Trump-Linked Tungsten Deal in Kazakhstan Moves Forward

A deal announced at the White House last year for an American company to mine tungsten in Kazakhstan is moving forward after the company closed the deal with the country’s state-owned mining company. At almost the same time, Cove Kaz Capital, the American mining entity, and a shell company in which

U.S. Cracks Down on Iraq Oil Links to Iran

The United States has sanctioned Iraq’s deputy oil minister and several Iran-aligned militia leaders, stepping directly into a part of the oil trade that has been operating in the gray since the war began. The Treasury Department accused Deputy Oil Minister Ali Maarij Al-Bahadly of facilitating the

UAE Running Ghost Tankers Through Hormuz to Escape Iran’s Blockade

While conventional wisdom, especially after Trump’s counter-blockade of Iran’s blockade, holds that the Strait of Hormuz is completely blocked, the reality is that the UAE is now running loaded crude tankers through the Iranian-controlled Strait of Hormuz with transponders switched off — just like s

Chinese Firm Takes U.S. Banks to Court Over Pre-Sanction Payment Freeze

Chinese fuel trader HY Energy is suing U.S. banking giants JP Morgan and Citigroup for blocked payments to a Chinese oil firm a year before the latter was sanctioned by the U.S. Treasury for dealing with Iranian oil, Bloomberg reports. HY Energy, a regional fuel trader in eastern China, alleges in t

Oil Supply Shock Worsens amid Plunging Petroleum Inventories

Global crude oil and fuel inventories are crashing at a record speed as the supply shock from the Middle East is too big to absorb without stock depletion. While the futures markets trade on sentiment and hopes that a U.S.-Iran deal could soon lead to the reopening of the Strait of Hormuz, the actua

IEA: Tight Gas Markets Will Last Through 2030

The war in Iran and the subsequent loss of LNG supply from the Middle East are altering the medium-term outlook of global natural gas balances, with tighter markets set to last longer than previously expected, a senior official at the International Energy Agency (IEA) said on Thursday. The Middle Ea

How Iran Is Bypassing the Strait of Hormuz Blockade

The United States and Israel’s bombing campaign has left much of Iran’s infrastructure and industries in tatters, disrupting domestic production and hiking prices for basic food items.A US sea blockade has intensified the economic pressure on Iran, hampering its trade through the Strait of Hormuz, a

EU: Airlines Should Pay Passengers for Cancelations due to Fuel Price Surge

Airlines will have to continue reimbursing travelers if they cancel flights due to high jet fuel prices, EU Sustainable Transport and Tourism Commissioner, Apostolos Tzitzikostas, told the Financial Times in an interview published on Thursday. European airlines are struggling with a spike in jet fue

Iran’s Oil Industry Under Pressure as U.S. Naval Blockade Begins to Bite

An Iranian energy official just conceded something in a surprise admission that the US naval blockade has begun to bite the Islamic Republic's oil industry. According to new reporting in the NY Times: The blockade has halted Iran’s oil exports, choking off crucial revenues, and the country risks run

Angola's First New Refinery in 50 Years Ships Its First Fuel Cargoes

The Cabinda oil refinery in Angola, the first that was built in the country since it gained independence from Portugal 50 years ago, has started shipping fuels to the domestic and international markets, in a relief to the fuel supply stress due to the Iran war. Prior to Cabina, Angola had only one o

EU Imports of Yamal Gas Hit Record Ahead of Ban on Russian LNG

The EU boosted its imports of Russian LNG from the Yamal LNG project to a record high in the first four months of 2026, just before the bloc started implementing a phased-out ban on imports of Russia’s LNG, bne IntelliNews reported on Thursday, citing a report by environmental campaign group Urgewal

Dollar softens amid optimism around Middle East diplomacy efforts

Oil Prices Waver as Market Weighs Chances of U.S.-Iran Deal

Front-month Brent Crude futures dropped to below $100 per barrel again in morning trade in Europe on Thursday, reversing earlier gains, as the market hopes the U.S. and Iran could be able to reach an agreement that would eventually reopen the Strait of Hormuz. Following a steep selloff on Wednesday,

Oil Crunch Prompts Plastics Crisis in Asia

Asia is facing plastics shortages because of the oil and gas supply crunch caused by the war in the Middle East, with medical supplies, packaging, and consumer products most vulnerable to a shock, the Financial Times has reported. The biggest problem for the world’s largest plastics-producing region

Shell Beats Profit Estimates as War Brings Trading Windfall

Shell (NYSE: SHEL) on Thursday reported consensus-beating earnings for the first quarter as the war in Iran drove an oil price surge and boosted trading profits at the UK-based supermajor. Shell reported adjusted earnings of $6.9 billion for the first quarter of 2026, well ahead of the $6.1-$6.3 bil