… The number of vessels crossing the Strait of Hormuz has risen significantly since the MOU was signed, according to maritime intelligence firm Kpler. …
… So far, at least 172 vessels have travelled through the reopened Strait of Hormuz -which included 42 ships on Saturday alone, according to new data from maritime intelligence firm Kpler. …
… can currently produce. “Balances will definitely be severely tight because (refining margins) incentives still support jet fuel, and we all know that Middle Eastern refiners are not coming back quickly,” said Sumit Ritolia, lead analyst for refining supply and modelling at Kpler …
… Exports climbed to 353,000 barrels per day in April from 168,000 bpd in February, according to data from analytics firm Kpler, with about half of that volume flowing to other African countries. …
… The current Brent futures contract for June delivery expired on Thursday, which contributed to its drop, said Naveen Das, senior oil analyst at Kpler. …
Brent crude futures rose above $100 a barrel for the first time since late July as Iran and the U.S. escalated attacks on tankers in the Strait of Hormuz, with Iran reporting strikes on 10 ships and the U.S. sinking five Iranian oil tankers. Oil markets are reassessing expectations for how long supply disruptions from the region will persist.
Brent crude futures rose above $100 a barrel for the first time since late July as Iran and the U.S. escalated attacks on tankers in the Strait of Hormuz, with Iran reporting strikes on 10 ships and the U.S. sinking five Iranian oil tankers. Oil markets are reassessing expectations for how long supply disruptions from the region will persist.
Oil prices extended gains on Monday following tit-for-tat strikes between the U.S. and Iran on vessels in the Strait of Hormuz and other areas, raising concerns about supply disruption from the Middle East. Brent crude climbed to $96.80 a barrel while U.S. West Texas Intermediate reached $92.14 a barrel, with an average of 10 commodity ships transiting the Strait of Hormuz per day over the past 10 days—the lowest since May.
Saudi Arabia has condemned what it said was an Iranian attack on its supertanker Sidr in the Strait of Hormuz on Monday night, killing two Filipino sailors. The incident occurred amid escalating tensions following US air strikes on Iran and Iranian strikes on US bases.
Oil prices gained on Tuesday as renewed fighting between the U.S. and Iran in the Middle East raised fears of supply disruptions, with Brent crude up 0.6% to $91.05 a barrel and U.S. West Texas Intermediate up 1% to $86.59. The escalation, including President Trump's threat of further strikes following Sunday's direct attacks, has raised concerns about potential damage to energy infrastructure around the Gulf and shipping disruptions through the Strait of Hormuz.
Oil prices climbed Tuesday after Iran said it would adopt a "fully offensive" military posture and the U.S. ruled out extending a ceasefire agreement, with progress toward reopening the Strait of Hormuz stalled. Brent crude rose 0.3% to $91.14 a barrel and U.S. West Texas Intermediate gained to $85.04.
Brent crude rose to $89.40 per barrel and West Texas Intermediate crude to $82.83 as US-Iran peace talks stalled and tanker traffic through the Strait of Hormuz slowed following attacks on vessels and infrastructure. Both contracts gained more than 5% the previous week following attacks on tankers operated by Abu Dhabi National Oil Company and a Saudi Aramco refinery.
Shipping through the Strait of Hormuz slowed over the weekend following attacks on tankers, with only five commodity vessels transiting on Saturday and none on Sunday, compared to 31 in the prior weekend, according to shiptracking data. The slowdown occurred as U.S.-Iran talks to resolve the Middle East conflict stalled and Iran's Foreign Minister said Washington must meet Iran's conditions regarding the strait for shipping to resume.
Oil prices tumbled 4% on Monday after the U.S. and Iran paused strikes over the weekend following two weeks of attacks, raising hopes for diplomatic de-escalation and resumption of shipping through the Strait of Hormuz. Brent crude fell to $92.82 a barrel and U.S. West Texas Intermediate to $85.29, both at their lowest levels in nearly a week.
Oil prices settled over 1% higher on Monday as traders weighed hopes of renewed U.S.-Iran negotiations against Yemen's Houthis imposing a naval blockade against Saudi Arabia. Brent crude futures rose $1.12 to $89.22 a barrel, while U.S. West Texas Intermediate closed 74 cents higher at $83.23.
The US attacked the oil tanker Belma with Hellfire missiles as it headed toward Iran's Kharg Island oil terminal, after President Trump reintroduced a blockade of Iranian ports in response to alleged Iranian attacks on commercial vessels.
Nine of eleven vessels passing through the Strait of Hormuz on Tuesday were linked to Iranian trade, including oil tankers and cargo carriers exiting with Iranian exports, ahead of a U.S. naval blockade that took effect Wednesday.
Global benchmark Brent crude has fallen below $72.48 a barrel, the price before US and Israel launched attacks on Iran on 28 February, as traffic through the Strait of Hormuz resumes following a US-Iran Memorandum of Understanding on 17 June for nuclear negotiations and measures to end the war.
The UN's International Maritime Organization plans a large-scale evacuation of more than 11,000 sailors stranded in the Gulf due to the US-Israel war against Iran, working with Iran, Oman, the US, and other regional partners. An interim deal was signed to end the conflict, but the US and Iran continue to dispute details of the Memorandum of Understanding, particularly regarding nuclear inspections and missile provisions.
The U.S. is entering peak summer driving season amid a gasoline supply crunch, as refiners prioritize diesel and jet fuel exports to address global shortages from Strait of Hormuz disruptions, while domestic demand remains robust despite pump prices surging roughly 40% since the war started. Gasoline inventories sank to their lowest seasonal level in a decade at 215.1 million barrels in early June, with analysts warning of a supply deficit.
Nigeria's Dangote Petroleum Refinery has ramped up crude processing to 700,000 barrels per day during a performance test, exceeding its nameplate capacity of 650,000 bpd, with plans to expand to 1.4 million bpd within 30 months. The refinery, which began producing fuel in 2024, supplies domestic markets and exports to African countries, Europe, and beyond.
A 26-year-old sailor survived a missile strike on the US-sanctioned oil tanker Skylight in the Strait of Hormuz on 1 March, the first commercial vessel hit since the US-Israel war with Iran began. His friend Dalip has not been found, despite a rescue operation by the Oman Navy.
Iraq has offered term buyers May-loading Basrah crude at steep discounts for loading inside the Strait of Hormuz, which has been largely blocked since the Iran conflict began. The discounts — $33.40 and $26 per barrel for Basrah Medium, and $30 per barrel for Basrah Heavy — reflect mounting pressure on Iraqi crude exports amid persistent shipping risks in the waterway.
China's Ministry of Commerce issued a "prohibition order" to block US sanctions placed on five Chinese refiners accused of purchasing oil from Iran, calling the American measures a violation of international law and ordering the sanctions not be recognized or enforced.
Brent crude rose to its highest level since 2022, touching $126.31 a barrel, after reports that the US military plans to brief President Trump on potential military action against Iran. Energy prices have been rising as peace talks stall and the Strait of Hormuz remains effectively closed, with about 20% of the world's oil and LNG typically passing through the waterway.