Oil Falls On Peace Deal Hopes Oil prices fell sharply on Friday, June 12, 2026 as renewed hopes for a peace agreement between Iran and the United States eased fears of prolonged disruption to global energy supplies. Brent crude dropped below $86 a barrel during trading before recovering part of its losses, while market attention remained focused on whether diplomatic progress could reduce risks around Middle

Trump threatened Iran’s Kharg Island as US-Iran Gulf attacks intensified across oil routes, tankers and military targets, raising new risks for regional security and global energy markets. President Donald Trump said the United States would hit Iran “very hard” and threatened to take Kharg Island, a key hub in Iran’s oil economy, as Washington increased pressure on Tehran to shut down its nuclear program and accept a peace deal. US-Iran Gu

US shale oil exports reached a new milestone in May, pushing the United States ahead of Saudi Arabia and Russia in global crude oil and refined fuel shipments. The shift marks a major reversal for a country that once depended heavily on West Asian oil and was deeply affected by the 1973 Arab oil embargo. US Shale Oil Exports Reach May Record Ship-tracking data cited by Reuters showed U.S. exports of crude oil and refined fuels reached about 10.

The fragile calm between Israel and Iran shattered as both nations launched attacks targeting key infrastructure. For the first time since their April ceasefire, strikes on petrochemical and industrial sites in Mahshahr and Haifa have escalated tensions in the Middle East. International observers are warning of broader consequences for regional security and global energy supply. Mahshahr and Haifa Facilities Hit

Strengthening India-Venezuela Relations Prime Minister Narendra Modi held a high-level meeting with Venezuela's Acting President Delcy Rodriguez in New Delhi on Thursday. The meeting took place at Hyderabad House, where both leaders discussed the full spectrum of India-Venezuela relations. Key focus areas included energy security, trade and investment, pharmaceuticals, healthcare, transportation, and renewabl

Oil prices rose sharply as Brent crude touched $98.20 per barrel on Wednesday, fueled by rising tensions between the United States and Iran. Recent missile activity in the Gulf region and disrupted shipping routes have intensified concerns about energy supply. Although strategic oil reserves remain untapped for now, the market is reacting to potential risks in the Strait of Hormuz. August contracts have jumped over 2% since early June and more than 5% in just the past week.

The Ofgem July price cap 2026 will raise typical UK household energy costs from July as higher wholesale gas prices continue to affect Britain’s energy market. Ofgem announced on Wednesday, May 27, 2026, that the energy price cap for Great Britain will rise by 13% for the period from Wednesday, July 1, 2026, to Wednesday, September 30, 2026. Under the existing typical household usage measure, the annual figure will rise from £1,641 to £1,862.

Rubio linked the expected Delcy Rodriguez India visit to possible Venezuela oil discussions as Washington pushes to expand energy cooperation with New Delhi. US Secretary of State Marco Rubio said on Thursday, May 21, 2026, that Venezuela’s acting President Delcy Rodriguez was expected to travel to India the following week. Speaking before his own India visit from Saturday, May 23, 2026, to Tuesday, May 26, 2026, Rubio said the United States wanted a larger role i

Chinese President Xi Jinping and Russian President Vladimir Putin met in Beijing to reaffirm the growing strategic partnership between their nations. The summit emphasized energy cooperation, trade expansion, and technological collaboration. Xi described the bilateral relationship as a “source of stability,” underscoring the importance of maintaining a strong alliance amid shifting global dynamics. Key Agreemen

The United States has extended its sanctions waiver on Russian seaborne oil by 30 days, allowing continued imports to key global partners like India. This temporary extension reverses previous plans to let the waiver lapse, aiming to provide flexibility for nations managing critical energy needs. Treasury officials stated the extension ensures that stranded Russian crude and petroleum products can reach markets without violating US sanctions on major Russian oil firms. This marks th

