Canada’s largest energy funds), delivered a candid assessment of the global oil market following more than three months of conflict involving the U.S., Israel, and Iran. Nuttall emphasized that while news of an interim […]
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The recent U.S.-Iran Memorandum of Understanding (MOU) has triggered a wave of optimism in oil markets. Traders are pricing in a swift reopening of the Strait of Hormuz, a rapid normalization of supply chains, and a return to lower pre-crisis price levels. Brent crude has already dropped toward $83–$84 per barrel, with WTI near $80–$81, […]
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U.S. commercial crude oil inventories fell for the seventh consecutive week, according to the latest U.S. Energy Information Administration (EIA) Weekly Petroleum Status Report for the week ending June 5, 2026. Commercial crude stocks (excluding the Strategic Petroleum Reserve) dropped by 7.2 million barrels to 426.5 million barrels — now about 5% below the five-year […]
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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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