Chinese President Xi Jinping welcomed Russian President Vladimir Putin to Beijing this week, shortly after a visit from US President Donald Trump. The summit emphasizes China’s role as a central global power, balancing relations with both Washington and Moscow while advancing its strategic interests. Amid energy crises, trade disputes, and geopolitical conflicts, China aims to project stability and strengthen its influence on the global stage. Strengthening China-Russia S

Israeli Prime Minister Benjamin Netanyahu held a phone conversation with US President Donald Trump on Sunday, May 17, as tensions involving Iran remained high and questions continued over the durability of the ceasefire. The discussion reportedly focused on the war with Iran, regional security conditions and the future of diplomatic efforts aimed at preventing another round of escalation. The call came amid reports that Washington and Jerusalem are weighing their next steps after the ceasefir

Dubai, May 15, 2026 – Prime Minister Narendra Modi landed in Dubai, marking the start of a critical diplomatic and economic mission ahead of his Europe tour. The visit focused on strengthening India UAE diplomacy, with major agreements signed in energy, defence, and investment, signaling deeper bilateral cooperation. Key Agreements Strengthen India-UAE Ties

Iranian Foreign Minister Seyyed Abbas Araghchi confirmed that the Strait of Hormuz remains open to international shipping, except for vessels from countries currently at war with Iran. Speaking in New Delhi, Araghchi emphasized that Tehran prioritizes safe navigation through this vital maritime corridor. Strategic Importance of the Strait The minister highlighted the strait’s significance for oil, gas, and global trade. With a substantial share of worl

India LPG Carriers Move Through Strait of Hormuz India has moved nearly all of its LPG carriers out of the Strait of Hormuz with support from the Indian Navy as tensions continue to affect shipping security in the Persian Gulf region. Government sources said on Thursday, May 14, 2026, that the 14th Indian liquefied petroleum gas carrier had crossed the strategic waterway, while one final vessel remained in the process of crossing under close monitoring.

Iraq and Pakistan Secure Oil and Gas Transport Deals Amid the ongoing conflict in the Middle East, Iraq and Pakistan have reached separate agreements with Iran to allow the transport of oil and liquefied natural gas (LNG) through the critical Strait of Hormuz. According to multiple sources, these agreements reflect Iran’s growing control over one of the world’s most important energy corridors, a situation that has intensified due to the ongoing

Iran oil shipments are continuing despite tighter U.S. sanctions, with satellite imagery and maritime tracking data suggesting Tehran is still moving crude through covert sea transfers. The findings point to an active shadow shipping network that allows Iranian oil to reach buyers in Asia even as Washington works to restrict crude exports from the Persian Gulf. Satellite Data Points To Covert Tanker Transfers Maritime tracking records and satel

Chinese Tanker Attack Near Strait of Hormuz Raises Global Oil Fears A Chinese-owned oil tanker was attacked near the Strait of Hormuz, intensifying fears over oil shipping safety as Iran-US tensions deepen across Gulf waters. The vessel, identified in reports as JV Innovation, was reportedly hit off UAE’s Al Jeer port on May 4, with images showing flames on deck and markings reading “CHINA OWNER & CREW.”

Chinese Foreign Minister Wang Yi has called for an immediate and complete end to the ongoing conflict in West Asia. During a high-level meeting with Iran’s Foreign Minister Seyed Abbas Araghchi in Beijing, Wang stressed the importance of achieving a comprehensive ceasefire without any delay. He also urged both the United States and Iran to reopen the Strait of Hormuz "as soon as possible" to help stabilize global energy markets, which have been severely impacted by the conflict. A

Iran Tightens Control Over Strait of Hormuz Shipping Iran has introduced a new Strait of Hormuz permit system, requiring ships to follow official transit instructions before entering one of the world’s most vital oil routes. The move raises fresh concerns for global energy markets, as the Strait of Hormuz carries a major share of seaborne oil trade and remains a flashpoint in rising US-Iran tensions. What Iran’s New Permit Rule Means